Document:

Exhibit 4.1

 

EXECUTION VERSION

 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES
INC.,

Depositor,

 

MIDLAND
LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, Master Servicer,

 

CWCapital
Asset Management LLC,

KEYBANK NATIONAL ASSOCATION and

SITUS HOLDINGS, LLC,

each as a Special Servicer as described herein,

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor and Asset Representations Reviewer,

 

citibank,
n.a.,

Certificate Administrator,

 

and

 

wilmington
trust, national association,

Trustee

 

	POOLING AND SERVICING AGREEMENT

Dated as of February 1, 2021

 

Benchmark 2021-B23 Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2021-B23

 

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TABLE OF CONTENTS

  

	 	 	Page
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	Defined Terms	10
	Section 1.02	Certain Calculations	160
	Section 1.03	Certain Constructions	168
	 	 	 
	ARTICLE II
	 
	CONVEYANCE OF MORTGAGE LOANS AND TRUST SUBORDINATE COMPANION LOAN; ORIGINAL ISSUANCE OF CERTIFICATES
	 
	Section 2.01	Conveyance of Mortgage Loans and Trust Subordinate Companion Loan	170
	Section 2.02	Acceptance by the Trustee, the Custodian and the Certificate Administrator	176
	Section 2.03	Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Trust Loans for Document Defects in Mortgage Files and Breaches of Representations and Warranties	179
	Section 2.04	Representations and Warranties of the Depositor	197
	Section 2.05	Representations, Warranties and Covenants of the Master Servicer	199
	Section 2.06	Representations, Warranties and Covenants of the Special Servicers	201
	Section 2.07	Representations and Warranties of the Trustee	203
	Section 2.08	Representations and Warranties of the Certificate Administrator	205
	Section 2.09	Representations, Warranties and Covenants of the Operating Advisor	207
	Section 2.10	Representations, Warranties and Covenants of the Asset Representations Reviewer	208
	Section 2.11	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests and 360 Spear Regular Interests	210
	Section 2.12	Miscellaneous REMIC and Grantor Trust Provisions	211
	 	 	 
	ARTICLE III
	 	 	 
	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS AND TRUST SUBORDINATE COMPANION LOAN
	 	 	 
	Section 3.01	Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans and Trust Subordinate Companion Loan; Sub-Servicing Agreements; Outside Serviced Mortgage Loans	212
	Section 3.02	Liability of the Master Servicer	227
	Section 3.03	Collection of Certain Mortgage Loan Payments	227
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	229
	Section 3.05	Collection Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account	232
	Section 3.05A	Loan Combination Custodial Account	237
	Section 3.06	Permitted Withdrawals From the Collection Account	240

 

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	 	 	Page
	 	 	 
	Section 3.06A.	Permitted Withdrawals From the Loan Combination Custodial Account	248
	Section 3.07	Investment of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts	253
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	256
	Section 3.09	Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions	261
	Section 3.10	Appraisal Reductions; Calculation and Allocation of Collateral Deficiency Amounts; Realization Upon Defaulted Loans	268
	Section 3.11	Trustee, Certificate Administrator and Custodian to Cooperate; Release of Mortgage Files	275
	Section 3.12	Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation	276
	Section 3.13	Compensating Interest Payments	286
	Section 3.14	Application of Penalty Charges and Modification Fees	287
	Section 3.15	Access to Certain Documentation	289
	Section 3.16	Title and Management of REO Properties	290
	Section 3.17	Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Mortgage Loans	295
	Section 3.18	Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced Companion Loan Holder	304
	Section 3.19	Lock-Box Accounts, Escrow Accounts	305
	Section 3.20	Property Advances	305
	Section 3.21	Appointment of Special Servicer; Asset Status Reports	310
	Section 3.22	Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping	316
	Section 3.23	Interest Reserve Account	317
	Section 3.24	Modifications, Waivers, Amendments and Other Actions	317
	Section 3.25	Additional Obligations With Respect to Certain Mortgage Loans	324
	Section 3.26	Certain Matters Relating to the Outside Serviced Mortgage Loans	324
	Section 3.27	Additional Matters Regarding Advance Reimbursement	325
	Section 3.28	Serviced Companion Loan Intercreditor Matters	327
	Section 3.29	Appointment and Duties of the Operating Advisor	330
	Section 3.30	Rating Agency Confirmation	337
	Section 3.31	General Acknowledgement Regarding Companion Loan Holders	340
	Section 3.32	Delivery of Excluded Information to the Certificate Administrator	340
	 	 	 
	ARTICLE IV
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.01	Distributions	341
	Section 4.02	Statements to Certificateholders and the Uncertificated VRR Interest Owner; Certain Reports by the Master Servicer and the Special Servicer	362

 

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	 	 	Page
	 	 	 
	Section 4.03	Compliance With Withholding Requirements	383
	Section 4.04	REMIC Compliance	384
	Section 4.05	Imposition of Tax on the Trust REMICs	386
	Section 4.06	Remittances; P&I Advances	388
	Section 4.07	Grantor Trust Reporting	395
	Section 4.08	Calculations	396
	Section 4.09	Secure Data Room	396
	 	 	 
	ARTICLE V
	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	398
	Section 5.02	Form and Registration	399
	Section 5.03	Registration of Transfer and Exchange of Certificates	403
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates	414
	Section 5.05	Persons Deemed Owners	414
	Section 5.06	Appointment of Paying Agent	414
	Section 5.07	Access to Certificateholders’ Names and Addresses; Special Notices	415
	Section 5.08	Actions of Certificateholders	416
	Section 5.09	Authenticating Agent	416
	Section 5.10	Appointment of Custodian	417
	Section 5.11	Maintenance of Office or Agency	418
	Section 5.12	Voting Procedures	418
	 	 	 
	ARTICLE VI
	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE CONTROLLING CLASS REPRESENTATIVE
	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor	420
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	420
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	421
	Section 6.04	Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor	423
	Section 6.05	Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special Servicer	425
	Section 6.06	Master Servicer, Special Servicer as Owner of a Certificate	426
	Section 6.07	Rating Agency Fees	427
	Section 6.08	Termination of the Special Servicer	427
	Section 6.09	The Directing Holder, the Controlling Class Representative and the Risk Retention Consultation Parties	435

 

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	 	 	Page
	 	 	 
	ARTICLE VII
	 	 	 
	DEFAULT
	 	 	 
	Section 7.01	Servicer Termination Events	445
	Section 7.02	Trustee to Act; Appointment of Successor	452
	Section 7.03	Notification to Certificateholders	454
	Section 7.04	Other Remedies of Trustee	454
	Section 7.05	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	455
	Section 7.06	Termination of the Operating Advisor	456
	 	 	 
	ARTICLE VIII
	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	459
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	463
	Section 8.03	Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Trust Loans	466
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	467
	Section 8.05	Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification	467
	Section 8.06	Eligibility Requirements for the Trustee and the Certificate Administrator	471
	Section 8.07	Resignation and Removal of the Trustee or the Certificate Administrator	472
	Section 8.08	Successor Trustee or Successor Certificate Administrator	474
	Section 8.09	Merger or Consolidation of the Trustee or the Certificate Administrator	474
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	475
	Section 8.11	Access to Certain Information	476
	 	 	 
	ARTICLE IX
	 	 	 
	TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE
	 	 	 
	Section 9.01	Termination; Optional Trust Loan Purchase	478
	 	 	 
	ARTICLE X
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 10.01	Intent of the Parties; Reasonableness	484
	Section 10.02	Succession; Sub-Servicers; Subcontractors	485
	Section 10.03	Filing Obligations	488
	Section 10.04	Form 10-D and Form ABS-EE Filings	489
	Section 10.05	Form 10-K Filings	494
	Section 10.06	Sarbanes-Oxley Certification	497

 

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	 	 	Page
	 	 	 
	Section 10.07	Form 8-K Filings	498
	Section 10.08	Annual Compliance Statements	500
	Section 10.09	Annual Reports on Assessment of Compliance With Servicing Criteria	501
	Section 10.10	Annual Independent Public Accountants’ Servicing Report	503
	Section 10.11	Significant Obligors	505
	Section 10.12	Indemnification	506
	Section 10.13	Amendments	508
	Section 10.14	Regulation AB Notices	509
	Section 10.15	Termination of the Certificate Administrator	509
	Section 10.16	Termination of the Master Servicer or the Special Servicer	509
	Section 10.17	Termination of Sub-Servicing Agreements	510
	Section 10.18	Notification Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan	510
	Section 10.19	Termination of Exchange Act Filings With Respect to the Trust	513
	 	 	 
	ARTICLE XI
	 	 	 
	ASSET REVIEW PROVISIONS
	 	 	 
	Section 11.01	Asset Review	513
	Section 11.02	Payment of Asset Representations Asset Review Fee and Expenses; Limitation of Liability	520
	Section 11.03	Resignation of the Asset Representations Reviewer	522
	Section 11.04	Restrictions of the Asset Representations Reviewer	522
	Section 11.05	Termination of the Asset Representations Reviewer	523
	 	 	 
	ARTICLE XII
	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 12.01	Counterparts	526
	Section 12.02	Limitation on Rights of Certificateholders	526
	Section 12.03	Governing Law	527
	Section 12.04	Notices	527
	Section 12.05	Severability of Provisions	538
	Section 12.06	Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency	538
	Section 12.07	Amendment	540
	Section 12.08	Confirmation of Intent	544
	Section 12.09	Third-Party Beneficiaries	544
	Section 12.10	Request by Certificateholders or the Serviced Companion Loan Holder	545
	Section 12.11	Waiver of Jury Trial	545
	Section 12.12	Submission to Jurisdiction	545
	Section 12.13	Exchange Act Rule 17g-5 Procedures	546
	Section 12.14	Cooperation With the Mortgage Loan Sellers With Respect to Rights Under the Loan Agreements	551
	Section 12.15	Electronic Signatures.	552
	Section 12.16	PNC Bank, National Association	552

 

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	 	 	Page

 

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	TABLE OF EXHIBITS
	 
	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-4A1 Certificate
	Exhibit A-4	Form of Class A-5 Certificate
	Exhibit A-5	Form of Class A-AB Certificate
	Exhibit A-6	Form of Class X-A Certificate
	Exhibit A-7	Form of Class A-S Certificate
	Exhibit A-8	Form of Class B Certificate
	Exhibit A-9	Form of Class C Certificate
	Exhibit A-10	Form of Class A-4A2 Certificate
	Exhibit A-11	Form of Class X-B Certificate
	Exhibit A-12	Form of Class X-D Certificate
	Exhibit A-13	Form of Class X-F Certificate
	Exhibit A-14	Form of Class X-G Certificate
	Exhibit A-15	Form of Class X-H Certificate
	Exhibit A-16	Form of Class D Certificate
	Exhibit A-17	Form of Class E Certificate
	Exhibit A-18	Form of Class F Certificate
	Exhibit A-19	Form of Class G Certificate
	Exhibit A-20	Form of Class H Certificate
	Exhibit A-21	Form of Class R Certificate
	Exhibit A-22	Form of Class S Certificate
	Exhibit A-23	Form of Class VRR Certificate
	Exhibit A-24	Form of Class 360A Certificate
	Exhibit A-25	Form of Class 360B Certificate
	Exhibit A-26	Form of Class 360C Certificate
	Exhibit A-27	Form of Class 360D Certificate
	Exhibit A-28	Form of Class 360V Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C	Form of Request for Release
	Exhibit D	Form of Distribution Date Statement
	Exhibit E	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	Exhibit F	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate
	Exhibit G	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period
	Exhibit H	Form of Certification to be given by Certificate Owner of Temporary Regulation S Global Certificate
	Exhibit I	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	Exhibit J	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate
	Exhibit K	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate

 

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	Exhibit L-1	Form of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as Amended
	Exhibit L-2A	Form of Transferor Letter for Transfer of Class R Certificates
	Exhibit L-2B	Form of Transferor Letter for Transfer of Non-Book Entry Certificates (other than Public Certificates)
	Exhibit L-3	Form of Transferee Letter
	Exhibit L-4	Form of Investment Representation Letter
	Exhibit L-5A	Form of Transferee Certificate for Transfer of Class VRR Certificates
	Exhibit L-5B	[RESERVED]
	Exhibit L-5C	Form of Transferee Certificate for Transfer of 360RR Interest
	Exhibit L-6A	Form of Transferor Certificate for Transfer of Class VRR Certificates
	Exhibit L-6B	[RESERVED]
	Exhibit L-6C	Form of Transferor Certificate for Transfer of 360RR Interest
	Exhibit L-7A	Form of Transferee Certificate for Transfer of Uncertificated VRR Interest
	Exhibit L-7B	Form of Transferor Certificate for Transfer of Uncertificated VRR Interest
	Exhibit M-1A	Form of Investor Certification for Non-Borrower Party (for persons other than the Controlling Class Representative, a Controlling Class Certificateholder, the Loan-Specific Controlling Class Representative and/or a Loan-Specific Controlling Class Certificateholder)
	Exhibit M-1B	Form of Investor Certification for Non-Borrower Party (for the Controlling Class Representative, a Controlling Class Certificateholder, the Loan-Specific Controlling Class Representative and/or a Loan-Specific Controlling Class Certificateholder)
	Exhibit M-1C	Form of Investor Certification for Borrower Party (for the Controlling Class Representative, a Controlling Class Certificateholder, the Loan-Specific Controlling Class Representative and/or a Loan-Specific Controlling Class Certificateholder)
	Exhibit M-1D	Form of Investor Certification for Borrower Party (for persons other than the Controlling Class Representative, a Controlling Class Certificateholder, a Risk Retention Consultation Party, a Holder of Class VRR Certificate(s), the Uncertificated VRR Interest Owner, the Loan-Specific Controlling Class Representative and/or a Loan-Specific Controlling Class Certificateholder)
	Exhibit M-1E	Form of Investor Certification for Borrower Party (for a Risk Retention Consultation Party, a Holder of Class VRR Certificate(s) or the Uncertificated VRR Interest Owner)
	Exhibit M-1F	Form of Notice of Excluded Controlling Class Holder
	Exhibit M-1G	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit M-1H	Form of Certification of the Controlling Class Representative and the Loan-Specific Controlling Class Representative 
	Exhibit M-1I	Form of Certification of a Risk Retention Consultation Party

 

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	Exhibit M-2A	Form of Investor Certification for Exercising Voting Rights or Pooled Voting Rights for Non-Borrower Party
	Exhibit M-2B	Form of Investor Certification for Exercising Voting Rights or Pooled Voting Rights for Borrower Party
	Exhibit M-3	Form of Online Vendor Certification
	Exhibit M-4	Form of Confidentiality Agreement
	Exhibit M-5	Form of NRSRO Certification
	Exhibit N	Custodian Certification
	Exhibit O	Servicing Criteria to be Addressed in Assessment of Compliance
	Exhibit P	[Reserved]
	Exhibit Q	Retained Defeasance Rights and Obligations Mortgage Loans
	Exhibit R	Form of Operating Advisor Annual Report
	Exhibit S	Sub-Servicing Agreements
	Exhibit T	Form of Recommendation of Special Servicer Termination
	Exhibit U	Additional Form 10-D Disclosure
	Exhibit V	Additional Form 10-K Disclosure
	Exhibit W-1	Form of Additional Disclosure Notification
	Exhibit W-2	Form of Additional Disclosure Notification (Accounts)
	Exhibit W-3	Form of Notice of Additional Indebtedness Notification
	Exhibit X	Form Certification to be Provided with Form 10-K
	Exhibit Y-1 	Form of Certification to be Provided to Depositor by the Certificate Administrator
	Exhibit Y-2	Form of Certification to be Provided to Depositor by the Master Servicer
	Exhibit Y-3	Form of Certification to be Provided to Depositor by the Special Servicer
	Exhibit Y-4	Form of Certification to be Provided to Depositor by the Operating Advisor
	Exhibit Y-5	Form of Certification to be Provided to Depositor by the Custodian
	Exhibit Y-6	Form of Certification to be Provided to Depositor by the Trustee
	Exhibit Y-7	Form of Certification to be Provided to Depositor by the Asset Representations Reviewer
	Exhibit Y-8	Form of Certification to be Provided to Depositor by a Sub-Servicer
	Exhibit Z	Form 8-K Disclosure Information
	Exhibit AA-1	Form of Power of Attorney for Master Servicer
	Exhibit AA-2	Form of Power of Attorney for Special Servicer
	Exhibit BB	Class A-AB Scheduled Principal Balance
	Exhibit CC-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit CC-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit DD	Form of Notice and Certification Regarding Defeasance of Mortgage Loan
	Exhibit EE	Form of certification with respect to the 2601 Wilshire Mortgage Loan
	Exhibit FF-1	Form of Notice Regarding Outside Serviced Mortgage Loan (MGM Grand & Mandalay Bay)

 

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	Exhibit FF-2	Form of Notice Regarding Outside Serviced Mortgage Loan (The Grace Building)
	Exhibit FF-3	Form of Notice Regarding Outside Serviced Mortgage Loan (Station Park & Station Park West and Rugby Pittsburgh Portfolio)
	Exhibit FF-4	Form of Notice Regarding Outside Serviced Mortgage Loan (Selig Office Portfolio)
	Exhibit FF-5	Form of Notice Regarding Outside Serviced Mortgage Loan (711 Fifth Avenue)
	Exhibit GG	Specified Mortgage Loans
	Exhibit HH	Form of Asset Review Report
	Exhibit II	Form of Asset Review Report Summary
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form of Notice of [Additional Delinquent Loan][Cessation of Delinquent Loan][Cessation of Asset Review Trigger]
	Exhibit MM	Form of Certificate Administrator Receipt in Respect of Risk Retention Certificates
	Exhibit NN	Initial Serviced Companion Loan Holders

 

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Pooling and Servicing
Agreement, dated as of February 1, 2021, among Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as a Special Servicer, KeyBank
National Association, solely with respect to the 360 Spear Loan Combination, as a Special Servicer, Situs Holdings, LLC, solely
with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor,
Park Bridge Lender Services LLC, as Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee.

 

PRELIMINARY STATEMENT:

 

(Terms used but not defined in this Preliminary

Statement shall have the meanings

specified in Article I hereof)

 

The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple classes which in the aggregate, together with the Uncertificated
VRR Interest, will evidence the entire beneficial ownership interest in the Trust Fund consisting primarily of the Mortgage Loans
and the Trust Subordinate Companion Loan. As provided herein, the Certificate Administrator will elect that three segregated portions
of the Trust Fund (other than any VRR Specific Grantor Trust Assets and any Class S Specific Grantor Trust Assets) be treated
for federal income tax purposes as three separate REMICs (designated as the “360 Spear REMIC,” the “Upper-Tier
REMIC” and the “Lower-Tier REMIC”, respectively). In addition, the Certificate Administrator will
make two separate REMIC elections with respect to the portions of the MGM Grand & Mandalay Bay Loan Combination evidenced by
the CREFI MGM Grand & Mandalay Bay REMIC Notes and the GACC MGM Grand & Mandalay Bay REMIC Notes, respectively, and the
corresponding interests in any REO Property with respect thereto and the proceeds thereof for federal income tax purposes as described
in the MGM Grand & Mandalay Bay REMIC Declarations.

 

In addition, the parties
intend that the portion of the Trust Fund consisting of any VRR Specific Grantor Trust Assets and any Class S Specific Grantor
Trust Assets will be treated as a grantor trust under subpart E of Part I of subchapter J of the Code. Solely for federal income
tax purposes, the Class VRR Certificates and the Uncertificated VRR Interest shall represent undivided beneficial interests
in any VRR Specific Grantor Trust Assets, and the Class S Certificates shall represent undivided beneficial interests in any
Class S Specific Grantor Trust Assets.

 

360 SPEAR REMIC

 

The 360 Spear REMIC
will hold the Trust Subordinate Companion Loan and will issue (i) 5 classes of uncertificated 360 Spear Regular Interests (designated
as the Class L360A, Class L360B, Class L360C, Class L360D and Class L360V 360 Spear Regular Interests, respectively),
each of which will constitute a class of “regular interests” in the 360 Spear REMIC, and (ii) the 360 Spear Residual
Interest, which will be the sole class of “residual interests” in the 360 Spear REMIC and will be evidenced by the
Class R Certificates.

 

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The following table
sets forth the per annum rate at which interest will accrue on, and the original 360 Spear Principal Balance of, each 360
Spear Regular Interest:

 

	Designation of 360 Spear 

Regular Interest	 	Interest Rate	 	Original 360 Spear 

Principal Balance
	Class L360A	 	(1)		 	$	12,350,000	 
	Class L360B	 	(1)		 	$	16,387,000	 
	Class L360C	 	(1)		 	$	16,388,000	 
	Class L360D	 	(1)		 	$	7,125,000	 
	Class L360V	 	(1)		 	$	2,750,000	 

 

 

(1)           Each
360 Spear Regular Interest will accrue interest at the Net Mortgage Pass-Through Rate on the Trust Subordinate Companion Loan in
effect from time to time.

 

The 360 Spear Residual
Interest will not have a principal balance, will not bear interest and will not be entitled to distributions of Yield Maintenance
Charges. Any 360 Spear Available Funds remaining in the 360 Spear REMIC Distribution Account after all distributions deemed made
on the 360 Spear Regular Interests on any Distribution Date will be payable to the Holders of the Class R Certificates in
respect of the 360 Spear Residual Interest.

 

The Holders of the
Loan-Specific Certificates shall only be entitled to receive distributions in respect of, and shall only incur losses with respect
to, the Trust Subordinate Companion Loan, which is not part of the Mortgage Pool backing the Pooled Certificates. No Class of
Pooled Certificates has an interest in the Trust Subordinate Companion Loan.

 

MGM GRAND & MANDALAY
BAY REMICS

 

On February 12, 2021,
CREFI formed the CREFI MGM Grand & Mandalay Bay REMIC with respect to a portion of the MGM Grand & Mandalay Bay Loan Combination,
which issued a single regular interest (the “CREFI MGM Grand & Mandalay Bay REMIC Regular Interest”) and
a single uncertificated residual interest (the “CREFI MGM Grand & Mandalay Bay REMIC Residual Interest”).
The CREFI MGM Grand & Mandalay Bay REMIC Regular Interest has a principal balance of $99,360,667 as of the Closing Date and
for tax reporting purposes will be entitled to principal and interest and any other amounts (other than Excess

 

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Interest) payable
on the CREFI MGM Grand & Mandalay Bay Note and the CREFI MGM Grand & Mandalay Bay REMIC Pari Passu Note.

 

On February 12, 2021,
DBNY formed the GACC MGM Grand & Mandalay Bay REMIC with respect to a portion of the MGM Grand & Mandalay Bay Loan Combination,
which issued a single regular interest (the “GACC MGM Grand & Mandalay Bay REMIC Regular Interest” and,
together with the CREFI MGM Grand & Mandalay Bay REMIC Regular Interest, the “MGM Grand & Mandalay Bay REMIC Regular
Interests”) and a single uncertificated residual interest (the “GACC MGM Grand & Mandalay Bay REMIC Residual
Interest” and, together with the CREFI MGM Grand & Mandalay Bay REMIC Residual Interest, the “MGM Grand
& Mandalay Bay REMIC Residual Interests”). The GACC MGM Grand & Mandalay Bay REMIC Regular Interest has a principal
balance of $94,680,333 as of the Cut-Off Date and for tax reporting purposes will be entitled to principal and interest and any
other amounts (other than Excess Interest) payable on the GACC MGM Grand & Mandalay Bay Note and the GACC MGM Grand & Mandalay
Bay REMIC Pari Passu Note.

 

The CREFI MGM Grand &
Mandalay Bay Note, which will be contributed to the Trust, represents an approximately 59.757% ownership interest in the CREFI
MGM Grand & Mandalay Bay REMIC Regular Interest. The CREFI MGM Grand & Mandalay Bay REMIC Pari Passu Note, which is not
an asset of the Trust, evidences an approximately 40.243% ownership of the CREFI MGM Grand & Mandalay Bay REMIC Regular Interest.

 

The GACC MGM Grand &
Mandalay Bay Note, which will be contributed to the Trust, represents an approximately 16.503% ownership interest in the GACC MGM
Grand & Mandalay Bay REMIC Regular Interest. The GACC MGM Grand & Mandalay Bay REMIC Pari Passu Note, which is not an asset
of the Trust, evidences an approximately 83.497% ownership of the GACC MGM Grand & Mandalay Bay REMIC Regular Interest.

 

The MGM Grand & Mandalay Bay Trust REMIC
Regular Interests will be held by the Trustee as assets of the Lower-Tier REMIC. The Class R Certificates will represent a
beneficial interest in each MGM Grand & Mandalay Bay REMIC Residual Interest.

 

LOWER-TIER
REMIC

 

The Lower-Tier REMIC
will hold the MGM Grand & Mandalay Bay Trust REMIC Regular Interests and, except for the MGM Grand & Mandalay Bay Mortgage
Loan, the Mortgage Loans (exclusive of any Excess Interest) and will issue (i) 15 classes of uncertificated Lower-Tier Regular
Interests (designated as the Class LA-1, Class LA-2, Class LA-4A1, Class LA-4A2, Class LA-5, Class LA-AB,
Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG, Class LH and Class LVRR Lower-Tier
Regular Interests, respectively), each of which will constitute a class of “regular interests” in the Lower-Tier REMIC,
and (ii) the Lower-Tier Residual Interest, which will be the sole class of “residual interests” in the Lower-Tier
REMIC and will be evidenced by the Class R Certificates.

 

The following table
sets forth the per annum rate at which interest will accrue on, and the original Lower-Tier Principal Balance of, each Lower-Tier
Regular Interest:

 

	Designation of Lower-Tier 

Regular Interest	 	Interest Rate	 	Original Lower-Tier 

Principal Balance
	Class LA-1	 	(1)	 	 	$	21,244,000	 
	Class LA-2	 	(1)		 	$	155,183,000	 
	Class LA-4A1	 	(1)		 	$	200,000,000	 
	Class LA-5	 	(1)		 	$	421,699,000	 
	Class LA-AB	 	(1)		 	$	19,922,000	 
	Class LA-S	 	(1)		 	$	163,615,000	 
	Class LB	 	(1)		 	$	59,992,000	 
	Class LC	 	(1)		 	$	45,449,000	 
	Class LA-4A2	 	(1)		 	$	200,000,000	 
	Class LD	 	(1)		 	$	50,902,000	 

 

    - 3 -

     

    

 

	Class LE	 	(1)		 	$	21,816,000	 
	Class LF	 	(1)		 	$	32,723,000	 
	Class LG	 	(1)		 	$	14,543,000	 
	Class LH	 	(1)		 	$	47,267,145	 
	Class LVRR	 	(1)		 	$	76,545,008	 

 

 

(1)            Each
Lower-Tier Regular Interest will accrue interest at the WAC Rate in effect from time to time.

 

The Lower-Tier Residual
Interest will not have a Lower-Tier Principal Balance, will not bear interest and will not be entitled to distributions of Yield
Maintenance Charges. Any Aggregate Pooled Available Funds remaining in the Lower-Tier REMIC Distribution Account after all distributions
deemed made on the Lower-Tier Regular Interests on any Distribution Date will be payable to the Holders of the Class R Certificates
in respect of the Lower-Tier Residual Interest.

 

UPPER-TIER
REMIC

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and the 360 Spear Regular Interests and will issue (i) the Class A-1, Class A-2,
Class A-4A1, Class A-4A2, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates, each class of which evidences
a class of “regular interests” in the Upper-Tier REMIC, (ii) the Class VRR Upper-Tier Regular Interest, which
will be a class of “regular interests” in the Upper-Tier REMIC, (iii) the Class X-A, Class X-B, Class X-D,
Class X-F, Class X-G and Class X-H Certificates, each class of which evidences one or more classes of “regular interests”
in the Upper-Tier REMIC, and (iv) the Upper-Tier Residual Interest, which will be the sole class of “residual interests”
in the Upper-Tier REMIC and will also be evidenced by the Class R Certificates.

 

The following table
sets forth the approximate initial pass-through rate and the original Certificate Balance or, in the case of the Class X-A,
Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates, original Notional Amount, as applicable,
for each Class of Non-Vertically Retained Pooled Regular Certificates and Loan-Specific Certificates and for the Class VRR
Upper-Tier Regular Interest:

 

	Class Designation	 	Approximate 

Initial 

Pass-Through 

Rate (per 

annum)	 	Original Certificate 

Balance / Original 

Notional Amount
	Class A-1	 	0.41800%	 	 	$	21,244,000	 
	Class A-2	 	1.62000%	 	 	$	155,183,000	 
	Class A-4A1	 	1.82300%	 	 	$	200,000,000	 
	Class A-5	 	2.07000%	 	 	$	421,699,000	 
	Class A-AB	 	1.76600%	 	 	$	19,922,000	 
	Class X-A(1)	 	1.28027%	 	 	$	1,181,663,000	 
	Class A-S	 	2.27400%	 	 	$	163,615,000	 
	Class B	 	2.09500%	 	 	$	59,992,000	 

 

    - 4 -

     

    

 

	Class C	 	2.56300%	 	 	$	45,449,000	 
	Class A-4A2	 	1.82300%	 	 	$	200,000,000	 
	Class X-B(1)	 	0.90426%	 	 	$	105,441,000	 
	Class X-D(1)	 	1.20099%	 	 	$	72,718,000	 
	 	 	 	 	 	 	 	 
	Class X-F(1)	 	1.00000%	 	 	$	32,723,000	 
	Class X-G(1)	 	1.00000%	 	 	$	14,543,000	 
	Class X-H(1)	 	1.00000%	 	 	$	47,267,145	 
	Class D	 	2.00000%	 	 	$	50,902,000	 
	Class E	 	2.00000%	 	 	$	21,816,000	 
	Class F	 	2.20099%	 	 	$	32,723,000	 
	Class G	 	2.20099%	 	 	$	14,543,000	 
	Class H	 	2.20099%	 	 	$	47,267,145	 
	Class VRR Upper-Tier Regular Interest	 	(2)		 	$	76,545,008	(3)
	Class 360A	 	2.75956%	 	 	$	12,350,000	 
	Class 360B	 	2.75956%	 	 	$	16,387,000	 
	Class 360C	 	2.75956%	 	 	$	16,388,000	 
	Class 360D	 	2.75956%	 	 	$	7,125,000	 
	Class 360V	 	(4)		 	$	2,750,000	 

 

 

(1)           The
Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates will not have Certificate Balances;
rather, each such Class of Certificates will accrue interest as provided herein on the related Notional Amount.

(2)           Other
than for tax reporting purposes, the Class VRR Upper-Tier Regular Interest will not have a Pass-Through Rate, but will be
entitled to interest on any Distribution Date equal to the VRR Interest Distribution Amount for such Distribution Date as set
forth in Section 4.01(c). For tax reporting purposes, the Class VRR Upper-Tier Regular Interest will accrue interest
at the WAC Rate in effect from time to time.

(3)           $76,545,008
is also the initial Combined VRR Interest Balance.

(4)           Other
than for tax reporting purposes, the Class 360V Certificates will not have a Pass-Through Rate, but will be entitled to interest
on any Distribution Date equal to the 360RR Interest Distribution Amount for such Distribution Date as set forth in Section
4.01(n). For tax reporting purposes, the Class 360V Certificates will accrue interest at the Net Mortgage Pass-Through Rate
on the Trust Subordinate Companion Loan in effect from time to time.

 

The Upper-Tier Residual
Interest will not have a Certificate Balance or Notional Amount, will not bear interest and will not be entitled to distributions
of Yield Maintenance Charges. Any Available Funds remaining in the Upper-Tier REMIC Distribution Account, after all required distributions
under this Agreement have been made with respect to the Non-Vertically Retained Pooled Regular Certificates, the Loan Specific
Certificates and the Class VRR Upper-Tier Regular Interest, will be distributed to the Holders of the Class R Certificates
in respect of the Upper-Tier Residual Interest.

 

The following table
sets forth, with respect to each Class of Non-Vertically Retained Pooled Principal Balance Certificates and Loan-Specific
Certificates and with respect to the Class VRR Upper-Tier Regular Interest, the corresponding Lower-Tier Regular Interest (the
“Corresponding Lower-Tier Regular Interest”) or 360 Spear Regular Interest (the “Corresponding 360
Spear Regular Interest”), as applicable, and any corresponding component of the Class X Certificates (the “Corresponding
Component”). Each Class of Non-Vertically Retained Pooled Principal Balance Certificates constitutes the “Corresponding
Certificates” with respect to each of the Corresponding Lower-Tier Regular Interest and the Corresponding Component (if
any) for that

 

    - 5 -

     

    

 

Class. The Class VRR Upper-Tier Regular Interest is deemed to be the “Corresponding Certificates”
with respect to the Class LVRR Lower-Tier Regular Interest. Each Class of Loan-Specific Certificates constitutes the “Corresponding
Certificates” with respect to the Corresponding 360 Spear Regular Interest for that Class.

 

	Class Designation	 	Corresponding 

Lower-Tier Regular 

Interest or 360 Spear 

Regular Interest(1)
	 	Corresponding 

Component(1)

	Class A-1	 	Class LA-1	 	Class A-1
	Class A-2	 	Class LA-2	 	Class A-2
	Class A-4A1	 	Class LA-4A1	 	Class A-4A1
	Class A-5	 	Class LA-5	 	Class A-5
	Class A-AB	 	Class LA-AB	 	Class A-AB
	Class A-S	 	Class LA-S	 	Class A-S
	Class B	 	Class LB	 	Class B
	Class C	 	Class LC	 	Class C
	Class A-4A2	 	Class LA-4A2	 	Class A-4A2
	Class D	 	Class LD	 	Class D
	Class E	 	Class LE	 	Class E
	Class F	 	Class LF	 	Class F
	Class G	 	Class LG	 	Class G
	Class H	 	Class LH	 	Class H
	Class VRR Upper-Tier Regular Interest	 	Class LVRR	 	N/A
	Class 360A	 	Class L360A	 	N/A
	Class 360B	 	Class L360B	 	N/A
	Class 360C	 	Class L360C	 	N/A
	Class 360D	 	Class L360D	 	N/A
	Class 360V	 	Class L360V	 	N/A

 

 

(1)           The Corresponding Lower-Tier Regular
Interest and the Corresponding Component, if any, with respect to any Class of Non-Vertically Retained Pooled Principal Balance
Certificates are also the Corresponding Lower-Tier Regular Interest and Corresponding Component with respect to each other.

 

GRANTOR
TRUST

 

The portions of the
Trust Fund consisting of the VRR Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets shall be treated
as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income
tax purposes. The Class VRR Certificates (with an initial Certificate Balance of $57,604,758) and the Uncertificated VRR Interest
(with an initial Uncertificated VRR Interest Balance of $18,940,250) shall represent undivided beneficial interests in the portion
of the Grantor Trust consisting of the VRR Specific Grantor Trust Assets, and the Class S Certificates shall represent undivided
beneficial interests in the portion of the Grantor Trust consisting of the Class S Specific Grantor Trust Assets. As provided
herein, the Certificate Administrator shall not take any actions that would cause the

 

    - 6 -

     

    

 

Grantor Trust to either (i) lose its status
as a “grantor trust” or (ii) be treated as part of any Trust REMIC.

 

LOAN COMBINATIONS

 

The following table
(the “Loan Combination Table”) identifies, by loan number for the related Mortgage Loan and name of the related
Mortgaged Property or portfolio of Mortgaged Properties (in each case as set forth on the Mortgage Loan Schedule), each of the
Loan Combinations related to the Trust as of the Closing Date, and further, with respect to each such Loan Combination, sets forth
or otherwise identifies as of the Closing Date: (1) whether the subject Loan Combination is a Serviced Loan Combination, an Outside
Serviced Loan Combination or a Servicing Shift Loan Combination; (2) in the case of an Outside Serviced Loan Combination, the applicable
Outside Servicing Agreement; (3) the date of the related Co-Lender Agreement; and (4) the Note(s) that evidences or collectively
evidence, as applicable, (a) the related Mortgage Loan, (b) any related Pari Passu Companion Loan(s) and (c) any related Subordinate
Companion Loan(s).

 

	Loan No. for related Mortgage Loan	 	Name of related Mortgaged Property or Portfolio of Mortgaged Properties	 	Servicing Type	 	Outside Servicing Agreement	 	Date of Co-Lender Agreement	 	Mortgage Loan	 	Pari Passu Companion Loan(s)	 	Subordinate Companion Loan(s)
	2	 	Millennium Corporate Park	 	Serviced	 	N/A	 	February 18, 2021	 	Note A-1	 	Note A-2	 	N/A
	3	 	360 Spear 	 	Serviced	 	N/A	 	July 23, 2020	 	Notes A-1, A-2, A-3 and B	 	N/A	 	N/A
	4	 	Phillips Point 	 	Serviced	 	N/A	 	January 15, 2021	 	Note A-1	 	Notes A-2, A-3 and A-4	 	N/A
	5	 	MGM Grand & Mandalay Bay	 	Outside Serviced	 	BX 2020-VIVA TSA	 	May 5, 2020	 	Notes A-13-8 and A-15-8	 	Notes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12, A-13-1, A-15-1, A-13-2, A-15-3, A-13-3, A-14-4, A-15-5, A-16-2, A-13-4, A-15-4, A-13-4, A-15-4, A-13-6, A-15-7, A-13-7, A-13-9, A-14-1, A-16-1, A-14-2, A-14-3, A-14-5, A-14-6, A-15-2, A-15-9, A-16-3, A-16-4, A-16-5, A-16-6, A-16-	 	Notes B-1-A, B-2-A, B-3-A, B-4-A, B-1-B, B-2-B, B-3-B, B-4-B, B-5-A, B-6-A, B-7-A, B-8-A, B-5-B, B-6-B, B-7-B, B-8-B, B-9-A, B-10-A, B-11-A, B-12-A, C-1, C-2, C-3 and C-4

 

    - 7 -

     

    

 

	Loan No. for related Mortgage Loan	 	Name of related Mortgaged Property or Portfolio of Mortgaged Properties	 	Servicing Type	 	Outside Servicing Agreement	 	Date of Co-Lender Agreement	 	Mortgage Loan	 	Pari Passu Companion Loan(s)	 	Subordinate Companion Loan(s)
	 	 	 	 	 	 	 	 	 	 	 	 	7, A-16-8, A-16-9, A-16-10, A-16-11 and A-16-12	 	 
	6	 	Pittock Block	 	Serviced	 	N/A	 	February 1, 2021	 	Note A-1	 	Notes A-2 and A-3	 	Note B
	9	 	The Grace Building	 	Outside Serviced	 	GRACE 2020-GRCE TSA	 	November 18, 2020	 	Notes A-2-4 and A-4-3	 	Notes A-1-1, A-2-1, A-3-1, A-4-1, A-1-2, A-1-3-1, A-2-2, A-2-3, A-4-2, A-2-5, A-2-6, A-2-7, A-4-4, A-1-3-2, A-3-2, A-3-3, A-3-4, A-3-5 and A-4-5	 	Notes B-1, B-2, B-3 and B-4
	10	 	Station Park & Station Park West	 	Outside Serviced	 	Benchmark 2020-B22 PSA	 	December 10, 2020	 	Note A-2	 	Note A-1	 	N/A
	14	 	Rugby Pittsburgh Portfolio	 	Outside Serviced	 	Benchmark 2020-B22 PSA	 	December 3, 2020	 	Note A-2	 	Note A-1	 	N/A
	16	 	JW Marriott Nashville	 	Serviced	 	N/A	 	November 30, 2020	 	Note A-1	 	Notes A-3, A-6, A-4, A-5, A-2, A-7, A-8 and A-9	 	N/A
	17	 	The Village at Meridian	 	Serviced	 	N/A	 	February 8, 2021	 	Note A-1	 	Note A-2	 	N/A
	18	 	Selig Office Portfolio	 	Outside Serviced	 	CGCMT 2015-GC29 PSA	 	December 29, 2020	 	Note A-5	 	Notes A-1, A-2, A-3 and A-4	 	N/A
	20	 	711 Fifth Avenue	 	Outside Serviced	 	GSMS 2020-GC47 PSA	 	May 21, 2020	 	Note A-1-3	 	Notes A-1-1, A-1-10, A-1-2, A-1-4, A-1-5-A, A-1-5-C, A-1-5-B, A-1-6, A-1-7, A-1-8, A-1-9, A-1-13, A-1-11, A-1-12, A-1-14, A-1-15, A-2-1, A-2-2, A-2-3-A, A-2-3-B, A-2-4, A-1-16 and A-1-17	 	N/A
	21	 	Hotel ZaZa Houston Museum District	 	Serviced	 	N/A	 	December 9, 2020	 	Note A-2-1	 	Notes A-1-1, A-1-2, A-1-3, A-1-4 and A-2-2	 	 

 

    - 8 -

     

    

 

CREDIT RISK
RETENTION

 

Pooled Certificates

 

CREFI will be the “retaining
sponsor” (as such term is defined in Regulation RR) for the securitization transaction constituted by the securitization
of the Mortgage Pool and the issuance of the Pooled Certificates and the Uncertificated VRR Interest.

 

On the Closing Date,
pursuant to the CREFI Mortgage Loan Purchase Agreement, CREFI will receive, as partial consideration, for the Mortgage Loans and/or
portions thereof that CREFI is transferring to the Depositor, $36,225,003 of the Combined VRR Interest in the form of Class VRR
Certificates (such portion of the Combined VRR Interest, the “VRR1 Interest”).

 

On the Closing Date,
pursuant to the JPMCB Mortgage Loan Purchase Agreement, JPMCB, an “originator” (within the meaning of Regulation RR)
of Mortgage Loans and/or portions thereof representing approximately 27.93% of the aggregate Cut-off Date Balance of the of all
the Mortgage Loans), will receive from the Depositor, $21,379,755 of the Combined VRR Interest in the form of Class VRR Certificates
(such portion of the Combined VRR Interest, the “VRR2 Interest”), in exchange for a reduction in the price that
JPMCB is to receive for its sale to the Depositor of the Mortgage Loans and/or portions thereof that it is transferring to the
Depositor.

 

On the Closing Date,
pursuant to the GSMC Mortgage Loan Purchase Agreement, GS Bank, an “originator” (within the meaning of Regulation RR)
of Mortgage Loans and/or portions thereof representing approximately 24.74% of the aggregate Cut-off Date Balance of all the Mortgage
Loans, will receive from the Depositor, at the direction of GSMC, $18,940,250 of the Combined VRR Interest in the form of the Uncertificated
VRR Interest (such portion of the Combined VRR Interest, the “VRR3 Interest”), in exchange for a reduction in
the price that GS Bank is to receive for its sale (through GSMC) to the Depositor of the Mortgage Loans and/or portions thereof
that it is transferring (through GSMC) to the Depositor.

 

Loan-Specific Certificates

 

GACC will be the “retaining
sponsor” (as such term is defined in Regulation RR) (the “360 Spear Retaining Sponsor”) for the securitization
transaction constituted by the securitization of the Trust Subordinate Companion Loan and the issuance of the Loan-Specific Certificates.
The 360 Spear Retaining Sponsor will satisfy its risk retention requirements under Regulation RR with respect to such securitization
by it or its “majority-owned affiliate” (as such term is defined in Regulation RR) holding for its own account an “eligible
vertical interest” (as defined in Regulation RR) that will consist of the 360RR Interest in the form of the Class 360V Certificates.

 

* * * * *

 

As of the Cut-Off Date,
the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,530,900,153. As of the Cut Off Date, the
Trust Subordinate Companion has a Stated Principal Balance equal to approximately $55,000,000.

 

    - 9 -

     

    

 

In consideration of
the mutual agreements herein contained, the Depositor, the Master Servicer, each Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator and the Trustee agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.01          
Defined Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires,
shall have the meanings specified in this Article.

 

“10-K Filing
Deadline”: As defined in Section 10.05 of this Agreement.

 

“2601 Wilshire
Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 2601
Wilshire.

 

“30/360 Basis”:
The accrual of interest on the basis of a 360-day year consisting of twelve 30-day months.

 

“360-Non-VRR
Percentage”: 95%, which is the percentage equal to 100% less the 360-VRR Percentage.

 

“360-VRR Percentage”:
5%.

 

“360RR Allocation
Percentage”: The 360-VRR Percentage divided by the 360-Non-VRR Percentage.

 

“360RR Available
Funds”: The product of the 360 Spear Available Funds multiplied by the 360-VRR Percentage.

 

“360RR Interest”:
All of the Class 360V Certificates, collectively.

 

“360RR Interest
Distribution Amount”: With respect to the 360RR Interest for any Distribution Date, the product of (A) the 360RR Allocation
Percentage and (B) the aggregate amount of interest distributed on the 360 Spear Non-VRR Certificates according to clauses First,
Fourth, Seventh and Tenth in Section 4.01(m) of this Agreement.

 

“360RR Principal
Distribution Amount”: With respect to the 360RR Interest for any Distribution Date, the product of (a) the 360RR Allocation
Percentage and (b) the aggregate amount of principal distributed on the 360 Spear Non-VRR Certificates according to clauses Second,
Fifth, Eighth and Eleventh in Section 4.01(m) of this Agreement.

 

“360RR Realized
Loss”: With respect to the 360RR Interest and with respect to each Distribution Date, the product of (A) the 360-VRR
Percentage and (B) any Realized Loss with respect to the Loan-Specific Certificates for such Distribution Date.

 

    - 10 -

     

    

 

“360RR Realized
Loss Interest Distribution Amount”: With respect to any Distribution Date will equal the product of (A) the 360RR Allocation
Percentage and (B) the aggregate amount of interest, if any, on related unreimbursed 360 Spear Realized Losses distributed to the
holders of the 360 Spear Non-VRR Certificates according to clauses Third, Sixth, Ninth, and Twelfth
in Section 4.01(m) of this Agreement.

 

“360RR Transfer
Restriction Period”: With respect to the 360RR Interest, the period from the Closing Date to the earlier of: (i) the
date that is latest of (A) the date on which the aggregate unpaid principal balance of the Trust Subordinate Companion Loan has
been reduced to 33% of the aggregate Cut-off Date Balance of the Trust Subordinate Companion Loan, (B) the date on which the aggregate
outstanding Certificate Balance of the Loan-Specific Certificates has been reduced to 33% of the aggregate outstanding Certificate
Balance of the Loan-Specific Certificates as of the Closing Date, or (C) two (2) years after the Closing Date; or (ii) the
date on which Regulation RR has been officially abolished (and the securitization transaction constituted by the issuance of the
Loan-Specific Certificates is not subject to any other applicable credit risk retention requirements under the Dodd-Frank Act)
or, based on a written opinion of counsel reasonably acceptable to the Depositor and the 360 Spear Retaining Sponsor, officially
determined by the Regulatory Agencies to be no longer applicable to the securitization transaction constituted by the issuance
of the Loan-Specific Certificates.

 

“360 Spear Available
Funds”: The sum of the following amounts (without duplication) (which, for the avoidance of doubt, will not include any
amounts received in respect of the Mortgage Loans):

 

(a)           the
aggregate amount of all cash received on the Trust Subordinate Companion Loan and, to the extent allocable to the Trust Subordinate
Companion Loan, any related REO Property that is on deposit in the Collection Account (in each case, exclusive of any amount on
deposit in or credited to any portion of the Collection Account that is allocable to any Mortgage Loan or any other Companion Loan
or held for the benefit of the holders of the Pooled Certificates) and/or the 360 Spear REMIC Distribution Account as of the close
of business on the Business Day immediately preceding the Master Servicer Remittance Date, exclusive of any portion of the foregoing
that represents (without duplication):

 

(i)           any
scheduled payments of principal and/or interest, including any Balloon Payments that are accompanied by interest due through the
related maturity date, paid by the related Mortgagor with respect to the Trust Subordinate Companion Loan, that are due (without
regard to grace periods) on a Due Date that occurs after the related Determination Date;

 

(ii)           payments
(scheduled or otherwise) of principal (including prepayments) and interest, Net Liquidation Proceeds, Net Insurance Proceeds and
Net Condemnation Proceeds and other unscheduled recoveries allocable to the Trust Subordinate Companion Loan that were received
after the related Determination Date (other than the Trust’s applicable interest in any related REO Property contemplated
by clause (b) of this definition for the subject Distribution Date);

 

    - 11 -

     

    

 

(iii)          amounts
payable or reimbursable to any Person (other than the Loan-Specific Certificateholders) from the Collection Account pursuant to
clauses (ii) through (ix), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)           with
respect to any Distribution Date occurring in January (other than during a leap year) or February of any calendar year (unless
such Distribution Date is the final Distribution Date), the Withheld Amount related to the Trust Subordinate Companion Loan to
the extent those funds are on deposit in the Collection Account;

 

(v)           Yield
Maintenance Charges on the Trust Subordinate Companion Loan (which are separately distributed to holders of the Loan-Specific Certificates);

 

(vi)          amounts
deposited in the Collection Account or the 360 Spear REMIC Distribution Account in error; and/or

 

(vii)         late
payment charges or accrued interest on the Trust Subordinate Companion Loan allocable to the default interest rate for the Trust
Subordinate Companion Loan, to the extent permitted by law, excluding any interest calculated at the Mortgage Rate for the Trust
Subordinate Companion Loan;

 

(b)           if
and to the extent not already included in clause (a) of this definition for the subject Distribution Date, the aggregate amount
allocable to the Trust Subordinate Companion Loan transferred from the REO Account to the Collection Account for the subject Distribution
Date, to the extent that such transfer is made or such remittance is received by the close of business on the Business Day immediately
preceding the related Master Servicer Remittance Date;

 

(c)           all
Compensating Interest Payments made by the Master Servicer with respect to the Trust Subordinate Companion Loan for the subject
Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to the Trust Subordinate
Companion Loan for the subject Distribution Date (net of the related Trustee/Certificate Administrator Fee with respect to the
Trust Subordinate Companion Loan for which such Compensating Interest Payments or P&I Advances are made, to the extent not
already deducted from 360 Spear Available Funds pursuant to clause (a)(iii) of this definition);

 

(d)           with
respect to any Distribution Date occurring in March (or February, if such Distribution Date is the final Distribution Date), commencing
in 2022, the related Withheld Amounts related to the Trust Subordinate Companion Loan as required to be deposited in the 360 Spear
REMIC Distribution Account; and

 

(g)           with
respect to the Distribution Date occurring in March 2021, if and to the extent not already included in clause (a) of this definition
for such Distribution Date, the related Initial Interest Deposit Amount with respect to the Trust Subordinate Companion Loan remitted
on the Closing Date by the related Mortgage Loan Seller to the Master Servicer pursuant to Section 1 of the related Mortgage Loan
Purchase Agreement.

 

    - 12 -

     

    

 

“360 Spear Base
Interest Fraction”: With respect to any Principal Prepayment on the Trust Subordinate Companion Loan and with respect
to any Class of the 360 Spear Non-VRR Certificates, a fraction (not greater than one) (a) whose numerator is the greater
of zero and the amount, if any, by which (i) the Pass-Through Rate on such Class of 360 Spear Non-VRR Certificates exceeds
(ii) the discount rate (as provided by the Master Servicer) used in accordance with the related Loan Documents in calculating
the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage
of the principal balance of the Trust Subordinate Companion Loan, the yield rate applicable to any related yield maintenance charge
or that is otherwise described in the related Loan Documents) and (b) whose denominator is the amount, if any, by which (i) the
Net Mortgage Rate on the Trust Subordinate Companion Loan exceeds (ii) the discount rate (as provided by the Master Servicer)
used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment
(or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the Trust Subordinate Companion Loan, the
yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents); provided,
however, that if such discount rate is greater than or equal to the Net Mortgage Rate on the Trust Subordinate Companion
Loan, then the 360 Spear Base Interest Fraction shall equal zero; provided, further, that, if such discount rate
is greater than or equal to the Net Mortgage Rate on the Trust Subordinate Companion Loan, but less than the Pass-Through Rate
described in clause (a)(i) above, then the 360 Spear Base Interest Fraction shall equal one.

 

“360 Spear Borrower
Party”: A Borrower Party with respect to the 360 Spear Mortgage Loan.

 

“360 Spear Co-Lender
Agreement”: That certain Agreement Between Noteholders, dated as of February 18, 2021, by and between the holder of the
360 Spear Mortgage Loan and the holder of the Trust Subordinate Companion Loan, relating to the relative rights of such holders,
as the same may be further amended in accordance with the terms thereof.

 

“360 Spear Control
Appraisal Period”: A “Control Appraisal Period” as defined in the 360 Spear Co-Lender Agreement.

 

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

 

“360 Spear Interest
Distribution Amount”: With respect to any Distribution Date and each Class of 360 Spear Non-VRR Certificates, (A) the
sum of (i) the 360 Spear Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the
360 Spear Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment
Interest Shortfall with respect to the Trust Subordinate Companion Loan that is allocated to such Class on such Distribution Date.

 

“360 Spear Interest
Shortfall”: With respect to any Distribution Date for any Class of 360 Spear Non-VRR Certificates, the sum of (a)
the portion of the 360 Spear Interest

 

    - 13 -

     

    

 

Distribution Amount for such Class remaining unpaid as of the close of business on the
preceding Distribution Date (if any), and (b) to the extent permitted by applicable law, one month’s interest on that amount
remaining unpaid at the Pass-Through Rate applicable to such Class for the subject Distribution Date.

 

“360 Spear Loan
Combination”: The Loan Combination consisting of the 360 Spear Mortgage Loan and the Trust Subordinate Companion Loan.

 

“360 Spear Mortgage
Loan”: The Mortgage Loan evidenced by three senior pari passu promissory notes designated as Note A-1, Note A-2 and Note
A-3 made by the related Mortgagor (identified as Mortgage Loan No.3 on the Mortgage Loan Schedule) and secured by the Mortgage
on the 360 Spear Mortgaged Property, which is included in the Trust and which is senior in right of payment to the Trust Subordinate
Companion Loan to the extent set forth in the related Loan Documents and as provided in the 360 Spear Co-Lender Agreement.

 

“360 Spear Mortgaged
Property”: The underlying real property securing the 360 Spear Loan Combination referred to in the Mortgage Loan Schedule
as “360 Spear,” as more fully described in the related Loan Documents.

 

“360 Spear Non-VRR
Certificates”: The Class 360A, Class 360B, Class 360C and Class 360D Certificates.

 

“360 Spear Principal
Balance”: The principal amount of any 360 Spear Regular Interest outstanding as of any date of determination. As of the
Closing Date, the 360 Spear Principal Balance of each 360 Spear Regular Interest shall equal the original 360 Spear Principal Balance
as set forth in the Preliminary Statement hereto. On each Distribution Date, the 360 Spear Principal Balance of each 360 Spear
Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in respect of such 360
Spear Regular Interest on such Distribution Date pursuant to Section 4.01(a)(iii) of this Agreement, and shall be further
permanently reduced on such Distribution Date by all Realized Losses deemed to have been allocated thereto on such Distribution
Date pursuant to Section 4.01(f) of this Agreement, such that at all times the 360 Spear Principal Balance of a 360
Spear Regular Interest shall equal the Certificate Balance of the Corresponding Certificates. The 360 Spear Principal Balance of
any 360 Spear Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated by Section 4.01(g)
of this Agreement.

 

“360 Spear Principal
Distribution Amount”: With respect to any Distribution Date and the 360 Spear Non-VRR Certificates, the sum of (a) the
360 Spear Principal Shortfall for such Distribution Date and (b) the 360-Non-VRR Percentage of the Aggregate 360 Spear Principal
Distribution Amount for such Distribution Date.

 

“360 Spear Principal
Shortfall”: For any Distribution Date, the amount, if any, by which (1) the 360 Spear Principal Distribution Amount for
the preceding Distribution Date exceeds (2) the aggregate amount actually distributed on such preceding Distribution Date to holders
of the 360 Spear Non-VRR Certificates in respect of such 360 Spear Principal Distribution Amount.

 

    - 14 -

     

    

 

“360 Spear Realized
Loss”: With respect to the 360 Spear Non-VRR Certificates and each Distribution Date, the 360-Non-VRR Percentage of any
Realized Loss with respect to the Loan-Specific Certificates with respect to such Distribution Date.

 

“360 Spear Regular
Interests”: The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the 360 Spear REMIC, designated as the Class L360A, Class L360B, Class L360C, Class L360D and Class L360V
360 Spear Regular Interests.

 

“360 Spear REMIC”:
One of five separate REMICs comprising a portion of the Trust Fund, which consists of the Trust Subordinate Companion Loan and
the proceeds thereof, any allocable portion of any related REO Property with respect thereto, the related REO Account (to the extent
of amounts therein allocable to the Trust Subordinate Companion Loan), the 360 Spear REMIC Distribution Account and the Interest
Reserve Account (to the extent of amounts therein allocable to the Trust Subordinate Companion Loan).

 

“360 Spear REMIC
Distribution Account”: The account or accounts created and maintained as a separate account (or separate sub-account
within the same account as another Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b)
of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be
entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23, 360 Spear REMIC Distribution Account” and which must be an Eligible Account. The 360 Spear REMIC Distribution
Account shall be an asset of the 360 Spear REMIC.

 

“360 Spear Residual
Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in
the 360 Spear REMIC and evidenced by the Class R Certificates.

 

“360 Spear Retaining
Sponsor”: As defined in the Preliminary Statement.

 

“360 Spear Risk
Retention Consultation Party”: With respect to the 360 Spear Mortgage Loan, the Risk Retention Consultation Party selected
by DBNY, as the owner of the 360 RR Interest.

 

“360 Spear Scheduled
Principal Distribution Amount”: For each Distribution Date, the aggregate of the principal portions of (a) all Monthly
Payments (which do not include Balloon Payments) with respect to the Trust Subordinate Companion Loan (including any successor
REO Companion Loan with respect thereto), due or deemed due during or, if and to the extent not previously received or advanced
and distributed to Certificateholders on a preceding Distribution Date, prior to the related Collection Period, in each case to
the extent (i) paid by the related Mortgagor as of the related Determination Date or (ii) advanced by the Master Servicer or the
Trustee, as applicable, in respect of such Distribution Date, and (b) all Balloon Payments allocable to the Trust Subordinate Companion
Loan (including any successor REO Companion Loan with respect thereto) to the extent received during the related Collection Period,
and to the extent not included in clause (a) above for the subject Distribution Date and not previously received or

 

    - 15 -

     

    

 

advanced
and distributable to Certificateholders on a preceding Distribution Date. The 360 Spear Scheduled Principal Distribution Amount
from time to time will include all late payments of principal made by a Mortgagor with respect to the Trust Subordinate Companion
Loan, including late payments in respect of a delinquent Balloon Payment, received during the periods or by the times described
above in this definition, except to the extent those late payments are otherwise available to reimburse the Master Servicer or
the Trustee, as the case may be, for prior P&I Advances.

 

“360 Spear Unscheduled
Principal Distribution Amount”: For each Distribution Date, the aggregate of: (a) all prepayments of principal received
on the Trust Subordinate Companion Loan during the related Collection Period; and (b) any other collections (exclusive of payments
by the related Mortgagor) received on the Trust Subordinate Companion Loan and, to the extent allocable to the Trust Subordinate
Companion Loan, any related REO Property during the related Collection Period whether in the form of Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds, net income, rents, and profits from any related REO Property or otherwise, that were identified
and applied by the Master Servicer or Special Servicer, as applicable, as recoveries of previously unadvanced principal of the
Trust Subordinate Companion Loan.

 

“860 Washington
Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 860 Washington.

 

“AB Loan Combination”:
A Loan Combination that includes a Subordinate Companion Loan. The only AB Loan Combinations related to the Trust as of the Closing
Date are those with related Notes listed in the Loan Combination Table under the column heading “Subordinate Companion Loan(s).”

 

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

 

“Accelerated
Mezzanine Loan”: A mezzanine loan (secured by a pledge of the direct (or indirect) equity interests in a Mortgagor under
a Mortgage Loan or Loan Combination) if such mezzanine loan either (i) has been accelerated, or (ii) is the subject of foreclosure
proceedings against the equity collateral pledged to secure that mezzanine loan.

 

“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination), any Default arising when
the related Loan Documents require that the related Mortgagor must maintain all risk casualty insurance or other insurance that
covers damages or losses arising from acts of terrorism and the Special Servicer has determined, in its reasonable judgment in
accordance with the Servicing Standard (and with the consent of the applicable Directing Holder and after non-binding consultation
with any applicable Consulting

 

    - 16 -

     

    

 

Parties), that (i) such insurance is not available at commercially reasonable rates and the
subject hazards are not commonly insured against by prudent owners of similar real properties located in or near the geographic
region in which the Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners
at current market rates), or (ii) such insurance is not available at any rate; provided, however, that the applicable
Directing Holder shall be required to respond to the Special Servicer’s request for such consent (or be deemed to have provided
such consent) within the time period in Section 6.09(a) with respect to Acceptable Insurance Defaults; provided,
further, that upon the Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances
do not allow the Special Servicer to consult with the related Directing Holder or the applicable Consulting Parties, the Special
Servicer shall not be required to do so. In making this determination, the Special Servicer, to the extent consistent with the
Servicing Standard, may rely on the opinion of an insurance consultant.

 

“Accrued Component
Interest”: With respect to each Component for any Distribution Date, one month’s interest at the Class X Strip
Rate applicable to such Component for such Distribution Date, accrued on the Component Notional Amount of such Component outstanding
immediately prior to such Distribution Date. Accrued Component Interest shall be calculated on a 30/360 Basis and, with respect
to any Component and any Distribution Date, shall be deemed to accrue during the calendar month preceding the month in which such
Distribution Date occurs.

 

“Act”
or “Securities Act”: The Securities Act of 1933, as it may be amended from time to time and the rules and regulations
thereunder.

 

“Actual/360
Basis”: The accrual of interest on the basis of the actual number of days elapsed during any relevant accrual period
in a year assumed to consist of 360 days.

 

“Actual/360
Mortgage Loan”: A Mortgage Loan that accrues interest on an Actual/360 Basis.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property.

 

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

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.04 of this Agreement.

 

“Additional
Form 10-K Disclosure”: As defined in Section 10.05 of this Agreement.

 

“Additional
Information”: As defined in Section 4.02(a) of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Depositor, any Mortgage Loan Seller or any of the

 

    - 17 -

     

    

 

Underwriters that Services any of the Mortgage Loans, each Outside Servicer,
each Outside Special Servicer and each Person, other than the Special Servicer or the Certificate Administrator, who is not an
Affiliate of the Master Servicer, the Certificate Administrator, the Trustee, the Depositor, any Mortgage Loan Seller or any of
the Underwriters who Services 10% or more of the Mortgage Loans by unpaid principal balance calculated in accordance with the provisions
of Regulation AB.

 

“Additional
Servicing Compensation”: As defined in Section 3.12(a) of this Agreement.

 

“Additional
Special Servicing Compensation”: As defined in Section 3.12(c) of this Agreement.

 

“Additional
Trust Fund Expenses”: (i) Special Servicing Fees, Workout Fees and Liquidation Fees, (ii) interest in respect of
unreimbursed Advances, (iii) the cost of various default-related or unanticipated Opinions of Counsel required or permitted
to be obtained in connection with the servicing of the Trust Loans and the administration of the Trust Fund, (iv) unanticipated,
non-Mortgage Loan specific expenses of the Trust Fund, including indemnities and expense reimbursements to the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Depositor
and federal, state and local taxes, and tax-related expenses, specifically payable out of the Trust Fund, (v) any fees or expenses
that are expressly designated as an Additional Trust Fund Expense pursuant to any provision of this Agreement and (vi) any
other default-related or unanticipated expense of the Trust Fund that is not covered by a Property Advance and for which there
is no corresponding collection from a Mortgagor.

 

“Administrative
Cost Rate”: As of any date of determination, with respect to any Trust Loan, a rate equal to the sum of the Servicing
Fee Rate, the Operating Advisor Fee Rate (except in the case of the Trust Subordinate Companion Loan), the Asset Representations
Reviewer Ongoing Fee Rate (except in the case of the Trust Subordinate Companion Loan), the CREFC® Intellectual
Property Royalty License Fee Rate and the Trustee/Certificate Administrator Fee Rate.

 

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

 

“Advance Interest
Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances and Property Advances for which the
Master Servicer, the Special Servicer or the Trustee, as applicable, have not been reimbursed for the number of days from
the date on which such Advance was made through, but not including, the date of reimbursement of the related Advance, less any
amount of interest previously paid on such Advance; provided, however, that with respect to any P&I Advance made
prior to the expiration of the related grace period (or, if there is no grace period, on or prior to the related Due Date), interest
on such P&I Advance shall accrue only from and after the expiration of such grace period (or, if there is no grace period,
from and after the related Due Date) and only if the subject Trust Loan is then still delinquent; and provided, further,
that interest at the Advance Rate shall not accrue on any Advance made to cover a delinquent Applicable Monthly Payment that has
been received after the Determination Date and prior to 2:00 p.m. (Eastern Time) on the related Master Servicer Remittance
Date.

 

    - 18 -

     

    

 

“Advance Rate”:
A per annum rate equal to the Prime Rate, compounded annually.

 

“Affected Loan(s)”:
As defined in Section 2.03(a) of this Agreement.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person; provided that, solely for the purposes of the definition of “Borrower Party”, the term “Affiliate”
means, with respect to any specified Person, (i) any other Person controlling or controlled by or under common control with such
specified Person or (ii) any other Person that owns, directly or indirectly, 25% or more of the beneficial interests in such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. Upon reasonable request of the Trustee and/or the Certificate Administrator, the Trustee and/or the Certificate Administrator
may obtain and rely on an Officer’s Certificate of the Master Servicer, the Special Servicer or the Depositor to determine
whether any Person is an Affiliate of such party.

 

“Affirmative
Asset Review Vote”: As defined in Section 11.01(a).

 

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

 

(a)           the
aggregate amount of all cash received on the Mortgage Loans and any REO Properties on deposit in the Collection Account (in each
case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of
the Companion Loan Holders or is otherwise allocable to the Trust Subordinate Companion Loan) and/or the Lower-Tier REMIC Distribution
Account as of the close of business on the Business Day immediately preceding the related Master Servicer Remittance Date, exclusive
of any portion of the foregoing that represents (without duplication):

 

(i)           Monthly
Payments, together with any Balloon Payments that are accompanied by interest through the related Maturity Date, paid by the related
Mortgagors in respect of a Mortgage Loan, that are due on a Due Date (without regard to grace periods) that occurs after the related
Determination Date;

 

(ii)           payments
(scheduled or otherwise) of principal (including Principal Prepayments) and interest, Net Liquidation Proceeds, Net Insurance Proceeds,
Net Condemnation Proceeds and other unscheduled recoveries that were received in respect of the Mortgage Pool subsequent to the
related Determination Date (other than any remittances on the Outside Serviced Mortgage Loans or the Trust’s applicable interest
in any related REO Property contemplated by clause (b) of this definition for the subject Distribution Date);

 

(iii)           amounts
payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (ix), inclusive, of Section 3.06(a)
of this Agreement;

 

    - 19 -

     

    

 

(iv)          Yield
Maintenance Charges on the Mortgage Loans;

 

(v)           Excess
Interest on the ARD Mortgage Loan(s);

 

(vi)          Penalty
Charges retained in the Collection Account pursuant to Section 3.14 of this Agreement;

 

(vii)         all
amounts deposited in the Collection Account or the Lower-Tier REMIC Distribution Account, as the case may be, in error; and

 

(viii)        with
respect to the Mortgage Loans (including REO Mortgage Loans) for which Withheld Amounts are required to be deposited in the Interest
Reserve Account, and any Distribution Date in January (other than during a leap year) or February of any calendar year
(unless such Distribution Date is the final Distribution Date), an amount equal to one day of interest on the Stated Principal
Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which the
subject Distribution Date occurs at the related Mortgage Rate, less the Administrative Cost Rate, to the extent such amounts are
on deposit in the Collection Account;

 

(b)           if
and to the extent not already included in clause (a) of this definition for the subject Distribution Date, (i) the aggregate
amount allocable to the Mortgage Loans transferred from any REO Account or Loan Combination Custodial Account to the Collection
Account for the subject Distribution Date pursuant to Section 3.16 or Section 3.06A, as applicable, of
this Agreement, and (ii) all remittances received on the Outside Serviced Mortgage Loans or the Trust’s interest in any related
REO Property in the month of the subject Distribution Date, in each case to the extent that such transfer is made or such remittances
are received, as the case may be, by the close of business on the Business Day immediately preceding the related Master Servicer
Remittance Date;

 

(c)           the
aggregate amount of any Compensating Interest Payments made by the Master Servicer with respect to the Mortgage Loans with respect
to the subject Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to
the Mortgage Loans for the subject Distribution Date (net of the related Trustee/Certificate Administrator Fee, Asset Representations
Reviewer Ongoing Fee and Operating Advisor Fee with respect to the Mortgage Loans (including REO Mortgage Loans) for which such
Compensating Interest Payments or P&I Advances are made, to the extent not already deducted from Aggregate Pooled Available
Funds pursuant to clause (a)(iii) of this definition);

 

(d)           the
aggregate amount of Excess Liquidation Proceeds transferred to the Lower-Tier REMIC Distribution Account from the Excess Liquidation
Proceeds Reserve Account for distribution on the subject Distribution Date;

 

(e)           with
respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), commencing in 2022, the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account
pursuant to Section 3.23 of this Agreement; and

 

    - 20 -

     

    

 

(f)           with
respect to each Mortgage Loan that accrues interest on an Actual/360 Basis and the Distribution Date occurring in March 2021, if
and to the extent not already included in clause (a) of this definition for such Distribution Date, any Initial Interest Deposit
Amount remitted on the Closing Date by the related Mortgage Loan Seller to the Master Servicer pursuant to Section 1 of the related
Mortgage Loan Purchase Agreement.

 

Notwithstanding the investment
of funds held in the Collection Account or the Lower-Tier REMIC Distribution Account pursuant to Section 3.07 of this
Agreement, for purposes of calculating the Aggregate Pooled Available Funds, the amounts so invested shall be deemed to remain
on deposit in such account.

 

“Aggregate Principal
Distribution Amount”: For any Distribution Date, an amount equal to the sum of the following amounts (which, for the
avoidance of doubt, will not include any amounts received with respect to the Trust Subordinate Companion Loan):

 

(A)           the
Scheduled Principal Distribution Amount for such Distribution Date; and

 

(B)           the
Unscheduled Principal Distribution Amount for such Distribution Date;

 

provided that the Aggregate Principal
Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of (i)
Nonrecoverable Advances (including any servicing advance with respect to an Outside Serviced Mortgage Loan under the related Outside
Servicing Agreement), together with interest on such Nonrecoverable Advances at the Advance Rate, that are paid or reimbursed from
principal collections on the Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections
would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date and (ii) Workout-Delayed
Reimbursement Amounts that were paid or reimbursed from principal collections on the Mortgage Loans (including the REO Mortgage
Loans) in a period during which such principal collections would have otherwise been included in the Aggregate Principal Distribution
Amount for such Distribution Date (provided that, in the case of clause (i) and (ii) above, if any of the amounts that
were reimbursed from principal collections on the Mortgage Loans (including the REO Mortgage Loans) for a prior Distribution Date
are subsequently recovered on the related Mortgage Loan (including any successor REO Mortgage Loan with respect thereto), such
recovery will increase the Aggregate Principal Distribution Amount for the Distribution Date related to the Collection Period in
which such recovery occurs).

 

The principal component
of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.

 

“Aggregate 360
Spear Principal Distribution Amount”: For any Distribution Date, the sum of the following amounts:

 

(a)           the
360 Spear Scheduled Principal Distribution Amount for that Distribution Date, and

 

(b)           the
360 Spear Unscheduled Principal Distribution Amount for that Distribution Date;

 

    - 21 -

     

    

 

provided, that the Aggregate 360
Spear Principal Distribution Amount for any Distribution Date will be reduced, to not less than zero, by the amount of any reimbursements
of:

 

(A)           Nonrecoverable
Advances, together with interest on such Nonrecoverable Advances at the Advance Rate, that are paid or reimbursed from principal
collections on the Trust Subordinate Companion Loan in a period during which such principal collections would have otherwise been
included in the Aggregate 360 Spear Principal Distribution Amount for such Distribution Date, and

 

(B)           Workout-Delayed
Reimbursement Amounts that were paid or reimbursed from principal collections on the Trust Subordinate Companion Loan in a period
during which such principal collections would have otherwise been included in the Aggregate 360 Spear Principal Distribution Amount
for such Distribution Date;

 

provided, further, that in
the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Trust
Subordinate Companion Loan (including any successor REO Companion Loan with respect thereto) for a prior Distribution Date are
subsequently recovered on the Trust Subordinate Companion Loan (or any successor REO Companion Loan with respect thereto), such
recovery will increase the Aggregate 360 Spear Principal Distribution Amount for the Distribution Date related to the Collection
Period in which such recovery occurs.

 

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

 

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

 

“Ancillary Fees”:
With respect to any Serviced Loan, any and all demand fees, beneficiary statement charges, fees for insufficient or returned checks
and other usual and customary charges and fees (other than Modification Fees, Consent Fees, Penalty Charges, Assumption Fees, assumption
application fees and defeasance fees) actually received from the related Mortgagor.

 

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

 

“Anticipated
Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to
Section 9.01(c) of this Agreement.

 

    - 22 -

     

    

 

“Applicable
Co-sponsors”: (i) With respect to each CREFI-GACC Co-sponsored Mortgage Loan, CREFI and GACC; and (ii) with respect to
each JPMCB-GACC Co-sponsored Mortgage Loan, JPMCB and GACC.

 

“Applicable
DBRS Morningstar Permitted Investment Rating”: (A) In the case of any investments with maturities of 30 days or less,
the short-term obligations (or, if applicable, deposit accounts) of the obligors on which are rated at least “R-1 (middle)”
by DBRS Morningstar or the long-term obligations (or, if applicable, deposit accounts) of the obligors on which are rated at least
“A” by DBRS Morningstar, (B) in the case of any investments with maturities of three months or less, but more than
30 days, the short-term obligations (or, if applicable, deposit accounts) of the obligors on which are rated at least “R-1
(middle)” by DBRS Morningstar or the long-term obligations (or, if applicable, deposit accounts) of the obligors on which
are rated at least “AA(low)” by DBRS Morningstar, (C) in the case of any investments with maturities of six months
or less, but more than three months, the short-term obligations (or, if applicable, deposit accounts) of the obligors on which
are rated in the highest short-term rating category by DBRS Morningstar or the long-term obligations (or, if applicable, deposit
accounts) of the obligors on which are rated at least “AA” by DBRS Morningstar, (D) in the case of any investments
with maturities of 365 days or less, but more than six months, the short-term obligations (or, if applicable, deposit accounts)
of the obligors on which are rated in the highest short-term rating category by DBRS Morningstar or the long-term obligations (or,
if applicable, deposit accounts) of the obligors on which are rated “AAA” by DBRS Morningstar.

 

“Applicable
Laws”: As defined in Section 3.01(l), Section 3.21(h) and Section 8.02(h), respectively,
of this Agreement.

 

“Applicable
Monthly Payment”: For any Mortgage Loan (including an Outside Serviced Mortgage Loan) or Trust Subordinate Companion
Loan with respect to any month (including any such Mortgage Loan or Trust Subordinate Companion Loan as to which the related Mortgaged
Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the
amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable
Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive
of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the
Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan or Trust Subordinate Companion Loan pursuant
to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy,
insolvency, or other similar proceeding involving the related Mortgagor.

 

“Applicable
Moody’s Permitted Investment Rating”: In the case of any investments, the short-term debt obligations of the obligors
on which are rated at least “P-1” by Moody’s or the long-term debt obligations of the obligors on which are rated
at least “A2” by Moody’s.

 

“Applicable
S&P Permitted Investment Rating”: (A) In the case of any investments with maturities of thirty (30) days or
less, the short term obligations of the obligors on which are rated at least “A-1” by S&P, (B) in the case of any
investments with maturities of sixty (60) days or less, but more than thirty (30) days, the short term obligations of
the obligors on which are rated

 

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at least “A-1” by S&P, (C) in the case of any investments with maturities of three
months or less, but more than sixty (60) days, the short term obligations of the obligors on which are rated “A-1+”
by S&P (or at least “A-1” by S&P, if the long term obligations of the obligors on which are rated at least
“AA-” by S&P), (D) in the case of any investments with maturities of six months or less, but more than three
(3) months, the short term obligations of the obligors on which are rated “A-1+” by S&P (or at least “A-1”
by S&P, if the long term obligations of the obligors on which are rated at least “AA-” by S&P), and (E) in
the case of any investments with maturities of 365 days or less, but more than six months, the short term obligations of the
obligors on which are rated “A-1+” by S&P (or at least “A-1” by S&P, if the long term obligations
of the obligors on which are rated at least “AA-” by S&P).

 

“Applicant”:
As defined in Section 5.07(a) of this Agreement.

 

“Applied 360RR
Realized Loss Amount”: All reductions in the Certificate Balance of the 360RR Interest in respect of 360RR Realized Losses
allocable thereto.

 

“Appraisal”:
An appraisal prepared by an Appraiser, which shall be prepared in accordance with MAI standards.

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as
to which an Appraisal Reduction Event has occurred and an Appraisal Reduction Amount is required to be calculated, an amount equal
to the excess, if any, of (a) the Stated Principal Balance of such Serviced Mortgage Loan (or Serviced Loan Combination) as
of the last day of the related Collection Period over (b) the excess of (i) the sum of (A) 90% of the appraised
value of the related Mortgaged Property or Properties (as determined by (1) one or more Appraisals obtained by the Special Servicer
(the cost of which shall be advanced by the Master Servicer as a Property Advance (or, if such Property Advance would be a Nonrecoverable
Advance, paid by the Master Servicer out of the Collection Account as an expense of the Trust Fund)) or (2) an internal valuation
performed by the Special Servicer with respect to any Serviced Mortgage Loan (considering any Cross-Collateralized Group as a single
Mortgage Loan) or Serviced Loan Combination with an outstanding principal balance of less than $2,000,000 (provided that the Special
Servicer may elect to obtain Appraisal(s) with respect to such Serviced Mortgage Loan or Serviced Loan Combination as contemplated
by the preceding clause (1)), minus, with respect to any Appraisal, such downward adjustments as the Special Servicer may
make in accordance with the Servicing Standard (without implying any obligation to do so) based upon the Special Servicer’s
review of the Appraisal and such other information as the Special Servicer may deem appropriate and (B) all escrows, letters
of credit and reserves in respect of such Serviced Mortgage Loan (or Serviced Loan Combination) as of the date of the calculation
over (ii) the sum, as of the Due Date occurring in the month of the date of determination, of (A) to the extent not previously
advanced by the Master Servicer or the Trustee, all unpaid interest on such Serviced Mortgage Loan (or Serviced Loan Combination)
at a per annum rate equal to its Mortgage Rate (and with respect to a Serviced Loan Combination, interest on the related
Serviced Companion Loan(s) at the related Mortgage Rate), (B) all unreimbursed Advances (which shall include, without limitation,
(1) any Advances as to which the advancing party was reimbursed from a source other than the related Mortgagor and (2) any
Unliquidated Advances), with interest thereon at the Advance Rate in respect of such Serviced Mortgage Loan (or Serviced Loan Combination)
and (C) all currently due and unpaid real estate taxes and

 

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assessments, insurance premiums and ground rents, unpaid Special
Servicing Fees and all other amounts, due and unpaid with respect to such Serviced Mortgage Loan (or Serviced Loan Combination)
(which taxes, premiums, ground rents and other amounts have not been the subject of an Advance by the Master Servicer, the Special
Servicer or the Trustee, as applicable, and/or for which funds have not been escrowed). Promptly upon knowledge of the occurrence
of an Appraisal Reduction Event (or a longer period so long as the Special Servicer is (as certified thereby to the Trustee in
writing) diligently and in good faith proceeding to obtain such), if an Appraisal has not been obtained within the immediately
preceding twelve (12) months (or if the Special Servicer has determined in accordance with the Servicing Standard such Appraisal
to be materially inaccurate), the Special Servicer shall use reasonable efforts to obtain an Appraisal, the costs of which shall
be paid by the Master Servicer as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of
the Collection Account if such Property Advance would be a Nonrecoverable Advance), or conduct an internal valuation, as applicable,
in accordance with Section 3.10(a) of this Agreement. The Master Servicer shall provide (via electronic delivery) the Special
Servicer with information in its possession that is reasonably required to calculate or recalculate any Appraisal Reduction Amount
pursuant to this definition using reasonable efforts to deliver such information within four (4) Business Days of the Special Servicer’s
reasonable written request. None of the Master Servicer, the Trustee or the Certificate Administrator shall calculate or verify
Appraisal Reduction Amounts. On the first Determination Date that is at least five (5) Business Days following the receipt of such
Appraisal or the conducting of an internal valuation, the Special Servicer in consultation with the Controlling Class Representative
(for so long as the Controlling Class Representative is the applicable Directing Holder or Consulting Party) shall calculate or
adjust, as applicable, the Appraisal Reduction Amount to take into account such Appraisal or internal valuation, as applicable,
and such information, if any, reasonably requested by the Special Servicer from the Master Servicer reasonably required to calculate
or recalculate the Appraisal Reduction Amount. Notwithstanding the foregoing, if an Appraisal is required to be obtained in accordance
with Section 3.10(a) of this Agreement but is not obtained and, if permitted, an internal valuation has not been conducted,
within 120 days following the events described in the applicable clause of the definition “Appraisal Reduction Event”
(without regard to the time periods stated therein), then, until such Appraisal is obtained or, if permitted, such internal valuation
is conducted and solely for purposes of determining the amounts of P&I Advances, the Appraisal Reduction Amount for or allocable
to the related Serviced Mortgage Loan (or, in the case of the 360 Spear Loan Combination, for such Loan Combination) will equal
25% of the Stated Principal Balance of such related Serviced Mortgage Loan (or, in the case of the 360 Spear Loan Combination,
25% of the Stated Principal Balance of such Loan Combination, subject to allocation in accordance with the second following paragraph);
provided that, upon receipt of an Appraisal, or, if permitted, completion of an internal valuation however, the Appraisal
Reduction Amount for such Serviced Mortgage Loan (or Serviced Loan Combination) will be recalculated in accordance with this definition
without regard to this sentence. With respect to each Serviced Loan as to which an Appraisal Reduction Event has occurred (unless
the Serviced Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced
Loan) and has remained current for three consecutive Monthly Payments, and with respect to which no other Appraisal Reduction
Event has occurred during the preceding three months), the Special Servicer shall, within 30 days of each anniversary of such
Appraisal Reduction Event, order an Appraisal (which may be an update of the prior Appraisal) (the cost of which will be covered
by, and reimbursable as, a

 

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Property Advance by the Master Servicer or as an expense of the Trust Fund and paid by the Master Servicer
out of the Collection Account if such Property Advance would be a Nonrecoverable Advance) or, if applicable, conduct an internal
valuation, provided, however, no new or updated Appraisal or internal valuation will be required if the Serviced
Loan or REO Property is under contract to be sold within 90 days of such Appraisal Reduction Event or anniversary thereof
and the Special Servicer reasonably believes such sale is likely to close. Based upon such Appraisal or letter updates thereto,
or, if applicable, an internal valuation, the Special Servicer shall determine and report to the Master Servicer and the Certificate
Administrator the Appraisal Reduction Amount, if any, with respect to such Serviced Mortgage Loan (or Serviced Loan Combination),
and each of those parties shall be entitled to rely conclusively on such determination by the Special Servicer. The Special Servicer
shall deliver a copy of any such Appraisal or internal valuation to the Master Servicer and the Certificate Administrator, which
shall be in electronic format. Each Appraisal Reduction Amount shall also be adjusted with respect to the next Distribution Date
to take into account any subsequent Appraisal and annual letter updates or, if applicable, any subsequent internal valuation, as
of the date of each such subsequent Appraisal or letter update or, if applicable, internal valuation.

 

Upon payment in full
or liquidation of any Serviced Loan for which an Appraisal Reduction Amount has been determined, such Appraisal Reduction Amount
will be eliminated. In addition, with respect to any Serviced Loan, as to which an Appraisal Reduction Event has occurred, such
Serviced Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Loan has become a Corrected
Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced Loan) and such Serviced Loan becomes and
remains current for three consecutive Monthly Payments and (b) no other Appraisal Reduction Event has occurred and is continuing
with respect to such Serviced Loan.

 

Appraisal Reduction Amounts
with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion
Loan(s) (up to the outstanding principal balance(s) thereof), and then, to the related Serviced Mortgage Loan and any related
Serviced Pari Passu Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding principal
balances of such Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan(s). Notwithstanding the foregoing, if
so provided in the related Co-Lender Agreement, the holder of a Serviced Subordinate Companion Loan may be permitted to post cash
or a letter of credit to offset all or some portion of an Appraisal Reduction Amount.

 

Notwithstanding the foregoing,
with respect to each Outside Serviced Mortgage Loan, the Appraisal Reduction Amount shall be the portion of any “appraisal
reduction amount” relating to such Outside Serviced Loan Combination, that is calculated pursuant to the applicable Outside
Servicing Agreement by the related Outside Special Servicer or related Outside Servicer, as applicable, and that is allocable to
such Outside Serviced Mortgage Loan pursuant to such Outside Servicing Agreement and the related Co-Lender Agreement. The parties
hereto shall be entitled to rely on such calculations as reported to them by the related Outside Servicer. The Uncertificated VRR
Interest Owner and, by their acceptance of their Certificates, the Certificateholders shall be deemed to have acknowledged that
the applicable Outside Servicing Agreement and the related Co-Lender Agreement, taken together, provide that any such “appraisal

 

    - 26 -

     

    

 

reduction amount” will be calculated under the applicable Outside Servicing Agreement by the applicable party thereto.

 

“Appraisal Reduction
Event”: With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan becomes a Modified
Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any Monthly Payment, which
does not include a Balloon Payment, (iii) solely in the case of a delinquent Balloon Payment, (A) the date occurring
30 days after the date on which such Balloon Payment was due (except as described in the immediately following clause (B)) or
(B) if the related Mortgagor has delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special
Servicer) or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a signed purchase agreement
or a refinancing commitment acceptable to the Special Servicer prior to the date 30 days after the Balloon Payment was due,
the date occurring 120 days after the date on which the Balloon Payment was due (or such shorter period beyond the date on
which that Balloon Payment was due during which the refinancing is scheduled to occur), (iv) the date on which the related
Mortgaged Property has become an REO Property, (v) a receiver or similar official is appointed and continues for 60 days
in such capacity in respect of the related Mortgaged Property, (vi) 60 days after the related Mortgagor is subject to
a bankruptcy, insolvency or similar proceedings, which, in the case of an involuntary bankruptcy, insolvency or similar proceeding,
is not dismissed within those 60 days, or (vii) the date on which such Serviced Loan remains outstanding five (5) years
following any extension of its maturity date pursuant to Section 3.24 of this Agreement. Notwithstanding the foregoing,
for purposes of the clauses (i) and (ii) in the immediately preceding sentence of this definition, neither (i) a
Payment Accommodation with respect to any Serviced Loan nor (ii) any default or delinquency that would have existed but for such
Payment Accommodation shall constitute an Appraisal Reduction Event, for so long as the related borrower is complying with the
terms of such Payment Accommodation. For the avoidance of doubt, in the event a borrower fails to comply with the terms of a Payment
Accommodation (as determined by the Special Servicer in accordance with the Servicing Standard), a determination as to whether
any applicable event specified in the preceding sentence constitutes an Appraisal Reduction Event shall be made as though the Payment
Accommodation never occurred; provided, however, if, pursuant to this sentence, an Appraisal Reduction Event is determined
to occur prior to the date of such borrower’s failure to comply with the terms of the related Payment Accommodation, then
such Appraisal Reduction Event will be deemed to occur on the date of such borrower’s failure to comply. If an Appraisal
Reduction Event occurs with respect to any Serviced Mortgage Loan that is part of a Serviced Loan Combination, then an Appraisal
Reduction Event shall be deemed to have occurred with respect to the related Serviced Companion Loan(s). If an Appraisal Reduction
Event occurs with respect to any Serviced Companion Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction
Event shall be deemed to have occurred with respect to the related Serviced Mortgage Loan and any other Serviced Companion Loan(s)
included as part of that Serviced Loan Combination. No Appraisal Reduction Event may occur at any time when the aggregate Certificate
Balance of all Classes of Non-Vertically Retained Pooled Principal Balance Certificates (other than the Class A-1, Class A-2,
Class A-4A1, Class A-4A2, Class A-5 and Class A-AB Certificates) and, solely in the case of the 360 Spear Loan Combination,
also of all Classes of Loan-Specific Certificates, has been reduced to zero. The Special Servicer shall notify the Master Servicer
and the Master Servicer shall notify the Special Servicer, as applicable, promptly upon the occurrence of any of the foregoing
events.

 

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“Appraised-Out
Class”: Any Class of Control Eligible Certificates or Loan-Specific Control Eligible Certificates, the Certificate
Balance of which (taking into account the allocation of any Appraisal Reduction Amounts or Collateral Deficiency Amounts to notionally
reduce the Certificate Balance of such Class) has been reduced to less than 25% of its initial Certificate Balance.

 

“Appraised Value”:
As of any date of determination, (i) with respect to any Mortgaged Property (other than a Mortgaged Property securing an Outside
Serviced Mortgage Loan), the appraised value thereof based upon an appraisal or update thereof prepared by an Appraiser that is
contained in the related Servicing File obtained within the time parameters required by this Agreement, and (ii) with respect to
each Mortgaged Property securing an Outside Serviced Mortgage Loan, the appraised value allocable thereto, as determined pursuant
to the Outside Servicing Agreement.

 

“Appraiser”:
An Independent nationally recognized professional commercial real estate appraiser who (i) is a member in good standing of
the Appraisal Institute, (ii) if the state in which the related Mortgaged Property is located certifies or licenses appraisers,
is certified or licensed in such state, and (iii) has a minimum of five years’ experience in the related property type
and market.

 

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

 

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

 

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

 

“Asset Representations
Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, or its successor-in-interest, or any
successor Asset Representations Reviewer as herein provided.

 

“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 11.02(b).

 

“Asset Representations
Reviewer Ongoing Fee”: As defined in Section 11.02(a).

 

“Asset Representations
Reviewer Ongoing Fee Rate”: As defined in Section 11.02(a).

 

“Asset Representations
Reviewer Termination Event”: As defined in Section 11.05(a).

 

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

 

“Asset Review
Notice”: As defined in Section 11.01(a).

 

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“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 11.01(a),
the Holders of Pooled Certificates evidencing at least 5% of the Pooled Voting Rights represented by all of the Pooled Certificates.

 

“Asset Review
Report”: As defined in Section 11.01(b)(vii)(C).

 

“Asset Review
Report Summary”: As defined in Section 11.01(b)(vii)(C).

 

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

 

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

 

“Asset Review
Vote Election”: As defined in Section 11.01(a).

 

“Asset Status
Report”: As defined in Section 3.21(b) of this Agreement.

 

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

 

“Assumption
Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all assumption
fees of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) for transactions effected under Section 3.09(a),
3.09(b) and 3.09(c) of this Agreement (excluding assumption application fees), actually paid by the related Mortgagor
and other applicable fees (not including assumption fees and/or assumption application fees) actually paid by the related Mortgagor
in accordance with the related Loan Documents, with respect to any assumption or substitution agreement entered into by the Master
Servicer or the Special Servicer on behalf of the Trust (or, in the case of a Serviced Loan Combination, on behalf of the Trust
and the related Serviced Companion Loan Holder(s)) pursuant to Section 3.09(a) of this Agreement or paid by the related
Mortgagor with respect to any transfer of an interest in such Mortgagor pursuant to Section 3.09(a) of this Agreement.

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 5.09 of this
Agreement.

 

    - 29 -

     

    

 

“Available Funds”:
For any Distribution Date, (i) with respect to distributions to be made on the Pooled Certificates, the Uncertificated VRR Interest
and the Class R Certificates, the Aggregate Pooled Available Funds, (ii) with respect to distributions to be made on the Non-Vertically
Retained Pooled Certificates and the Class R Certificates, the Non-Vertically Retained Pooled Available Funds, (iii) with respect
to distributions to be made on the Combined VRR Interest and the Class R Certificates, the Combined VRR Available Funds and (iv)
in the case of distributions to be made on the Loan-Specific Certificates and the Class R Certificates, the 360 Spear Available
Funds.

 

“Balloon Loan”:
Any Mortgage Loan or Serviced Companion Loan that by its original terms or by virtue of any modification provides for an amortization
schedule extending beyond its Maturity Date, unless such extension results solely from the accrual of interest on the basis of
the actual number of days elapsed in a year of 360 days, notwithstanding calculation of Monthly Payments based on a 360-day
year consisting of twelve 30-day months.

 

“Balloon Payment”:
With respect to any Balloon Loan as of any date of determination, the amount outstanding on the Maturity Date of such Balloon Loan
in excess of the related Monthly Payment.

 

“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of the Class A-1,
Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D
and Class E Certificates, a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate
on such Class of Certificates exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating
the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage
of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge or that
is otherwise described in the related Loan Documents) and (b) whose denominator is the amount, if any, by which (i) the
Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating
the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage
of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge or that
is otherwise described in the related Loan Documents); provided, however, that under no circumstances shall the Base
Interest Fraction be greater than one. If the discount rate referred to in the preceding sentence is greater than or equal to both
of (x) the Mortgage Rate on the related Mortgage Loan and (y) the Pass-Through Rate described in the preceding sentence,
then the Base Interest Fraction shall equal zero, and if such discount rate is greater than or equal to the Mortgage Rate on such
Mortgage Loan, but less than the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal
one.

 

“Borrower Delayed
Reimbursements”: Any Additional Trust Fund Expenses and reimbursements of Advances that the related Mortgagor is required,
pursuant to a written modification agreement, to pay in the future to the Trust in its capacity as owner of the related Trust Loan.

 

    - 30 -

     

    

 

“Borrower Party”:
Either (i) Mortgagor under a Mortgage Loan or Loan Combination, a Mortgagor or a manager of a related Mortgaged Property or
any Affiliate of any of the foregoing or (ii) a holder or beneficial owner (or an Affiliate of any holder or beneficial owner)
of any Accelerated Mezzanine Loan.

 

“Breach”:
As defined in Section 2.03(a) of this Agreement.

 

“Business Day”:
Any day other than a Saturday, a Sunday or any day on which the New York Stock Exchange, the Federal Reserve Bank of New York or
banking institutions in the States of New York, Pennsylvania, Kansas, Washington D.C., California and Delaware, the cities in which
the principal offices of the Operating Advisor, the Master Servicer or the Special Servicer are located, or the city in which the
Corporate Trust Office of the Certificate Administrator or the Trustee is located, are authorized or obligated by law, executive
order or governmental decree to be closed.

 

“Benchmark 2020-B22
PSA”: The Pooling and Servicing Agreement, dated as of December 1, 2020, between Deutsche Mortgage & Asset Receiving
Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian,
Wells Fargo Bank, National Association, as trustee, and Pentalpha Surveillance LLC, as operating advisor and asset representations
reviewer, as the same may be amended from time to time in accordance with the terms thereof, pursuant to which the Benchmark 2020-B22
Mortgage Trust, Commercial Mortgage Pass Through Certificates, Series 2020-B22 were issued.

 

“BX 2020-VIVA
TSA”: The Trust and Servicing Agreement, dated as of May 5, 2020, between Citigroup Commercial Mortgage Securities Inc.,
as depositor, KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer, Wilmington Trust, National Association,
as trustee and Citibank, N.A., as certificate administrator, as the same may be amended from time to time in accordance with the
terms thereof, pursuant to which the BX Commercial Mortgage Trust 2020-VIVA, Commercial Mortgage Pass-Through Certificates, Series 2020-VIVA
were issued.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payments on a Mortgage Loan or Serviced Loan Combination or proceeds from the sale of a Defaulted Mortgage Loan or Defaulted Serviced
Loan Combination, the highest of (1) the rate determined by the Master Servicer or the Special Servicer, as applicable, that
approximates the market rate that would be obtainable by the Mortgagors on similar debt of the Mortgagors as of such date of determination,
(2) the Mortgage Rate and (3) the yield on 10-year U.S. treasuries and (ii) for all other cash flows, including
property cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal).

 

“Certificate”:
Any Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB, Class X-A, Class A-S,
Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G,
Class H, Class VRR, Class S, Class R, Class 360A, Class 360B, Class 360C, Class 360D or Class 360V Certificate, in any event
issued, authenticated and delivered hereunder.

 

    - 31 -

     

    

 

“Certificate
Administrator”: Citibank, N.A., a national banking association, or its successor in interest, or any successor Certificate
Administrator appointed as herein provided.

 

“Certificate
Administrator Accounts”: As defined in Section 3.07(a) of this Agreement.

 

“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at https://sf.citidirect.com.

 

“Certificate
Balance”: (i) With respect to any Class of Pooled Principal Balance Certificates or the Class VRR Upper-Tier
Regular Interest outstanding at any time, (a) as of any date of determination on or prior to the first Distribution Date,
an amount equal to the aggregate initial Certificate Balance of such Class of Pooled Principal Balance Certificates or the
Class VRR Upper-Tier Regular Interest, as specified in the Preliminary Statement hereto, and (b) as of any date of determination
after the first Distribution Date, an amount equal to the Certificate Balance of such Class of Pooled Principal Balance Certificates
or the Class VRR Upper-Tier Regular Interest on the Distribution Date immediately prior to such date of determination, after
any actual (or, in the case of the Class VRR Upper-Tier Regular Interest, deemed) distributions of principal thereon and allocations
of applicable Realized Losses thereto on such prior Distribution Date, and after any increases to such Certificate Balance on such
prior Distribution Date (as and to the extent provided in Section 4.01(g) of this Agreement) in connection with recoveries
of Nonrecoverable Advances previously reimbursed out of collections of principal on the Mortgage Loans.

 

(ii)           With
respect to any Class of Loan-Specific Certificates outstanding at any time, (a) as of any date of determination on or
prior to the first Distribution Date, an amount equal to the aggregate initial Certificate Balance of such Class of Loan-Specific
Certificates, as specified in the Preliminary Statement hereto, and (b) as of any date of determination after the first Distribution
Date, an amount equal to the Certificate Balance of such Class of Loan-Specific Certificates on the Distribution Date immediately
prior to such date of determination, after any actual distributions of principal thereon and allocations of 360 Spear Realized
Losses or 360RR Realized Losses, as applicable, thereto on such prior Distribution Date, and after any increases to such Certificate
Balance on such prior Distribution Date (as and to the extent provided in Section 4.01(g) of this Agreement) in connection
with recoveries of Nonrecoverable Advances previously reimbursed out of collections of principal on the Trust Subordinate Companion
Loan.

 

“Certificate
Factor”: With respect to any Class of Principal Balance Certificates or Class X Certificates, as of any date
of determination, a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate
Balance or Notional Amount, as the case may be, and the denominator of which is the related initial Certificate Balance or related
initial Notional Amount, as the case may be.

 

“Certificate
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of

 

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a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). Each of the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer shall have the right to require, as a condition to
acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person provide evidence (which may
be in the form of an Investor Certification) at its expense of its status as a Certificate Owner hereunder.

 

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

 

“Certificateholder”:
With respect to any Certificate, the Person whose name is registered in the Certificate Register (including, solely for the purposes
of distributing reports, statements or other information pursuant to this Agreement, Certificate Owners or potential transferees
of Certificates to the extent the Person distributing such information has been provided with an appropriate Investor Certification
by or on behalf of such Certificate Owner or potential transferee); provided, however, that

 

(a)           solely
for the purpose of giving any consent, approval, waiver or taking any action pursuant to this Agreement (including voting on amendments
to this Agreement) that specifically relates to the rights, duties, compensation or termination of, and/or any other matter specifically
involving, the Depositor, the Master Servicer, the Special Servicer, any Excluded Mortgage Loan Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, any Mortgage Loan Seller or any Person
known to a Responsible Officer of the Certificate Registrar to be an Affiliate of any such party, any Certificate registered in
the name of or beneficially owned by such party or any Affiliate thereof shall be deemed not to be outstanding and the Voting Rights
to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary
to effect any such consent, approval, waiver or take any such action has been obtained;

 

(b)           solely
for the purpose of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate beneficially
owned by a Borrower Party shall be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken
into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval, waiver
or take any such action has been obtained (provided, that notwithstanding the foregoing, for purposes of exercising any
rights it may have solely as a member of the Controlling Class, any Controlling Class Certificate owned by an Excluded Controlling
Class Holder shall be deemed not to be outstanding as to such Excluded Controlling Class Holder solely with respect to
giving consent and taking any action with respect to any related Excluded Controlling Class Mortgage Loan); and

 

(c)           if
the Master Servicer, the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is a member of the Controlling
Class, it shall be permitted to act in such capacity and exercise all rights under this Agreement bestowed upon the Controlling
Class (other than, with respect to any Excluded Controlling Class Mortgage

 

    - 33 -

     

    

 

Loan with respect to which such party is an
Excluded Controlling Class Holder, as described in the proviso in parenthesis in clause (b) above).

 

For the avoidance of
doubt, nothing contained in this definition will preclude the Special Servicer from performing its duties and exercising its rights
in its capacity as Special Servicer under this Agreement other than with respect to an Excluded Special Servicer Mortgage Loan.

 

“Certificateholder
Quorum”: A quorum that:

 

(1)           with
respect to the Pooled Certificates and the Loan-Specific Certificates, for purposes of a vote to terminate and replace the Special
Servicer for the 360 Spear Loan Combination at the request of the Holders of Certificates evidencing not less than 25% of the Voting
Rights allocable to the Pooled Certificates (other than the Class S Certificates) and the Loan-Specific Certificates (without
regard to the application of any Appraisal Reduction Amounts) pursuant to Section 6.08(a) of this Agreement, consists
of the Holders of Certificates evidencing at least 50% of the Voting Rights (taking into account the allocation of any Appraisal
Reduction Amounts to notionally reduce the Certificate Balances of the respective Classes of applicable Principal Balance Certificates)
of all of the Pooled Certificates (other than the Class S Certificates) and the Loan-Specific Certificates, on an aggregate
basis; and

 

(2)           with
respect to the Pooled Certificates, for purposes of a vote to terminate and replace the Special Servicer (other than with respect
to the 360 Spear Loan Combination) or the Asset Representations Reviewer at the request of the Holders of Pooled Certificates evidencing
not less than 25% of the Pooled Voting Rights (without regard to the application of any Appraisal Reduction Amounts) pursuant to
Section 6.08(a) or Section 11.05(b), as applicable, of this Agreement, consists of the Holders of Pooled
Certificates evidencing at least 50% of the Pooled Voting Rights (taking into account the allocation of any Appraisal Reduction
Amounts to notionally reduce the Certificate Balances of the respective Classes of Pooled Principal Balance Certificates) of all
of the Pooled Certificates (other than the Class S Certificates), on an aggregate basis.

 

“Certificateholder
Repurchase Request”: As defined in Section 2.03(f) of this Agreement.

 

“Certification
Parties”: As defined in Section 10.06 of this Agreement.

 

“Certifying
Certificateholder”: As defined in Section 5.07(a) of this Agreement.

 

“Certifying
Person”: As defined in Section 10.06 of this Agreement.

 

“Certifying
Servicer”: As defined in Section 10.08 of this Agreement.

 

“CGCMT 2015-GC29
PSA”: The Pooling and Servicing Agreement, dated as of April 1, 2015, between Citigroup Commercial Mortgage Securities
Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services,
a Division of PNC Bank, National Association, as special servicer, Situs Holdings, LLC,

 

    - 34 -

     

    

 

as operating advisor, Citibank, N.A., as
certificate administrator, and Deutsche Bank Trust Company Americas, as trustee, as the same may be amended from time to time in
accordance with the terms thereof, pursuant to which the Commercial Mortgage Pass Through Certificates, Series 2015-GC29 were issued.

 

“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical or alphanumeric class designation, and
with respect to the Lower-Tier Regular Interests and the 360 Spear Regular Interests, each interest set forth in the Preliminary
Statement hereto.

 

“Class A-1
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-1 hereto.

 

“Class A-1
Component”: The Component having such designation.

 

“Class A-1
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 0.41800%.

 

“Class A-2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-2 hereto.

 

“Class A-2
Component”: The Component having such designation.

 

“Class A-2
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.62000%.

 

“Class A-4A1
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-3 hereto.

 

“Class A-4A1
Component”: The Component having such designation.

 

“Class A-4A1
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.82300%.

 

“Class A-4A2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-10 hereto.

 

“Class A-4A2
Component”: The Component having such designation.

 

“Class A-4A2
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.82300%.

 

    - 35 -

     

    

 

“Class A-5
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-4 hereto.

 

“Class A-5
Component”: The Component having such designation.

 

“Class A-5
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.07000%.

 

“Class A-AB
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-5 hereto.

 

“Class A-AB
Component”: The Component having such designation.

 

“Class A-AB
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.76600%.

 

“Class A-AB
Scheduled Principal Balance”: For any Distribution Date, the scheduled principal balance for such Distribution Date set
forth on Exhibit BB to this Agreement.

 

“Class A-S
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-7 hereto.

 

“Class A-S
Component”: The Component having such designation.

 

“Class A-S
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.27400%.

 

“Class B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-8 hereto.

 

“Class B
Component”: The Component having such designation.

 

“Class B
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.09500%.

 

“Class C
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-9 hereto.

 

“Class C
Component”: The Component having such designation.

 

“Class C
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the lesser of (a) 2.56300% and (b) the
WAC Rate for such Distribution Date.

 

    - 36 -

     

    

 

“Class D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-16 hereto.

 

“Class D
Component”: The Component having such designation.

 

“Class D
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.00000%.

 

“Class E
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-17 hereto.

 

“Class E
Component”: The Component having such designation.

 

“Class E
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.00000%.

 

“Class F Certificate”:
Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially
the form set forth in Exhibit A-18 hereto.

 

“Class F
Component”: The Component having such designation.

 

“Class F Pass-Through
Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date minus 1.00000%.

 

“Class G Certificate”:
Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially
the form set forth in Exhibit A-19 hereto.

 

“Class G
Component”: The Component having such designation.

 

“Class G Pass-Through
Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date minus 1.00000%.

 

“Class H Certificate”:
Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially
the form set forth in Exhibit A-20 hereto.

 

“Class H
Component”: The Component having such designation.

 

“Class H Pass-Through
Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date minus 1.00000%.

 

“Class R
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in

 

    - 37 -

     

    

 

Exhibit A-21 hereto. The Class R Certificates have no Pass-Through
Rate, Certificate Balance or Notional Amount.

 

“Class S
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-22 hereto and evidencing an undivided beneficial interest in
the Class S Specific Grantor Trust Assets. The Class S Certificates have no Pass-Through Rate, Certificate
Balance or Notional Amount.

 

“Class S
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Non-Vertically Retained Percentage of
any Excess Interest collected on the ARD Mortgage Loans and the Non-Vertically Retained Percentage of amounts held from time to
time in the Excess Interest Distribution Account.

 

“Class VRR
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-23 hereto. The Class VRR Certificates evidence beneficial ownership
of a portion of the Class VRR Specific Grantor Trust Assets. For tax reporting purposes, the Class VRR Certificates will accrue
interest at the WAC Rate in effect from time to time.

 

“Class VRR
Upper-Tier Regular Interest”: A class of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the Upper-Tier REMIC, with the designation “Class VRR”. The beneficial interest in the Class VRR Upper-Tier
Regular Interest is evidenced or constituted, as applicable, by the Combined VRR Interest and the Class VRR Upper-Tier Regular
Interest will have a Certificate Balance equal to the Combined VRR Interest Balance from time to time. For tax reporting purposes,
the Class VRR Upper-Tier Regular Interest and the Combined VRR Interest (insofar as it represents or constitutes, as applicable,
undivided beneficial interests in the Class VRR Upper-Tier Regular Interest) will accrue interest at the WAC Rate in effect from
time to time.

 

“Class 360A
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-24 hereto.

 

“Class 360A
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the Net Mortgage Pass-Through Rate on
the Trust Subordinate Companion Loan for such Distribution Date.

 

“Class 360B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-25 hereto.

 

“Class 360B
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the Net Mortgage Pass-Through Rate on
the Trust Subordinate Companion Loan for such Distribution Date.

 

    - 38 -

     

    

 

“Class 360C
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-26 hereto.

 

“Class 360C
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the Net Mortgage Pass-Through Rate on
the Trust Subordinate Companion Loan for such Distribution Date.

 

“Class 360D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-27 hereto.

 

“Class 360D
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the Net Mortgage Pass-Through Rate on
the Trust Subordinate Companion Loan for such Distribution Date.

 

“Class 360V
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-28 hereto. The Class 360V Certificates collectively constitute
the 360RR Interest.

 

“Class X
Certificates”: The Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class
X-F Certificates, the Class X-G Certificates and/or the Class X-H Certificates, as the context requires.

 

“Class X
Strip Rate”: With respect to each Component for any Distribution Date, a rate per annum equal to: (a) in the case
of each of the Class X-A Components, the Class X-B Components and the Class X-D Components, (i) the WAC Rate for such Distribution
Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates; and (b) in the case of each of the Class X-F Component,
the Class X-G Component and the Class X-H Component, 1.00000%.

 

“Class X-A
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-6 hereto.

 

“Class X-A
Components”: The Class A-1 Component, Class A-2 Component, Class A-4A1 Component, Class A-4A2 Component, Class A-5
Component, Class A-AB Component and Class A-S Component, each of which constitutes a separate class of “regular
interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to
its Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-A
Notional Amount”: With respect to the Class X-A Certificates as of any date of determination, the sum of the Component
Notional Amounts of the Class X-A Components.

 

“Class X-A
Pass-Through Rate”: For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-A
Components for such Distribution Date (weighted on

 

    - 39 -

     

    

 

the basis of the respective Component Notional Amounts of such Components outstanding
immediately prior to such Distribution Date).

 

“Class X-B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-11 hereto.

 

“Class X-B
Components”: The Class B Component and Class C Component, each of which constitutes a separate class of “regular
interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to
its Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-B
Notional Amount”: With respect to the Class X-B Certificates as of any date of determination, the sum of the Component
Notional Amounts of the Class X-B Components.

 

“Class X-B
Pass-Through Rate”: For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-B
Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding
immediately prior to such Distribution Date).

 

“Class X-D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-12 hereto.

 

“Class X-D
Components”: The Class D Component and Class E Component, each of which constitutes a separate class of “regular
interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to
its Class X Strip Rate from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-D
Notional Amount”: With respect to the Class X-D Certificates as of any date of determination, the sum of the Component
Notional Amounts of the Class X-D Components.

 

“Class X-D
Pass-Through Rate”: For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-D
Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding
immediately prior to such Distribution Date).

 

“Class X-F
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-13 hereto.

 

“Class X-F
Component”: The Class F Component, which constitutes a separate class of “regular interests”, within the
meaning of Code Section 860G(a)(1), in the Upper-Tier

 

    - 40 -

     

    

 

REMIC with a pass-through rate equal to its Class X Strip Rate
from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-F
Notional Amount”: With respect to the Class X-F Certificates as of any date of determination, the Component Notional
Amount of the Class X-F Component.

 

“Class X-F
Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-F Component for such
Distribution Date.

 

“Class X-G
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-14 hereto.

 

“Class X-G
Component”: The Class G Component, which constitutes a separate class of “regular interests”, within the
meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate
from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-G
Notional Amount”: With respect to the Class X-G Certificates as of any date of determination, the Component Notional
Amount of the Class X-G Component.

 

“Class X-G
Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-G Component for such
Distribution Date.

 

“Class X-H
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-15 hereto.

 

“Class X-H
Component”: The Class H Component, which constitutes a separate class of “regular interests”, within the
meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate
from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-H
Notional Amount”: With respect to the Class X-H Certificates as of any date of determination, the Component Notional
Amount of the Class X-H Component.

 

“Class X-H
Pass-Through Rate”: For any Distribution Date the Class X Strip Rate for the Class X-H Component for such Distribution
Date.

 

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

 

“Clearstream”:
Clearstream Banking, Luxembourg, and its successors in interest.

 

“Closing Date”:
February 18, 2021.

 

“CMBS”:
Commercial mortgage-backed securities.

 

    - 41 -

     

    

 

“Co-Lender Agreement”:
With respect to any Loan Combination, the co-lender agreement, intercreditor agreement, agreement among noteholders or similar
agreement, dated as of the date set forth in the Loan Combination Table under the column heading “Date of Co-Lender Agreement”
and governing the relative rights of the holders of the related Mortgage Loan and Companion Loan(s), as the same may be amended,
restated or otherwise modified from time to time in accordance with the terms thereof. A Co-Lender Agreement exists with respect
to each Loan Combination as of the Closing Date.

 

“Co-sponsored
Mortgage Loan”: The 860 Washington Mortgage Loan, the MGM Grand & Mandalay Bay Mortgage Loan, or the Grace Building
Mortgage Loan, as applicable, as the context requires.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any date of determination, the excess of (i) the
Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the
sum of (in the case of a Loan Combination, solely to the extent allocable to the subject Trust Loan) (x) the most recent Appraised
Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into
account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date
of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the subject Trust
Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property
or Mortgaged Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y)
will be taken into account solely to the extent relevant information is received by the Master Servicer), plus (z) any other
escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect
of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating
Advisor (other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review,
recalculate and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s
calculation or determination of any Collateral Deficiency Amount.

 

“Collection
Account”: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled
“Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2021-B23, and the Uncertificated VRR Interest Owner, Collection Account” and which must be an Eligible
Account.

 

“Collection
Period”: With respect any Distribution Date, the period beginning on the day immediately following the Determination
Date occurring in the month preceding the month in which that Distribution Date occurs (or, in the case of the Collection Period
for the initial Distribution Date, with respect to any particular Mortgage Loan or Companion Loan, beginning

 

    - 42 -

     

    

 

on the day immediately
following the Due Date for such Mortgage Loan or Companion Loan in the month preceding the month in which that Distribution Date
occurs (or the date that would have been the Due Date if such Mortgage Loan or Companion Loan had a Due Date in such preceding
month)) and ending on and including the Determination Date occurring in the month in which that Distribution Date occurs.

 

“Combined VRR
Available Funds”: With respect to any Distribution Date, an amount equal to the product of the Aggregate Pooled Available
Funds for such Distribution Date multiplied by the Vertically Retained Percentage.

 

“Combined VRR
Interest”: The Class VRR Certificates and the Uncertificated VRR Interest, collectively. The Combined VRR Interest represents
undivided beneficial interests in the VRR Specific Grantor Trust Assets.

 

“Combined VRR
Interest Balance”: The Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance,
together.

 

“Combined VRR
Interest Owner”: Any Holder of a Class VRR Certificate or the Uncertificated VRR Interest Owner.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.07(a) of this Agreement.

 

“Companion Loan”:
With respect on any Loan Combination, as defined in the definition of “Loan Combination.” If, with respect to any Loan
Combination, any promissory note evidencing a related Companion Loan is split and replaced with 2 or more replacement promissory
notes, each such related promissory note will evidence a separate Companion Loan with respect to such Loan Combination. Each Companion
Loan is either a Pari Passu Companion Loan or a Subordinate Companion Loan. In the case of a Companion Loan serviced under this
Agreement, the term “Companion Loan” shall include a REO Companion Loan.

 

“Companion Loan
Holder”: The holder of a Companion Loan (other than the Trust Subordinate Companion Loan held by the Trust).

 

“Companion Loan
Holder Representative”: With respect to each Serviced Companion Loan, any representative appointed by the related Companion
Loan Holder.

 

“Companion Loan
Rating Agency”: With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant in the
securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

 

“Companion Loan
Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced Companion
Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may be
in electronic form) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class
of such

 

    - 43 -

     

    

 

Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon receipt of a
written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review or declining
to review the matter for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion
Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement
for the Companion Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter
shall not apply.

 

“Companion Loan
Rating Agency Declination”: As defined in the definition of “Companion Loan Rating Agency Confirmation” in
this Agreement.

 

“Compensating
Interest Payments”: Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this
Agreement to cover Prepayment Interest Shortfalls.

 

“Component”:
With respect to the Class X-A Certificates, each of the Class A-1 Component, Class A-2 Component, Class A-4A1 Component,
Class A-4A2 Component, Class A-5 Component, Class A-AB Component and Class A-S Component; with respect to the Class X-B
Certificates, each of the Class B Component and Class C Component; with respect to the Class X-D Certificates, each
of the Class D Component and Class E Component; with respect to the Class X-F Certificates, the Class F Component;
with respect to the Class X-G Certificates, the Class G Component; and with respect to the Class X-H Certificates, the Class
H Component.

 

“Component Notional
Amount”: With respect to each Component and any date of determination, an amount equal to the Lower-Tier Principal Balance
of the Corresponding Lower-Tier Regular Interest for that Component.

 

“Condemnation
Proceeds”: All proceeds received in connection with the taking of all or a part of a Mortgaged Property or REO Property
(including with respect to the Outside Serviced Mortgage Loans) by exercise of the power of eminent domain or condemnation, subject,
however, to the rights of any tenants and ground lessors, as the case may be, and the terms of the related Mortgage and related
Co-Lender Agreement; provided that, in the case of an Outside Serviced Mortgage Loan, “Condemnation Proceeds”
under this Agreement shall be limited to any related proceeds of the type described above in this definition that are received
by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related
Co-Lender Agreement.

 

“Consent Fees”:
With respect to any Serviced Loan, any and all fees actually paid by a Mortgagor with respect to any consent or approval (or review
thereof) required or requested pursuant to the terms of the Loan Documents that does not involve a modification evidenced by a
signed writing, assumption, extension, waiver or amendment of the terms of the Loan Documents.

 

“Consultation
Election Notice”: As defined in Section 2.03(g).

 

“Consultation
Requesting Certificateholder”: Any Certificateholder or Certificate Owner of a Pooled Certificate that timely delivers
a Consultation Election Notice.

 

    - 44 -

     

    

 

“Consultation
Termination Event”: The event that: (1) with respect to any Mortgage Loan (other than the 360 Spear Loan Combination),
either (a) will occur when none of the Classes of Control Eligible Certificates has a Certificate Balance, without regard to the
allocation of any Cumulative Appraisal Reduction Amount, that is equal to or greater than 25% of the initial Certificate Balance
of that Class of Certificates or (b) is deemed to occur in accordance with the next sentence; provided, however,
that a Consultation Termination Event shall in no event exist at any time that the Certificate Balance of each Class of Non-Vertically
Retained Pooled Principal Balance Certificates senior to the Control Eligible Certificates has been reduced to zero (without regard
to the allocation of Cumulative Appraisal Reduction Amounts); and (2) with respect to the 360 Spear Loan Combination, will be determined
in accordance with clause (1) of this definition, but only if a 360 Spear Control Appraisal Period exists with respect to
such Loan Combination. With respect to Excluded Mortgage Loans as to which the Controlling Class Representative would otherwise
be a Consulting Party, a Consultation Termination Event shall be deemed to exist.

 

“Consulting
Party”: With respect to any Serviced Mortgage Loan or, if applicable, Serviced Loan Combination, will be each of:

 

(i)           except
with respect to a Serviced Outside Controlled Loan Combination, solely (a) after the occurrence and during the continuance
of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, (b) for so
long as the related Mortgage Loan is not an Excluded Mortgage Loan, and (c) in the case of the 360 Spear Loan Combination,
provided that an applicable Control Appraisal Period exists with respect to such Loan Combination, the Controlling Class Representative;

 

(ii)           with
respect to any Serviced Outside Controlled Loan Combination (which may include a Servicing Shift Loan Combination or a Serviced
Loan Combination with a Controlling Subordinate Companion Loan held outside the Trust), (a) if and for so long as the holder
of the Mortgage Loan included in this securitization transaction is entitled under the related Co-Lender Agreement to exercise
consultation rights with respect to such Loan Combination, (b) solely prior to the occurrence and continuance of a Consultation
Termination Event, and (c) for so long as the related Mortgage Loan is not an Excluded Mortgage Loan, the Controlling Class Representative;

 

(iii)           with
respect to any Serviced Loan Combination that includes a Pari Passu Companion Loan, the holder of such Pari Passu Companion Loan
if and to the extent such holder (a) is not the applicable Directing Holder, and (b) is entitled to exercise consultation
rights under the related Co-Lender Agreement;

 

(iv)          solely
after the occurrence and during the continuance of a Control Termination Event, the Operating Advisor; and

 

(v)           except
with respect to any Excluded RRCP Mortgage Loan, (a) for so long as no Consultation Termination Event is continuing, with
respect to any Specially Serviced Loan, and (b) during the continuance of a Consultation Termination Event, with respect to
any Mortgage Loan, each Risk Retention Consultation Party;

 

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provided, that with respect to any
Serviced Loan Combination, the rights of any Consulting Party set forth in clauses (i) through (iii) above will
be subject to and may be limited by the terms and provisions of any related Co-Lender Agreement.

 

For the avoidance of
doubt, (A) the Controlling Class Representative shall not be a Consulting Party if and for so long as (1) a Consultation
Termination Event is in effect, (2) the related Mortgage Loan is an Excluded Mortgage Loan, (3) solely with respect to the
360 Spear Loan Combination, a Control Appraisal Period does not exist with respect thereto, and/or (4) with respect to any Serviced
Outside Controlled Loan Combination, it is not entitled under the related Co-Lender Agreement to exercise consultation rights with
respect to such Loan Combination, (B) the Operating Advisor shall not be a Consulting Party if and for so long as no Control
Termination Event has occurred and is continuing, (C) none of the Risk Retention Consultation Parties shall be a Consulting Party
with respect to any Mortgage Loan that is an Excluded RRCP Mortgage Loan with respect to such party, or with respect to any Mortgage
Loans other than as described in the immediately preceding clause (v), and (D) the consultation rights of the holder
of a Pari Passu Companion Loan with respect to any related Serviced Loan Combination shall be subject to the terms of the related
Co-Lender Agreement.

 

Further for the avoidance
of doubt, with respect to any Serviced Mortgage Loan or Serviced Loan Combination, if none of the Controlling Class Representative,
the Operating Advisor, a Risk Retention Consultation Party, or a holder of a Pari Passu Companion Loan is a Consulting Party in
accordance with the foregoing definition, then there will be no Consulting Party for that Serviced Mortgage Loan or Serviced Loan
Combination. If any Consulting Party has not been identified to the Master Servicer or the Special Servicer, as applicable (and
(I) if the applicable Consulting Party is the Controlling Class Representative or a Risk Retention Consultation Party, the Master
Servicer or the Special Servicer, as the case may be, has attempted to obtain such information from the Certificate Administrator
or (II) if the applicable Consulting Party is the holder of a Pari Passu Companion Loan, the Master Servicer or the Special Servicer,
as the case may be, has attempted to obtain such information in accordance with Section 3.28(g), and, in the case of either
of clause (I) or clause (II), no such entity has been identified to the Master Servicer or the Special Servicer, as applicable),
then until such time as such Consulting Party is identified to the Master Servicer or the Special Servicer, as applicable, the
Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with such Consulting Party. For the avoidance
of doubt, the initial Controlling Class Representative is identified in the definition of “Controlling Class Representative”,
the initial Risk Retention Consultation Parties are identified in the definition of “Risk Retention Consultation Party”,
and the initial holder(s) of the Serviced Companion Loan(s) are identified on Exhibit NN hereto.

 

“Control Appraisal
Period”: With respect to: (1) the 360 Spear Loan Combination, the 360 Spear Control Appraisal Period; and (2) any other
AB Loan Combination, the “control appraisal period” (or analogous concept) under the related Co-Lender Agreement.

 

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

 

“Control Termination
Event”: The event that: (1) with respect to any Mortgage Loan (other than the 360 Spear Loan Combination) either (a)
will occur when none of the Classes

 

    - 46 -

     

    

 

of the Control Eligible Certificates has a Certificate Balance (as notionally reduced by any
Cumulative Appraisal Reduction Amount then allocable to such Class in accordance with Section 3.10(a) of this
Agreement) that is at least equal to 25% of the initial Certificate Balance of that Class of Certificates or (b) is deemed
to occur as provided in the next sentence; provided, however, that a Control Termination Event shall in no event exist at
any time that the Certificate Balance of each Class of the Non-Vertically Retained Pooled Principal Balance Certificates senior
to the Control Eligible Certificates has been reduced to zero (without regard to the allocation of Cumulative Appraisal Reduction
Amounts); and (2) with respect to the 360 Spear Loan Combination, will be determined in accordance with clause (1) of this
definition, but only if a 360 Spear Control Appraisal Period exists with respect to such Loan Combination. With respect to Excluded
Mortgage Loans as to which the Controlling Class Representative would otherwise be the Directing Holder, a Control Termination
Event shall be deemed to exist.

 

“Controlling
Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a Certificate Balance (as notionally reduced by any portion of the Cumulative Appraisal Reduction Amount allocable to
such Class in accordance with Section 3.10(a) of this Agreement) at least equal to 25% of the initial Certificate
Balance of such Class; provided, however, that (except under the circumstances set forth in the following proviso)
if no Class of Control Eligible Certificates meets the preceding requirement, then the Class F Certificates will be the Controlling
Class; and provided, further, however, that if, at any time the aggregate outstanding Certificate Balance
of the Classes of Non-Vertically Retained Pooled Principal Balance Certificates senior to the Control Eligible Certificates has
been reduced to zero (without regard to the allocation of any Cumulative Appraisal Reduction Amount), then the Controlling Class shall
be the most subordinate Class of Control Eligible Certificates that has an outstanding Certificate Balance greater than zero
(without regard to the allocation of any Cumulative Appraisal Reduction Amount). The Controlling Class as of the Closing Date
will be the Class H Certificates.

 

“Controlling
Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling
Class as determined by the Certificate Administrator from time to time.

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or other representative) selected by at least
a majority of the Controlling Class Certificateholders by Certificate Balance, as identified by notice to the Certificate
Administrator by the applicable Controlling Class Certificateholders from time to time, with notice of such selection delivered
by the Certificate Administrator to the Special Servicer, the Master Servicer, the Operating Advisor, the Asset Representations
Reviewer and the Trustee; provided that, (i) absent such selection, or (ii) until a Controlling Class Representative
is so selected, or (iii) upon receipt of notice from the Controlling Class Certificateholders that own Pooled Certificates
representing more than 50% of the Certificate Balance of the Controlling Class that a Controlling Class Representative
is no longer so designated, the Controlling Class Representative shall be the Controlling Class Certificateholder that
owns Certificates representing the largest aggregate Certificate Balance of the Controlling Class, as identified (in writing with
contact information) to the Certificate Administrator (who shall notify the Master Servicer, the Special Servicer and the Operating
Advisor). If, upon the occurrence of any of the events or circumstances specified in clauses (i), (ii) or (iii)
above, the Controlling Class Certificateholder that owns Certificates

 

    - 47 -

     

    

 

representing the largest aggregate Certificate Balance
of the Controlling Class has not been identified to the Certificate Administrator (and thereby the Master Servicer and the
Special Servicer), then the Master Servicer and the Special Servicer shall have no obligation to obtain the consent of, or consult
with, any Controlling Class Representative until notified by the Certificate Administrator of the identity of such largest
Controlling Class Certificateholder or otherwise notified of the identity of the Controlling Class Representative as
provided in this Agreement. No Person may exercise any of the consent or consultation rights and powers of the Controlling Class Representative
with respect to an Excluded Mortgage Loan. The initial Controlling Class Representative on the Closing Date shall be LD II
Holdco XV, LLC, and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume LD II Holdco
XV, LLC is the Controlling Class Representative on behalf of the Controlling Class Certificateholders, until the Certificate
Administrator, the Master Servicer, the Special Servicer and each other Controlling Class Certificateholder receives (a) written
notice of a replacement Controlling Class Representative or (b) written notice that LD II Holdco XV, LLC is no longer
the Holder (or Certificate Owner) of a majority of the applicable Controlling Class.

 

“Controlling
Subordinate Companion Loan”: A Subordinate Companion Loan that is evidenced by the “control note” (or analogous
concept) under the related Co-Lender Agreement, or the holder of which is the “directing holder” (or analogous concept)
under the related Co-Lender Agreement.

 

“Corporate Trust
Office”: The office of the Trustee or the Certificate Administrator, at which at any particular time its corporate trust
business shall be principally administered. At the date of this Agreement, the corporate trust office of (i) the Trustee is located
at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee Benchmark 2021-B23, and (ii) the Certificate Administrator
is located, for certificate transfer purposes, at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention
- Securities Window, and for all other purposes, except as specifically set forth herein, 388 Greenwich Street, New York, New York
10013, Attention: Global Transaction Services, Benchmark 2021-B23.

 

“Corrected Loan”:
Any Serviced Loan that had been a Specially Serviced Loan but has ceased to be such in accordance with the definition of “Specially
Serviced Loan” (other than by reason of a Liquidation Event occurring in respect of such Serviced Loan or a related Mortgaged
Property becoming an REO Property).

 

“Corresponding
Certificates”: As identified in the Preliminary Statement with respect to any Lower-Tier Regular Interest, 360 Spear
Regular Interest or Component.

 

“Corresponding
Component”: As identified in the Preliminary Statement with respect to any Class of Non-Vertically Retained Pooled
Principal Balance Certificates or Lower-Tier Regular Interest.

 

“Corresponding
Lower-Tier Regular Interest”: As identified in the Preliminary Statement with respect to any Class of Non-Vertically
Retained Pooled Principal Balance Certificates, the Class VRR Upper-Tier Regular Interest or Component.

 

    - 48 -

     

    

 

“Corresponding
360 Spear Regular Interest”: As identified in the Preliminary Statement with respect to any Class of Loan-Specific
Certificates.

 

“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is a
successor thereto. If neither such association nor any successor remains in existence, “CREFC®” shall
be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers, trustees,
certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Certificate Administrator, the Special Servicer and, for so long as no Control
Termination Event has occurred and is continuing, the Controlling Class Representative.

 

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

 

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

 

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

 

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

 

“CREFC®
Capitalized Amounts/Non-Recoverable Trust Expense Template”: A report substantially in the form of, and containing the
information called for in, the downloadable form of the “Capitalized Amounts/Non-Recoverable Trust Expense Template”
available as of the

 

    - 49 -

     

    

 

Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage
securities transactions generally.

 

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

 

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

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities
transactions generally.

 

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

 

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

 

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

 

“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report” format substantially in the form of and containing the
information called for therein for the Mortgage Loans and the Trust Subordinate Companion Loan,

 

    - 50 -

     

    

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (including any successor REO Mortgage
Loan with respect thereto) and the Trust Subordinate Companion Loan (including any successor REO Companion Loan with respect thereto,
but excluding any REO Companion Loan related to any other Serviced Companion Loan) and for any Distribution Date, the amount accrued
during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on, in the
case of the initial Distribution Date, the Cut-Off Date Balance of such Trust Loan and, in the case of any subsequent Distribution
Date, the Stated Principal Balance of such Trust Loan as of the close of business on the Distribution Date in the related Interest
Accrual Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis
respecting which any related interest payment due or deemed due on the related Trust Loan is computed and shall be prorated for
partial periods. For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be payable
from the Lower-Tier REMIC or the 360 Spear REMIC, as applicable.

 

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

 

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

 

“CREFC®
Investor Reporting Package (IRP)”: Collectively: (a) the following nine data files (and any other files as may be,
or have been, adopted and promulgated by CREFC® as part of the CREFC® Investor Reporting Package
(IRP) from time to time): (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update
File, (iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC®
Financial File, (vi) CREFC® Collateral Summary File, (vii) CREFC® Special Servicer Loan
File, (viii) CREFC® Special Servicer Property File and (ix) CREFC® Schedule AL File;

 

(b)           the
following ten supplemental reports (and any other reports as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Delinquent
Loan Status Report, (ii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report,
(iii) CREFC® REO Status Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC®
Comparative Financial Status Report, (vi) CREFC® Servicer Watchlist/Portfolio Review Guidelines, (vii) CREFC®
Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet, (ix) CREFC® Advance
Recovery Report, and (x) CREFC® Total Loan Report;

 

(c)           the
following fifteen templates (and any other templates as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting

 

    - 51 -

     

    

 

Package (IRP) from time to time): (i) CREFC® Appraisal
Reduction Template, (ii) CREFC® Servicer Realized Loss Template, (iii) CREFC® Reconciliation
of Funds Template, (iv) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (v) CREFC®
Historical Liquidation Loss Template, (vi) CREFC® Interest Shortfall Reconciliation Template, (vii) CREFC®
Servicer Remittance to Certificate Administrator Template, (viii) CREFC® Significant Insurance Event
Template, (ix) CREFC® Loan Modification Report Template; (x) CREFC® Loan Liquidation Report
Template, (xi) CREFC® REO Liquidation Report Template; (xii) CREFC® Payment Posting Instructions
Template; (xiii) CREFC® Modification Posting Instructions Template; (xiv) CREFC® Assumption
Modification Posting Instructions Template, and (xv) CREFC® Capitalized Amounts/Non-Recoverable Trust Expense
Template; and

 

(d)           such
other reports and data files as CREFC® may designate, or has designated, as part of the “CREFC® Investor
Reporting Package (CREFC® IRP)” from time to time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
REO Status Report”: The report in the “REO Status Report” format substantially in the form of and containing
the information called for therein for the Mortgage

 

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Loans and Trust Subordinate Companion Loan, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and containing
the information required by Items 1111(h)(1), 1111(h)(2) and 1111(h)(3) of Regulation AB, Item 1125 of Regulation AB and Item 601(b)(102)
of Regulation S-K and otherwise called for therein, or such other form containing such required information for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFI”:
Citi Real Estate Funding Inc., a New York corporation, and its successors in interest.

 

“CREFI Co-sponsored
Note”: The CREFI MGM Grand & Mandalay Bay Note.

 

“CREFI Co-sponsored
Mortgage Loan”: The MGM Grand & Mandalay Bay Mortgage Loan.

 

“CREFI-GACC
Co-sponsored Mortgage Loan”: The MGM Grand & Mandalay Bay Mortgage Loan.

 

“CREFI MGM Grand
& Mandalay Bay Mortgage Loan Portion”: The portion of the MGM Grand & Mandalay Bay Mortgage Loan evidenced by
the CREFI MGM Grand & Mandalay Bay Note.

 

“CREFI MGM Grand
& Mandalay Bay Note”: With respect to the MGM Grand & Mandalay Bay Mortgage Loan, that certain promissory note
A-13-8 in the original principal amount of $59,375,000 made by the related Mortgagor in favor of CREFI, as the same may hereafter
be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“CREFI MGM Grand
& Mandalay Bay REMIC”: A segregated asset pool designated as a REMIC pursuant to the CREFI MGM Grand & Mandalay
Bay REMIC Declaration consisting of the CREFI MGM Grand & Mandalay Bay Mortgage Loan Portion and the CREFI MGM Grand &
Mandalay Bay REMIC Companion Loan, collections thereon, any related REO Property acquired in respect thereof and all proceeds
of such REO Property, other property related thereto, and amounts received in respect thereof from time to time.

 

“CREFI MGM Grand
& Mandalay Bay REMIC Companion Loan”: The MGM Grand & Mandalay Bay Companion Loan evidenced by the CREFI MGM
Grand & Mandalay Bay REMIC Pari Passu Note.

 

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“CREFI MGM Grand
& Mandalay Bay REMIC Declaration”: The REMIC declaration dated February 12, 2021, made by CREFI and related to the
CREFI MGM Grand & Mandalay Bay REMIC.

 

“CREFI MGM Grand
& Mandalay Bay REMIC Notes”: Collectively, the CREFI MGM Grand & Mandalay Bay Note and the CREFI MGM Grand &
Mandalay Bay REMIC Pari Passu Note.

 

“CREFI MGM Grand
& Mandalay Bay REMIC Pari Passu Note”: With respect to the MGM Grand & Mandalay Bay Loan Combination, that certain
promissory note A-13-9, which evidences one of the MGM Grand & Mandalay Bay Companion Loans and is not an asset of the Trust,
in the original principal amount of $39,985,667 made by the related Mortgagor in favor of CREFI, as the same may hereafter be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“CREFI MGM Grand
& Mandalay Bay REMIC Regular Interest”: With respect to the CREFI MGM Grand & Mandalay Bay REMIC, the uncertificated
“regular interest”, within the meaning of Section 860G(a)(1) of the Code, in the CREFI MGM Grand & Mandalay Bay
REMIC and as set forth in the CREFI MGM Grand & Mandalay Bay REMIC Declaration. For the avoidance of doubt, the principal balance
of the CREFI MGM Grand & Mandalay Bay REMIC Regular Interest shall at all times equal to the aggregate outstanding Stated Principal
Balances of the CREFI MGM Grand & Mandalay Bay Mortgage Loan Portion (or, if applicable, the applicable portion of the deemed
Stated Principal Balance of any successor REO Loan) and the CREFI MGM Grand & Mandalay Bay REMIC Companion Loan (or, if applicable,
the deemed Stated Principal Balance of any successor REO Loan). Payments and other collections of amounts (other than Excess Interest)
received on or in respect of the CREFI MGM Grand & Mandalay Bay Mortgage Loan Portion and the CREFI MGM Grand & Mandalay
Bay REMIC Companion Loan (or any related REO Property allocable thereto) shall be deemed distributable on the CREFI MGM Grand &
Mandalay Bay REMIC Regular Interest to the extent of the principal, interest at the related Mortgage Rate and Yield Maintenance
Charges due thereon.

 

“CREFI MGM Grand
& Mandalay Bay REMIC Residual Interest”: With respect to the CREFI MGM Grand & Mandalay Bay REMIC, the sole class
of “residual interests”, within the meaning of Section 860G(a)(2) of the Code, in the CREFI MGM Grand & Mandalay
Bay REMIC and as set forth in the CREFI MGM Grand & Mandalay Bay REMIC Declaration, beneficial ownership of which shall be
evidenced by the Class R Certificates.

 

“CREFI MGM Grand
& Mandalay Bay Trust REMIC Regular Interest”: The approximately 59.757% ownership interest in the CREFI MGM Grand
& Mandalay Bay REMIC Regular Interest evidenced by the CREFI MGM Grand & Mandalay Bay Note. The CREFI MGM Grand & Mandalay
Bay Trust REMIC Regular Interest shall be an asset of the Lower-Tier REMIC.

 

“CREFI Mortgage
Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2021, by and between CREFI
and the Depositor.

 

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“CREFI Mortgage
Loans”: The Mortgage Loans (or portions thereof) transferred by CREFI to the Depositor and/or the Trust pursuant to the
CREFI Mortgage Loan Purchase Agreement and this Agreement.

 

“Cross-Collateralized
Group”: Any group of Mortgage Loans that are cross-collateralized and cross-defaulted with each other; provided that
a Mortgage Loan shall be part of a Cross-Collateralized Group only if and for so long as such Mortgage Loan is cross-collateralized
and cross-defaulted with each other Mortgage Loan in such Cross-Collateralized Group. There are no Cross-Collateralized Groups
included as assets of the Trust as of the Closing Date.

 

“Cross-Collateralized
Mortgage Loan”: Any Mortgage Loan that is part of a Cross-Collateralized Group.

 

“Cross-Over
Date”: The first Distribution Date as of which (prior to any distributions of principal or allocations of Realized Losses
on such Distribution Date) the Certificate Balances of the Class A-S, Class B, Class C, Class D, Class E,
Class F, Class G and Class H Certificates have all been previously reduced to zero due to the application of applicable Realized
Losses.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination by the Special Servicer, the sum of (i) all Appraisal
Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in
effect. The Certificate Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s
calculation or determination of any Cumulative Appraisal Reduction Amount. None of the Master Servicer, the Trustee nor the Certificate
Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount.

 

“Cure/Contest
Period”: As defined in Section 11.01(b)(vii).

 

“Custodial Agreement”:
The custodial agreement, if any, from time to time in effect between the Custodian named therein (if other than the Certificate
Administrator) and the Certificate Administrator, as the same may be amended or modified from time to time in accordance with the
terms thereof. For avoidance of doubt, as of the Closing Date, the Custodian is the Certificate Administrator.

 

“Custodian”:
Any custodian appointed pursuant to Section 5.10 of this Agreement and, unless the Certificate Administrator is such
custodian, named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Trustee, the Certificate Administrator
or the Master Servicer or any Affiliate or agent of the Trustee, the Certificate Administrator or the Master Servicer, but may
not be the Depositor, a Mortgage Loan Seller or any Affiliate thereof. The Certificate Administrator shall be the initial Custodian.

 

“Cut-Off Date”:
With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced
Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
to February 2021, the date that would have been its Due Date in February

 

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2021 under the terms of that Mortgage Loan or Serviced
Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).

 

“Cut-Off Date
Balance”: With respect to any Mortgage Loan or Serviced Companion Loan, the outstanding principal balance of such Mortgage
Loan or Serviced Companion Loan, as applicable, as of the Cut-Off Date, after application of all payments of principal due on or
before such date, whether or not received (or, if such Mortgage Loan was originated subsequent to the Cut-Off Date, its original
principal balance).

 

“DBNY”:
Deutsche Bank AG, New York Branch, and its successors in interest.

 

“DBRI”:
DBR Investments Co. Limited, and its successors in interest.

 

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

 

“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable), for any twelve-month
period covered by an annual operating statement for the related Mortgaged Property, the ratio of (i) Net Operating Income
produced by the related Mortgaged Property during such period to (ii) the aggregate amount of Monthly Payments (which do not
include Balloon Payments) due under such Mortgage Loan (or Serviced Loan Combination, if applicable) during such period; provided
that with respect to the Mortgage Loans (and with respect to any Serviced Loan Combination that includes a Mortgage Loan) identified
on the Mortgage Loan Schedule as paying interest only for a specified period of time set forth in the related Loan Documents and
then paying principal and interest, the related Monthly Payment will be calculated (for purposes of this definition only) to include
interest and principal (based on the remaining amortization term indicated in the Mortgage Loan Schedule).

 

“Default”:
An event of default under any Mortgage Loan (or Serviced Loan Combination, if applicable) or an event which, with the passage of
time or the giving of notice, or both, would constitute an event of default under such Mortgage Loan (or Serviced Loan Combination,
if applicable).

 

“Default Interest”:
With respect to any Mortgage Loan or Serviced Companion Loan, all interest other than Excess Interest accrued in respect of such
Mortgage Loan or Serviced Companion Loan as provided in the related Note or Mortgage as a result of a default (exclusive of late
payment charges) that is in excess of interest at the related Mortgage Rate.

 

“Default Rate”:
With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage
Loan or Serviced Companion Loan, as the case may be, following any event of default on such Mortgage Loan or Serviced Companion
Loan, as the case may be, including a default in the payment of a Monthly Payment or a Balloon Payment.

 

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“Defaulted Loan”:
A Serviced Loan or Serviced Loan Combination (i) that is delinquent at least sixty days in respect of its Monthly Payments
or delinquent in respect of its Balloon Payment, if any, in either case such delinquency to be determined without giving effect
to any grace period permitted by the related Mortgage or Note and without regard to any acceleration of payments under the related
Mortgage and Note or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor,
accelerated the maturity of the indebtedness evidenced by the related Note.

 

“Defaulted Mortgage
Loan”: A Mortgage Loan that is a Defaulted Loan.

 

“Defaulted Serviced
Loan Combination”: Any Serviced Loan Combination with respect to which the related Serviced Mortgage Loan or a related
Serviced Companion Loan is a Defaulted Loan.

 

“Defeasance
Loan”: Those Trust Loans that provide the related Mortgagor with the option to defease the related Mortgaged Property.

 

“Defective Mortgage
Loan”: As defined in Section 2.03(a) of this Agreement.

 

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

 

“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Monthly Payments or Balloon
Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period. Notwithstanding the
foregoing, a delinquency that would have existed but for a Payment Accommodation will not constitute a delinquency, for so long
as the related Mortgagor is complying with the terms of such Payment Accommodation.

 

“Depositor”:
Citigroup Commercial Mortgage Securities Inc., a Delaware corporation, and its successors and assigns.

 

“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).

 

“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.

 

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“Designated
Site”: The internet website to which Diligence Files are uploaded as designated by the Depositor to the Mortgage Loan
Sellers, initially located at www.intralinks.com.

 

“Determination
Date”: The eleventh day of each calendar month (or, if the eleventh day of that month is not a Business Day, the
next Business Day), commencing in March 2021.

 

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

 

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

 

(i)           (A)
the Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
on behalf of the Certificateholders and the Uncertificated VRR Interest Owner or in blank, and further showing a complete, unbroken
chain of endorsement from the originator (if such originator is not the applicable Mortgage Loan Seller) (or, alternatively,
if the original executed Note has been lost, a lost note affidavit and indemnity with a copy of such Note), and (B) if such
Mortgage Loan is part of a Serviced Loan Combination, the executed Note for each related Serviced Companion Loan;

 

(ii)           the
Mortgage, together with any and all intervening assignments thereof, in each case (unless the particular item has not been returned
from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)           any
related Assignment of Leases (if such item is a document separate from the Mortgage), together with any and all intervening assignments
thereof, in each case (unless the particular item has not been returned from the applicable recording office) with evidence
of recording indicated thereon or certified by the applicable recorder’s office (if in the possession of the applicable Mortgage
Loan Seller);

 

(iv)           final
written modification agreements in those instances where the terms or provisions of the Note for such Mortgage Loan (or, if applicable,
any Note of a related Serviced Companion Loan) or the related Mortgage have been modified, in each case (unless the particular
item has not been returned from the applicable recording office) with evidence of recording indicated thereon if the instrument
being modified is a recordable document;

 

(v)           the
policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan (or the related Serviced Loan
Combination, if applicable) or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be
a “marked-up” pro forma title policy marked as binding and executed by an authorized representative of the title insurer
or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title
insurer) to issue such title insurance policy;

 

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(vi)          the
Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination, if applicable), if any, and any ground lessor
estoppel;

 

(vii)         the
related Loan Agreement, if any;

 

(viii)        the
guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(ix)           the
lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(x)           the
environmental indemnity from the related Mortgagor, if any;

 

(xi)           the
related escrow agreement and the related security agreement (in each case, if such item is a document separate from the Mortgage)
and, if applicable, any intervening assignments thereof;

 

(xii)          in
the case of a Mortgage Loan that is part of a Loan Combination, the related Co-Lender Agreement;

 

(xiii)         any
filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of such
Mortgage Loan (or the related Serviced Loan Combination, if applicable) or in favor of any assignee prior to the Trustee and UCC-3
assignment financing statements in favor of the Trustee (or, in each case, a copy thereof certified to be the copy of such assignment
submitted or to be submitted for filing), if in the possession of the applicable Mortgage Loan Seller;

 

(xiv)        in
the case of the MGM Grand & Mandalay Bay REMICs, copies of the related REMIC Declarations;

 

(xv)         in
the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the related
intercreditor agreement;

 

(xvi)        any
related environmental insurance policy;

 

(xvii)       any
letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof; and

 

(xviii)      any
related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together
with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee for the benefit
of the Certificateholders and the Uncertificated VRR Interest Owner the benefits of such comfort letter or (ii) if the related
comfort letter contemplates that a request be made of the related franchisor to issue a replacement comfort letter for the benefit
of the Trust or Trustee, a copy of the notice requesting the issuance of such replacement comfort letter) and/or estoppel letters
relating to

 

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such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof; 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)           a
copy of all zoning reports;

 

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

 

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

 

(n)           a
copy of all UCC searches;

 

(o)           a
copy of all litigation searches;

 

(p)           a
copy of all bankruptcy searches;

 

(q)           a
copy of the origination settlement statement;

 

(r)           a
copy of any Insurance Summary Report;

 

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

 

(t)           a
copy of any escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not included
in the origination settlement statement;

 

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

 

(v)           unless
already included as part of the environmental reports, a copy of any closure letter (environmental); and

 

(w)           unless
already included as part of the environmental reports, a copy of any environmental remediation agreement for the related Mortgaged
Property or Mortgaged Properties,

 

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

 

“Diligence File
Certification”: As defined in Section 2.01(i) of this Agreement.

 

“Directing Holder”:
With respect to any Serviced Mortgage Loan or, if applicable, Serviced Loan Combination:

 

(a)           except
(i) in the case of the 360 Spear Loan Combination prior to the occurrence and continuance of a 360 Spear Control Appraisal
Period, (ii) with respect to any Excluded Mortgage Loan, (iii) with respect to any Serviced Outside Controlled Loan Combination,
and (iv) during any period that a Control Termination Event has occurred and is continuing, the Controlling Class Representative;

 

(b)           with
respect to any Serviced Outside Controlled Loan Combination (which may include a Servicing Shift Loan Combination or a Serviced
Loan Combination with a controlling Subordinate Companion Loan held outside the Trust), if and for so long the applicable Companion
Loan Holder or its representative is entitled under the related

 

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Co-Lender Agreement to exercise consent rights similar to those
entitled to be exercised by the Controlling Class Representative (when it is the Directing Holder under the circumstances
described in clause (a) of this definition), the related Outside Controlling Note Holder; and

 

(c)           with
respect to the 360 Spear Loan Combination so long as it is not an Excluded Mortgage Loan (i) for so long as no 360 Spear Control
Appraisal Period exists, the Loan-Specific Controlling Class Representative and (ii) for so long as a 360 Spear Control
Appraisal Period exists and a Control Termination Event has not occurred and is continuing, the Controlling Class Representative;

 

provided, that with respect to any
Serviced Loan Combination, the rights of the Directing Holder will be subject to and may be limited by the terms and provisions
of any related Co-Lender Agreement.

 

For the avoidance of
doubt: (A) the Controlling Class Representative will not be the Directing Holder if and for so long as (1) a Control Termination
Event is in effect, (2) the related Mortgage Loan is an Excluded Mortgage Loan, (3) the related Serviced Loan Combination is a
Serviced Outside Controlled Loan Combination, and/or (4) with respect to the 360 Spear Loan Combination if and for so long as the
Loan-Specific Controlling Class Representative is entitled to act as Directing Holder; (B) there will be no Directing Holder
with respect to an Excluded Mortgage Loan; (C) with respect to the 360 Spear Loan Combination, if and for so long as a 360 Spear
Control Appraisal Period exists, the Loan-Specific Controlling Class Representative will not be the Directing Holder; and
(D) with respect to any Serviced Outside Controlled Loan Combination, the related Outside Controlling Note Holder will be the Directing
Holder only if and for so long as such note holder or note holder representative is entitled under the related Co-Lender Agreement
to exercise consent rights similar to those entitled to be exercised by the Controlling Class Representative (when it is the
Directing Holder under the circumstances described in clause (a) of the prior paragraph of this definition).

 

Further for the avoidance
of doubt, with respect to any Mortgage Loan or Loan Combination, if none of the Controlling Class Representative, an Outside
Controlling Note Holder or the Loan-Specific Controlling Class Representative is a Directing Holder in accordance with the
foregoing definition, then there will be no Directing Holder for that Serviced Mortgage Loan or Serviced Loan Combination.

 

“Directly Operate”:
With respect to any REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily provided
to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5),
the management or operation of such REO Property, the holding of such REO Property primarily for sale to customers in the ordinary
course of a trade or business or any use of such REO Property in a trade or business conducted by the Trust Fund, or the performance
of any construction work on the REO Property, other than through an Independent Contractor; provided, however, that
the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate an REO Property solely because the
Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants, enters into or renews leases, deals with
taxes and

 

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insurance, or makes decisions as to repairs or capital expenditures with respect to such REO Property or takes other
actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Serviced Loan or related REO Property, any compensation and other remuneration
(including, without limitation, in the form of commissions, brokerage fees and rebates) received or retained by the Special Servicer
or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor, any Manager, any
guarantor or indemnitor in respect of a Serviced Loan and any purchaser of any Serviced Loan or REO Property (or an interest in
an REO Property related to a Serviced Loan Combination, if applicable) in connection with the disposition, workout or foreclosure
of any Serviced Loan, the management or disposition of any REO Property, and the performance by the Special Servicer or any such
Affiliate of any other special servicing duties under this Agreement, other than (1) any compensation which is payable to the Special
Servicer under this Agreement and that is set forth in a report that is part of the CREFC® Investor Reporting Package (IRP)
for the applicable period, and (2) any Permitted Special Servicer/Affiliate Fees. For the avoidance of doubt, any compensation
or other remuneration that an entity acting in the capacities of both the Master Servicer and Special Servicer is entitled to in
its capacity as Master Servicer pursuant to this Agreement will not constitute Disclosable Special Servicer Fees.

 

“Dispute Resolution
Consultation”: As defined in Section 2.03(g) of this Agreement.

 

“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(g) of this Agreement.

 

“Dispute Resolution
Requesting Holder”: Either a Requesting Certificateholder or a Consultation Requesting Certificateholder, as applicable.

 

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

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof, any possession of the
United States, or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if
all of its activities are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of
directors is not selected by any such governmental unit), (b) a foreign government, International Organization or agency or
instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the Code
(including the tax imposed by Code Section 511 on unrelated business taxable income) on any excess inclusions (as defined
in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’ cooperatives

 

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described in Code Section 521), (d) rural electric and telephone cooperatives described in Code Section 1381(a)(2)
or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel to the effect that any
Transfer to such Person may cause any Trust REMIC to be subject to tax or to fail to qualify as a REMIC for federal income tax
purposes at any time that the Certificates are outstanding. For purposes of this definition, the terms “United States,”
“State” and “International Organization” shall have the meanings set forth in Code Section 7701 or
successor provisions.

 

“Distribution
Account”: Collectively, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the MGM
Grand & Mandalay Bay REMIC Residual Distribution Account, and the 360 Spear REMIC Distribution Account, each of which may be
subaccounts of a single Eligible Account.

 

“Distribution
Date”: The fourth Business Day following each Determination Date, commencing in March 2021. The first Distribution Date
shall be March 17, 2021.

 

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

 

“Document Defect”:
As defined in Section 2.03(a) of this Agreement.

 

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

 

“Due Date”:
With respect to any Mortgage Loan or Companion Loan, for any calendar month: (i) up to and including the calendar month in
which its Maturity Date occurs, the day of such month set forth in the related Note on which the Monthly Payment thereon is scheduled
to be first due (without regard to any grace period); (ii) after the calendar month in which its Maturity Date occurred, the
day of such month that would have been the Due Date in accordance with clause (i) of this definition without regard to the
occurrence of the Maturity Date; and (iii) if such Mortgage Loan or Companion Loan, as applicable, has become an REO Mortgage
Loan or REO Companion Loan, as applicable, the day of such month that would have been the Due Date in accordance with clause (i)
of this definition without regard to the occurrence of such event.

 

“Due Diligence
Service Provider”: As defined in Section 12.13(l) of this Agreement.

 

“Due Period”:
With respect to any Distribution Date and any Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) or
Companion Loan (including any successor REO Companion Loan with respect thereto), the period beginning on the day immediately following
the Due Date in the month preceding the month in which such Distribution Date occurs (or, in the case of the Distribution Date
occurring in March 2021, if such Mortgage Loan or Companion Loan does not have a Due Date in such preceding month, beginning on
the day after the date that would have been the Due Date if such Mortgage Loan or Companion Loan had a Due Date in such preceding
month) and ending on and including the Due Date in the month in which such Distribution Date occurs.

 

“Early Termination
Notice Date”: Any date as of which (a) the aggregate Stated Principal Balance of the Mortgage Loans (including successor
REO Mortgage Loans with respect

 

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thereto) and the Trust Subordinate Companion Loan (including successor REO Companion Loans with
respect thereto) remaining in the Trust Fund is less than (b) 1.0% of the sum of the aggregate Stated Principal Balance of the
Mortgage Pool and the Trust Subordinate Companion Loan as of the Cut-Off Date (excluding, for the purposes of the calculation in
each of clauses (a) and (b) in this definition, the MGM Grand & Mandalay Bay Mortgage Loan and the First Republic Center Mortgage
Loan if the right to purchase referred to in Section 9.01(c) is exercised on or after the Distribution Date in February
2031).

 

“EDGAR”:
The Commission’s Electronic Data Gathering and Retrieval System.

 

“EDGAR-Compatible
Format”: (a) With respect to the CREFC® Schedule AL File, the Schedule AL Additional File and any other information
required pursuant to Item 1111(h) of Regulation AB, XML Format or such other format as mutually agreed to between the Depositor,
Certificate Administrator and the Master Servicer and (b) with respect to any other document or information, any format compatible
with EDGAR, including HTML, Word, Excel or clean, searchable PDFs.

 

“Eligible Account”:
Any of: (i) a segregated account or accounts maintained with a federal or state chartered depository institution or trust
company (including the Trustee and the Certificate Administrator), (a) the long-term unsecured debt obligations (or short-term
unsecured debt obligations if the account holds funds for less than 30 days) or commercial paper of which are rated by
Fitch in its highest rating category at all times (or, in the case of the REO Account, Collection Account, Loan Combination Custodial
Account, Interest Reserve Account, Excess Liquidation Proceeds Reserve Account and Escrow Account, the long-term unsecured debt
obligations (or short-term unsecured debt obligations if the account holds funds for less than 30 days) of which are rated
at least “AA-“ by Fitch (or “A” by Fitch so long as the short-term deposit or short-term unsecured debt
obligations of such depository institution or trust company are rated no less than “F1” by Fitch) or, if applicable,
the short-term rating equivalent thereof, which is at least “F1” by Fitch), (b) the long-term unsecured debt obligations
or deposit accounts of which are rated at least “BBB+” by S&P in the case of letters of credit and accounts in
which funds are held for more than 30 days or, in the case of letters of credit and accounts in which funds are held for 30 days
or less, the short-term deposit accounts or short-term unsecured debt obligations of which are rated at least “A-1”
by S&P (or “A-2” by S&P if the long-term unsecured debt obligations or deposit accounts thereof are rated at
least “BBB” by S&P) and (c) the obligations of which satisfy the Applicable Moody’s Permitted Investment
Rating; (ii) an account or accounts maintained with PNC Bank, National Association, KeyBank National Association or Citibank,
N.A. so long as the long-term unsecured debt rating or deposit account rating of PNC Bank, National Association, KeyBank National
Association or Citibank, N.A., as applicable, shall be at least “A” by Fitch, “BBB” by S&P and “A2”
by Moody’s (if the deposits are to be held in the account for more than 30 days) or the short-term deposit account or
short-term unsecured debt rating of PNC Bank, National Association, KeyBank National Association or Citibank, N.A., as applicable,
shall be at least “F1” by Fitch and “A-2” by S&P (if the deposits are to be held in the account for
30 days or less); (iii) a segregated trust account or accounts maintained with the corporate trust department of a federal
or state chartered depository institution or trust company that, in either case, has corporate trust powers, acting in its fiduciary
capacity, which institution or trust company has a combined capital and surplus of at least $50,000,000, is (in the case of a state
chartered depository institution or trust company) subject to regulations substantially similar to 12

 

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C.F.R. §9.10(b), and
is subject to supervision or examination by federal and state authority, and the long term unsecured debt obligations of which
are rated at least “A2” by Moody’s; (iv) such other account or accounts that, but for the failure to satisfy
one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) - (iii) above,
with respect to which a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, has been obtained
from each Rating Agency and Companion Loan Rating Agency for which the minimum ratings set forth in the applicable clause is
not satisfied with respect to such account; or (v) such other account or accounts not listed in clauses (i) - (iii)
above with respect to which a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, has been
obtained from each Rating Agency and Companion Loan Rating Agency. Eligible Accounts may bear interest No Eligible Account shall
be evidenced by a certificate of deposit, passbook or other similar instrument.

 

“Eligible Asset
Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, S&P or DBRS Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of Moody’s, Fitch, KBRA, S&P
or DBRS Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such
transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and
warranties set forth in Section 2.10, (c) is not (and is not affiliated with) a Sponsor, a Mortgage Loan Seller,
an originator, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, a Directing
Holder, any Risk Retention Consultation Party or any of their respective Affiliates, (d) has not performed (and is not affiliated
with any party hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect
to any Mortgage Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan
Seller, any Underwriter, any Initial Purchaser, a Directing Holder, any Risk Retention Consultation Party or any of their respective
Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection with any such services,
and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates,
the Uncertificated VRR Interest, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise
have any financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role
as Asset Representations Reviewer (or as Operating Advisor, if applicable).

 

“Eligible Operating
Advisor”: An entity (i) that is the special servicer or operating advisor on a transaction rated by any of Moody’s,
Fitch, KBRA, S&P and/or DBRS Morningstar but has not been the special servicer or operating advisor on a transaction for which
Moody’s, Fitch, KBRA, S&P and/or DBRS Morningstar has qualified, downgraded or withdrawn its rating or ratings of, one
or more classes of certificates for such transaction citing servicing concerns with the special servicer or operating advisor,
as applicable, as the sole or material factor in such rating action, (ii) that (x) has been regularly engaged in the
business of analyzing and advising clients in commercial mortgage-backed securities matters and has at least five years of experience
in collateral analysis and loss projections, and (y) has at least five years of experience in commercial real estate asset
management and experience in the workout and management of distressed

 

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commercial real estate assets, (iii) that can and will
make the representations and warranties set forth in Section 2.09(a) of this Agreement, (iv) that is not (and
is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, any
Mortgage Loan Seller, any Directing Holder, any Consulting Party or a depositor, a trustee, a certificate administrator, a master
servicer or a special servicer with respect to the securitization of a Companion Loan, or any of their respective Affiliates, (v) that
has not been paid any fees, compensation or other remuneration by any entity acting as Special Servicer or successor Special Servicer
(x) in respect of its obligations under this Agreement or (y) for the recommendation of the replacement of the Special
Servicer or the appointment of a successor special servicer to become the Special Servicer and (vi) that does not directly
or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, the Uncertificated VRR Interest,
any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial interest in
the securitization transaction to which this Agreement relates, other than in fees from its role as Operating Advisor or any fees
to which it is entitled as Asset Representations Reviewer, if the Person acting as Operating Advisor is also acting as Asset Representations
Reviewer.

 

“Emergency Advance”:
Any Property Advance that, pursuant hereto, the Special Servicer is required to either (a) make (in its sole discretion in
accordance with the Servicing Standard) or (b) to request the Master Servicer to make, that must be made in an emergency situation
or on an urgent basis within two (2) Business Days of the Special Servicer becoming aware that it must be made in order to avoid
any material penalty, any material harm to a Mortgaged Property securing a Serviced Loan or any other material adverse consequence
to the Trust Fund or any related Companion Loan Holder.

 

“Enforcing Party”:
In connection with any Repurchase Request, (i) in the event one or more Dispute Resolution Requesting Holders has delivered
a Final Dispute Resolution Election Notice with respect thereto pursuant to Section 2.03(g) of this Agreement, with
respect to the mediation or arbitration that arises out of such Final Dispute Resolution Election Notice, such Dispute Resolution
Requesting Holder(s), or (ii) in all other cases, the Enforcing Servicer.

 

“Enforcing Servicer”:
The Special Servicer.

 

“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the related Mortgage
Loan Seller in connection with the origination or acquisition of the related Mortgage Loan.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“ERISA Restricted
Certificate”: Any Class X-F, Class X-G, Class X-H, Class F, Class G, Class H, Class 360C or Class 360D Certificate or,
if transferred through Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC or J.P. Morgan
Securities LLC, any Class VRR Certificate or Class 360V Certificate; provided that any such Certificate: (a) will
cease to be considered an ERISA Restricted Certificate and (b) will cease to be subject to the transfer restrictions with
respect to ERISA Restricted Certificates contained in Section 5.03(n) of this Agreement if, as of the date of a proposed
transfer of such Certificate, it is rated in one of

 

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the four highest generic ratings categories by a credit rating agency
that meets the requirements of the Underwriter Exemption or (ii) relevant provisions of ERISA would permit the transfer of
such Certificate to a Plan.

 

“Escrow Account”:
As defined in Section 3.04(b) of this Agreement.

 

“Escrow Payment”:
Any payment made by any Mortgagor to the Master Servicer pursuant to the related Mortgage, Lock-Box Agreement or Loan Agreement
for the account of such Mortgagor for application toward the payment of taxes, insurance premiums, assessments, ground rents, mandated
improvements and similar items in respect of the related Mortgaged Property.

 

“Euroclear”:
Euroclear Bank, as operator of the Euroclear System, and its successors in interest.

 

“Excess Interest”:
With respect to each ARD Mortgage Loan, additional interest accrued on such ARD Mortgage Loan after the Anticipated Repayment Date
allocable to the difference between the Revised Rate and the Mortgage Rate, plus any compound interest thereon (to the extent permitted
by applicable law and the related Loan Documents), including, in the case of the MGM Grand & Mandalay Bay Mortgage Loan, any
Accrued and Deferred Principal (as defined in the related Loan Agreement) that has been added to the principal balance of the MGM
Grand & Mandalay Bay Mortgage Loan following the related Anticipated Repayment Date and that has been collected from the related
Mortgagor (after payment in full of all other principal and interest due and owing on the MGM Grand & Mandalay Bay Mortgage
Loan). The Excess Interest on any ARD Mortgage Loan shall not be an asset of any Trust REMIC, but rather shall be an asset of the
Grantor Trust. Notwithstanding anything herein to the contrary, any payments and other collections of Accrued and Deferred Principal
shall in no event be taken into account for purposes of calculating any amounts distributable as principal in respect of the Certificates
and/or the Uncertificated VRR Interest or the Stated Principal Balance of the MGM Grand & Mandalay Bay Mortgage Loan.

 

“Excess Interest
Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that are designated
as evidencing an interest in the Excess Interest. The Class S Certificates and the Class VRR Certificates shall be the
only Classes of Excess Interest Certificates issued under this Agreement.

 

“Excess Interest
Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant
to Section 3.05(e) of this Agreement in trust for the Holders of the Excess Interest Certificates and the Uncertificated
VRR Interest Owner, which (subject to changes in the identities of the Certificate Administrator and/or the Trustee) shall be entitled
“Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit
of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23,
Class VRR and Class S, and the Uncertificated VRR Interest Owner, Excess Interest Distribution Account.” Any such
account shall be an Eligible Account. The Excess Interest Distribution Account shall be held solely for the benefit of the Holders
of the Excess Interest Certificates and the Uncertificated

 

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VRR Interest Owner. The Excess Interest Distribution Account shall not
be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Liquidation
Proceeds”: With respect to any Mortgage Loan (and, in the case of the 360 Spear Mortgage Loan, the Trust Subordinate
Companion Loan), the excess of (i) Liquidation Proceeds of that Mortgage Loan (and, in the case of the 360 Spear Mortgage
Loan, the Trust Subordinate Companion Loan) or related REO Property (net of any related Liquidation Expenses and any amounts payable
to a related Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement), over (ii) the amount that would
have been received if a Principal Payment in full had been made, and all other outstanding amounts had been paid, with respect
to such Mortgage Loan (and, in the case of the 360 Spear Mortgage Loan, the Trust Subordinate Companion Loan) on the Due Date immediately
following the date on which such proceeds were received. With respect to any Outside Serviced Mortgage Loan, Excess Liquidation
Proceeds shall mean such Outside Serviced Mortgage Loan’s pro rata share of any “Excess Liquidation Proceeds”
determined in accordance with the applicable Outside Servicing Agreement and the related Co-Lender Agreement that are received
by the Trust.

 

“Excess Liquidation
Proceeds Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant
to Section 3.05(c) of this Agreement in trust for the Certificateholders and the Uncertificated VRR Interest Owner,
which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank,
N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23, and the Uncertificated
VRR Interest Owner, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

 

“Excess Modification
Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the sum of (A) the
excess of (i) any and all Modification Fees with respect to any modification, waiver, extension or amendment of any of the
terms of a Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), over (ii) all unpaid or unreimbursed
Advances and Additional Trust Fund Expenses (including, without limitation, interest on unreimbursed Advances to the extent not
otherwise paid or reimbursed by the related Mortgagor (including indirect reimbursement from Penalty Charges or otherwise), but
excluding (1) Special Servicing Fees, Workout Fees and Liquidation Fees, and (2) Borrower Delayed Reimbursements) outstanding or
previously incurred hereunder with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
and reimbursed from such Modification Fees (which such Advances and Additional Trust Fund Expenses shall be reimbursed from such
Modification Fees), and (B) Advances and Additional Trust Fund Expenses previously paid or reimbursed from Modification Fees
as described in the preceding clause (A), which Advances and Additional Trust Fund Expenses have been recovered from the related
Mortgagor as Penalty Charges, specific reimbursements or otherwise. All Excess Modification Fees earned by the Special Servicer
shall offset any future Workout Fees or Liquidation Fees payable with respect to the related Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) or REO Property; provided that if the Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned
by the Special Servicer prior to such Serviced Mortgage Loan (or

 

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Serviced Loan Combination, if applicable) ceasing to be a Corrected
Loan shall no longer be offset against future Liquidation Fees and Workout Fees unless such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) ceased to be a Corrected Loan within 18 months of it becoming a modified Serviced Mortgage
Loan (or modified Serviced Loan Combination, if applicable). If such Mortgage Loan (or Serviced Loan Combination) ceases to be
a Corrected Loan, the Special Servicer shall be entitled to a Liquidation Fee or Workout Fee (to the extent not previously offset)
with respect to the new modification, waiver, extension or amendment or future liquidation of the Specially Serviced Loan or related
REO Property (including in connection with a repurchase, sale, refinance, discounted or full payoff or other liquidation); provided
that any Excess Modification Fees earned and paid to the Special Servicer in connection with such subsequent modification, waiver,
extension or amendment (or, as contemplated by the preceding proviso, a prior modification, waiver, extension or amendment) shall
be applied to offset such Liquidation Fee or Workout Fee to the extent described above. Within any prior 12-month period, all Excess
Modification Fees earned by the Master Servicer or the Special Servicer (after taking into account any offset described above applied
during such 12-month period) with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) shall be
subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) after giving effect to such transaction, and (ii) $25,000.

 

“Excess Penalty
Charges”: With respect to any Serviced Loan and any Collection Period, the sum of (A) the excess of (i) any
and all Penalty Charges collected in respect of such Serviced Loan during such Collection Period, over (ii) all unpaid or
unreimbursed Advances and Additional Trust Fund Expenses (including, without limitation, Advances and interest on Advances to the
extent not otherwise paid or reimbursed by the related Mortgagor, Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding
or previously incurred on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder(s)) with respect
to such Serviced Loan and reimbursed from such Penalty Charges (which such Advances and Additional Trust Fund Expenses shall be
reimbursed from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) Advances and expenses
previously paid or reimbursed from Penalty Charges as described in the immediately preceding clause (A), which Advances and
expenses have been recovered from the related Mortgagor or otherwise.

 

“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, (i) with respect to the Mortgage Loans, the aggregate
of any Prepayment Interest Shortfalls resulting from any principal prepayments made on the Mortgage Loans to be included in the
Aggregate Pooled Available Funds for such Distribution Date that are not covered by the portion of the Master Servicer’s
Compensating Interest Payment for the related Distribution Date allocable to the Mortgage Loans or, in the case of an Outside Serviced
Mortgage Loan, the portion of any compensating interest payments allocable to such Outside Serviced Mortgage Loan to the extent
received from the related Outside Servicer, and (ii) with respect to the Trust Subordinate Companion Loan, the amount of any
Prepayment Interest Shortfall resulting from any principal prepayment made on the Trust Subordinate Companion Loan to be included
in the applicable Available Funds for such Distribution Date that is not covered by the portion of the Master Servicer’s
Compensating Interest Payment for the related Distribution Date allocable to the Trust Subordinate Companion Loan.

 

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“Excess Servicing
Fees”: With respect to each Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) and Trust
Subordinate Companion Loan (including any successor REO Companion Loan with respect thereto), that portion of the Servicing Fee
that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) and Trust
Subordinate Companion Loan (including any successor REO Companion Loan with respect thereto), a rate per annum equal to
the Servicing Fee Rate minus (i) the applicable fee rate, if any, set forth under the column labeled “Subservicing Fee
Rate (%)” on the Mortgage Loan Schedule, minus (ii) the applicable fee rate, if any, set forth under the column labeled
“Outside Servicing Fee Rate (%)” on the Mortgage Loan Schedule, minus (iii) 0.00125%; provided that such
rate shall be subject to reduction at any time following any resignation of the Master Servicer pursuant to Section 6.04
of this Agreement (if no successor is appointed in accordance with Section 6.04 of this Agreement) or any termination
of the Master Servicer pursuant to Section 7.01 of this Agreement, to the extent reasonably necessary (in the sole
discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer (which successor may include the Trustee)
that meets the requirements of Section 7.02 of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) and Trust
Subordinate Companion Loan (including any successor REO Companion Loan with respect thereto), the right to receive Excess Servicing
Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master Servicer shall be the owner of such Excess Servicing
Fee Right.

 

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

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative,
any Controlling Class Certificateholder, any Loan-Specific Controlling Class Representative or any Loan-Specific Controlling
Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class Mortgage
Loan. Promptly upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”,
the Controlling Class Representative, Controlling Class Certificateholder, Loan-Specific Controlling Class Representative
or Loan-Specific Controlling Class Certificateholder, as the case may be, shall provide notice in the form of Exhibit M-1F
hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee and
the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 12.04 of
this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling
Class Mortgage Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator
a notice substantially in the form of Exhibit M-1G hereto, which notice shall provide the CitiDirect Login User ID
associated with such Excluded Controlling Class Holder, and which notice shall direct the Certificate Administrator to restrict
such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as and to the extent
provided in this Agreement.

 

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“Excluded Controlling
Class Mortgage Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the Controlling Class Representative or any Controlling Class Certificateholder (or, with respect to the 360 Spear Loan
Combination so long as a 360 Spear Control Appraisal Period is not continuing, the Loan-Specific Controlling Class Representative
or any Loan-Specific Controlling Class Certificateholder), as applicable, is a Borrower Party. For the avoidance of doubt,
if a Mortgage Loan or a Loan Combination is not an Excluded Controlling Class Mortgage Loan, such Mortgage Loan or Loan Combination
also is not an Excluded Mortgage Loan.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating to such Excluded
Controlling Class Mortgage Loan and/or the related Mortgaged Property or portfolio of Mortgaged Properties, including, without
limitation, any Asset Status Reports, Final Asset Status Reports (or summaries thereof), any Appraisals, inspection reports (related
to Specially Serviced Loans conducted by the Special Servicer or the Excluded Mortgage Loan Special Servicer, as applicable), any
Officer’s Certificates delivered by the Master Servicer, the Special Servicer or the Trustee pursuant to Section 3.20(c)
or Section 4.06(b) supporting a non-recoverability determination, the Operating Advisor Annual Reports, any determination
of the Special Servicer’s net present value calculation, any Appraisal Reduction Amount calculations, environmental assessments,
seismic reports and property condition reports and such other information and reports designated as Excluded Information (other
than such information with respect to such Excluded Controlling Class Mortgage Loan that is aggregated with information of
other Mortgage Loans at a pool level) by the Master Servicer, the Special Servicer or the Operating Advisor, as the case may be.
For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP)
(other than the CREFC® Special Servicer Loan File and CREFC® Special Servicer Property File relating to any
Excluded Controlling Class Mortgage Loan) and any Schedule AL Additional File shall not be considered “Excluded Information.”
Each of the Master Servicer, the Special Servicer or the Operating Advisor shall deliver any Excluded Information for posting to
the Certificate Administrator’s Website to the Certificate Administrator in accordance with Section 3.32 hereof.
For the avoidance of doubt, the Certificate Administrator’s obligation to segregate any information delivered to it under
the “Excluded Information” tab on the Certificate Administrator’s Website shall be triggered solely by such information
being delivered in the manner provided in Section 3.32 hereof.

 

“Excluded Mortgage
Loan”: A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class Representative
or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more than 50% of the Controlling
Class (by Certificate Balance) (or, with respect to the 360 Spear Loan Combination so long as a 360 Spear Control Appraisal
Period is not continuing, the Loan-Specific Controlling Class Representative or a Loan-Specific Controlling Class Certificateholder
(or Loan-Specific Controlling Class Certificateholders in the aggregate) of more than 50% of the Loan-Specific Controlling Class (by
Certificate Balance)) is (or are) a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded
Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.

 

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“Excluded Mortgage
Loan Special Servicer”: With respect to any Excluded Special Servicer Mortgage Loan, a Special Servicer that is not a
Borrower Party and satisfies all of the eligibility requirements applicable to the Special Servicer set forth in this Agreement.

 

“Excluded RRCP
Mortgage Loan”: With respect to any Risk Retention Consultation Party as of any date of determination, a Mortgage Loan
or Loan Combination with respect to which such Risk Retention Consultation Party or the Person(s) entitled to appoint such Risk
Retention Consultation Party is a Borrower Party.

 

“Excluded Special
Servicer Information”: With respect to any Excluded Special Servicer Mortgage Loan, any information and reports solely
relating to such Excluded Special Servicer Mortgage Loan and/or the related Mortgaged Property or portfolio of Mortgaged Properties,
including, without limitation, any Asset Status Reports, Final Asset Status Reports (or summaries thereof), any Appraisals, inspection
reports, any Officer’s Certificates delivered by the Master Servicer, the related Excluded Mortgage Loan Special Servicer
or the Trustee pursuant to Section 3.20(c) or Section 4.06(b) supporting a non-recoverability determination,
the Operating Advisor Annual Reports (provided that the Special Servicer or the Excluded Mortgage Loan Special Servicer, as applicable,
shall be entitled to access and view any Operating Advisor Annual Report relating to itself, even if such report also includes
information about any Excluded Special Servicer Mortgage Loan), any determination of the related Excluded Mortgage Loan Special
Servicer’s net present value calculation, any Appraisal Reduction Amount calculations, environmental assessments, seismic
reports and property condition reports and such other information and reports designated as Excluded Special Servicer Information
(other than such information with respect to such Excluded Special Servicer Mortgage Loan that is aggregated with information of
other Mortgage Loans at a pool level) by the Master Servicer, the related Excluded Mortgage Loan Special Servicer or the Operating
Advisor, as the case may be. For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting
Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File and CREFC®
Special Servicer Property File relating to any Excluded Special Servicer Mortgage Loan, which shall be Excluded Special Servicer
Information) shall not be considered “Excluded Special Servicer Information.”

 

“Excluded Special
Servicer Mortgage Loan”: As of any date of determination, any Mortgage Loan or Loan Combination with respect to which
the related Special Servicer, to its knowledge, is a Borrower Party.

 

“FDIC”:
The Federal Deposit Insurance Corporation, and its successors in interest.

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other
data or supporting information provided by the Special Servicer to any applicable Directing Holder or Consulting Party or, if different,
the Operating Advisor or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), in each case,
which does not include any communications (other than the related Asset Status Report) between the Special Servicer, on the one
hand, and any applicable Directing Holder or Consulting Party, on the other hand, with respect to such Specially Serviced Loan;
provided that no Asset Status Report shall be considered to be a Final Asset Status Report unless any applicable Directing
Holder has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted
all of its rights of approval and

 

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consent pursuant to this Agreement, or has been deemed to have approved or consented to such
action, or unless the Asset Status Report is otherwise being implemented by the Special Servicer in accordance with this Agreement.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(g) of this Agreement.

 

“Final Recovery
Determination”: With respect to any defaulted Mortgage Loan or Serviced Loan Combination that is a Specially Serviced
Loan (or, in the case of an Outside Serviced Mortgage Loan, the equivalent under the applicable Outside Servicing Agreement) or
REO Mortgage Loan, as the case may be, a determination that there has been a recovery of all Insurance Proceeds, Condemnation Proceeds,
Liquidation Proceeds, REO Proceeds and other payments or recoveries that the Special Servicer, or the related Outside Special Servicer
with respect to an Outside Serviced Mortgage Loan (if it is a “Specially Serviced Loan” (or an analogous concept) under
the applicable Outside Servicing Agreement) or any related REO Property, has determined in accordance with the Servicing Standard
will ultimately be recoverable; provided that with respect to each Outside Serviced Mortgage Loan, the Final Recovery Determination
shall be made by the related Outside Special Servicer in accordance with the applicable Outside Servicing Agreement.

 

“First Republic
Center Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as
First Republic Center.

 

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

 

“Form 8-K
Disclosure Information”: As defined in Section 10.07 of this Agreement.

 

“GACC”:
German American Capital Corporation, a Maryland corporation, and its successors in interest.

 

“GACC 860 Washington
Note”: With respect to the 860 Washington Mortgage Loan, collectively, those certain promissory notes A-4 and A-5 in
the original principal amount of $34,800,000 made by the related Mortgagor in favor of DBRI, as the same may hereafter be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“GACC Co-sponsored
Mortgage Loan”: The 860 Washington Mortgage Loan, the MGM Grand & Mandalay Bay Mortgage Loan or the Grace Building
Mortgage Loan, as applicable, as the context requires.

 

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“GACC Co-sponsored
Note”: The GACC 860 Washington Note, the GACC MGM Grand & Mandalay Bay Note or the GACC Grace Building Note, as applicable,
as the context requires.

 

“GACC Grace
Building Note”: With respect to the Grace Building Mortgage Loan, that certain promissory note A-4-3 in the original
principal amount of $30,000,000 made by the related Mortgagor in favor of DBRI, as the same may hereafter be amended, restated,
replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“GACC MGM Grand
& Mandalay Bay Mortgage Loan Portion”: The portion of the MGM Grand & Mandalay Bay Mortgage Loan evidenced by
the GACC MGM Grand & Mandalay Bay Note.

 

“GACC MGM Grand
& Mandalay Bay REMIC”: A segregated asset pool designated as a REMIC pursuant to the related REMIC Declaration consisting
of the GACC MGM Grand & Mandalay Bay Mortgage Loan Portion and the GACC MGM Grand & Mandalay Bay REMIC Companion Loan,
collections thereon, any related REO Property acquired in respect thereof and all proceeds of such REO Property, other property
related thereto, and amounts received in respect thereof from time to time.

 

“GACC MGM Grand
& Mandalay Bay REMIC Companion Loan”: The MGM Grand & Mandalay Bay Companion Loan evidenced by the GACC MGM Grand
& Mandalay Bay REMIC Pari Passu Note.

 

“GACC MGM Grand
& Mandalay Bay REMIC Declaration”: The REMIC declaration dated February 12, 2021, made by Deutsche Bank AG, New York
Branch and related to the GACC MGM Grand & Mandalay Bay REMIC.

 

“GACC MGM Grand
& Mandalay Bay REMIC Regular Interest”: With respect to the GACC MGM Grand & Mandalay Bay REMIC, the uncertificated
“regular interest”, within the meaning of Section 860G(a)(1) of the Code, in the GACC MGM Grand & Mandalay Bay
REMIC and as set forth in the GACC MGM Grand & Mandalay Bay REMIC Declaration. For the avoidance of doubt, the principal balance
of the GACC MGM Grand & Mandalay Bay REMIC Regular Interest shall at all times equal to the aggregate outstanding Stated Principal
Balances of the GACC MGM Grand & Mandalay Bay Mortgage Loan Portion (or, if applicable, the applicable portion of the deemed
Stated Principal Balance of any successor REO Loan) and the GACC MGM Grand & Mandalay Bay REMIC Companion Loan (or, if applicable,
the deemed Stated Principal Balance of any successor REO Loan). Payments and other collections of amounts (other than Excess Interest)
received on or in respect of the GACC MGM Grand & Mandalay Bay Mortgage Loan Portion (or any related REO Property allocable
thereto) and the GACC MGM Grand & Mandalay Bay REMIC Companion Loan (or any related REO Property allocable thereto) shall be
deemed distributable on the GACC MGM Grand & Mandalay Bay REMIC Regular Interest to the extent of the principal, interest at
the related Mortgage Rate and Yield Maintenance Charges due thereon.

 

“GACC MGM Grand
& Mandalay Bay Trust REMIC Regular Interest”: The approximately 16.503% ownership interest in the GACC MGM Grand
& Mandalay Bay REMIC

 

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Regular Interest evidenced by the GACC MGM Grand & Mandalay Bay Note. The GACC MGM Grand & Mandalay
Bay Trust REMIC Regular Interest shall be an asset of the Lower-Tier REMIC.

 

“GACC MGM Grand
& Mandalay Bay REMIC Residual Interest”: With respect to the GACC MGM Grand & Mandalay Bay Mortgage REMIC, the
sole class of “residual interests”, within the meaning of Section 860G(a)(2) of the Code, in the GACC MGM Grand &
Mandalay Bay REMIC and as set forth in the GACC MGM Grand & Mandalay Bay REMIC Declaration, beneficial ownership of which shall
be evidenced by the Class R Certificates.

 

“GACC MGM Grand
& Mandalay Bay Mortgage Loan Portion”: The portion of the MGM Grand & Mandalay Bay Mortgage Loan evidenced by
the GACC MGM Grand & Mandalay Bay Note.

 

“GACC MGM Grand
& Mandalay Bay REMIC Pari Passu Note”: With respect to the MGM Grand & Mandalay Bay Loan Combination, that certain
promissory note A-15-9, which evidences one of the MGM Grand & Mandalay Bay Companion Loans and is not an asset of the Trust,
in the original principal amount of $79,055,333 made by the related Mortgagor in favor of DBNY, as the same may hereafter be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“GACC MGM Grand
& Mandalay Bay Note”: With respect to the MGM Grand & Mandalay Bay Mortgage Loan, that certain promissory note
A-15-8 in the original principal amount of $15,625,000 made by the related Mortgagor in favor of DBNY, as the same may hereafter
be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“GACC MGM Grand
& Mandalay Bay REMIC Notes”: Collectively, the GACC MGM Grand & Mandalay Bay Note and the GACC MGM Grand &
Mandalay Bay REMIC Pari Passu Note.

 

“GACC Mortgage
Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2021, by and between GACC
and the Depositor.

 

“GACC Mortgage
Loans”: The Mortgage Loans (or portions thereof) transferred by GACC to the Depositor and/or the Trust pursuant to the
GACC Mortgage Loan Purchase Agreement and this Agreement.

 

“General Special
Servicer”: As defined in Section 6.08(i) of this Agreement.

 

“Global Certificates”:
Any Certificate registered in the name of the Depository or its nominee.

 

“Grace Building
Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Grace
Building.

 

“GRACE 2020-GRCE
TSA”: The Trust and Servicing Agreement, dated as of November 18, 2020, among Banc of America Merrill Lynch Large Loan,
Inc., as depositor, Wells Fargo Bank, National Association, as servicer, Situs Holdings, LLC, as special servicer,

 

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Wilmington Trust,
National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, as paying agent and as
custodian, and Park Bridge Lender Services LLC, as operating advisor, as the same may be amended from time to time in accordance
with the terms thereof, pursuant to which the Grace Trust 2020-GRCE, Commercial Mortgage Pass Through Certificates, Series 2020-GRCE
were issued.

 

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

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust” under the Grantor
Trust Provisions, consisting of the VRR Specific Grantor Trust Assets, the Class S Specific Grantor Trust Assets and the Excess
Interest Distribution Account, beneficial ownership of which is represented by the Grantor Trust Certificates and the Uncertificated
VRR Interest.

 

“Grantor Trust
Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that is designated
as evidencing an interest in the Grantor Trust. The Class S Certificates and the Class VRR Certificates shall be the
only Classes of Grantor Trust Certificates issued under this Agreement.

 

“Grantor Trust
Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

 

“Ground Lease”:
The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property.

 

“GS Bank”:
Goldman Sachs Bank USA, and its successors in interest.

 

“GSMC”:
Goldman Sachs Mortgage Company, a New York limited partnership, and its successors in interest.

 

“GSMC Mortgage
Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2021, by and between GSMC and
the Depositor.

 

“GSMC Mortgage
Loans”: The Mortgage Loans (or portions thereof) transferred by GSMC to the Depositor and/or the Trust pursuant to the
GSMC Mortgage Loan Purchase Agreement and this Agreement.

 

“GSMS 2020-GC47
PSA”: The Pooling and Servicing Agreement, dated as of May 1, 2020, between GS Mortgage Securities Corporation II,
as depositor, Wells Fargo Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Wilmington
Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, and Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer, as the same may be amended from time to time in
accordance with the terms thereof, pursuant to which the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass Through
Certificates, Series 2020-GC47 were issued.

 

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

 

“Holder”:
With respect to any Certificate, a Certificateholder, and with respect to any Lower-Tier Regular Interest or 360 Spear Regular
Interest, the Trustee for the benefit of the Certificateholders.

 

“Indemnified
Party”: As defined in Section 8.05(c) or Section 12.13(d), as applicable, of this Agreement,
as the context requires.

 

“Indemnifying
Party”: As defined in Section 8.05(c), Section 10.12 or Section 12.13(d), as applicable,
of this Agreement, as the context requires.

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any
material indirect financial interest, in any of a Mortgage Loan Seller, the Depositor, the Trustee, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator, the Master Servicer, the Special Servicer, the Controlling Class Representative,
any Risk Retention Consultation Party, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative)
or any Affiliate thereof, and (ii) is not connected with any such Person as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions; provided, however, that a Person shall not fail to be Independent
of the Mortgage Loan Sellers, the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, any Mortgagor, any Companion Loan Holder
(or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof merely because such Person is (A) compensated
for services by, or (B) the beneficial owner of 1% or less of any class of securities issued by, the Depositor, the Mortgage
Loan Sellers, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, any Mortgagor, any Companion Loan Holder (or, if applicable,
its Companion Loan Holder Representative) or any Affiliate thereof, as the case may be, provided that such ownership constitutes
less than 1% of the total assets owned by such Person.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Code Section 856(d)(3) if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such
Trust REMIC does not receive or derive any income from such Person and the relationship between such Person and the Trust REMIC
is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the

 

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Master
Servicer nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master
Servicer, the Trustee and the Certificate Administrator has been delivered to the Trustee and the Certificate Administrator to
that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer,
on behalf of itself, the Trustee and the Certificate Administrator has received an Opinion of Counsel (at the expense of the party
seeking to be deemed an Independent Contractor) to the effect that the taking of any action in respect of any REO Property by such
Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor
will not cause such REO Property to cease to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8)
(determined without regard to the exception applicable for purposes of Code Section 860D(a)) or cause any income realized
in respect of such REO Property to fail to qualify as Rents from Real Property (provided that such income would otherwise
so qualify).

 

“Initial Interest
Deposit Amount”: With respect to each Mortgage Loan that accrues interest on Actual/360 Basis and the Trust Subordinate
Companion (which accrues interest on an Actual/360 Basis), an amount equal to two days of interest on the Cut-off Date Balance
of such Mortgage Loan or the Trust Subordinate Companion Loan, as applicable, at the related Net Mortgage Rate, which amount is
required to be delivered by the related Mortgage Loan Seller to the Master Servicer on the Closing Date for deposit into the Collection
Account pursuant to Section 1 of the related Loan Purchase Agreement. The aggregate of all Initial Interest Deposit Amounts is
$280,676.42.

 

“Initial Purchasers”:
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Academy
Securities, Inc. and Drexel Hamilton, LLC.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner of a Pooled Certificate (in either case, other than
a Holder or Certificate Owner of the Class VRR Certificates) to deliver a Certificateholder Repurchase Request as described
in Section 2.03(f) with respect to a Mortgage Loan. For the avoidance of doubt, there may not be more than one Initial
Requesting Certificateholder with respect to any Mortgage Loan, and a Holder of a Class VRR Certificate may not be an Initial
Requesting Certificateholder.

 

“Initial Schedule
AL Additional File”: The data file containing additional information or schedules regarding data points in the Initial
Schedule AL File and filed as Exhibit 103 to the Form ABS-EE or, if applicable, Form ABS-EE/A incorporated by reference in
the Prospectus.

 

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

 

“Inquiries”:
As defined in Section 4.02(a) of this Agreement.

 

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“Institutional
Accredited Investor”: An entity that qualifies as an “accredited investor” within the meaning of Rule 501(a) (1),
(2), (3) or (7) of Regulation D under the Act or any entity in which all of the equity owners qualify as “accredited investors”
within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Act.

 

“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan (including
an Outside Serviced Mortgage Loan) or Trust Subordinate Companion Loan (including any amounts paid by the Master Servicer pursuant
to Section 3.07 of this Agreement); provided that, in the case of an Outside Serviced Mortgage Loan, “Insurance
Proceeds” under this Agreement shall be limited to any related proceeds of the type described above in this definition
that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth
in the related Co-Lender Agreement or, if no allocation is provided in the related Co-Lender Agreement, as allocated pursuant to
the applicable Outside Servicing Agreement.

 

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

 

“Interest Accrual
Amount”: (a) With respect to any Distribution Date and any Class of Non-Vertically Retained Pooled Principal Balance
Certificates, an amount equal to interest for the related Interest Accrual Period accrued at the applicable Pass-Through Rate for
such Class on the related Certificate Balance outstanding immediately prior to such Distribution Date; and (b) with respect
to any Distribution Date and a Class of the Class X Certificates, an amount equal to the Accrued Component Interest for
the related Interest Accrual Period for the applicable Component (or, if there are multiple related Components, the sum of the
Accrued Component Interest for the related Interest Accrual Period for all of the respective Components) for such Class for
such Interest Accrual Period. Calculations of interest for each Interest Accrual Period shall be made on 30/360 Basis.

 

“Interest Accrual
Period”: With respect to any Distribution Date, the calendar month prior to the month in which such Distribution Date
occurs.

 

“Interest Distribution
Amount”: With respect to any Distribution Date and any Class of Non-Vertically Retained Pooled Regular Certificates,
an amount equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution
Date and (ii) the Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess
Prepayment Interest Shortfall with respect to the Mortgage Pool allocated to such Class on such Distribution Date pursuant to Section 4.01(j).

 

“Interest Reserve
Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.23
of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be
entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered Holders of Benchmark 2021-B23

 

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Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23, and the Uncertificated VRR Interest Owner, Interest Reserve Account” and which shall be an Eligible
Account.

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Non-Vertically Retained Pooled Regular Certificates, subject to increase
as provided in Section 4.01(g) of this Agreement, the sum of (a) the portion of the Interest Distribution Amount
for such Class remaining unpaid as of the close of business on the preceding Distribution Date (if any), and (b) to the
extent permitted by applicable law, (i) in the case of a Class of Non-Vertically Retained Pooled Principal Balance Certificates,
one month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class for the subject
Distribution Date, and (ii) in the case of a Class of Interest-Only Certificates, one month’s interest on that
amount remaining unpaid at the WAC Rate for the subject Distribution Date.

 

“Interested
Person”: As of any date of determination, any party to this Agreement, any Mortgage Loan Seller, any applicable Directing
Holder or Consulting Party, any Mortgagor, any holder of a related mezzanine loan, any manager of a Mortgaged Property, any Independent
Contractor engaged by the Special Servicer pursuant to Section 3.16 of this Agreement, or any Person actually known
to a Responsible Officer of the Trustee or the Certificate Administrator to be an Affiliate of any of the preceding entities; and,
with respect to a Defaulted Serviced Loan Combination, the related Other Depositor, the master servicer, the special servicer (or
any independent contractor engaged by such special servicer), or the trustee for the related Other Securitization Trust, the related
Serviced Companion Loan Holder or its Companion Loan Holder Representative, any holder of a related mezzanine loan, or any Person
actually known to a Responsible Officer of the Trustee or the Certificate Administrator to be an Affiliate of any of the preceding
entities.

 

“Interest-Only
Certificates”: The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates, collectively.

 

“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument related to the Certificates or issued
or executed by a Mortgagor, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however structured)
that references or relates to any of the foregoing.

 

“Investment
Account”: As defined in Section 3.07(a) of this Agreement.

 

“Investment
Company Act”: The Investment Company Act of 1940, as it may be amended from time to time.

 

“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Master Servicer or any Affiliate thereof, the Special Servicer or any Affiliate thereof,
the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the Trustee or any Affiliate
thereof, as applicable, or any Person on whose behalf the Master Servicer or any Affiliate thereof, the Special Servicer or any
Affiliate thereof, the Operating Advisor or any 

 

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Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the
Trustee or any Affiliate thereof, as applicable, has discretion in connection with Investments.

 

“Investor Certification”:
A certificate representing that such Person executing the certificate is a Certificateholder, a Certificate Owner or a prospective
purchaser of a Certificate (or any investment advisor or manager of the foregoing), the Uncertificated VRR Interest Owner, the
Controlling Class Representative or a Loan-Specific Controlling Class Representative (to the extent the Controlling Class Representative
or such Loan-Specific Controlling Class Representative is not a Certificateholder or a Certificate Owner), a Risk Retention
Consultation Party (to the extent such Risk Retention Consultation Party is not a Certificateholder or Certificate Owner) or a
Serviced Companion Loan Holder or its Companion Loan Holder Representative, and that (i) for purposes of obtaining certain information
and notices (including access to information and notices on the Certificate Administrator’s Website) pursuant to this Agreement,
(A) (1) in the case of a Person that is not the Controlling Class Representative, a Controlling Class Certificateholder,
a Loan-Specific Controlling Class Representative or any Loan-Specific Controlling Class Certificateholder, such Person
is or is not a Borrower Party and such Person is or is not a Risk Retention Consultation Party or (2) in the case of the Controlling
Class Representative, any Controlling Class Certificateholder, a Loan-Specific Controlling Class Representative
or any Loan-Specific Controlling Class Certificateholder, such Person is or is not a Borrower Party as to any identified Excluded
Controlling Class Mortgage Loan, and (B) except in the case of a Serviced Companion Loan Holder or its Companion Loan Holder
Representative, such Person has received a copy of the Prospectus, which certificate shall be substantially in the form of Exhibit M-1A,
Exhibit M-1B, Exhibit M-1C, Exhibit M-1D or Exhibit M-1E to this Agreement or in
the form of an electronic certification contained on the Certificate Administrator’s Website, and/or (ii) for purposes
of exercising Voting Rights (which does not apply to a prospective purchaser of a Certificate, the Uncertificated VRR Interest
Owner or a Serviced Companion Loan Holder or its Companion Loan Holder Representative), (A) (1) such Person is not a Borrower Party
or (2) in the case of the Controlling Class Representative, any Controlling Class Certificateholder, a Loan-Specific
Controlling Class Representative or any Loan-Specific Controlling Class Certificateholder, such Person is a Borrower
Party as to any identified Excluded Controlling Class Mortgage Loan, (B) such Person is or is not the Depositor, the Master
Servicer, the Special Servicer, an Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, a Mortgage Loan Seller or an Affiliate of any of the foregoing and (C) such Person
has received a copy of the Prospectus, which certificate shall be substantially in the form of Exhibit M-2A or Exhibit M-2B
to this Agreement or in the form of an electronic certification (which may be a click-through confirmation) contained on the Certificate
Administrator’s Website or the Master Servicer’s website. The Certificate Administrator may require that Investor Certifications
are resubmitted from time to time in accordance with its policies and procedures. For the avoidance of doubt if a Borrower Party
is the Controlling Class Representative, a Controlling Class Certificateholder, a Loan-Specific Controlling Class Representative
or a Loan-Specific Controlling Class Certificateholder, such Person (A) shall be prohibited from having access to the Excluded
Information solely with respect to the related Excluded Controlling Class Mortgage Loan and (B) shall not be permitted
to exercise voting or control, consultation and/or special servicer appointment rights as a member of the Controlling Class solely
with respect to the related Excluded Controlling Class Mortgage Loan.

 

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“Investor Q&A
Forum”: As defined in Section 4.02(a) of this Agreement.

 

“Investor Registry”:
As defined in Section 4.02(a) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

“JPMCB”:
JPMorgan Chase Bank, National Association, a national banking association, and its successors in interest.

 

“JPMCB 860 Washington
Note”: With respect to the 860 Washington Mortgage Loan, collectively, those certain promissory notes A-1, A-2 and A-3
in the original principal amount of $81,200,000 made by the related Mortgagor in favor of JPMCB, as the same may hereafter be amended,
restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“JPMCB Co-sponsored
Mortgage Loan”: The Grace Building Mortgage Loan and the 860 Washington Mortgage Loan.

 

“JPMCB Co-sponsored
Note”: The JPMCB 860 Washington Note or the JPMCB Grace Building Note, as applicable, as the context requires.

 

“JPMCB-GACC
Co-sponsored Mortgage Loan”: The Grace Building Mortgage Loan and the 860 Washington Mortgage Loan.

 

“JPMCB Grace
Building Note”: With respect to the Grace Building Mortgage Loan, that certain promissory note A-2-4 in the original
principal amount of $30,000,000 made by the related Mortgagor in favor of JPMCB, as the same may hereafter be amended, restated,
replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified.

 

“JPMCB Mortgage
Loan Purchase Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2021, by and between JPMCB
and the Depositor.

 

“JPMCB Mortgage
Loans”: The Mortgage Loans (or portions thereof) transferred by JPMCB to the Depositor and/or the Trust pursuant to the
JPMCB Mortgage Loan Purchase Agreement and this Agreement.

 

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

 

“Liquidation
Event”: With respect to any Trust Loan (or Serviced Loan Combination), any of the following events: (i) such Trust
Loan (or Serviced Loan Combination) is paid in full; (ii) a Final Recovery Determination is made with respect to such Trust
Loan (or Serviced Loan Combination); (iii) such Trust Loan is repurchased or substituted for by the

 

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applicable Mortgage Loan
Seller pursuant to Section 6 of the related Mortgage Loan Purchase Agreement; (iv) such Trust Loan is purchased or otherwise
acquired by the Special Servicer, the Master Servicer, the Holders of the Controlling Class or a Loan-Specific Controlling Class,
Holders of the Class R Certificates, the Remaining Certificateholder or the Holder(s) of all the Loan-Specific Certificates
pursuant to Section 9.01 of this Agreement; (v) such Trust Loan (or Serviced Loan Combination) is purchased by
the holder of a mezzanine loan or a Subordinate Companion Loan Holder pursuant to the related intercreditor agreement, Co-Lender
Agreement or similar agreement; (vi) the taking of a Mortgaged Property (or portion thereof) by exercise of the power of eminent
domain or condemnation; (vii) such Trust Loan (or Serviced Loan Combination or relevant portion thereof) is purchased by any
Person in accordance with Section 3.17 of this Agreement; or (viii) in the case of an Outside Serviced Mortgage
Loan, such Mortgage Loan is liquidated by any party pursuant to terms analogous to those set forth in the preceding clauses contained
in the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement. With respect to any REO Property (and the
related REO Mortgage Loan or REO Companion Loan(s)), any of the following events: (i) a Final Recovery Determination is made
with respect to such REO Property; (ii) such REO Property is purchased or otherwise acquired by the Master Servicer, the Special
Servicer, Holders of the Controlling Class, Holders of the Class R Certificates or the Remaining Certificateholder pursuant
to Section 9.01 of this Agreement; (iii) the taking of a REO Property (or portion thereof) by exercise of
the power of eminent domain or condemnation; (iv) such REO Property is purchased by the holder of a mezzanine loan or a Subordinate
Companion Loan Holder pursuant to the related intercreditor agreement, Co-Lender Agreement or similar agreement; or (v) such
REO Property is purchased by another party in accordance with Section 3.17 of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary costs and expenses incurred by the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee in connection with the liquidation of any Specially Serviced Loan or REO Property
acquired in respect thereof or final payoff of a Corrected Loan (including, without limitation, legal fees and expenses, committee
or referee fees, and, if applicable, brokerage commissions, and conveyance taxes associated with such Mortgage Loan or Mortgaged
Property).

 

“Liquidation
Fee”: (i) With respect to each Specially Serviced Loan as to which the Special Servicer receives a full or discounted
payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition to a workout) from
the related Mortgagor, (ii) except as otherwise described below, with respect to any Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) repurchased or substituted, or with respect to which a Loss of Value Payment is made, as contemplated by Section 2.03
of this Agreement, and (iii) with respect to any Specially Serviced Loan or any REO Property (other than an REO Property related
to an Outside Serviced Mortgage Loan) as to which the Special Servicer receives Liquidation Proceeds (including through a trustee’s
sale, foreclosure sale or otherwise), Insurance Proceeds or Condemnation Proceeds, an amount calculated by the application of the
applicable Liquidation Fee Rate to the related payment or proceeds (exclusive of any portion of such payoff or proceeds that represents
Penalty Charges); provided that the Liquidation Fee with respect to such Specially Serviced Loan or REO Property shall be
reduced by the amount of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to the Specially
Serviced Loan or REO Property as described in the definition of “Excess Modification Fees” in this Agreement, but only
to the extent those fees have not previously been deducted from a

 

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Workout Fee or Liquidation Fee; provided, however,
that, except as contemplated by the preceding proviso with respect to offset in connection with Excess Modification Fees and the
next two (2) provisos, no Liquidation Fee will be less than $25,000 with respect to any Serviced Mortgage Loan (or related Serviced
Loan Combination, if applicable); provided, further, that (a) the Liquidation Fee shall be zero with respect
to any Serviced Mortgage Loan or Serviced Loan Combination or any Mortgaged Property purchased, repurchased or substituted for
pursuant to clauses (iii) through (v) of the first sentence of the definition of Liquidation Event (unless with respect to
(A) clause (iii), the applicable Mortgage Loan Seller does not repurchase or substitute for such Mortgage Loan until
after more than 120 days following its receipt of notice or discovery of the Material Defect that gave rise to the particular
repurchase or substitution obligation, and (B) clause (v), the applicable mezzanine loan holder (based on a purchase
option set forth under the related intercreditor agreement) or the applicable Subordinate Companion Loan Holder (based on a purchase
option set forth under the related Co-Lender Agreement) does not purchase such Serviced Mortgage Loan or Serviced Loan Combination
within 90 days of the date that the first purchase option related to the subject Servicing Transfer Event first becomes exercisable
under the related intercreditor agreement or the related Co-Lender Agreement, as applicable) or pursuant to clauses (ii) or
(iv) of the second sentence of the definition of Liquidation Event (unless with respect to clause (iv), the applicable mezzanine
loan holder (based on a purchase option set forth under the related intercreditor agreement) or the applicable Subordinate Companion
Loan Holder (based on a purchase option set forth under the related Co-Lender Agreement) does not purchase such REO Property within
90 days of the date that the first purchase option related to the subject Servicing Transfer Event first becomes exercisable
under the related intercreditor agreement or the related Co-Lender Agreement, as applicable), (b) the Liquidation Fee shall
be zero with respect to any Serviced Mortgage Loan or Serviced Loan Combination or any Mortgaged Property with respect to which
a Loss of Value Payment is made as contemplated by Section 2.03(a) of this Agreement unless the applicable Mortgage
Loan Seller does not make the particular Loss of Value Payment with respect to such Mortgage Loan until after more than 120 days
following its receipt of notice or discovery of the Material Defect that gave rise to the payment of the particular Loss of Value
Payment, and (c) the Liquidation Fee with respect to each Serviced Mortgage Loan or REO Mortgage Loan repurchased or substituted
for after more than 120 days following the Mortgage Loan Seller’s receipt of notice or discovery of a Material Defect
shall be in an amount equal to the Liquidation Fee Rate of the outstanding principal balance of such Serviced Mortgage Loan or
REO Mortgage Loan; provided, further that if a Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially
Serviced Loan only because of an event described in clause (a)(ii) of the definition of Specially Serviced Loan as a result
of a payment default at maturity and the related Liquidation Proceeds or payment are received within 90 days following the
related default in connection with the full and final payoff or refinancing of the related Serviced Mortgage Loan or Serviced Loan
Combination, if applicable, the Special Servicer will not be entitled to collect a Liquidation Fee, but may collect and retain
appropriate fees from the related Mortgagor in connection with such liquidation. For the avoidance of doubt, no Liquidation Fee
is payable in connection with an optional termination of the Trust pursuant to Section 9.01.

 

“Liquidation
Fee Rate”: A rate equal to the lesser of (a) 1.0% (or, in the case of the Pittock Block Loan Combination, 0.5%) or (b)
with respect to any Serviced Mortgage Loan (or related Serviced Loan Combination, if applicable), such lesser rate as would result
in a Liquidation Fee of $1,000,000; provided, however, that except as contemplated in the definition of “Liquidation
Fee”, no Liquidation Fee with respect to any Serviced Mortgage Loan (or related

 

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Serviced Loan Combination, if applicable)
will be less than $25,000. Notwithstanding the foregoing, the Liquidation Fee Rate with respect to the First Republic Center Mortgage
Loan shall be 0.50%.

 

“Liquidation
Proceeds”: The amount (other than Insurance Proceeds and Condemnation Proceeds) received in connection with (i) a full
or discounted payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition
to a workout) with respect to a Specially Serviced Loan, (ii) a Liquidation Event, (iii) the transfer of any Loss of Value
Payments from the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.06(c) of this Agreement
(provided that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer
in connection with such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation
Proceeds” from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable
Mortgage Loan Seller) or (iv) the transfer of any Threshold Event Collateral to the related Loan Combination Custodial Account
pursuant to Section 3.28(e) of this Agreement.

 

“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Loan Combination, the loan agreement, if any, between the related originator(s) and
the Mortgagor, pursuant to which such Mortgage Loan or Serviced Loan Combination was made.

 

“Loan Combination”:
An aggregate debt consisting of a particular Mortgage Loan that is an asset of the Trust and one or more other mortgage loans (each
of which is referred to as a “Companion Loan”), which Mortgage Loan and related Companion Loan(s) are: (i) each
evidenced by one or more separate Notes; (ii) cross-defaulted with each other; and (iii) all secured by the same Mortgage(s)
encumbering the same Mortgaged Property or portfolio of Mortgaged Properties. The term “Loan Combination” shall include
any successor REO Mortgage Loan and the related successor REO Companion Loan(s) (or the related deemed Companion Loan(s), if applicable)).
The only Loan Combinations related to the Trust as of the Closing Date are identified in the Loan Combination Table. Each of the
Companion Loans identified in the Loan Combination Table are not assets of the Trust other than the Trust Subordinate Companion
Loan.

 

“Loan Combination
Custodial Account”: With respect to any Serviced Loan Combination, the respective segregated account or sub-account created
and maintained by the Master Servicer pursuant to Section 3.05A of this Agreement on behalf of the holders of such
Serviced Loan Combination, which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be
entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2021-B23, the Uncertificated VRR Interest Owner, and the related Serviced Companion
Loan Holder, as their interests may appear.”

 

“Loan Combination
Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect to a Serviced
Loan Combination or any related REO Property.

 

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“Loan Combination
Table”: The table that appears under the heading “LOAN COMBINATIONS” in the Preliminary Statement.

 

“Loan Documents”:
With respect to any Mortgage Loan, or Serviced Loan Combination, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Loan Combination, as applicable, or subsequently added to the
related Mortgage File, and any related Co-Lender Agreement and/or intercreditor agreement.

 

“Loan Number”:
With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor
or any Sub-Servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

“Loan-Specific
Certificateholder”: Any Holder of a Loan-Specific Certificate.

 

“Loan-Specific
Certificates” or “360 Spear Loan-Specific Certificates”: The Class 360A, Class 360B, Class 360C and
Class 360D Certificates and the 360RR Interest.

 

“Loan-Specific
Control Eligible Certificates”: The Class 360A, Class 360B, Class 360C and Class 360D Certificates.

 

“Loan-Specific
Controlling Class”: As of any time of determination, the most subordinate Class of Loan-Specific Control Eligible
Certificates then outstanding that has a Certificate Balance, as notionally reduced by any portion of the Cumulative Appraisal
Reduction Amount allocable to such Class, at least equal to 25% of the initial Certificate Balance of that Class; provided,
however, that if no Class of Loan-Specific Control Eligible Certificates meets the preceding requirement, the most senior
Class of the Loan-Specific Control Eligible Certificates; provided, further, however, that if, at any time, the outstanding
Certificate Balance of the Class 360A Certificates has been reduced to zero (without regard to the allocation of any Cumulative
Appraisal Reduction Amounts), then the “Loan-Specific Controlling Class” will be the most subordinate class
of Loan-Specific Control Eligible Certificates with an outstanding Certificate Balance greater than zero (without regard to the
allocation of any Cumulative Appraisal Reduction Amounts). The Loan-Specific Controlling Class as of the Closing Date will
be Class 360D Certificates.

 

“Loan-Specific
Controlling Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the
Loan-Specific Controlling Class as determined by the Certificate Administrator from time to time.

 

“Loan-Specific
Controlling Class Representative”: The Loan-Specific Controlling Class Certificateholder (or other representative)
selected by at least a majority of the Loan-Specific Controlling Class Certificateholders, by Certificate Balance, as identified
by notice to the Certificate Administrator by the applicable the Loan-Specific Controlling Class Certificateholders from time
to time, with notice of such selection delivered to the Special Servicer, the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer and the Trustee; provided, however, that (i) absent that selection, or (ii) until a Loan-Specific
Controlling Class Representative is so selected or (iii) upon receipt of a notice from the Loan-Specific

 

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Controlling
Class Certificateholders that own Loan-Specific Certificates representing more than 50% of the Certificate Balance of the
Loan-Specific Controlling Class, that the Loan-Specific Controlling Class Representative is no longer designated, the Loan-Specific
Controlling Class Representative will be the Loan-Specific Controlling Class Certificateholder that owns the largest
aggregate Certificate Balance of the Loan-Specific Controlling Class, as identified to the Certificate Administrator (who shall
notify the Master Servicer, the Special Servicer and the Operating Advisor). If, upon the occurrence of any of the events or circumstances
specified in clauses (i), (ii) or (iii) above, the Loan-Specific Controlling Class Certificateholder that owns the largest
aggregate Certificate Balance of the Loan-Specific Controlling Class has not been identified to the Certificate Administrator
(and thereby the Master Servicer and the Special Servicer), then the Master Servicer and the Special Servicer will have no obligation
to obtain the consent of, or consult with, any Loan-Specific Controlling Class Representative until notified by the Certificate
Administrator of the identity of such largest Loan-Specific Controlling Class Certificateholder or otherwise notified of the
identity of the Loan-Specific Controlling Class Representative as provided in this Agreement. The initial Loan-Specific Controlling
Class Representative is PIMCO DISCO Fund III LP. No person may exercise any of the rights and powers of the Loan-Specific
Controlling Class Representative with respect to an Excluded Mortgage Loan.

 

“Loan-to-Value
Ratio”: With respect to any Mortgage Loan or Serviced Loan Combination, as of any date of determination, the fraction,
expressed as a percentage, the numerator of which is the then unpaid principal balance of such Mortgage Loan or Serviced Loan Combination,
as applicable, and the denominator of which is the Appraised Value of the related Mortgaged Property as determined by an Appraisal
thereof.

 

“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan
or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall
be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain
thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07
of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.

 

“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Loan Combination, the lock-box or other similar agreement, if any, between the related
originator(s) and the Mortgagor, pursuant to which the related Lock-Box Account, if any, may have been established.

 

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

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(g) of this Agreement. The Loss of Value Reserve Fund will be part of the
Trust Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier
Principal Balance”: The principal amount of any Lower-Tier Regular Interest outstanding as of any date of determination.
As of the Closing Date, the Lower-Tier

 

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Principal Balance of each Lower-Tier Regular Interest shall equal the original Lower-Tier
Principal Balance as set forth in the Preliminary Statement hereto. On each Distribution Date, the Lower-Tier Principal Balance
of each Lower-Tier Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in
respect of such Lower-Tier Regular Interest on such Distribution Date pursuant to Section 4.01(a)(ii) of this Agreement, and
shall be further permanently reduced on such Distribution Date by all applicable Realized Losses deemed to have been allocated
thereto on such Distribution Date pursuant to Section 4.01(f) of this Agreement, such that at all times the Lower-Tier
Principal Balance of a Lower-Tier Regular Interest shall equal the Certificate Balance of the Corresponding Certificates. The Lower-Tier
Principal Balance of any Lower-Tier Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated
by Section 4.01(g) of this Agreement.

 

“Lower-Tier
Regular Interests”: The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the Lower-Tier REMIC, designated as the Class LA-1, Class LA-2, Class LA-4A1, Class LA-4A2, Class LA-5,
Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG, Class LH and
Class LVRR Lower-Tier Regular Interests.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans and collections thereon (other
than Excess Interest and the assets held by the MGM Grand & Mandalay Bay REMICs), the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests, any related REO Property (or a beneficial interest in the applicable portion of the “REO Property”
under the applicable Outside Servicing Agreement related to any Outside Serviced Mortgage Loan) acquired in respect thereof and
all proceeds of such REO Property allocable to the related Mortgage Loan, other property of the Trust Fund related thereto and
amounts (other than Excess Interest and any interest or other income earned thereon) held in respect thereof from time to time
in the Collection Account, any Serviced Loan Combination Custodial Account, the Interest Reserve Account and the related REO Account,
and amounts held from time to time in the Lower-Tier REMIC Distribution Account and the Excess Liquidation Proceeds Reserve Account,
in each case excluding the beneficial interest of any Companion Loan Holder in an REO Property and any amounts allocable to the
Companion Loans and any interest or other income earned on such amounts allocable to the Companion Loans. Any Threshold Event Collateral
posted by a Serviced Subordinate Companion Loan Holder will be part of the Trust Fund but not part of the Grantor Trust or any
Trust REMIC.

 

“Lower-Tier
REMIC Distribution Account”: The account or accounts created and maintained as a separate account (or separate sub-account
within the same account as another Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b)
of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be
entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23, and the Uncertificated VRR Interest Owner, Lower-Tier REMIC Distribution Account” and which must be
an Eligible Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

 

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“Lower-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Lower-Tier REMIC and evidenced by the Class R Certificates.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
Collectively:

 

(a)           any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership
of properties securing such of the Serviced Loans as come into and continue in default;

 

(b)           any
modification, consent to a modification or waiver of a monetary term (other than Penalty Charges which the Master Servicer or the
Special Servicer, as applicable, is permitted to waive pursuant to this Agreement) or material non-monetary term (including, without
limitation, any Payment Accommodation, a modification with respect to the timing of payments and acceptance of discounted payoffs
but excluding waiver of Penalty Charges) of a Serviced Loan or any extension of the Maturity Date or Anticipated Repayment Date,
as applicable, of any Serviced Loan;

 

(c)           any
sale of a Serviced Mortgage Loan that is a Defaulted Mortgage Loan (and any related Serviced Companion Loan) or REO Property (other
than in connection with the termination of the Trust Fund) for less than the applicable Purchase Price;

 

(d)           any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials
located at an REO Property or any approval of a Mortgagor’s determination to bring a Mortgaged Property into compliance with
applicable environmental laws or to otherwise address Hazardous Materials located at a Mortgaged Property, to the extent the lender
is required to consent to, or approve, any such determination by the Mortgagor under the related Loan Documents;

 

(e)           any
release of collateral or any acceptance of substitute or additional collateral for a Serviced Loan, or any consent to either of
the foregoing, other than immaterial condemnation actions and other similar takings or if such action is otherwise required pursuant
to the specific terms of the related Serviced Loan and there is no lender discretion;

 

(f)           any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Loan or, if lender
consent is required, any consent to such waiver or consent to a transfer of the Mortgaged Property or interests in the Mortgagor
(including any interests in any applicable mezzanine borrower) or consent to the incurrence of additional debt, other than any
such transfer or incurrence of debt as may be effected pursuant to the terms of the related loan agreement and without the consent
of the lender under the related loan agreement or related to an immaterial easement, right of way or similar agreement;

 

(g)           any
approval of property management company changes or franchise changes, in each case to the extent the lender is required to consent
to, or approve, such

 

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changes under the related Loan Documents, provided that with respect to property management company changes
(i) the Serviced Loan has an outstanding principal balance greater than $2,500,000, or (ii) the successor property manager
is affiliated with the related Mortgagor;

 

(h)           releases
of any holdback amounts, escrow accounts, reserve accounts or letters of credit held as performance or “earn-out” holdbacks,
escrows or reserves, other than those required pursuant to the specific terms of the related Serviced Loan and for which there
is no lender discretion (for the avoidance of doubt the determination of whether conditions precedent to a Mortgagor’s right
to obtain release have been satisfied will be a matter of lender discretion), but solely with respect to any Specified Mortgage
Loans);

 

(i)           any
acceptance of an assumption agreement or any other agreement permitting transfers of interests in a Mortgagor or guarantor releasing
a Mortgagor or guarantor from liability under a Serviced Loan other than pursuant to the specific terms of such Serviced Loan and
for which there is no lender discretion;

 

(j)           any
acceleration of a Serviced Loan or the exercise of any other remedy following a default or an event of default with respect to
a Serviced Loan, any initiation of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect
to the related Mortgagor or Mortgaged Property;

 

(k)           the
determination of the Special Servicer pursuant to clause (b) or clause (g) of the definition of “Specially
Serviced Loan”;

 

(l)           any
modification, waiver or amendment of an intercreditor agreement, Co-Lender Agreement or similar agreement (other than with respect
to amendments to split or re-size notes consistent with the terms of the subject Co-Lender Agreement and as to which the consent
of the holder of the related Mortgage Loan is not required), in each case entered into with any mezzanine lender or Companion Loan
Holder or subordinate debt holder related to a Serviced Loan, or an action to enforce rights with respect thereto and in each case,
in a manner that materially and adversely affects the Holders of the Control Eligible Certificates or the Holders of the Loan-Specific
Control Eligible Certificate (provided that no 360 Spear Control Appraisal Period has occurred and is continuing);

 

(m)           any
determination of an Acceptable Insurance Default;

 

(n)           in
the case of any Specially Serviced Loan, approval of any waiver regarding the receipt of financial statements (other than immaterial
timing waivers including late financial statements which in no event relieve any Mortgagor of the obligation to provide financial
statements on at least a quarterly basis) following three consecutive late deliveries of financial statements;

 

(o)           in
the case of any Specially Serviced Loan, any modification, waiver or amendment of any lease, the execution of any new lease or
the granting of a subordination, non-disturbance and attornment agreement in connection with any lease (other than a Ground Lease)
at a Mortgaged Property or REO Property, if (a) the lease affects an area

 

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greater than or equal to 30% of the net rentable area
of the improvements at the Mortgaged Property and (b) such transaction is not a routine leasing matter;

 

(p)           any
consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor, other
than such debt that is permitted pursuant to the specific terms of the related Serviced Loan and for which there is no lender discretion
(for the avoidance of doubt, the determination of whether conditions precedent to the right to incur additional debt or additional
mezzanine debt will not be a matter of lender discretion);

 

(q)           in
the case of any Specially Serviced Loan, any approval of or consent to a grant of an easement or right of way that materially affects
the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments with respect to such Specially Serviced
Loan;

 

(r)           agreeing
to any modification, waiver, consent or amendment of the related Serviced Loan in connection with a defeasance if such proposed
modification, waiver, consent or amendment is with respect to (i) a waiver of a mortgage loan event of default (but excluding non-monetary
events of default other than defaults relating to transfers of interest in the Mortgagor or the existing collateral or material
modifications of the existing collateral) that would permit the defeasance of the subject Serviced Loan, (ii) a modification of
the type of defeasance collateral required under the related Loan Documents such that defeasance collateral other than direct,
non-callable obligations of the United States would be permitted or (iii) a modification that would permit a principal prepayment
instead of defeasance if the applicable Loan Documents do not otherwise permit such principal prepayment; and

 

(s)           determining
whether to permit any Ground Lease modification, amendment or subordination, non-disturbance and attornment agreement or entry
into a new Ground Lease;

 

provided, for the avoidance of doubt,
that any modification, waiver, consent or amendment by the Master Servicer or the Special Servicer that is set forth above as a
Major Decision shall constitute a Major Decision regardless of the fact that such action is being taken in connection with a defeasance;
and, provided, further, that, in the case of a Serviced Outside Controlled Loan Combination, “Major Decision” shall
have the meaning as such term or any analogous term is assigned in the related Co-Lender Agreement. For the avoidance of doubt,
the Controlling Class Representative shall have no consent or consultation rights with respect to Major Decisions with respect
to any Excluded Mortgage Loan

 

“Major Decision
Reporting Package”: With respect to any Major Decision, (a) a written report prepared by the Special Servicer describing
in reasonable detail (i) the background and circumstances requiring action of the Special Servicer, (ii) the proposed course of
action recommended, and (iii) information regarding any direct or indirect conflict of interest in the subject action, and (b)
all information in the Special Servicer’s possession that is reasonably requested by the party receiving such Major Decision Reporting
Package in order for such party to exercise any consultation or consent rights available to such party under this Agreement. For

 

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the avoidance of doubt, the Special Servicer may provide the information described in clauses (a)(i) and (a)(ii) above in the form
of an Asset Status Report.

 

“Majority-Owned
Affiliate”: A “majority-owned affiliate” as defined under Regulation RR.

 

“Manager”:
With respect to any Mortgage Loan or Serviced Loan Combination, any property manager for the related Mortgaged Properties.

 

“Master Servicer”:
Midland Loan Services, a Division of PNC Bank, National Association, a national banking association, or its successor in interest,
or any successor Master Servicer appointed as herein provided.

 

“Master Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

 

“Master Servicer
Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance of the
duties of the Master Servicer under this Agreement.

 

“Material Breach”:
As defined in Section 2.03(a) of this Agreement.

 

“Material Defect”:
With respect to any Trust Loan, a Material Breach or a Material Document Defect, as the case may be, with respect to such Trust
Loan.

 

“Material Document
Defect”: As defined in Section 2.03(a) of this Agreement.

 

“Maturity Date”:
With respect to each Mortgage Loan, the maturity date as set forth on the Mortgage Loan Schedule; and with respect to each Serviced
Companion Loan, the Maturity Date for the related Mortgage Loan.

 

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

 

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

 

“MGM Grand &
Mandalay Bay Companion Loans”: With respect to the MGM Grand & Mandalay Bay Mortgage Loan, the Companion Loans evidenced
by the Notes identified in the Loan Combination Table as being related to the MGM Grand & Mandalay Bay Mortgage Loan and the
MGM Grand & Mandalay Bay Loan Combination, which Notes are made by the related Mortgagor and secured by the Mortgage on the
MGM Grand & Mandalay Bay Mortgaged Property, and which are not included in the Trust.

 

“MGM Grand &
Mandalay Bay Loan Combination”: The Loan Combination identified on the Loan Combination Table as related to the Mortgaged
Property identified on the Mortgage Loan Schedule as MGM Grand & Mandalay Bay.

 

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“MGM Grand &
Mandalay Bay Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule
as MGM Grand & Mandalay Bay.

 

“MGM Grand &
Mandalay Bay Mortgage Loan Portion”: The CREFI MGM Grand & Mandalay Bay Mortgage Loan Portion or the GACC MGM Grand
& Mandalay Bay Mortgage Loan Portion, as applicable.

 

“MGM Grand &
Mandalay Bay REMIC Declarations”: The CREFI MGM Grand & Mandalay Bay REMIC Declaration and the GACC MGM Grand &
Mandalay Bay REMIC Declaration.

 

“MGM Grand &
Mandalay Bay REMIC Regular Interests”: As defined in the Introductory Statement.

 

“MGM Grand &
Mandalay Bay REMIC Residual Distribution Account:” The account or accounts created and maintained as a separate account
or accounts by the Certificate Administrator pursuant to Section 3.04(e) of this Agreement, which shall be entitled “Citibank,
N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23, MGM Grand &
Mandalay Bay REMIC Residual Distribution Account” and which must be an Eligible Account. The MGM Grand & Mandalay Bay
REMIC Residual Distribution Account shall be held solely for the benefit of the Holders of the Class R Certificates. The MGM
Grand & Mandalay Bay REMIC Residual Distribution Account shall be an asset of the Trust, but not an asset of any Trust REMIC.

 

“MGM Grand &
Mandalay Bay REMIC Residual Interest”: As defined in the Preliminary Statement.

 

“MGM Grand &
Mandalay Bay REMICs”: The CREFI MGM Grand & Mandalay Bay REMIC and the GACC MGM Grand & Mandalay Bay REMIC.

 

“MGM Grand &
Mandalay Bay Trust REMIC Regular Interests”: Collectively, The CREFI MGM Grand & Mandalay Bay Trust REMIC Regular
Interest and the GACC MGM Grand & Mandalay Bay Trust REMIC Regular Interest.

 

“Modification
Fees”: With respect to any Serviced Loan, any and all fees collected from the related Mortgagor with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents (as evidenced by a signed
writing) agreed to by the Master Servicer or the Special Servicer, other than (a) any Assumption Fees, Consent Fees or assumption
application fees and (b) any fee in connection with a defeasance of such Serviced Loan.

 

“Modified Asset”:
Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant
to Section 3.24 of this Agreement in a manner that:

 

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(a)           affects
the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing Monthly Payments
current with respect to such Serviced Loan);

 

(b)           except
as expressly contemplated by the related Loan Documents, results in a release of the lien of the related Mortgage on any material
portion of the related Mortgaged Property without a corresponding Principal Prepayment in an amount, or the delivery of substitute
real property collateral with a fair market value (as is), that is not less than the fair market value (as is) of the property
to be released, as determined by an appraisal delivered to the Special Servicer (at the expense of the related Mortgagor and upon
which the Special Servicer may conclusively rely); or

 

(c)           in
the reasonable, good faith judgment of the Special Servicer, otherwise materially impairs the security for such Serviced Loan or
materially reduces the likelihood of timely payment of amounts due thereon.

 

“Monthly Payment”:
With respect to any Mortgage Loan or Serviced Companion Loan, as applicable (other than any REO Mortgage Loan or REO Companion
Loan), and any Due Date, the scheduled monthly payment of principal (if any) and interest at the related Mortgage Rate, which is
payable by the related Mortgagor on such Due Date under the related Note or Notes, exclusive of any Balloon Payment. The Monthly
Payment with respect to any Due Date for (i) an REO Mortgage Loan or REO Companion Loan or (ii) any Mortgage Loan or
Serviced Companion Loan that is delinquent at its respective Maturity Date and with respect to which the Special Servicer has not
entered into an extension, shall be the monthly payment that would otherwise have been payable on such Due Date had the related
Note not been discharged or the related Maturity Date had not been reached, as the case may be, determined as set forth in the
preceding sentence and on the assumption that all other amounts, if any, due thereunder are paid when due. The Monthly Payment
for any Serviced Loan Combination is the aggregate Monthly Payment for the related Mortgage Loan and Serviced Companion Loan(s).

 

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

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing the Note(s) evidencing a Mortgage Loan or Loan Combination.

 

“Mortgage File”:
With respect to any Mortgage Loan or the related Serviced Loan Combination, subject to Section 2.01(b), collectively
the following documents:

 

(1)           (A)
the original executed Note for such Mortgage Loan (and, in the case of the 360 Spear Mortgage Loan, the original executed Mortgage
Note for the Trust

 

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Subordinate Companion Loan), endorsed on its face or by allonge thereto (without recourse, representation or
warranty, express or implied) to the order of “Wilmington Trust, National Association, as Trustee, on behalf of the registered
Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 and the Uncertificated
VRR Interest Owner” or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such
originator is not the applicable Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost, a
lost note affidavit and indemnity with a copy of such Note), and (B) if such Mortgage Loan is part of a Serviced Loan Combination,
a copy of the executed Note for each related Serviced Companion Loan held outside the Trust;

 

(2)           an
original or copy of the Mortgage, together with originals or copies of any and all intervening assignments thereof, in each case
(unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon
or certified by the applicable recorder’s office;

 

(3)           an
original or copy of any related Assignment of Leases (if such item is a document separate from the Mortgage), together with originals
or copies of any and all intervening assignments thereof, in each case (unless the particular item has not been returned from the
applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office;

 

(4)           an
original executed assignment, in recordable form (except for missing recording information not yet available if the instrument
being assigned has not been returned from the applicable recording office), of (A) the Mortgage and (B) any related Assignment
of Leases (if such item is a document separate from the Mortgage), in favor of “Wilmington Trust, National Association, as
Trustee, on behalf of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23 and the Uncertificated VRR Interest Owner [and the holder of the related Serviced Companion Loan, as their
interests may appear]” or in blank, or a copy of such assignment if the related Mortgage Loan Seller or its designee, rather
than the Trustee, is responsible for recording such assignment; provided, however, that with respect to a Servicing Shift Mortgage
Loan, each such assignment shall be executed in blank until the earliest of (A) the related Servicing Shift Date, (B) such Servicing
Shift Mortgage Loan becoming a Specially Serviced Mortgage Loan, and (C) 180 days after the Closing Date;

 

(5)           the
original assignment of all unrecorded documents relating to the Mortgage Loan (or the related Serviced Loan Combination, if applicable),
in favor of “Wilmington Trust, National Association, as Trustee, on behalf of the registered Holders of Benchmark 2021-B23
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 and the Uncertificated VRR Interest Owner [and
the holder of the related Serviced Companion Loan, as their interests may appear]”; provided, however, that with respect
to a Servicing Shift Mortgage Loan, each such assignment shall be executed in blank until the earliest of (A) the related
Servicing Shift Date, (B) such Servicing Shift Mortgage Loan becoming a Specially Serviced Mortgage Loan, and (C) 180 days
after the Closing Date;

 

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(6)           originals
or copies of final written modification agreements in those instances where the terms or provisions of the Note for such Mortgage
Loan (or, if applicable, any Note of a Serviced Loan Combination) or the related Mortgage have been modified, in each case (unless
the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon
if the instrument being modified is a recordable document;

 

(7)           the
original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan
(or the related Serviced Loan Combination, if applicable) or, if such policy has not been issued or located, an irrevocable, binding
commitment (which may be a “marked-up” pro forma title policy marked as binding and executed by an authorized representative
of the title insurer or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title insurer) to issue such title insurance policy;

 

(8)           an
original or copy of the related Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination, if applicable),
if any, and any ground lessor estoppel;

 

(9)           an
original or copy of the related Loan Agreement, if any;

 

(10)           an
original of any guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(11)           an
original or copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced
Loan Combination, if any;

 

(12)           an
original or copy of the environmental indemnity from the related Mortgagor, if any;

 

(13)           an
original or copy of the related escrow agreement and the related security agreement (in each case, if such item is a document separate
from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof;

 

(14)           an
original assignment of the related security agreement (if such item is a document separate from the Mortgage and if such item is
not included in the assignment described in clause (5)), in favor of “Wilmington Trust, National Association, as Trustee,
on behalf of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23
and the Uncertificated VRR Interest Owner [and the holder of the related Serviced Companion Loan, as their interests may appear]”;
provided, however, that with respect to a Servicing Shift Mortgage Loan, each such assignment shall be executed in blank until
the earliest of (A) the related Servicing Shift Date, (B) such Servicing Shift Mortgage Loan becoming a Specially Serviced Mortgage
Loan, and (C) 180 days after the Closing Date;

 

(15)           any
filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of such
Mortgage Loan (or the related

 

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Serviced Loan Combination, if applicable) or in favor of any assignee prior to the Trustee, and an
original UCC-3 assignment thereof, in form suitable for filing, in favor of the Trustee (or, in each case, a copy thereof, certified
to be the copy of such assignment submitted or to be submitted for filing);

 

(16)           in
the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the original
or a copy of the related intercreditor agreement;

 

(17)           an
original or copy of any related environmental insurance policy;

 

(18)           a
copy of any letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment
thereof (with the original to be delivered to the Master Servicer);

 

(19)           copies
of any related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together
with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee the benefits of
such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor to issue
a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of such replacement
comfort letter (the copy of such notice shall be delivered by the related Mortgage Loan Seller to the Custodian for inclusion in
the Mortgage File within the time period set forth in the penultimate paragraph of Section 2.01(b)), with the original of
any replacement comfort letter to be included in the Mortgage File following receipt thereof by the Master Servicer) and/or estoppel
letters relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof; and

 

(20)           in
the case of a Loan Combination, an original or a copy of the related Co-Lender Agreement;

 

provided that, whenever the term
“Mortgage File” is used to refer to documents actually received by the Certificate Administrator or a Custodian appointed
thereby, such term shall not be deemed to include such documents and instruments required to be included therein unless they are
actually so received.

 

“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 and from time to time held
in the Trust Fund (other than the Trust Subordinate Companion Loan), the mortgage loans originally so transferred, assigned and
held being identified on the Mortgage Loan Schedule as of the Cut-Off Date. Such term shall include any Specially Serviced Mortgage
Loan, REO Mortgage Loan or defeased Mortgage Loan and each Outside Serviced Mortgage Loan (but not the Companion Loans). For the
avoidance of doubt, no Retained Defeasance Rights and Obligations will be part of a “Mortgage Loan” or an asset of
the Trust. Notwithstanding anything to the contrary in this Agreement, with respect to each Co-sponsored Mortgage Loan (which consists
of two or more separate notes contributed to the Trust by the related Applicable Co-sponsors), the term “Mortgage Loan”
shall mean the entire such Co-sponsored Mortgage Loan, except that: (i) for the purposes of determining any rights or obligations

 

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of CREFI with respect to each CREFI Co-sponsored Mortgage Loan under this Agreement or the CREFI Mortgage Loan Purchase Agreement,
except as otherwise provided in Section 11.02(b), the term “Mortgage Loan” shall refer to the portion of such
CREFI Co-sponsored Mortgage Loan evidenced by the applicable CREFI Co-sponsored Note and such promissory note(s) shall be treated
like a separate Mortgage Loan; (ii) for the purposes of determining any rights or obligations of GACC with respect to each GACC
Co-sponsored Mortgage Loan under this Agreement or the GACC Mortgage Loan Purchase Agreement, except as otherwise provided in Section
11.02(b), the term “Mortgage Loan” shall refer to the portion of such GACC Co-sponsored Mortgage Loan evidenced
by the applicable GACC Co-sponsored Note and such promissory note(s) shall be treated like a separate Mortgage Loan; and (iii)
for the purposes of determining any rights or obligations of JPMCB with respect to each JPMCB Co-sponsored Mortgage Loan under
this Agreement or the JPMCB Mortgage Loan Purchase Agreement, except as otherwise provided in Section 11.02(b), the term
“Mortgage Loan” shall refer to the portion of such JPMCB Co-sponsored Mortgage Loan evidenced by the applicable JPMCB
Co-sponsored Note and such promissory note(s) shall be treated like a separate Mortgage Loan.

 

“Mortgage Loan
Purchase Agreement”: The CREFI Mortgage Loan Purchase Agreement, the GACC Mortgage Loan Purchase Agreement, the GSMC
Mortgage Loan Purchase Agreement or the JPMCB Mortgage Loan Purchase Agreement, as applicable.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached hereto as Exhibit B,
which list shall set forth the following information with respect to each Mortgage Loan:

 

(i)           the
Loan Number;

 

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

 

(iii)           the
Cut-Off Date Balance;

 

(iv)           the
original Mortgage Rate;

 

(v)           the
(A) remaining term to maturity/ARD and (B) Maturity Date/ARD;

 

(vi)           in
the case of a Balloon Loan, the remaining amortization term;

 

(vii)         the
Servicing Fee Rate (which may be presented as consisting of the following separate components: “Master Servicing Fee Rate
(%)”, “Primary Servicing Fee Rate (%)”, “Subservicing Fee Rate (%)” and “Outside Servicing
Fee Rate (%)”) (separately identifying any primary servicing fee rate or subservicing fee rate included in the Servicing
Fee Rate, and in the case of a Serviced Loan Combination, separately identifying the Servicing Fee Rate applicable to the related
Serviced Companion Loan in such Serviced Loan Combination, and in the case of an Outside Serviced Mortgage Loan, separately identifying
the primary servicing fee rate payable to the Outside Servicer);

 

(viii)        the
Mortgage Loan Seller(s);

 

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(ix)           whether
the Mortgage Loan is cross-collateralized and the cross-collateralized group it belongs to;

 

(x)           whether
the Mortgage Loan is an ARD Mortgage Loan;

 

(xi)           the
ARD Mortgage Loan final Maturity Date, if applicable;

 

(xii)          the
Revised Rate, if applicable;

 

(xiii)         whether
such Mortgage Loan is part of a Serviced Loan Combination, in which case the information required by clauses (iii), (iv),
(v), (vi) and (vii) above shall also be set forth for the Serviced Companion Loan in the related Serviced Loan Combination; and

 

(xiv)         whether
the related Mortgaged Property is in a flood zone and, if applicable, the flood zone code thereof.

 

“Mortgage Loan
Seller”: Each of CREFI, GACC, GSMC and JPMCB, and their respective successors in interest.

 

“Mortgage Loan
Seller Sub-Servicer”: A Sub-Servicer required to be retained by the Master Servicer by a Mortgage Loan Seller, as listed
on Exhibit S to this Agreement, or any successor thereto.

 

“Mortgage Pool”:
All of the Mortgage Loans and any successor REO Mortgage Loans, collectively. The Mortgage Pool does not include the Companion
Loans or any related REO Companion Loans.

 

“Mortgage Rate”:
With respect to any Mortgage Loan (including an REO Mortgage Loan) or Serviced Companion Loan (including an REO Companion Loan),
the per annum rate at which interest accrues (or, if and while it is an REO Mortgage Loan or REO Companion Loan, is deemed
to accrue) on such Mortgage Loan or Serviced Companion Loan, as the case may be, as stated in the related Note or Co-Lender Agreement,
in each case without giving effect to the Default Rate, any Excess Interest or any Revised Rate with respect to such Mortgage Loan
or Serviced Companion Loan, as the case may be.

 

“Mortgaged Property”:
The underlying property securing a Mortgage Loan and the related Companion Loan(s), including any REO Property (including with
respect to an Outside Serviced Mortgage Loan), consisting of a fee simple estate, and, with respect to certain Mortgage Loans and
any related Companion Loan(s), a leasehold estate, or both a leasehold estate and a fee simple estate, or a leasehold estate in
a portion of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial property, together
with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

“Mortgagor”:
The obligor or obligors on a Note evidencing a Trust Loan and any related Note(s) in favor of any related Companion Loan Holder(s),
including, without limitation, any Person that has acquired the related Mortgaged Property and assumed the obligations of the

 

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original
obligor under such Note evidencing a Trust Loan and any such Note(s) in favor of any related Companion Loan Holder(s).

 

“Mortgagor Accounts”:
As defined in Section 3.07(a) of this Agreement.

 

“Net Condemnation
Proceeds”: The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including
an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and
(ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that,
in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited
to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan,
pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Mortgagor in accordance with the express requirements of the Mortgage or Note or other Loan Documents
included in the Mortgage File or in accordance with the Servicing Standard, or with respect to the environmental insurance policy,
applied to pay any costs, expenses, penalties, fines or similar items; provided that, in the case of an Outside Serviced
Mortgage Loan, “Net Insurance Proceeds” under this Agreement shall be limited to any related Insurance Proceeds that
are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in
the related Co-Lender Agreement.

 

“Net Liquidation
Proceeds”: The Liquidation Proceeds received by the Trust Fund with respect to any Mortgage Loan or Serviced Loan Combination
(including an REO Mortgage Loan or REO Companion Loan) net of the amount of Liquidation Expenses incurred with respect thereto.

 

“Net Mortgage
Rate”: With respect to any Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) or Trust Subordinate
Companion Loan (including any successor REO Companion Loan with respect thereto), the per annum rate equal to the related
Mortgage Rate minus the related Administrative Cost Rate.

 

“Net Mortgage
Pass-Through Rate”: (a) With respect to any Mortgage Loan (including any successor REO Mortgage Loan with respect
thereto) or Trust Subordinate Companion Loan (including any successor REO Companion Loan with respect thereto) that accrues interest
on a 30/360 Basis, for any Distribution Date, the Net Mortgage Rate in effect for such Mortgage Loan or Trust Subordinate Companion
Loan during the one-month accrual period applicable to the Due Date for such Mortgage Loan or Trust Subordinate Companion Loan
that occurs in the same month as that Distribution Date; and (b) with respect to any Mortgage Loan (including any successor
REO Mortgage Loan with respect thereto) or Trust Subordinate Companion Loan (including any successor REO Companion Loan with respect
thereto) that accrues interest on an Actual/360 Basis, for any Distribution Date, the annualized rate at which interest would have
to accrue in respect of such Mortgage Loan or Trust Subordinate Companion Loan on a 30/360 Basis in order to produce the aggregate
amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise

 

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would have accrued) in respect of such Mortgage Loan or Trust Subordinate Companion Loan (adjusted to the related Net Mortgage
Rate and, if applicable, exclusive of any Excess Interest) during the one-month accrual period applicable to the Due Date for such
Mortgage Loan or Trust Subordinate Companion Loan that occurs in the same month as that Distribution Date. However, with respect
to each Mortgage Loan that accrues interest on an Actual/360 Basis and the Trust Subordinate Companion Loan (which accrues interest
on an Actual/360 Basis), when determining: (i) the related Net Mortgage Pass-Through Rate for the Distribution Date in January
(except during a leap year) or February of any year beginning in 2022 (in any event unless that Distribution Date is the final
Distribution Date), the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal
prepayment affecting same, that otherwise would have accrued)”, as referred to in clause (b) of the preceding sentence,
shall be deemed to exclude related Withheld Amounts to be transferred to the Interest Reserve Account in such month; and (ii) the
related Net Mortgage Pass-Through Rate for the Distribution Date in March (or in February if the final Distribution Date occurs
in such particular month of February) in any year, beginning in 2021, the “aggregate amount of interest actually accrued
(or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”,
as referred to in clause (b) of the preceding sentence, shall be deemed to include related Withheld Amounts to be deposited
in the Lower-Tier REMIC Distribution Account or the 360 Spear REMIC Distribution Account, as applicable, for distribution on such
Distribution Date (or, alternatively, for the Distribution Date in March 2021, the related Initial Interest Deposit Amount). In
addition, the Net Mortgage Pass-Through Rate with respect to any Mortgage Loan or Trust Subordinate Companion Loan for any Distribution
Date shall be determined without regard to: (i) any modification, waiver or amendment of the terms of such Mortgage Loan or
Trust Subordinate Companion Loan, whether agreed to by the Master Servicer, the Special Servicer, an Outside Servicer or an Outside
Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related borrower; (ii) the
occurrence and continuation of a default under such Mortgage Loan or Trust Subordinate Companion Loan; (iii) the passage of
the related maturity date or, in the case of an ARD Mortgage Loan, the related Anticipated Repayment Date; and (iv) the related
Mortgaged Property becoming an REO Property. With respect to the MGM Grand & Mandalay Bay Mortgage Loan, the computations set
forth above shall be made with respect to the related MGM Grand & Mandalay Bay Trust REMIC Regular Interests as if they were
separate Mortgage Loans instead of with respect to the MGM Grand & Mandalay Bay Mortgage Loan.

 

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

 

“Net REO Proceeds”:
With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds received by the Trust Fund
with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the proceeds of a liquidation thereof),
net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted to be paid therefrom pursuant
to Section 3.16(b) of this Agreement; provided that, in the case of an REO Property that relates to an Outside
Serviced Mortgage Loan, “Net REO Proceeds” under this Agreement shall be limited to any REO Proceeds that are received

 

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by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related
Co-Lender Agreement.

 

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

 

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

 

“Non-Conforming
Policy”: As defined in Section 3.08(a) of this Agreement.

 

“Non-Exempt
Person” shall mean any Person other than a Person who either (i) is a U.S. person or (ii) has provided to the
Certificate Administrator 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 Certificate Administrator to make such payments free of any obligation or liability for withholding,
provided that duly executed form(s) provided to the Certificate Administrator pursuant to Section 5.03(o)(ii), shall be
sufficient to evidence that such providing Person is not a Non-Exempt Person.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for
which (a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication)
of (x) the aggregate payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders
of such Class of Certificates as of such date of determination, (y) any Appraisal Reduction Amounts allocated to such
Class of Certificates as of such date of determination and (z) any applicable Realized Losses previously allocated to such
Class of Certificates as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the
initial Certificate Balance of such Class of Certificates less (ii) any payments of principal (whether as principal prepayments
or otherwise) previously distributed to the Holders of that Class of Certificates as of such date of determination.

 

“Non-Specially
Serviced Loan”: A Trust Loan that is not, and is not part of, a Specially Serviced Loan.

 

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

 

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

 

“Non-Vertically
Retained Percentage”: An amount expressed as a percentage equal to 100% less the Vertically Retained Percentage. For
the avoidance of doubt, at all times, the sum of the Vertically Retained Percentage and the Non-Vertically Retained Percentage
shall equal 100%.

 

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“Non-Vertically
Retained Pooled Available Funds”: With respect to any Distribution Date, an amount equal to the Non-Vertically Retained
Percentage of the Aggregate Pooled Available Funds for such Distribution Date.

 

“Non-Vertically
Retained Pooled Certificates”: All Pooled Certificates other than the Class VRR Certificates.

 

“Non-Vertically
Retained Pooled Principal Balance Certificates”: All Pooled Principal Balance Certificates other than the Class VRR Certificates.

 

“Non-Vertically
Retained Pooled Regular Certificates”: The Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class A-S,
Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates, collectively.

 

“Non-Vertically
Retained Yield Maintenance Charge”: As defined in Section 4.01(d)(ii).

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Property Advance. Workout-Delayed Reimbursement Amounts
shall constitute a Nonrecoverable Advance only when the Person making such determination in accordance with the procedures specified
in Section 3.20 and 4.06, the definition of Nonrecoverable P&I Advance or the definition of Nonrecoverable
Property Advance, as applicable, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from late collections or any other recovery
on or in respect of the related Trust Loan or Serviced Loan Combination or REO Property, as applicable, or (b) has determined
that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts (that have not been
reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately recoverable from
the principal portion of future general collections on the applicable Trust Loan(s) and REO Property or Properties. For the avoidance
of doubt, any non-recoverability determination with respect to the Trust Subordinate Companion Loan will be made based on the subordinate
nature of such Trust Subordinate Companion Loan.

 

“Nonrecoverable
P&I Advance”: With respect to any Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) or Trust
Subordinate Companion Loan (or any successor REO Companion Loan with respect thereto), any P&I Advance previously made or proposed
to be made in respect of such Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) or Trust Subordinate Companion
Loan (or any successor REO Companion Loan with respect thereto), as applicable, or a related REO Mortgage Loan by the Master Servicer
or the Trustee, which P&I Advance such party or the Special Servicer has determined pursuant to and in accordance with Section 4.06
of this Agreement, would not or will not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds
or Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan (or any successor REO Mortgage Loan with
respect thereto) or such Subordinate Trust Companion Loan (or any successor REO Companion Loan with respect thereto), as the case
may be.

 

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“Nonrecoverable
Property Advance”: Any Property Advance (including any Emergency Advance) previously made or proposed to be made in respect
of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer, the Special Servicer or the Trustee,
which Property Advance the advancing party (or, in the case of an Emergency Advance made by the Special Servicer pursuant to the
proviso to the penultimate sentence of Section 3.20(e), the reimbursing party) or, if different, the Special Servicer
has determined pursuant to and in accordance with Section 3.20 of this Agreement, would not or will not, as applicable,
be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery
on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination or REO Property, as the case may be. Any Property Advance
(including any Emergency Advance) that is not required to be repaid by the related Mortgagor under the terms of the related Loan
Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s, the Special Servicer’s
or the Trustee’s entitlement to reimbursement for such Advance. In the case of an Outside Serviced Mortgage Loan or any related
REO Property, the term “Nonrecoverable Property Advance” shall have the meaning assigned thereto in the Outside Servicing
Agreement.

 

“Note”
or “Mortgage Note”: With respect to any Mortgage Loan or Companion Loan as of any date of determination, the
note or other evidence of indebtedness and/or agreements evidencing the indebtedness of a Mortgagor under such Mortgage Loan or
Companion Loan, as the case may be, including any amendments or modifications, or any renewal or substitution notes, as of such
date.

 

“Notice of Termination”:
Any of the notices given to the Certificate Administrator by the Master Servicer, the Depositor or any Holder of a Class R
Certificate pursuant to Section 9.01(c).

 

“Notifying Party”:
As defined in Section 3.01(i).

 

“Notional Amount”:
For any date of determination, (a) with respect to the Class X-A Certificates, the Class X-A Notional Amount, (b)
with respect to the Class X-B Certificates, the Class X-B Notional Amount, (c) with respect to the Class X-D Certificates,
the Class X-D Notional Amount; (d) with respect to the Class X-F Certificates, the Class X-F Notional Amount, (e)
with respect to the Class X-G Certificates, the Class X-G Notional Amount, and (f) with respect to the Class X-H
Certificates, the Class X-H Notional Amount.

 

“NRSRO”:
A nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act.

 

“NRSRO Certification”:
A certification executed by an NRSRO (other than a Rating Agency) in favor of the Rule 17g-5 Information Provider substantially
in the form attached as Exhibit M-5 hereto that states that such NRSRO has provided the Depositor with the appropriate
certifications pursuant to paragraph (e) of Rule 17g-5 under the Exchange Act and that such NRSRO will keep any information
obtained from the Rule 17g-5 Information Provider’s Website confidential, except to the extent such information has
been made available to the general public. Each NRSRO shall be deemed to recertify to the foregoing each time it accesses the Rule 17g-5
Information Provider’s Website.

 

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“OCC”:
The Office of the Comptroller of the Currency, and its successors in interest.

 

“Offering Circular”:
The offering circular dated January 29, 2021 relating to the Private Certificates (other than the Class VRR Certificates,
the Class S Certificates and the Loan-Specific Certificates).

 

“Officer’s
Certificate”: With respect to any Person, a certificate signed by an authorized officer of such Person or, in the case
of the Master Servicer or the Special Servicer, a Servicing Officer, and delivered to the Depositor, the Trustee, the Certificate
Administrator, the Master Servicer or the Special Servicer, as the case may be.

 

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

 

“Operating Advisor
Annual Report”: As defined in Section 3.29(d)(ii) of this Agreement.

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consultation rights equal to $10,000
or such lesser amount as the related Mortgagor pays with respect to any Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable), payable pursuant to Section 3.06(a) and Section 3.06A(a) of this Agreement; provided,
that the Operating Advisor Consulting Fee shall be payable only to the extent such fee is actually received from the related Mortgagor
as a separately identifiable fee; provided, further that the Operating Advisor may in its sole discretion reduce
the Operating Advisor Consulting Fee with respect to any Major Decision; and provided, further that the Master Servicer
or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related
Mortgagor if it determines that such full or partial waiver is in accordance with the Servicing Standard (provided that
the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor on a non-binding basis prior
to any such waiver or reduction).

 

“Operating Advisor
Fee”: With respect to any Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) and any Distribution
Date, an amount accrued during the related Interest Accrual Period at the applicable Operating Advisor Fee Rate on, in the case
of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution
Date, the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the related Interest
Accrual Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis
respecting which any related interest payment due or deemed due on the related Mortgage Loan is computed and shall be prorated
for partial periods. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating
Advisor under this Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC
and shall not accrue on the Trust Subordinate Companion Loan.

 

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“Operating Advisor
Fee Rate”: With respect to each Interest Accrual Period, a rate equal to 0.00098% per annum with respect to each
Mortgage Loan (or any successor REO Mortgage Loan with respect thereto). The Operating Advisor Fee shall not accrue on the Trust
Subordinate Companion Loan.

 

“Operating Advisor
Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance of the duties
of the Operating Advisor under this Agreement.

 

“Operating Advisor
Standard”: As defined in Section 3.29(b) of this Agreement.

 

“Operating Advisor
Termination Event”: As defined in Section 7.06(a) of this Agreement.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer or the Master Servicer, as the case may be, reasonably acceptable to the
Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) qualification of a Trust REMIC
or the imposition of tax under the REMIC Provisions on any income or property of any such Trust REMIC, (b) compliance with
the REMIC Provisions (including application of the definition of “Independent Contractor”), (c) qualification
of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or (d) a resignation of the Master Servicer or
Special Servicer pursuant to Section 6.04, must be an opinion of counsel who is Independent of the Depositor, the Special
Servicer, the Master Servicer, the Operating Advisor and the Asset Representations Reviewer.

 

“Other 17g-5
Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and Servicing
Agreement relating to a Serviced Companion Loan.

 

“Other Asset
Representations Reviewer”: Any party acting as “asset representations reviewer” (within the meaning of Item
1101(m) of Regulation AB) under an Other Pooling and Servicing Agreement.

 

“Other Crossed
Loans”: As defined in Section 2.03(a) of this Agreement.

 

“Other Depositor”:
With respect to a Serviced Companion Loan or a Serviced Loan Combination, the “depositor” (within the meaning of Item
1101(e) of Regulation AB) of any related Other Securitization Trust.

 

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

 

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Agreement that is responsible
for the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified in writing
to the parties to this Agreement.

 

“Other Indemnified
Party”: As defined in Section 8.05(c) of this Agreement.

 

“Other Operating
Advisor”: The applicable other “operating advisor” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan.

 

“Other Operating
Advisor Consultation Trigger Event”: With respect to any Regulation RR Other PSA, an “Operating Advisor Consultation
Trigger Event” (or analogous concept) under such related Regulation RR Other PSA.

 

“Other Pooling
and Servicing Agreement”: With respect to a Serviced Companion Loan or the related Serviced Loan Combination, the pooling
and servicing agreement or other comparable agreement governing the creation of any related Other Securitization Trust and the
issuance of securities backed by the assets of such Other Securitization Trust, but not the servicing of such Serviced Companion
Loan or Serviced Loan Combination or the related Mortgage Loan.

 

“Other PSA Asset
Review”: With respect to any Serviced Companion Loan, any review of representations and warranties with respect to such
Serviced Companion Loan conducted by any related Other Asset Representations Reviewer.

 

“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds a Serviced
Companion Loan or successor REO Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties
to this Agreement.

 

“Other Servicer”:
The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan.

 

“Other Special
Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan.

 

“Other Trustee”:
The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable,
the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

 

“Outside Certificate
Administrator”: With respect to an Outside Serviced Mortgage Loan, the certificate administrator under the applicable
Outside Servicing Agreement.

 

“Outside Controlling
Note Holder”: With respect to any Loan Combination that is, and only for so long as such Loan Combination is, a Serviced
Outside Controlled Loan Combination, at any such time, the holder of the related controlling note (regardless of whether such note
evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) or such holder’s designated representative; provided
that if, with respect to any Serviced Outside Controlled Loan Combination, the related controlling note is included in a securitization
trust, the Outside Controlling Note Holder shall be the party designated under the pooling and servicing agreement, trust and servicing
agreement or comparable agreement governing the securitization of

 

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the related controlling note as authorized to exercise the rights
of the holder of the related controlling note; and provided, further, that the right of any such designated party to exercise some
or all of such rights may terminate or shift to another designated party upon the occurrence of certain trigger events if and to
the extent set forth in the pooling and servicing agreement, trust and servicing agreement or comparable agreement governing the
securitization of the related controlling note. With respect to each Servicing Shift Loan Combination, the holder of the related
controlling note (regardless of whether such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) will (i)
be an Outside Controlling Note Holder prior to the related Servicing Shift Date and (ii) cease to be an Outside Controlling Note
Holder on and after the related Servicing Shift Date. With respect to each Serviced AB Loan Combination (other than the 360 Spear
Loan Combination), the holder of a related Subordinate Companion Loan will be an Outside Controlling Note Holder for so long as
such Subordinate Companion Loan (or, in the case of a Serviced AB Loan Combination with multiple Subordinate Companion Loans, at
least one such Subordinate Companion Loan) is not the subject of a “control appraisal period” (or analogous concept)
and not held by a “borrower-related party” (or analogous concept), in any event under the related Co-Lender Agreement.

 

“Outside Custodian”:
With respect to an Outside Serviced Mortgage Loan, the custodian under the applicable Outside Servicing Agreement.

 

“Outside Depositor”:
With respect to an Outside Serviced Mortgage Loan, the depositor under the applicable Outside Servicing Agreement.

 

“Outside Operating
Advisor”: With respect to an Outside Serviced Mortgage Loan, the operating advisor under the applicable Outside Servicing
Agreement.

 

“Outside Paying
Agent”: With respect to an Outside Serviced Mortgage Loan, the paying agent under the applicable Outside Servicing Agreement.

 

“Outside Securitization
Trust”: With respect to any Outside Serviced Mortgage Loan, the “issuing entity” (within the meaning of Item
1101(f) of Regulation AB) that holds a related Outside Serviced Companion Loan (or any portion thereof or interest therein) and
is created under the related Outside Servicing Agreement.

 

“Outside Service
Providers”: With respect to any Outside Serviced Mortgage Loan, the related Outside Trustee, Outside Custodian, Outside
Certificate Administrator, Outside Paying Agent, Outside Servicer, Outside Special Servicer and any sub-servicer of any of the
foregoing.

 

“Outside Serviced
Co-Lender Agreement”: The Co-Lender Agreement for an Outside Serviced Loan Combination. With respect to each Servicing
Shift Mortgage Loan and the related Servicing Shift Loan Combination, the related Co-Lender Agreement shall be an Outside Serviced
Co-Lender Agreement on and after the related Servicing Shift Date.

 

“Outside Serviced
Companion Loan”: Any Companion Loan that is part of an Outside Serviced Loan Combination. With respect to each Servicing
Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Companion Loan shall be an Outside Serviced
Companion Loan on and after the related Servicing Shift Date.

 

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“Outside Serviced
Loan Combination”: Any Loan Combination that is not serviced under this Agreement, but instead is being serviced pursuant
to the pooling and servicing agreement, trust and servicing agreement or other comparable agreement governing the securitization
of a related Companion Loan (whether by itself or with other mortgage assets), or pursuant to any successor servicing agreement
contemplated by the related Co-Lender Agreement. The only Outside Serviced Loan Combinations related to the Trust as of Closing
Date are the Loan Combinations as to which “Outside Serviced” is set forth in the Loan Combination Table under the
column heading “Servicing Type.” Each Servicing Shift Loan Combination shall be an Outside Serviced Loan Combination
on and after the related Servicing Shift Date.

 

“Outside Serviced
Loan Combination Noteholders”: With respect to an Outside Serviced Loan Combination, the holder of the related Outside
Serviced Mortgage Loan and the holder(s) of the related Outside Serviced Companion Loan(s), collectively.

 

“Outside Serviced
Mortgage Loan”: Any Mortgage Loan that is part of an Outside Serviced Loan Combination. Each Servicing Shift Mortgage
Loan shall be an Outside Serviced Mortgage Loan on and after the related Servicing Shift Date.

 

“Outside Servicer”:
With respect to an Outside Serviced Mortgage Loan, the master servicer under the applicable Outside Servicing Agreement.

 

“Outside Servicing
Agreement”: With respect to an Outside Serviced Mortgage Loan or the related Outside Serviced Loan Combination, the pooling
and servicing agreement, trust and servicing agreement or other comparable agreement governing the creation of an Outside Securitization
Trust that includes a related Outside Serviced Companion Loan, the issuance of securities backed by the assets of such Outside
Securitization Trust and the servicing of such Outside Serviced Mortgage Loan, such Outside Serviced Loan Combination and the related
Outside Serviced Companion Loan(s), or any successor servicing agreement with respect to such Outside Serviced Mortgage Loan, such
Outside Serviced Loan Combination and the related Outside Serviced Companion Loan(s) contemplated by the related Co-Lender Agreement.
The only Outside Servicing Agreements related to the Trust as of the Closing Date are identified in the Loan Combination Table
under the column heading “Outside Servicing Agreement.” With respect to each Servicing Shift Mortgage Loan and the
related Servicing Shift Loan Combination, on or after the related Servicing Shift Date, the related Servicing Shift Mortgage Loan
Pooling and Servicing Agreement shall be an Outside Servicing Agreement.

 

“Outside Special
Servicer”: With respect to an Outside Serviced Mortgage Loan, the special servicer under the applicable Outside Servicing
Agreement.

 

“Outside Trustee”:
With respect to an Outside Serviced Mortgage Loan, the trustee under the applicable Outside Servicing Agreement.

 

“Ownership Interest”:
Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”:
As to any Trust Loan (including any Outside Serviced Mortgage Loan and any REO Trust Loan), any advance made by the Master Servicer
or the Trustee pursuant to Section 4.06 of this Agreement. Each reference to the payment or reimbursement of a P&I
Advance shall be deemed to include, whether or not specifically referred to but without

 

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duplication, payment or reimbursement of
interest thereon at the Advance Rate to but excluding the date of payment or reimbursement.

 

“Pari Passu
Companion Loan”: A Companion Loan that, pursuant to the related Loan Documents and/or the related Co-Lender Agreement,
is pari passu in right of payment to the related Split Mortgage Loan. The only Pari Passu Companion Loans related to the Trust
as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Pari
Passu Companion Loan(s),” each of which Notes evidences a separate Pari Passu Companion Loan.

 

“Pari Passu
Indemnified Items”: As defined in Section 3.01(j)(ii) of this Agreement.

 

“Pari Passu
Indemnified Party”: As defined in Section 3.01(j)(ii) of this Agreement.

 

“Pari Passu
Loan Combination”: A Loan Combination that includes a Pari Passu Companion Loan. The only Pari Passu Loan Combinations
related to the Trust are those with related Notes listed in the Loan Combination Table under the column heading “Pari Passu
Companion Loan(s).”

 

“Pass-Through
Rate”: Each of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-4A1 Pass-Through
Rate, the Class A-4A2 Pass-Through Rate, the Class A-5 Pass-Through Rate, the Class A-AB Pass-Through Rate, the Class X-A
Pass-Through Rate, the Class X-B Pass-Through Rate, the Class A-S Pass-Through Rate, the Class B Pass-Through Rate,
the Class C Pass-Through Rate, the Class D Pass-Through Rate, the Class X-D Pass-Through Rate, the Class X-F
Pass-Through Rate, the Class X-G Pass-Through Rate, the Class X-H Pass-Through Rate, the Class E Pass-Through Rate,
the Class F Pass-Through Rate, the Class G Pass-Through Rate, the Class H Pass-Through Rate, the Class 360A Pass-Through Rate,
the Class 360B Pass-Through Rate, the Class 360C Pass-Through Rate and the Class 360D Pass-Through Rate. The Class S Certificates,
the Class R Certificates and, other than for tax reporting purposes, the Class VRR Certificates, the Uncertificated VRR
Interest and the Class 360V Certificates do not have Pass-Through Rates.

 

“Paying Agent”:
The paying agent appointed pursuant to Section 5.06 of this Agreement.

 

“Payment Accommodation”:
With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the entering into of any temporary forbearance
agreement as a result of the COVID-19 emergency (as reasonably determined by the Master Servicer (if the Master Servicer and Special
Servicer agree that the Master Servicer will determine) or the Special Servicer in accordance with the Servicing Standard) relating
to payment obligations or operating covenants under the related Loan Documents or the use of funds on deposit in any reserve account
or escrow account for any purpose other than the explicit purpose described in the related Loan Documents, that in each case (i)
is entered into prior to the date that is 6 months following the Closing Date, (ii) defers no greater than 3 monthly debt service
payments and (iii) requires full repayment of deferred payments, reserves and escrows by the earlier of (a) the date

 

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that is 21
months following the date of the Payment Accommodation for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
and (b) the maturity date for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable).

 

“Payment Accommodation
Fee Cap”: As defined in Section 3.12(d).

 

“Penalty Charges”:
With respect to any Serviced Loan (or successor REO Mortgage Loan or successor REO Companion Loan), any amounts actually collected
thereon from the Mortgagor that represent default charges, penalty charges, late fees and/or Default Interest (in the case of any
Split Mortgage Loan or Serviced Companion Loan, to the extent allocable thereto pursuant to the related Co-Lender Agreement, and,
in the case of a Serviced Companion Loan, to the extent not payable to the Serviced Companion Loan Holder, and, in the case of
an Outside Serviced Mortgage Loan, any such amounts remitted by the related Outside Servicer to the Master Servicer).

 

“Percentage
Allocation Entitlement”: (a) With respect to the Combined VRR Interest, the Vertically Retained Percentage; and (b) with
respect to the Non-Vertically Retained Pooled Certificates, the Non-Vertically Retained Percentage.

 

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

 

“Performing
Party”: As defined in Section 10.12 of this Agreement.

 

“Performing
Serviced Companion Loan”: A Serviced Companion Loan that is not, and is not part of, a Specially Serviced Loan or REO
Loan.

 

“Performing
Serviced Loan”: A Performing Serviced Mortgage Loan, a Performing Serviced Companion Loan or a Performing Serviced Loan
Combination, as the context may require.

 

“Performing
Serviced Loan Combination”: A Serviced Loan Combination that is not a Specially Serviced Loan or an REO Loan Combination.

 

“Performing
Serviced Mortgage Loan”: A Serviced Mortgage Loan that is not, and is not part of, a Specially Serviced Loan or REO Loan.

 

“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a scheduled maturity on or before the Business
Day preceding the date upon which such funds are required to be drawn (provided that funds invested by the Certificate Administrator
in Permitted Investments managed or advised by the Certificate Administrator may (or, as and when contemplated under Section 3.07(c),
shall) mature on the Distribution Date) and a maximum maturity of 365 days, regardless of whether issued by the Depositor,
the Master Servicer, the Trustee, the Certificate Administrator or any of their respective

 

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Affiliates and having at all times the
required ratings, if any, provided for in this definition, unless each Rating Agency and Companion Loan Rating Agency shall have
provided a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, relating to the Certificates
and Serviced Companion Loan Securities:

 

(i)           direct
obligations of, or obligations fully guaranteed as to payment of principal and interest by, the U.S. Treasury; Small Business Administration-guaranteed
participation certificates and guaranteed pool certificates; U.S. Department of Housing and Urban Development public housing
agency bonds; Government National Mortgage Association (GNMA) guaranteed mortgage-backed securities or participation certificates;
and Resolution Funding Corp. debt obligations; provided, however, that the investments described in this clause must
(A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments
have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their
maturity;

 

(ii)           Federal
Housing Administration debentures;

 

(iii)           obligations
of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit
System (consolidated system wide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), and the Federal
National Mortgage Association (debt obligations); provided, however, that the investments described in this clause
must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread
(if any) and must move proportionately with that index, (C) such investments must not be subject to liquidation prior to their
maturity, and (D) in each case, be rated no less than the Applicable S&P Permitted Investment Rating by S&P (or, if not
rated by S&P, otherwise acceptable to S&P as confirmed by receipt of a Rating Agency Confirmation from S&P);

 

(iv)           federal
funds, unsecured certificates of deposit, time or similar deposits, bankers’ acceptances and repurchase agreements of any
bank, (A) if it has a term of thirty days or less, (1) the short-term obligations of which are rated at least “F1”
by Fitch or the long-term obligations of which are rated at least “A” by Fitch and (2) the short- term obligations
of which are rated at least “A-1” by S&P, (B) if it has a term of more than thirty days and not in excess
of three months, (1) the short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations
of which are rated at least “AA-” by Fitch and (2) the short-term obligations or short-term deposit accounts of
which are rated “A-1+” by S&P (or “A-1” by S&P if the obligations mature within sixty (60) days),
or the long-term obligations or deposit accounts of which are rated at least “AA-” by S&P (with a short-term rating
of “A-1” by S&P), (C) if it has a term of more than three months and not in excess of six months, (1) the
short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations of which are rated at
least “AA-” by Fitch and (2) the short-term obligations or deposit accounts of which are rated at least “A-1+”
by S&P or the long-term obligations or deposit accounts of which are rated at least “AA-” by

 

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S&P (with a short-term
rating of “A-1” by S&P), (D) if it has a term of more than six months, (1) the short-term obligations
of which are rated at least “F1+” by Fitch or the long-term obligations of which are rated at least “AA-”
by Fitch and (2) the short-term obligations or short-term deposit accounts of which are rated in the highest short-term rating
category by S&P or the long-term obligations or deposit accounts of which are rated at least “AA_” by
S&P (with a short-term rating of “A-1” by S&P), (E) the obligations of which satisfy the Applicable DBRS Morningstar
Permitted Investment Rating and (F) the obligations of which satisfy the Applicable Moody’s Permitted Investment Rating (or,
in the case of any such Rating Agency or Companion Loan Rating Agency as set forth in clauses (A) through (F) above, such lower
rating as is the subject of a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, by such Rating
Agency or Companion Loan Rating Agency, as applicable, relating to the Certificates and any Serviced Companion Loan Securities);
provided, however, that the investments described in this clause must (x) have a predetermined fixed dollar
amount of principal due at maturity that cannot vary or change, (y) if such investments have a variable rate of interest,
such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with
that index, and (z) such investments must not be subject to liquidation prior to their maturity;

 

(v)           demand
and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings
and loan association or savings bank, (A) if it has a term of thirty days or less, (1) the short-term obligations of
which are rated at least “F1” by Fitch or the long-term obligations of which are rated at least “A” by
Fitch and (2) the short term obligations of which are rated at least “A-1” by S&P, (B) if it has a term
of more than thirty days and not in excess of three months, (1) the short-term obligations of which are rated at least
“F1+” by Fitch or the long-term obligations of which are rated at least “AA-” by Fitch and (2) the short-term
obligations or short-term deposit accounts of which are rated “A-1+” by S&P (or “A-1” by S&P if
the obligations mature within sixty (60) days), or the long-term obligations or deposit accounts of which are rated at least
“AA-” by S&P (with a short-term rating of “A-1” by S&P), (C) if it has a term of more than three
months and not in excess of six months, (1) the short-term obligations of which are rated at least “F1+” by Fitch or
the long-term obligations of which are rated at least “AA-” by Fitch and (2) the short-term obligations of which are
rated in the highest short-term rating category by S&P or the long-term obligations or deposit accounts of which are rated
at least “AA-” by S&P (with a short-term rating of “A-1” by S&P), (D) if it has a term of
more than six months, (1) the short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations
of which are rated at least “AA-“ by Fitch and (2) the short-term obligations or short-term deposit accounts of
which are rated in the highest short-term rating category by S&P or the long-term obligations or deposit accounts of which
are rated at least “AA-” by S&P (with a short-term rating of “A-1” by S&P), (E) the obligations
of which satisfy the Applicable DBRS Morningstar Permitted Investment Rating and (F) the obligations of which satisfy the Applicable
Moody’s Permitted Investment Rating (or, in the case of any such Rating Agency or Companion Loan Rating Agency as set forth
in clauses (A) through (F) above, such lower rating as is the subject of a Rating Agency Confirmation or Companion Loan Rating
Agency Confirmation, as applicable, by such Rating Agency or Companion Loan Rating Agency, as applicable, relating to the Certificates
and any Serviced Companion Loan Securities); provided,

 

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however, that the investments described in this clause must
(x) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (y) if such investments
have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must move proportionately with that index, and (z) such investments must not be subject to liquidation prior to their
maturity;

 

(vi)           debt
obligations issued by an entity, (A) if it has a term of thirty days or less, (1) the short-term obligations of which
are rated at least “F1” by Fitch or the long-term obligations of which are rated at least “A” by Fitch
and (2) the short term obligations of which are rated at least “A-1” by S&P, (B) if it has a term of more
than thirty days and not in excess of three months, (1) the short-term obligations of which are rated at least “F1+”
by Fitch or the long-term obligations of which are rated at least “AA-” by Fitch and (2) the short term obligations
of which are rated “A-1+” by S&P (or “A-1” by S&P if the obligations mature within sixty (60) days),
or the long-term obligations of which are rated at least “AA-” by S&P (with a short-term rating of “A-1”
by S&P), (C) if it has a term of more than three months and not in excess of six months, (1) the short-term obligations of
which are rated at least “F1+” by Fitch or the long-term obligations of which are rated at least “AA-”
by Fitch and (2) the short-term obligations of which are rated in the highest short-term rating category by S&P or the long-term
obligations of which are rated at least “AA-” by S&P (with a short-term rating of “A-1” by S&P),
(D) if it has a term of more than six months, (1) the short-term obligations of which are rated at least “F1+” by Fitch
or the long-term obligations of which are rated at least “AA-” by Fitch and (2) the short-term obligations of which
are rated in the highest short-term rating category by S&P or the long-term obligations of which are rated at least “AA-”
by S&P (with a short-term rating of “A-1” by S&P), (E) the obligations of which satisfy the Applicable DBRS
Morningstar Permitted Investment Rating and (F) the obligations of which satisfy the Applicable Moody’s Permitted Investment
Rating (or, in the case of any such Rating Agency or Companion Loan Rating Agency as set forth in clauses (A) through (F) above,
such lower rating as is the subject of a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable,
by such Rating Agency or Companion Loan Rating Agency, as applicable, relating to the Certificates and any Serviced Companion Loan
Securities); provided, however, that the investments described in this clause must (x) have a predetermined
fixed dollar amount of principal due at maturity that cannot vary or change, (y) if such investments have a variable rate
of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately
with that index, and (z) such investments must not be subject to liquidation prior to their maturity;

 

(vii)           commercial
paper (including both non-interest bearing discount obligations and interest bearing obligations) of any corporation or other entity
organized under the laws of the United States or any state thereof payable on demand or on a specified date maturing in one (1)
year or less from the date of acquisition thereof, (A) if it has a term of 30 days or less, (1) the short-term obligations
of which are rated at least “F1” by Fitch or the long-term obligations of which are rated at least “A”
by Fitch and (2) the short-term obligations of which corporation are rated at least “A-1” by S&P, (B) if it
has a term of more than 30 days and not in excess of three months, (1) the short-term debt obligations of which are rated
at least “F1+” by Fitch or the long-term debt obligations of which are rated

 

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at least “AA-” by Fitch and
(2) the short-term obligations of which are rated at least “A-1+” by S&P (or “A-1” by S&P if the
obligations mature within sixty (60) days), or the long-term obligations of which are rated at least “AA-” by
S&P (with a short-term rating of “A-1” by S&P), (C) if it has a term of more than three months and not
in excess of six months, (1) the short-term debt obligations of which are rated at least “F1+” by Fitch or
the long-term debt obligations of which are rated at least “AA-” by Fitch and (2) the short-term obligations of which
are rated at least “A-1+” by S&P (or at least “A-1” by S&P, if the long term obligations of which
are rated at least “AA-” by S&P), (D) if it has a term of more than six months, (1) the short-term debt
obligations of which are rated at least “F1+” by Fitch or the long-term debt obligations of which are rated at least
“AA-” by Fitch and (2) the short-term debt obligations of which are rated at least “A-1+” by S&P (or
at least “A-1” by S&P, if the long term obligations of which are rated at least “AA-” by S&P),
(E) the obligations of which satisfy the Applicable DBRS Morningstar Permitted Investment Rating and (F) the obligations of which
satisfy the Applicable Moody’s Permitted Investment Rating (or, in the case of any such Rating Agency or Companion Loan Rating
Agency as set forth in clauses (A) through (F) above, such lower rating as is the subject of a Rating Agency Confirmation or Companion
Loan Rating Agency Confirmation, as applicable, by such Rating Agency or Companion Loan Rating Agency, as applicable, relating
to the Certificates and any Serviced Companion Loan Securities); provided, however, that the investments described
in this clause must (x) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (y) if
such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed
spread (if any) and must move proportionately with that index, and (z) such investments must not be subject to liquidation
prior to their maturity;

 

(viii)         units
of money market mutual funds, which funds are regulated investment companies and seek to maintain a constant net asset value per
share, so long as such funds are (A) rated by Fitch in its highest money market fund ratings category, (B) rated “AAAm”
by S&P, (C) rated by DBRS Morningstar in its highest money market fund ratings category and (D) rated at least “Aaa-mf”
by Moody’s (or, if not rated by any such Rating Agency or Companion Loan Rating Agency, otherwise acceptable to such Rating
Agency or Companion Loan Rating Agency, as applicable, as confirmed in a Rating Agency Confirmation or Companion Loan Rating Agency
Confirmation, as applicable);

 

(ix)           any
other demand, money market or time deposit, demand obligation or any other obligation, security or investment with respect to which
Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, has been obtained from each Rating Agency
and Companion Loan Rating Agency; and

 

(x)           such
other demand, money market or time deposit, demand obligation or any other obligation, security or investment that, but for the
failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) –
(ix) above, with respect to which a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, has
been obtained from each Rating Agency and Companion Loan Rating Agency for which the minimum ratings set forth in the applicable
clause is not satisfied with respect to such demand, money market or time deposit, demand obligation or any other obligation, security
or investment;

 

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provided, however, that (A)
such instrument continues to qualify as a “cash flow investment” pursuant to Code Section 860G(a)(6) earning a
passive return in the nature of interest, (B) such instrument shall have an unqualified rating (i.e., one with no qualifying suffix),
with the exception of ratings with regulatory indicators, such as the “(sf)” subscript, and unsolicited ratings, (C)
such instrument shall have a predetermined fixed dollar of principal due at maturity that cannot vary or change, and (D) no instrument
or security shall be a Permitted Investment if (i) such instrument or security evidences a right to receive only interest
payments, (ii) the right to receive principal and interest payments derived from the underlying investment provides a yield
to maturity in excess of 120% of the yield to maturity at par of such underlying investment, (iii) the rating for such instrument
or security includes an “r” designation or (iv) if such instrument may be redeemed at a price below the purchase
price; and provided, further, that no amount beneficially owned by a Trust REMIC (even if not yet deposited in the
Trust) may be invested in investments (other than money market funds) treated as equity interests for federal income tax purposes,
unless the Master Servicer receives an Opinion of Counsel, at the expense of the party directing such Permitted Investment, to
the effect that such investment will not adversely affect the status of any Trust REMIC. Permitted Investments may not be purchased
at a price in excess of par.

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, property condition report fees, banking
fees, title insurance and/or other insurance commissions and fees, title agency fees, and appraisal review fees received or retained
by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Serviced
Loan or REO Property, in each case, in accordance with Article III of this Agreement.

 

“Permitted Transferee”:
With respect to a Class R Certificate, any Person or agent of such Person other than (a) a Disqualified Organization,
(b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at
the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an ownership interest in any
Class R Certificate to such Person will not cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an entity treated as a U.S. partnership if any of its partners,
directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership agreement) a Disqualified
Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which income from a Class R Certificate is attributable
to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or
any other U.S. Tax Person.

 

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

 

“Pittock Block
Loan Combination”: The Loan Combination identified on the Loan Combination Table as related to the Mortgaged Property
identified on the Mortgage Loan Schedule as Pittock Block.

 

“Pittock Block
Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Pittock
Block.

 

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

 

“Plan Investor”:
As defined in Section 5.03(n) of this Agreement.

 

“Pooled Certificate”:
Any Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB, Class X-A, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class A-S, Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class VRR and Class S Certificate, in any event issued, authenticated and delivered hereunder.

 

“Pooled Certificateholder”:
Any Holder of a Pooled Certificate.

 

“Pooled Class
X Certificates”: The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates.

 

“Pooled Principal
Balance Certificates:” The Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB,
Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class VRR
Certificates.

 

“Pooled Regular
Certificates”: The Non-Vertically Retained Pooled Regular Certificates and, to the extent they represent a portion of
the VRR Upper-Tier Regular Interest, the Class VRR Certificates, collectively.

 

“Pooled Voting
Rights”: The portion of the voting rights of all of the Pooled Certificates that is allocated to any Pooled Certificate
or Class of Pooled Certificates. At all times during the term of this Agreement, the Pooled Voting Rights shall be allocated
among the respective Classes of Pooled Certificateholders as follows: (a) 1% in the aggregate in the case of the respective
Classes of the Interest-Only Certificates, allocated pro rata based upon their respective Notional Amounts as of the date
of determination (but only for so long as the Notional Amount of at least one Class of Interest-Only Certificates is greater
than zero), and (b) in the case of any Class of Pooled Principal Balance Certificates, a percentage equal to the product
of 99% (or, if the Notional Amounts of all Classes of Interest-Only Certificates have been reduced to zero, 100%) and a fraction,
the numerator of which is equal to the Certificate Balance of such Class of Pooled Principal Balance Certificates as of the
date of determination, and the denominator of which is equal to the aggregate of the Certificate Balances of all Classes of the
Pooled Principal Balance Certificates, in each case as of the date of determination (provided that, if, but only if, expressly
so provided herein in any circumstance, the allocation or exercise of Pooled Voting Rights for any particular purpose shall take
into account the allocation of Appraisal Reduction Amounts to notionally reduce Certificate Balances). The Pooled Voting Rights
of any Class of Pooled Certificates shall be allocated among Holders of Certificates of such Class in proportion to their
respective Percentage Interests. The Class S and Class R Certificates and the Uncertificated VRR Interest shall not be
entitled to any Pooled Voting Rights.

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(g) of this Agreement.

 

“Preliminary
Prospectus”: The prospectus dated January 26, 2021, relating to the Public Certificates.

 

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“Prepayment
Assumption”: The assumption that there will be zero prepayments with respect to the Trust Loans; provided, that
it is assumed that any ARD Mortgage Loan is prepaid in full on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Loan Combination that was
subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Loan Combination after the related Due Date in such Collection Period, the amount of interest
(net of the related Servicing Fee and any related Excess Interest and Default Interest) that accrued on the amount of such Principal
Prepayment during the period commencing from such Due Date to, but not including, the date as of which such Principal Prepayment
was applied to the unpaid principal balance of the Mortgage Loan or Serviced Loan Combination (or any later date through which
interest accrues), to the extent collected from the related Mortgagor (without regard to any related Yield Maintenance Charge actually
collected) and, in the case of an Outside Serviced Mortgage Loan, remitted to the Trust Fund.

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Loan Combination that
was subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Loan Combination (with such prepayment allocated between the related Mortgage Loan and Serviced
Companion Loan in accordance with the related Co-Lender Agreement) prior to the related Due Date in such Collection Period, the
amount of interest (net of the related Servicing Fee and any related Excess Interest and Default Interest) to the extent not collected
from the related Mortgagor (without regard to any Yield Maintenance Charge that may be collected), that would have accrued on the
amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied
to the unpaid principal balance of such Mortgage Loan or Serviced Loan Combination through the end of the one-month accrual period
applicable to such Due Date, inclusive. A Prepayment Interest Shortfall in respect of the MGM Grand & Mandalay Bay Mortgage
Loan shall be a Prepayment Interest Shortfall in respect of the related MGM Grand & Mandalay Bay Trust REMIC Regular Interests.

 

“Primary Collateral”:
With respect to any Cross-Collateralized Mortgage Loan, any Mortgaged Property (or portion thereof) designated as directly securing
such Cross-Collateralized Mortgage Loan and excluding any Mortgaged Property (or portion thereof) as to which the related lien
may only be foreclosed upon by exercise of the cross-collateralization provisions of such Cross-Collateralized Mortgage Loan.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern edition
(or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate
Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer
exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect
from time to time. The Certificate Administrator shall notify in writing the Master Servicer with regard to any determination of
the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

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“Principal Balance
Certificates”: The Certificates (other than the Class X, Class S and Class R Certificates), collectively.

 

“Principal Distribution
Amount”: With respect to any Distribution Date and the Non-Vertically Retained Pooled Principal Balance Certificates,
the sum of (i) the Non-Vertically Retained Percentage of the Aggregate Principal Distribution Amount for such Distribution Date
and (ii) the Principal Shortfall, if any, for such Distribution Date.

 

“Principal Prepayment”:
Any payment of principal made by a Mortgagor on a Mortgage Loan or Serviced Loan Combination which is received in advance of its
scheduled Due Date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due
on any date or dates in any month or months subsequent to the month of prepayment other than any amount paid in connection with
the release of the related Mortgaged Property through defeasance.

 

“Principal Shortfall”:
For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding Distribution
Date exceeds (ii) the aggregate amount actually distributed with respect to principal on the Non-Vertically Retained Pooled
Principal Balance Certificates on such preceding Distribution Date in respect of such Principal Distribution Amount.

 

“Private Certificates”:
The Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G,
Class H, Class VRR, Class S, Class R, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates,
collectively.

 

“Privileged
Information”: Any (i) correspondence or other communications between any Directing Holder or Consulting Party, on
the one hand, and the Special Servicer, on the other hand, related to any Specially Serviced Loan or the exercise of the consent
or consultation rights of such Directing Holder or Consulting Party under this Agreement or any Co-Lender Agreement, as applicable,
(ii) strategically sensitive information that the Special Servicer has reasonably determined (and has identified as privileged
or confidential information) could compromise the Trust Fund’s position in any ongoing or future negotiations with the related
Mortgagor or other interested party, and (iii) information subject to attorney-client privilege (and, solely to the extent delivered
to a party to this Agreement, that has been identified or otherwise communicated as being subject to such privilege).

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information
becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party
restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and
necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities
or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise
subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator, any affected Serviced Companion Loan Holder, the Trustee and the
Asset Representations Reviewer, as evidenced by an Officer’s Certificate (which shall include a certification that it is
based on the advice of counsel) delivered to each of the Master

 

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Servicer, the Special Servicer, the applicable Directing Holder,
the applicable Consulting Parties, the Operating Advisor, the Certificate Administrator, the Trustee and the Asset Representations
Reviewer) required by law, rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, any Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, any Additional
Servicer designated by the Master Servicer or the Special Servicer, any Directing Holder, any Consulting Party, the Operating Advisor,
any Affiliate of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any affiliate of
the Asset Representations Reviewer designated by the Asset Representations Reviewer, any Companion Loan Holder that delivers an
Investor Certification (subject to the next sentence and the proviso to this sentence), any other Person who provides the Certificate
Administrator with an Investor Certification (subject to the next sentence and the proviso to this sentence), any Rating Agency,
and any other NRSRO that delivers a NRSRO Certification to the Certificate Administrator; provided that in no event shall
an Excluded Controlling Class Holder be entitled to Excluded Information with respect to a related Excluded Controlling Class Mortgage
Loan with respect to which it is a Borrower Party (but this exclusion shall not apply to any other Mortgage Loan). In no event
shall a Borrower Party (other than a Risk Retention Consultation Party if it is a Borrower Party) be considered a Privileged Person;
provided that the foregoing shall not be applicable to, nor limit, an Excluded Controlling Class Holder’s right to access
information with respect to any Mortgage Loan other than Excluded Information with respect to a related Excluded Controlling Class Mortgage
Loan. For the avoidance of doubt, each applicable Directing Holder, Controlling Class Certificateholder, Loan-Specific Controlling
Class Certificateholder and Consulting Party (other than the Operating Advisor and the Risk Retention Consultation Party )
and the Special Servicer shall, at any given time, only be considered a Privileged Person with respect to any Mortgage Loans or
Serviced Loan Combinations for which it is not then a Borrower Party, and the limitations on access to information set forth in
this Agreement will apply only with respect to the related Mortgage Loan for which the applicable party is a Borrower Party and
only with respect to the related Excluded Information (in the case of the applicable Directing Holder, a Controlling Class Certificateholder
or a Loan-Specific Controlling Class Certificateholder) or the related Excluded Special Servicer Information (in the case
of the Special Servicer).

 

“Property Advance”:
As to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO Property related to an Outside Serviced
Mortgage Loan), any advance made by the Master Servicer or the Trustee in respect of Property Protection Expenses, together with
all other customary, reasonable and necessary “out-of-pocket” costs and expenses (including attorneys’ fees and
fees and expenses of real estate brokers) incurred by the Master Servicer, the Special Servicer or the Trustee in connection
with the servicing and administration of a Serviced Mortgage Loan or Serviced Loan Combination, if a default is imminent thereunder
or a default, delinquency or other unanticipated event has occurred with respect thereto, or in connection with the administration
of any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), including, but not limited to, the
cost of (a) compliance with the obligations of the Master Servicer, the Special Servicer or the Trustee, if any, set forth
in Sections 2.03, 3.04 and 3.07 of this Agreement, (b) the preservation, insurance, restoration,
protection and management of a related Mortgaged Property, (c) obtaining any

 

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Insurance Proceeds, Condemnation Proceeds or
Liquidation Proceeds, (d) any enforcement or judicial proceedings with respect to a related Mortgaged Property, including
foreclosures, (e) any Appraisal or any other appraisal or update thereof expressly permitted or required to be obtained hereunder
and (f) the operation, management, maintenance and liquidation of any such REO Property; provided that, notwithstanding
anything to the contrary, “Property Advances” shall not include allocable overhead of the Master Servicer, the Special
Servicer or the Trustee, such as costs for office space, office equipment, supplies and related expenses, employee salaries and
related expenses and similar internal costs and expenses, or costs and expenses incurred by any such party in connection with its
purchase of any Trust Loan or REO Property pursuant to any provision of this Agreement or an intercreditor agreement; and provided,
further, that, no Property Advances shall be made with regard to a Subordinate Companion Loan held outside the Trust if
the related Mortgage Loan is no longer held by the Trust. Each reference to the payment or reimbursement of a Property Advance
shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance
Rate from and including the date of the making of such Advance to but excluding the date of payment or reimbursement. If and when
used with respect to an Outside Serviced Mortgage Loan or any related REO Property, the term “Property Advance” shall
have the meaning assigned thereto or to the term “Servicing Advance” in the applicable Outside Servicing Agreement.

 

“Property Protection
Expenses”: Any costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee pursuant to Section 3.04,
3.07, 3.10(f), 3.10(g) or 3.17(b) or indicated herein as being a cost or expense of a Trust REMIC to be
advanced by the Master Servicer or the Trustee, as applicable.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(g) of this Agreement.

 

“Prospectus”:
The prospectus dated January 29, 2021, relating to the Public Certificates.

 

“PSA Party Repurchase
Request”: As defined in Section 2.03 of this Agreement.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Public Certificates”:
The Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B
and Class C Certificates.

 

“Public Documents”:
As defined in Section 4.02(a) of this Agreement.

 

“Public Global
Certificates”: A Global Certificate relating to a Class of Public Certificates.

 

“Purchase Price”:
With respect to any Mortgage Loan or Trust Subordinate Companion Loan (or REO Property), a price equal to the sum of the following
(without duplication): (a) the outstanding principal balance of such Mortgage Loan or Trust Subordinate Companion Loan (or
the related REO Trust Loan) as of the time of purchase less any portion of any Loss of Value Payment then on deposit in the
Loss of Value Reserve Fund allocable to pay principal of such Mortgage Loan or Trust Subordinate Companion Loan (or REO Property);
plus

 

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(b) all accrued and unpaid interest on the principal balance of such Mortgage Loan or Trust Subordinate Companion Loan
(or the related REO Trust Loan), other than Default Interest or Excess Interest, at the related Mortgage Rate in effect from time
to time through the Due Date in the Collection Period of purchase; plus (c) all related unreimbursed Property Advances (including
any Property Advances and Advance Interest Amounts with respect thereto that were reimbursed out of general collections on the
Mortgage Loans or the Trust Subordinate Companion Loan, as applicable) (or, in the case of an Outside Serviced Mortgage Loan, the
pro rata portion of any similar amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the
related Co-Lender Agreement); plus (d) all accrued and unpaid Advance Interest Amounts in respect of related Advances (or,
in the case of an Outside Serviced Mortgage Loan, all such amounts with respect to P&I Advances related to such Outside Serviced
Mortgage Loan and, with respect to outstanding Property Advances, the pro rata portion of any similar interest amounts payable
with respect thereto pursuant to the related Co-Lender Agreement); plus (e) to the extent not otherwise covered by clause (d)
above, any Special Servicing Fees and any other Additional Trust Fund Expenses outstanding or previously incurred in respect of
the related Mortgage Loan or Trust Subordinate Companion Loan; plus (f) if such Mortgage Loan or Trust Subordinate Companion Loan
is being repurchased or substituted for by a Mortgage Loan Seller pursuant to Section 6 of the related Mortgage Loan Purchase
Agreement, all expenses incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator and the Trustee in respect of the Material Defect giving rise to the repurchase or substitution obligation (to the
extent not otherwise included in the amounts described in clause (e) above); provided, however, that such expenses
shall not include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in
taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable,
rights under the dispute resolution mechanics pursuant to Section 2.03(g) hereof; plus (g) to the extent not otherwise
included in the amount described in clause (e) above, any Liquidation Fee if and to the extent payable in accordance with
the terms and conditions of this Agreement; plus (h) solely in the case of a Mortgage Loan, any related Asset Representations
Reviewer Asset Review Fee to the extent not previously paid by the related Mortgage Loan Seller.

 

With respect to any REO
Property that relates to a Serviced Loan Combination, the Purchase Price for the Trust Fund’s interest in such REO Property
shall be the amount calculated in accordance with the first sentence of this definition in respect of the related REO Trust Loan(s)
and, solely for purposes of calculating fair prices under the final sentence of Section 3.17(k) of this Agreement,
such amount shall be calculated as if the REO Trust Loan consisted of the REO Mortgage Loan and all the related REO Companion Loan(s),
if applicable.

 

“Qualified Bidder”:
As defined in Section 7.01(b) of this Agreement.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:
As used in Sections 3.08 and 5.10 of this Agreement, in the case of (i) all policies not referred to in
clause (ii) below, an insurance company or security or bonding company qualified to write the related insurance policy
in the relevant jurisdiction and whose claims paying ability is rated (a) at least “A” by Fitch (or, if not rated by
Fitch, an equivalent rating such as that listed above by at least two NRSROs (which may include S&P, DBRS

 

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Morningstar, Moody’s
and/or A.M. Best)) and (b) at least “A-“ by S&P (or, if not rated by S&P, an equivalent rating such as that
listed above by at least two NRSROs (which may include Fitch, DBRS Morningstar, Moody’s and/or A.M. Best)) or (ii) in
the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(c)
of this Agreement, a company that shall have a claims-paying ability rated at least as follows by at least one of the following
NRSROs: “A (low)” by DBRS Morningstar, “A-“ by S&P, “A-“ by Fitch, “A3” by
Moody’s or “A:X” by A.M. Best, or (iii) in either case, an insurance company not satisfying the ratings criteria
of any Rating Agency set forth in clause (i) or (ii), as applicable, but with respect to which the Master Servicer or
the Special Servicer, as applicable, has received a Rating Agency Confirmation from such Rating Agency. “Qualified Insurer”
shall also mean any entity that satisfies all of the criteria, other than the ratings criteria, set forth in one of the foregoing
clauses and whose obligations under the related insurance policy are guaranteed or backed by an entity that satisfies the ratings
criteria set forth in such clause (construed as if such entity were an insurance company referred to therein).

 

“Qualified Mortgage”:
A Mortgage Loan or Trust Subordinate Companion Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3)
(but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan or Trust
Subordinate Companion Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

 

“Qualified Substitute
Mortgage Loan”: A mortgage loan that must, on the date of substitution: (i) have an outstanding principal balance,
after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether
or not received, not in excess of the Stated Principal Balance of the deleted Mortgage Loan as of the Due Date in the calendar
month during which the substitution occurs; (ii) have a Mortgage Rate not less than the Mortgage Rate of the deleted Mortgage
Loan; (iii) have the same Due Date as and a grace period no longer than that of the deleted Mortgage Loan; (iv) accrue
interest on the same basis as the deleted Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day
months); (v) have a remaining term to stated maturity not greater than, and not more than two years less than, the remaining
term to stated maturity of the deleted Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the
lesser of (a) the loan-to-value ratio of the deleted Mortgage Loan as of the Cut-Off Date and (b) 75%, in each case using
the “value” for the Mortgaged Property as determined using an Appraisal; (vii) comply (except in a manner that
would not be adverse to the interests of the Certificateholders or the Uncertificated VRR Interest Owner) as of the date of substitution
in all material respects with all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement;
(viii) have an environmental report that indicates no material adverse environmental conditions with respect to the related
Mortgaged Property and which will be delivered as a part of the related Servicing File; (ix) have a then-current debt service
coverage ratio at least equal to the greater of (a) the debt service coverage ratio of the deleted Mortgage Loan as of the
Closing Date and (b) 1.25x; (x) constitute a “qualified replacement mortgage” within the meaning of Code
Section 860G(a)(4) as evidenced by an Opinion of Counsel (provided at the applicable Mortgage Loan Seller’s expense);
(xi) not have a maturity date or an amortization schedule that extends to a date that is after the date that is five years
prior to the Rated Final Distribution Date for the rated Pooled Certificates; (xii) have prepayment restrictions comparable
to those of the deleted Mortgage Loan; (xiii) not be substituted for a deleted Mortgage Loan unless the Trustee and the

 

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Certificate
Administrator have received a prior Rating Agency Confirmation (the cost, if any, of obtaining such Rating Agency Confirmation
to be paid by the applicable Mortgage Loan Seller); (xiv) have been approved, so long as a Consultation Termination Event
has not occurred and is not continuing, by the Controlling Class Representative; (xv) prohibit defeasance within two
years of the Closing Date; (xvi) not be substituted for a deleted Mortgage Loan if it would result in the termination of the
REMIC status of any Trust REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted or contemplated
to be imposed by the terms of this Agreement, as determined by an Opinion of Counsel; (xvii) have an engineering report with
respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; (xviii) be current
in the payment of all scheduled payments of principal and interest then due; and (xix) not be an ARD Mortgage Loan unless the Mortgage
Loan for which it is being substituted is an ARD Mortgage Loan. In the event that more than one mortgage loan is substituted for
a deleted Mortgage Loan or Mortgage Loans, then (x) the amounts described in clause (i) above shall be determined on the basis
of aggregate principal balances and (y) each such proposed Qualified Substitute Mortgage Loan shall individually satisfy each of
the requirements specified in clauses (ii) through (xviii) above, except that the rates described in clause (ii) above
and the remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis;
provided that no individual Mortgage Rate (net of the Administrative Cost Rate) shall be lower than the highest fixed Pass-Through
Rate (and not based on, or subject to a cap equal to, the WAC Rate) of any Class of Non-Vertically Retained Pooled Principal
Balance Certificates having a Certificate Balance then outstanding. When a Qualified Substitute Mortgage Loan is substituted for
a deleted Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the replacement Mortgage Loan(s) meet(s) all of
the requirements of the above definition and shall send such certification to the Certificate Administrator and the Trustee and,
so long as a Consultation Termination Event has not occurred and is not continuing, the Controlling Class Representative.

 

“Rated Final
Distribution Date”: With respect to the rated Pooled Certificates, the Distribution Date occurring in February 2054;
and with respect to the rated Loan-Specific Certificates, the Distribution Date occurring in January 2043.

 

“Rating Agency”:
Each of S&P, Fitch and DBRS Morningstar or their successors in interest. If no such rating agency nor any successor thereof
remains in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical rating organization
or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the
Certificate Administrator, the Special Servicer and the Master Servicer, and specific ratings of S&P, Fitch and DBRS Morningstar
herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so
designated. References herein to the highest long-term unsecured debt rating category of S&P, Fitch and DBRS Morningstar shall
mean “AAA”, and, in the case of any other rating agency, shall mean such highest rating category without regard to
any plus or minus or numerical qualification.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable
Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by the Rating
Agency); provided that upon receipt of a written waiver or other

 

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acknowledgment from any applicable Rating Agency indicating
its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought (such written notice,
a “Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the
requirement for the Rating Agency Confirmation from the applicable Rating Agency with respect to such matter shall be deemed to
have been satisfied.

 

“Rating Agency
Declination”: As defined in the definition of “Rating Agency Confirmation” in this Agreement.

 

“Realized Loss”:
With respect to any Distribution Date:

 

(a)           with
respect to the Non-Vertically Retained Pooled Principal Balance Certificates and the Corresponding Lower-Tier Regular Interests
for such Certificates, the amount, if any, by which (i) the aggregate Certificate Balance of all Classes of Non- Vertically Retained
Pooled Principal Balance Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii)
the product of (A) the Non-Vertically Retained Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans
(including any REO Mortgage Loans) expected to be outstanding immediately following such Distribution Date (for purposes of this
calculation only, not giving effect to any reductions of such aggregate Stated Principal Balance for principal payments received
on the Mortgage Loans that were used to reimburse the Master Servicer, the Special Servicer or the Trustee from general collections
of principal on the Mortgage Loans for Workout Delayed Reimbursement Amounts, to the extent such Workout Delayed Reimbursement
Amounts are not otherwise determined to be Nonrecoverable Advances);

 

(b)           with
respect to the Combined VRR Interest, the Class VRR Upper-Tier Regular Interest and the Class LVRR Lower-Tier Regular Interest,
the amount, if any, by which (i) the Combined VRR Interest Balance, after giving effect to distributions of principal on such Distribution
Date, exceeds (ii) the product of (A) the Vertically Retained Percentage and (B) the aggregate Stated Principal Balance the Mortgage
Loans (including any REO Mortgage Loans) expected to be outstanding immediately following such Distribution Date (for purposes
of this calculation only, not giving effect to any reductions of such aggregate Stated Principal Balance for principal payments
received on the Mortgage Loans that were used to reimburse the Master Servicer, the Special Servicer or the Trustee from general
collections of principal on the Mortgage Loans for Workout Delayed Reimbursement Amounts, to the extent such Workout Delayed Reimbursement
Amounts are not otherwise determined to be Nonrecoverable Advances); and

 

(c)           with
respect to the Loan-Specific Certificates and the Corresponding Lower-Tier Regular Interests for such Certificates, the amount,
if any, by which (i) the aggregate Certificate Balance of the Loan-Specific Certificates, after giving effect to distributions
of principal on such Distribution Date, exceeds (ii) the Stated Principal Balance of the Trust Subordinate Companion Loan (including
any successor REO Companion Loan with respect thereto) expected to be outstanding immediately following such Distribution Date
(for purposes of this calculation only, not giving effect to any reductions of such Stated Principal Balance for principal payments
received on the Trust Subordinate Companion Loan that were used to reimburse the Master Servicer, the Special

 

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Servicer or the Trustee
for Workout Delayed Reimbursement Amounts with respect to the Trust Subordinate Companion Loan, to the extent such Workout Delayed
Reimbursement Amounts with respect to the Trust Subordinate Companion Loan are not otherwise determined to be Nonrecoverable Advances).

 

The allocation of Realized
Losses may be reversed as provided in Section 4.01(g) of this Agreement.

 

“Record Date”:
With respect to each Distribution Date and each Class of Certificates, the last Business Day of the month preceding the month
in which that Distribution Date occurs.

 

“Registered
Rating Agency”: (a) Any Rating Agency that has registered as a user of the Rule 17g-5 Information Provider’s
Website; or (b) any NRSRO other than the Rating Agencies (i) that has registered as a user of the Rule 17g-5 Information
Provider’s Website and (ii) with respect to which the Rule 17g-5 Information Provider has received an NRSRO Certification
pursuant to Section 12.13(h) of this Agreement.

 

“Regular Certificates”:
The Non-Vertically Retained Pooled Regular Certificates, the Loan-Specific Certificates and, to the extent they represent a portion
of the Class VRR Upper-Tier Regular Interest, the Class VRR Certificates, collectively.

 

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

 

“Regulation
RR”: The final credit risk retention rules issued by the Office of the Comptroller of the Currency (appearing at 12 C.F.R.
§ 43.1, et seq.), the Securities and Exchange Commission (appearing at 17 C.F.R. § 246.1, et seq.) and
the Board of Governors of the Federal Reserve System (appearing at 12 C.F.R. § 244.1, et seq.), in each case as applicable
to any particular matter arising hereunder, that adopted the joint final rule promulgated by the Regulatory Agencies (appearing
at 79 F.R. 77601; pages 77740-77766) to implement the credit risk retention requirements of Section 15G of the Securities Exchange
Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as such rule may be amended
from time to time, and subject to such clarification and interpretation as have been provided by the Regulatory Agencies in the
adopting release (79 FR 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency
or its staff from time to time, in each case, as effective from time to time.

 

“Regulation
RR Other PSA”: As defined in Section 3.28(e) of this Agreement.

 

“Regulation S”:
Regulation S under the Act.

 

“Regulation S
Global Certificates”: As defined in Section 5.02(c)(i) of this Agreement.

 

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“Regulation S
Investor”: With respect to a transferee of a Regulation S Global Certificate, a transferee that acquires such Certificate
pursuant to Regulation S.

 

“Regulation
S-K”: Regulation S-K under the Act.

 

“Regulatory
Agencies”: The Office of the Comptroller of the Currency; the Board of Governors of the Federal Reserve System; the Federal
Deposit Insurance Corporation; the Federal Housing Finance Agency; the Securities and Exchange Commission; and the Department of
Housing and Urban Development.

 

“Relevant Distribution
Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any Significant
Obligor with respect to an Other Securitization Trust, the “Distribution Date” (or an analogous concept) under the
related Other Pooling and Servicing Agreement.

 

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

 

“Remaining Certificateholder”:
Any Holder (or Holders provided they act in unanimity) holding 100% of the Certificates (other than the Class S and Class R
Certificates) or an assignment of the voting rights thereof, together with the Uncertificated VRR Interest Owner; provided,
however, that the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates and the Notional Amounts
of the Class X-A, Class X-B and Class X-D Certificates have been reduced to zero.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Code Section 860D.

 

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

 

“Rents from
Real Property”: With respect to any REO Property, gross income of the character described in Code Section 856(d),
which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(1)           except
as provided in Code Section 856(d)(4) or (6), any amount received or accrued, directly or indirectly, with respect to
such REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person
from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents
from Real Property);

 

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(2)           any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Code Sections 856(d)(2)(B)
and (d)(5);

 

(3)           any
amount received or accrued, directly or indirectly, with respect to such REO Property if any Person Directly Operates such REO
Property;

 

(4)           any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether
or not such charges are separately stated); and

 

(5)           rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such REO Property
and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued under,
or in connection with, the lease.

 

“REO Account”:
A segregated custodial account or accounts created and maintained by (a) with respect to each REO Property relating to a Mortgage
Loan (other than any Outside Serviced Mortgage Loan) or any Serviced Loan Combination (other than the 360 Spear Loan Combination
and the Pittock Block Loan Combination), CWCapital Asset Management LLC, as the Special Servicer pursuant to Section 3.16
of this Agreement on behalf of the Trustee in trust for the Certificateholders, the Uncertificated VRR Interest Owner and any related
Serviced Companion Loan Holders, which (subject to any change in the identities of such Special Servicer and/or the Trustee) shall
be entitled “CWCapital Asset Management LLC, as Special Servicer, on behalf of Wilmington Trust, National Association, as
Trustee, for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23, the Uncertificated VRR Interest Owner and the Companion Loan Holders, as their interests may appear--REO
Account”; (b) with respect to any REO Property relating to the 360 Spear Loan Combination, KeyBank National Association,
as the Special Servicer, pursuant to Section 3.16, which (subject to any change in the identities of such Special Servicer
and/or the Trustee) shall be entitled KeyBank National Association, as Special Servicer, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass
Through Certificates, Series 2021-B23, and the Uncertificated VRR Interest Owner, as their interests may appear--REO Account”;
and (c) with respect to any REO Property relating to the Pittock Block Loan Combination, Situs Holdings, LLC, as the Special Servicer,
pursuant to Section 3.16, which (subject to any change in the identities of such Special Servicer and/or the Trustee) shall
be entitled Situs Holdings, LLC, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the
benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass Through Certificates, Series 2021-B23,
the Uncertificated VRR Interest Owner and the Companion Loan Holder, as their interests may appear--REO Account”. Any such
account or accounts shall be an Eligible Account.

 

“REO Companion
Loan”: Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.

 

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“REO Extension”:
As defined in Section 3.16(a) of this Agreement.

 

“REO Loan”:
An REO Mortgage Loan, REO Companion Loan, REO Trust Loan or REO Loan Combination, as the context may require.

 

“REO Loan Combination”:
Any Serviced Loan Combination as to which the related Mortgaged Property has become an REO Property.

 

“REO Mortgage
Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property (including an REO Property
consisting of the Trust’s beneficial interest in a Mortgaged Property acquired upon a foreclosure or deed-in-lieu of foreclosure
of any of the Outside Serviced Mortgage Loans under the applicable Outside Servicing Agreement; for the avoidance of doubt, any
such beneficial interest will not be serviced by the Special Servicer under this Agreement).

 

“REO Proceeds”:
With respect to any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) and the related REO
Mortgage Loan and REO Companion Loan, all revenues received by the Special Servicer with respect to such REO Property, REO Mortgage
Loan or REO Companion Loan which do not constitute Liquidation Proceeds. In the case of an Outside Serviced Mortgage Loan that
has become an REO Mortgage Loan and in the case of the related REO Property, “REO Proceeds” under this Agreement shall
be limited to any proceeds of the type described above in this definition that are received by the Trust Fund in connection with
such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“REO Property”:
A Mortgaged Property as to which title has been acquired on behalf of the Trust Fund and any related Serviced Companion Loan Holder
through foreclosure, deed-in-lieu of foreclosure or otherwise; provided that a Mortgaged Property that secures an Outside
Serviced Mortgage Loan shall constitute an REO Property if and when it is acquired under the applicable Outside Servicing Agreement
on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Outside Serviced Mortgage Loan and of the related
Companion Loan Holder(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable
law in connection with a default or imminent default of such Outside Serviced Mortgage Loan.

 

“REO Trust Loan”:
Any REO Mortgage Loan or any successor REO Companion Loan with respect to the Trust Subordinate Companion Loan.

 

“Reportable
Event”: As defined in Section 10.07 of this Agreement.

 

“Reporting Servicer”:
As defined in Section 10.09(a) of this Agreement.

 

“Repurchase”:
As defined in Section 2.03(a) of this Agreement.

 

“Repurchase
Communication”: For purposes of Sections 2.03(a) and 3.01(c) of this Agreement only, any communication,
whether oral or written, which need not be in any specific form.

 

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“Repurchase
Request”: A Certificateholder Repurchase Request, a PSA Party Repurchase Request or any other Repurchase Communication
of a request or demand for repurchase or replacement of any Trust Loan alleging a Document Defect or Breach with respect to such
Trust Loan.

 

“Repurchase
Request Rejection”: As defined in Section 2.03(a) of this Agreement.

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(a) of this Agreement.

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit C hereto.

 

“Requesting
Certificateholder”: (i) The Initial Requesting Certificateholder, if any, or (ii) any other Certificateholder or Certificate
Owner of a Pooled Certificate (other than a holder of the Class VRR Certificates) that, in each case, is exercising its rights
under Section 2.03(g) of this Agreement to refer a matter involving a Repurchase Request with respect to a Mortgage
Loan to either mediation or arbitration; provided that a Holder of a Class VRR Certificate may not be a Requesting
Certificateholder.

 

“Requesting
Holders”: As defined in Section 3.10(a) of this Agreement.

 

“Requesting
Party”: As defined in Section 3.30(a) of this Agreement.

 

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

 

“Resolution
Failure”: As defined in Section 2.03(f) of this Agreement.

 

“Resolved”:
With respect to a Repurchase Request, means that (i) the related Material Defect has been cured, (ii) the related Mortgage
Loan or Trust Subordinate Companion Loan has been repurchased in accordance with the related Mortgage Loan Purchase Agreement,
(iii) if the affected Trust Loan is a Mortgage Loan, a mortgage loan has been substituted for the related Mortgage Loan in
accordance with the related Mortgage Loan Purchase Agreement (substitution not being permitted for Trust Subordinate Companion
Loan), (iv) the applicable Mortgage Loan Seller has made a Loss of Value Payment, (v) a contractually binding agreement
has been entered into between the Enforcing Servicer, on behalf of the Trust, and the related Mortgage Loan Seller that settles
the related Mortgage Loan Seller’s obligations under the related Mortgage Loan Purchase Agreement, or (vi) the related
Mortgage Loan or Trust Subordinate Companion Loan is no longer property of the Trust as a result of a sale or other disposition
in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee (and,
in the event that the Trustee is the Certificate Registrar or the Paying Agent, of the Certificate Registrar or the Paying Agent,
as applicable) assigned to the Corporate Trust Office with direct responsibility for the administration of this Agreement
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject

 

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and (ii) the Certificate Administrator, any officer assigned to the
Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also, with respect to a
particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator because of such officer’s
knowledge of and familiarity with the particular subject. When used with respect to any Certificate Registrar (other than the Trustee
or the Certificate Administrator), any officer or assistant officer thereof.

 

“Restricted
Group”: Collectively, the following persons and entities: the Trustee; the Underwriters; the Depositor; the Master Servicer;
the Special Servicer; any Sub-Servicers; the Sponsors; each Mortgagor, if any, with respect to Mortgage Loans constituting more
than 5% of the total unamortized principal balance of all the Mortgage Loans in the Trust Fund as of the Closing Date; and any
and all Affiliates of any of the aforementioned Persons.

 

“Restricted
Party”: As defined in the definition of “Privileged Information Exception” in this Agreement.

 

“Restricted
Period”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Retained Defeasance
Rights and Obligations”: As defined in Section 3.09(d)(ii) of this Agreement.

 

“Retained Defeasance
Rights and Obligations Mortgage Loan”: As defined in Section 3.09(d)(ii) of this Agreement.

 

“Retained Interest
Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed to be owned
by the Holder(s) of the Risk Retention Certificates in proportion equal to their respective ownership interests in such Risk Retention
Certificates.

 

“Retaining Party”:
Each of CREFI as holder of the VRR1 Interest, JPMCB as holder of the VRR2 Interest, GS Bank as holder of the VRR3 Interest, and
any successor holder of all or part of the VRR1 Interest, the VRR2 Interest or the VRR3 Interest; and DBNY as holder of the 360RR
Interest and any successor holder of all or part of the 360RR Interest.

 

“Retaining Sponsor”:
CREFI, acting as retaining sponsor as such term is defined under Rule 2 of Regulation RR.

 

“Review Materials”:
As defined in Section 11.01(b)(i).

 

“Review Package”:
A package of documents consisting of a memorandum outlining the analysis and recommendation (in accordance with the Servicing Standard)
of the Master Servicer or the Special Servicer, as the case may be, with respect to the matters that are the subject thereof, and
copies of all relevant documentation.

 

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

 

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“Risk Retention
Certificate”: Any of the Class VRR or Class 360V Certificates.

 

“Risk Retention
Consultation Party”: Each of (i) the party selected by CREFI, (ii) the party selected by JPMCB, (iii) the party
selected by GSMC and (iv) solely with respect to the 360 Spear Mortgage Loan, the party selected by DBNY, as the owner of the 360RR
Interest. The Certificate Administrator shall promptly provide the name and contact information for the initial Risk Retention
Consultation Parties upon request of any party to this Agreement and any such requesting party may conclusively rely on the name
and contact information provided by the Certificate Administrator. The other parties hereto shall be entitled to assume, without
independent investigation or verification, that the identity of any Risk Retention Consultation Party has not changed until such
parties receive written notice of (including the identity of and contact information for) a replacement of such Risk Retention
Consultation Party from CREFI (in the case of the VRR1 Risk Retention Consultation Party), JPMCB (in the case of the VRR2 Risk
Retention Consultation Party), GSMC (in the case of the VRR3 Risk Retention Consultation Party) or DBNY (in the case of the 360
Spear Risk Retention Consultation Party). Notwithstanding the foregoing, no Risk Retention Consultation Party shall have any consultation
rights with respect to any Excluded RRCP Mortgage Loan with respect thereto. The initial VRR1 Risk Retention Consultation Party
shall be CREFI, the initial VRR2 Risk Retention Consultation Party shall be JPMCB, the initial VRR3 Risk Retention Consultation
Party shall be GSMC, and the initial 360 Spear Risk Retention Consultation Party shall be DBNY.

 

“RR Interest
Transfer Restriction Period”: With respect to: (a) the VRR Interest, the VRR Interest Transfer Restriction Period; and
(b) the 360RR Interest, the 360RR Transfer Restriction Period.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A
Global Certificates”: As defined in Section 5.02(c)(ii) of this Agreement.

 

“Rule 15Ga-1”:
Rule 15Ga-1 under the Exchange Act.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 17g-5”:
Rule 17g-5 under the Exchange Act.

 

“Rule 17g-5
Information Provider”: The Certificate Administrator acting in such capacity under this Agreement.

 

“Rule 17g-5
Information Provider’s Website”: The website established and maintained by the Rule 17g-5 Information Provider
pursuant to Section 12.06 and Section 12.13 of this Agreement, initially located at https://sf.citidirect.com,
under the “NRSRO” tab for the related transaction.

 

“S&P”:
S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, or its successors in interest. If neither
S&P nor any successor remains in existence,

 

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“S&P” shall be deemed to refer to such other nationally recognized
statistical rating agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall
be given to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer and specific ratings of S&P
herein referenced shall be deemed to refer to the equivalent ratings (as reasonably determined by the Depositor) of the party so
designated.

 

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

 

“Sarbanes-Oxley
Certification”: As defined in Section 10.05(a)(iv) of this Agreement.

 

“Schedule AL
Additional File”: With respect to each CREFC® Schedule AL File prepared by the Master Servicer pursuant
to Section 4.02(b), any data file containing additional information or schedules regarding data points in such CREFC®
Schedule AL File required by Items 1111(h)(4) and/or 1111(h)(5) of Regulation AB and Item 601(b)(103) of Regulation S-K.

 

“Scheduled Principal
Distribution Amount”: With respect to each Distribution Date, an amount equal to the aggregate of the principal portions
of:

 

(A)           all
Monthly Payments (which do not include Balloon Payments) with respect to the Mortgage Loans (including any REO Mortgage Loans)
due or deemed due during or, if and to the extent not previously received or advanced pursuant to Section 4.06 and
distributable to the Pooled Certificateholders or the Uncertificated VRR Interest Owner on a preceding Distribution Date, prior
to the related Collection Period, in each case to the extent either (i) paid by the Mortgagor as of the Determination Date (or,
in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of the Business Day immediately preceding
the related Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to
Section 4.06 in respect of such Distribution Date); and

 

(B)           all
Balloon Payments with respect to the Mortgage Loans (including any REO Mortgage Loans) to the extent received during the related
Collection Period (or, in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of the Business Day
immediately preceding the related Master Servicer Remittance Date), and to the extent not included in clause (A) above for
the subject Distribution Date and not previously received or advanced and distributable to the Pooled Certificateholders or the
Uncertificated VRR Interest Owner on a preceding Distribution Date.

 

For purposes of clarification, the Scheduled
Principal Distribution Amount from time to time shall include all late payments of principal made by the Mortgagors with respect
to the Mortgage Loans, including late payments in respect of a delinquent Balloon Payment, received during the periods or by the
times described above in this definition, except to the extent those late payments are otherwise applied to reimburse the Master
Servicer or the Trustee, as the case may be, for prior P&I Advances, pursuant to Section 3.06(a) and Section 3.06A(a).

 

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“Secure Data
Room”: The “Diligence Files” tab on the page relating to this transaction located within the Certificate
Administrator’s Website (initially “https://sf.citidirect.com”).

 

“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing, managing or administering
the Mortgage Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that
meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure
requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this
term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Serviced AB
Loan Combination”: A Serviced Loan Combination that includes a Subordinate Companion Loan. Each of the 360 Spear Loan
Combination and the Pittock Block Loan Combination is a Serviced AB Loan Combination relating to the Trust.

 

“Serviced Companion
Loan”: A Companion Loan that is part of a Serviced Loan Combination. With respect to each Servicing Shift Mortgage Loan
and the related Servicing Shift Loan Combination, each related Companion Loan will no longer be a Serviced Companion Loan on and
after the related Servicing Shift Date.

 

“Serviced Companion
Loan Holder”: The holder of a Serviced Companion Loan.

 

“Serviced Companion
Loan Holder Register”: As defined in Section 3.28(g).

 

“Serviced Companion
Loan Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets
of an Other Securitization Trust, which assets include a Serviced Companion Loan (or a portion thereof or interest therein).

 

“Serviced Loan”:
A Serviced Mortgage Loan or Serviced Companion Loan.

 

“Serviced Loan
Combination”: A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations
related to the Trust as of the Closing Date are the Loan Combinations as to which “Serviced” is set forth in the Loan
Combination Table under the column heading “Servicing Type,” together with any Servicing Shift Loan Combinations. A
Servicing Shift Loan Combination will no longer be a Serviced Loan Combination on and after the related Servicing Shift Date.

 

“Serviced Loan
Combination Remittance Date”: With respect to any Serviced Companion Loan: (i) the date specified as the applicable “remittance
date” (or analogous concept) in the related Co-Lender Agreement; or (ii) if no such applicable “remittance date”
(or analogous concept) is so specified in the related Co-Lender Agreement, then, if such Serviced Companion Loan is not included
in an Other Securitization Trust, the Master Servicer Remittance Date and, if such Serviced Companion Loan is included in an Other
Securitization Trust, the Business Day immediately following the “determination date” (or analogous concept) set forth
in the related Other Pooling and Servicing Agreement.

 

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“Serviced Mortgage
Loan”: A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

 

“Serviced Outside
Controlled Loan Combination”: A Serviced Loan Combination with respect to which the related “controlling note”
(regardless of whether such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) is not an asset of the
Trust. Each Servicing Shift Loan Combination will be a Serviced Outside Controlled Loan Combination prior to the related Servicing
Shift Date. Each Servicing Shift Loan Combination will cease to be a Serviced Outside Controlled Loan Combination from and after
the related Servicing Shift Date. Each Serviced AB Loan Combination (other than the 360 Spear Loan Combination) will be a Serviced
Outside Controlled Loan Combination for so long as a related Subordinate Companion Loan is evidenced by the “control note”
(or analogous concept), or the holder of a related Subordinate Companion Loan is the “directing holder” (or analogous
concept), under the related Co-Lender Agreement. As of the Closing Date, the only Serviced Outside Controlled Loan Combinations
are any Servicing Shift Loan Combinations and the Pittock Block Loan Combination.

 

“Serviced Outside
Controlled Mortgage Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Mortgage
Loan included in the Trust, which is evidenced by one or more non-controlling promissory notes made by the related Mortgagor. Each
Servicing Shift Mortgage Loan will be a Serviced Outside Controlled Mortgage Loan prior to the related Servicing Shift Date. Each
Servicing Shift Mortgage Loan will cease to be a Serviced Outside Controlled Mortgage Loan on and after the related Servicing Shift
Date. The Mortgage Loan included in a Serviced AB Loan Combination (other than the 360 Spear Loan Combination) will be a Serviced
Outside Controlled Mortgage Loan for so long as a related Subordinate Companion Loan is evidenced by the “control note”
(or analogous concept), or the holder of a related Subordinate Companion Loan is the “directing holder” (or analogous
concept), under the related Co-Lender Agreement.

 

“Serviced Pari
Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Loan Combination. With respect to each
Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Pari Passu Companion Loan will cease
to be a Serviced Pari Passu Companion Loan on and after the related Servicing Shift Date.

 

“Serviced Pari
Passu Companion Loan Holder”: A holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Loan Combination”: A Pari Passu Loan Combination that is a Serviced Loan Combination. Each Servicing Shift Loan
Combination will cease to be a Serviced Pari Passu Loan Combination on and after the related Servicing Shift Date.

 

“Serviced Subordinate
Companion Loan”: A Subordinate Companion Loan that is part of a Serviced AB Loan Combination. The Trust Subordinate Companion
Loan is a Serviced Subordinate Companion Loan.

 

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“Serviced Subordinate
Companion Loan Holder”: A holder of a Serviced Subordinate Companion Loan (other than the Trust Subordinate Companion
Loan held by the Trust).

 

“Serviced Trust
Loan”: Any Serviced Mortgage Loan or Trust Subordinate Companion Loan.

 

“Servicer”:
As defined in Section 10.02(b) of this Agreement.

 

“Servicer Indemnified
Party”: As defined in Section 8.05(c) of this Agreement.

 

“Servicer Termination
Event”: As defined in Section 7.01 of this Agreement.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan (including each Mortgage Loan that is a Specially Serviced Loan and each Outside Serviced Mortgage
Loan), each REO Mortgage Loan, each Serviced Companion Loan (including each Serviced Companion Loan that is a Specially Serviced
Loan) and each REO Companion Loan that is included as part of a Serviced Loan Combination and for any Distribution Date, the amount
accrued during the related Interest Accrual Period at the related Servicing Fee Rate on, in the case of the initial Distribution
Date, the Cut-Off Date Balance and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such Mortgage
Loan, REO Mortgage Loan, Serviced Companion Loan or REO Companion Loan, as the case may be, as of the close of business on the
Distribution Date in the related Interest Accrual Period; provided that such amounts shall be computed for the same period
and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage
Loan or Serviced Loan Combination is computed and shall be prorated for partial periods; and provided, further, that,
notwithstanding Section 3.05, Section 3.06 or Section 3.12 of this Agreement, (1) the
Servicing Fee shall be payable from the Lower-Tier REMIC and (2) the portion thereof payable with respect to each Outside
Serviced Mortgage Loan to the applicable Outside Servicer shall be calculated and paid under the applicable Outside Servicing Agreement,
shall not be payable to the Master Servicer, shall previously have been deducted by the applicable Outside Servicer prior to remittance
to the Trust and shall not be withdrawn from the Collection Account.

 

“Servicing Fee
Rate”: With respect to each Mortgage Loan (including any Outside Serviced Mortgage Loan) (or any successor REO Mortgage
Loan with respect thereto), the per annum rate equal to the sum of the rates set forth under the columns labeled “Master
Servicing Fee Rate (%)”, “Primary Servicing Fee Rate (%)”, “Subservicing Fee Rate (%)” and “Outside
Servicing Fee Rate (%)” on the Mortgage Loan Schedule; with respect to each Companion Loan secured by the Mortgaged Property
identified on the Mortgage Loan Schedule as Millennium Corporate Park (or any successor REO Companion Loan with respect thereto),
0.00125% per annum; with respect to each Companion Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule
as Phillips Point (or any successor REO Companion Loan with respect thereto), 0.00125% per annum; with respect to each Pari Passu
Companion Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Pittock Block (or any

 

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successor REO
Companion Loan with respect thereto), the per annum rate for such Pari Passu Companion Loan as set forth in the definition
of “Servicing Fee Rate” under related Co-Lender Agreement; with respect to the Subordinate Companion Loan secured by
the Mortgaged Property identified on the Mortgage Loan Schedule as Pittock Block (or any successor REO Companion Loan with respect
thereto), the per annum rate for such Subordinate Companion Loan as set forth in the definition of “Servicing Fee
Rate” under the related Co-Lender Agreement; with respect to each Companion Loan secured by the Mortgaged Property identified
on the Mortgage Loan Schedule as JW Marriott Nashville (or any successor REO Companion Loan with respect thereto), 0.00125% per
annum; with respect to each Companion Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as The Village
at Meridian (or any successor REO Companion Loan with respect thereto), 0.01125% per annum; with respect to each Companion Loan
secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Hotel ZaZa Houston Museum District (or any successor
REO Companion Loan with respect thereto), 0.00125% per annum; and with respect to the Trust Subordinate Companion Loan, 0.00250%
per annum.

 

“Servicing File”:
Any documents (other than documents required to be part of the related Mortgage File but including copies of such documents required
to be part of the related Mortgage File) related to the origination or the servicing of a Trust Loan that are in the possession
of or under the control of the applicable Mortgage Loan Seller, including but not limited to appraisals, environmental reports,
engineering reports, legal opinions, and the applicable Mortgage Loan Seller’s asset summary, delivered to the Master Servicer
or the Special Servicer; provided that no information that is proprietary to the related Mortgage Loan Seller or any draft
documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence analyses or data,
or internal worksheets, memoranda, communications or evaluations shall be required to be delivered as part of the Servicing File.
Notwithstanding anything to the contrary contained herein, with respect to each Outside Serviced Mortgage Loan, the Servicing File
shall consist solely of any related documents or records generated by the Master Servicer or Special Servicer hereunder or received
by either of them from the applicable Outside Servicer or Outside Special Servicer.

 

“Servicing Function
Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the
Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance
calculated in accordance with the provisions of Regulation AB.

 

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

 

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“Servicing Shift
Date”: With respect to any Servicing Shift Loan Combination, the date on which the related Pari Passu Companion Loan
evidenced by the Servicing Shift Lead Note is included in an Outside Securitization Trust, and which is also the date on which
the pooling and servicing agreement or other comparable agreement governing the creation of such Outside Securitization Trust becomes
the Outside Servicing Agreement for such Servicing Shift Loan Combination. For the avoidance of doubt, there is no Servicing Shift
Loan Combination relating to the Trust and, therefore, all references in this Agreement to “Servicing Shift Date” shall
be disregarded.

 

“Servicing Shift
Lead Note”: With respect to any Servicing Shift Loan Combination, the related Note, the securitization of which shall
cause the servicing of such Servicing Shift Loan Combination to shift to the applicable pooling and servicing agreement or other
comparable agreement governing that securitization. With respect to any Servicing Shift Loan Combination, the related Servicing
Shift Lead Note as of the Closing Date is identified in the footnotes to the Loan Combination Table. For the avoidance of doubt,
there is no Servicing Shift Loan Combination relating to the Trust and, therefore, all references in this Agreement to “Servicing
Shift Lead Note” shall be disregarded.

 

“Servicing Shift
Loan Combination”: Any Loan Combination that is initially serviced under this Agreement provided, that upon the inclusion
of a designated related Companion Loan in a future securitization, the servicing of such Loan Combination will shift to the pooling
and servicing agreement or other comparable agreement governing the securitization of such related Companion Loan (whether by itself
or with other mortgage assets). A Servicing Shift Loan Combination will be (i) a Serviced Loan Combination prior to the related
Servicing Shift Date servicing and (ii) an Outside Serviced Loan Combination on and after the related Servicing Shift Date. The
only Servicing Shift Loan Combinations related to the Trust as of the Closing Date are the Loan Combinations as to which “Servicing
Shift” is set forth in the Loan Combination Table under the column heading “Servicing Type.” For the avoidance
of doubt, there is no Servicing Shift Loan Combination relating to the Trust and, therefore, all references in this Agreement to
“Servicing Shift Loan Combination” shall be disregarded.

 

“Servicing Shift
Mortgage Loan”: Any Mortgage Loan that is part of a Servicing Shift Loan Combination. For the avoidance of doubt, there
is no Servicing Shift Mortgage Loan relating to the Trust and, therefore, all references in this Agreement to “Servicing
Shift Mortgage Loan” shall be disregarded.

 

“Servicing Shift
Mortgage Loan Pooling and Servicing Agreement”: With respect to a Servicing Shift Mortgage Loan or a Servicing Shift
Loan Combination, on and after the related Servicing Shift Date, the related pooling and servicing agreement or other comparable
agreement governing the creation of the Outside Securitization Trust that holds the related Pari Passu Companion Loan evidenced
by the related Servicing Shift Lead Note. For the avoidance of doubt, there is no Servicing Shift Mortgage Loan or Servicing Shift
Loan Combination relating to the Trust and, therefore, all references in this Agreement to “Servicing Shift Mortgage Loan
Pooling and Servicing Agreement” shall be disregarded.

 

“Servicing Standard”:
With respect to the Master Servicer or the Special Servicer, to service and administer the Serviced Loans and any REO Properties
that such party is obligated

 

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to service and administer hereunder, on behalf of the Trust Fund and the Trustee (as the trustee for
the Certificateholders and the Uncertificated VRR Interest Owner or, with respect to each Serviced Loan Combination, on behalf
of the Certificateholders, the Uncertificated VRR Interest Owner and the related Serviced Companion Loan Holder(s), as a collective
whole as if such Certificateholders and the Uncertificated VRR Interest Owner or, with respect to each Serviced Loan Combination,
such Certificateholders, the Uncertificated VRR Interest Owner and the related Serviced Companion Loan Holder(s), constituted a
single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate
Companion Loan(s))), in accordance with the terms of this Agreement and in accordance with the following: (i) the higher of
the following standards of care: (A) with the same care, skill, prudence and diligence with which the Master Servicer or the
Special Servicer, as the case may be, services and administers comparable mortgage loans with similar borrowers and comparable
REO properties for other third-party portfolios (giving due consideration to the customary and usual standards of practice of prudent
institutional commercial mortgage lenders servicing their own mortgage loans and REO properties); and (B) with the same care,
skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers
comparable mortgage loans and REO properties owned by the Master Servicer or the Special Servicer, as the case may be; and in either
case, exercising reasonable business judgment and acting in accordance with applicable law, the terms of the respective Serviced
Loans and, if applicable, the related Co-Lender Agreement; (ii) with a view to: the timely recovery of all payments of principal
and interest, including Balloon Payments, under the Serviced Loans or, in the case of (1) a Specially Serviced Loan or (2) a
Mortgage Loan or Serviced Loan Combination as to which the related Mortgaged Property is an REO Property, the maximization of recovery
on that Mortgage Loan or Serviced Loan Combination to the Certificateholders and the Uncertificated VRR Interest Owner (as a collective
whole as if such Certificateholders and the Uncertificated VRR Interest Owner constituted a single lender) (or, if any Serviced
Companion Loan is involved, with a view to the maximization of recovery on the related Serviced Loan Combination to the Certificateholders,
the Uncertificated VRR Interest Owner and the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders,
the Uncertificated VRR Interest Owner and Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a
Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan(s)))) of principal
and interest, including Balloon Payments, on a present value basis (the relevant discounting of anticipated collections that will
be distributable to the Certificateholders and the Uncertificated VRR Interest Owner (or, in the case of any Serviced Loan Combination,
to the Certificateholders, the Uncertificated VRR Interest Owner and the related Companion Loan Holder) to be performed at the
Calculation Rate); and (iii) without regard to (A) any relationship, including as lender on any other debt, that the
Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, may have with any of the related Mortgagors,
or any Affiliate thereof, or any other party to this Agreement; (B) the ownership of any Certificate (or any Companion Loan
or other indebtedness secured by the related Mortgaged Property or any security backed by a Companion Loan) by the Master Servicer
or the Special Servicer, as the case may be, or any Affiliate thereof; (C) the obligation of the Master Servicer to make Advances;
(D) the right of the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, to receive compensation
or reimbursement of costs hereunder generally or with respect to any particular transaction; and (E) the ownership, servicing
or management for others of any other mortgage loan or real property not subject to this Agreement by the Master

 

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Servicer or the
Special Servicer, as the case may be, or any Affiliate thereof; provided that the foregoing standards shall apply with respect
to an Outside Serviced Mortgage Loan and any related REO Property only to the extent that the Master Servicer or the Special Servicer
has any express duties or rights to grant consent with respect thereto pursuant to this Agreement.

 

“Servicing Transfer
Event”: With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any of the events
described in clauses (a) through (g) of the definition of “Specially Serviced Loan”, subject to the terms of
such definition.

 

“Significant
Obligor”: Any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (i) with respect
to the Trust, or (ii) with respect to a Serviced Companion Loan and an Other Securitization Trust, as to which the applicable Other
Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) as to such Other Securitization Trust. There is no Significant Obligor with respect to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date
occurring on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements
to the lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a)
for any Significant Obligor with respect to the Trust).

 

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

 

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

 

“Special Notice”:
As defined in Section 5.07(b).

 

“Special Servicer”:
With respect to (a) each Serviced Loan (other than the 360 Spear Loan Combination and the Pittock Block Loan Combination),
CWCapital Asset Management LLC, or its successor in interest, or any successor Special Servicer appointed as provided herein, (b) the
360 Spear Loan Combination, KeyBank National Association, or its successor in interest, or any successor Special Servicer appointed
as provided herein and (c) the Pittock Block Loan Combination, Situs Holdings, LLC, or its successor in interest, or any successor
Special Servicer appointed as provided herein, which successor Special Servicer shall, in the case of each of clauses (a), (b)
and (c) of this definition, with respect to any related Excluded Special Servicer Mortgage Loan, include the related Excluded Mortgage
Loan Special Servicer appointed pursuant to Section 6.08(j) of this Agreement, in each case as applicable and as the
context may require. All references in this Agreement to the “Special Servicer” mean, (x) with respect to each Serviced
Loan or Serviced Loan Combination, the applicable Special Servicer that acts as the special servicer for such Serviced Loan or
Serviced Loan Combination, as applicable and (y) only each applicable Special Servicer with respect to the representations, warranties
and covenants of the Special Servicers in Section 2.08.

 

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“Special Servicer
Decision”: With respect to any Serviced Loan or Serviced Loan Combination, any of the following (to the extent it is
not a Major Decision):

 

(a)           approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements or other
similar agreements for (i) all ground leases, including any determination whether to cure any borrower defaults relating to any
ground lease, and (ii) all other leases in excess of the lesser of (y) 30,000 square feet and (z) 30% of the net rentable
square footage at the related Mortgaged Property so long as it is reviewable by the lender under the related Loan Documents;

 

(b)           approving
any waiver regarding the receipt of financial statements (other than an immaterial timing waiver including late financial statements);

 

(c)           approving
annual budgets for the related Mortgaged Property with respect to a Mortgage Loan with a debt service coverage ratio below 1.30x
(to the extent lender approval is required under the related Loan Documents) that provide for (i) operating expenses equal
to more than 110% of the amount that was budgeted therefor in the prior year or (ii) payments to Persons or entities known
by the Master Servicer to be affiliates of the related Mortgagor (excluding affiliated managers paid at fee rates agreed to at
the origination of the related Mortgage Loan or Loan Combination);

 

(d)           approving
rights of way and easements that materially affect the use or value of a Mortgaged Property or the Mortgagor’s ability to
make payments with respect to the related Mortgage Loan and approving consent to subordination of the related Mortgage Loan to
such rights of way and easements;

 

(e)           agreeing
to any modification, waiver, consent or amendment of the related Mortgage Loan or Loan Combination in connection with a defeasance
if such proposed modification, waiver, consent or amendment is with respect to (i) a waiver of a Mortgage Loan event of default
(but excluding non-monetary events of default other than defaults relating to transfers of interest in the related Mortgagor or
the existing collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance collateral
required under the related Loan Documents such that defeasance collateral other than direct, non-callable obligations of the United
States would be permitted or (iii) a modification that would permit a Principal Prepayment instead of defeasance if the related
Loan Documents do not otherwise permit such Principal Prepayment;

 

(f)           in
circumstances where no lender discretion is permitted other than confirming that the conditions in the related Loan Documents have
been satisfied (including determining whether any applicable terms or tests are satisfied), approving any request to incur additional
debt in accordance with the terms of the related Loan Documents;

 

(g)           approving
any requests for the funding or disbursement of amounts from any escrow accounts, reserve funds or letters of credit held as “performance-based”,
“earn-out” or “holdback” escrows or reserves with respect to (i) any Mortgage Loan as to

 

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which such escrows
or reserves exceeded, as at the time of origination, 10% of the original principal balance of such Mortgage Loan, regardless of
whether such funding or disbursements may be characterized as routine and/or customary escrow and reserve fundings or disbursements
for which the satisfaction of performance-related criteria is not required pursuant to the terms of the related Loan Documents,
(ii) any Mortgage Loan as to which such escrows or reserves may not be characterized as routine and/or customary escrows, and (iii)
any Specified Mortgage Loans (for the avoidance of doubt with respect to sub-clauses (i) and (ii) above, any request for the
funding or disbursement of ordinary course impounds, repair and replacement reserves, lender approved budget and operating expenses,
and tenant improvements pursuant to an approved lease, each in accordance with the related Loan Documents or any other funding
or disbursement as mutually agreed upon by the Master Servicer and the Special Servicer, shall not constitute a Special Servicer
Decision);

 

(h)           in
circumstances where no lender discretion is required other than confirming satisfaction of the applicable terms of the related
Loan Documents (including determining whether any applicable terms or tests are satisfied), approving requests for any release
of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan; provided that, in any case, Special
Servicer Decisions will not include (i) grants of easements or rights of way that do not materially affect the use or value of
the Mortgaged Property or the Mortgagor’s ability to make any payments with respect to the Mortgage Loan; (ii) the release,
substitution or addition of collateral securing any Serviced Mortgage Loan or Serviced Loan Combination in connection with a defeasance
of such collateral; or (iii) requests that are related to any condemnation action that is pending, or threatened in writing, and
would affect a non-material portion of the Mortgaged Property;

 

(i)           any
modification, consent to a modification or waiver of any material term of any intercreditor or similar agreement (which shall not
include any amendments to split or re-size notes consistent with the terms of any Co-Lender Agreement as to which the consent of
the holder of the related Mortgage Loan is not required) related to a Serviced Mortgage Loan or Serviced Loan Combination, or any
action to enforce rights with respect thereto, except that, if any such modification or amendment would adversely impact the Master
Servicer, such modification or amendment will additionally require the consent of the Master Servicer as a condition to its effectiveness;

 

(j)           approving
any transfers of an interest in the Mortgagor under a Serviced Mortgage Loan or an assumption agreement, unless such transfer or
assumption (i) is allowed under the terms of the related Loan Documents without the exercise of any lender approval or discretion
other than confirming the satisfaction of the other conditions to the transfer or assumption set forth in the related Loan Documents
that do not include any other approval or exercise of discretion, including a consent to transfer to any subsidiary or affiliate
of such Mortgagor or to a Person acquiring less than a majority interest in such Mortgagor and (ii) does not involve incurring
new mezzanine financing or a change in control of the Mortgagor;

 

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(k)           any
proposed modification or waiver of any material provision in the related Loan Documents governing the type, nature or amount of
insurance coverage required to be obtained and maintained by the related Mortgagor; and

 

(l)           any
approval of any casualty insurance settlements (unless such casualty insurance settlements are less than the threshold specified
in the related Loan Documents and there is no lender discretion provided for in the related Loan Documents, including determining
whether any conditions precedent have been satisfied) or condemnation settlements (unless such condemnation settlements are immaterial
and there is no lender discretion provided for in the related Loan Documents, including determining whether any conditions precedent
have been satisfied), and any determination to apply casualty proceeds or condemnation awards to the reduction of the debt rather
than to the restoration of the Mortgaged Property.

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of the Special Servicer who are involved in the performance of the
duties of the Special Servicer under this Agreement.

 

“Special Servicing
Compensation”: With respect to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO
Property related to an Outside Serviced Mortgage Loan), any of the Special Servicing Fee, the Workout Fee, and the Liquidation
Fee which shall be due to the Special Servicer.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside
Serviced Mortgage Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at the applicable
Special Servicing Fee Rate on the Stated Principal Balance of the related Specially Serviced Loan as of the close of business
on the Distribution Date in such Interest Accrual Period; provided that (a) such amounts shall be computed for the same
period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Specially
Serviced Loan is computed and shall be prorated for partial periods and (b) such fee shall be payable monthly (i) in the case of
a Serviced Loan Combination, from collections on such Serviced Loan Combination; and (ii) in the case of a Mortgage Loan (including
a Mortgage Loan that is part of a Serviced Loan Combination, if the fee remains unpaid as described in the immediately preceding
clause (i)), from general collections on all the Mortgage Loans and any REO Properties. For the avoidance of doubt, the Special
Servicing Fee shall be deemed payable from the Lower-Tier REMIC, the MGM Grand & Mandalay Bay REMICs (with regard to the MGM
Grand & Mandalay Bay Mortgage Loan) or the 360 Spear REMIC, as applicable.

 

“Special Servicing
Fee Rate”: With respect to any Specially Serviced Loan (or related Serviced Loan Combination, if applicable) or REO Property
(other than an REO Property related to an Outside Serviced Mortgage Loan), a rate equal to (a) 0.25% per annum or (b) if
the rate in clause (a) would result in a Special Servicing Fee that would be less than $3,500 in any given month (as prorated
for a partial period), then the Special Servicing Fee Rate for such month for such Specially Serviced Loan (or related Serviced
Loan Combination, if applicable) or REO Property shall be such higher per annum rate as would result in a Special Servicing Fee
equal to

 

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$3,500 for such month (as prorated for a partial period) with respect to such Specially Serviced Loan (or related Serviced
Loan Combination, if applicable) or REO Property.

 

“Specially Serviced
Loan”: Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following
events has occurred (taking into account any cure rights of any related Serviced Subordinate Companion Loan Holder under the related
Co-Lender Agreement.):

 

(a)           the
related Mortgagor has failed to make when due any Monthly Payment or a Balloon Payment, which failure continues unremedied (without
regard to any grace period):

 

(i)           except
in the case of a Balloon Loan delinquent in respect of its Balloon Payment, beyond 60 days after the date on which the subject
payment was due, or

 

(ii)           solely
in the case of a delinquent Balloon Payment, (A) one Business Day after the date on which that Balloon Payment was due (except
as described in clause B below) or (B) if (1) the related Mortgagor has delivered to the Master Servicer or the Special Servicer
(each of whom shall promptly deliver a copy to the other and any applicable Directing Holder and Consulting Party), on or before
the date on which that Balloon Payment was due, a refinancing commitment, letter of intent or otherwise binding application or
other similar binding document for refinancing from an acceptable lender or signed purchase agreement related to the sale of the
related Mortgaged Property reasonably acceptable to the Special Servicer, (2) the related Mortgagor continued to make its Monthly
Payments on each Due Date, and (3) no other Servicing Transfer Event has occurred with respect to the Serviced Loan, then a Servicing
Transfer Event will not occur until the earlier of (x) 120 days after the date on which the Balloon Payment was due and (y)
the termination of the refinancing commitment, letter of intent or otherwise binding application or similar binding document or
the purchase agreement; or

 

(b)           there
shall have occurred a default (other than as set forth in clause (a) above and other than an Acceptable Insurance Default)
that (i) the Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the consent of any applicable
Directing Holder) determines materially impairs the value of the related Mortgaged Property as security for the Serviced Loan or
otherwise materially adversely affects the interests of Certificateholders and the Uncertificated VRR Interest Owner in the Serviced
Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders, the Uncertificated VRR
Interest Owner and the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination), and (ii) continues unremedied
for the applicable grace period under the terms of the Serviced Loan (or, if no grace period is specified and the default is capable
of being cured, for 60 days); provided, that any default requiring a Property Advance will be deemed to materially
and adversely affect the interests of the Certificateholders and the Uncertificated VRR Interest Owner in the subject Serviced
Mortgage Loan (or, in the case of a Serviced Loan Combination, the

 

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interests of the Certificateholders, the Uncertificated VRR
Interest Owner and the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination); or

 

(c)           a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in any involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered into against the related Mortgagor; or

 

(d)           the
related Mortgagor consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment or debt,
marshaling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all or substantially
all of its property; or

 

(e)           the
related Mortgagor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations; or

 

(f)           the
Master Servicer or the Special Servicer shall have received notice of the commencement of foreclosure or similar proceedings with
respect to the related Mortgaged Property; or

 

(g)           the
Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the consent of any applicable Directing
Holder) determines that (i) a default (other than an Acceptable Insurance Default) under the Serviced Loan is reasonably foreseeable,
(ii) such default would materially impair the value of the corresponding Mortgaged Property as security for such Serviced
Loan or otherwise materially adversely affects the interests of Certificateholders and the Uncertificated VRR Interest Owner in
the Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders, the Uncertificated
VRR Interest Owner or the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination), and (iii) the default
is likely to continue unremedied for the applicable cure period under the terms of such Serviced Loan or, if no cure period is
specified and the default is capable of being cured, for 60 days;

 

provided, however, that a
Serviced Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect to such Serviced Loan
or any related REO Property or, so long as at such time no circumstance identified in clauses (a) through (g) above exists
that would cause the subject Serviced Mortgage Loan or any related Serviced Companion Loan to continue to be characterized as a
Specially Serviced Loan, when:

 

(w)           with
respect to the circumstances described in clause (a) of this definition, the related Mortgagor has made three consecutive
full and timely Monthly Payments under the terms of such Serviced Loan (as such terms may be changed or modified in connection
with a bankruptcy or similar proceeding involving the related Mortgagor or by reason of a

 

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modification, extension, waiver or amendment
granted or agreed to by the Master Servicer or the Special Servicer pursuant to Section 3.24 of this Agreement);

 

(x)           with
respect to the circumstances described in clauses (c), (d), (e) and (g) of this definition, such circumstances cease to exist
in the good faith, reasonable judgment of the Special Servicer, but, with respect to any bankruptcy or insolvency proceedings described
in clauses (c), (d) and (e), no later than the entry of an order or decree dismissing such proceeding;

 

(y)           with
respect to the circumstances described in clause (b) of this definition, such default is cured as determined by the Special
Servicer in its reasonable, good faith judgment; and

 

(z)           with
respect to the circumstances described in clause (f) of this definition, such proceedings are terminated.

 

Notwithstanding the foregoing,
for purposes of clauses (a) (but solely with respect to delinquent Monthly Payments), (b), (e) and (g) of this definition, neither
(i) a Payment Accommodation with respect to any Serviced Loan nor (ii) any default or delinquency that would have existed but for
such Payment Accommodation shall constitute a Servicing Transfer Event or cause such Serviced Loan to be characterized as a Specially
Serviced Loan, for so long as the related Mortgagor is complying with the terms of such Payment Accommodation. For the avoidance
of doubt, in the event a borrower fails to comply with the terms of a Payment Accommodation (as determined by the Special Servicer
in accordance with the Servicing Standard), a determination as to whether any applicable event specified in the preceding sentence
constitutes a Servicing Transfer Event or causes such Serviced Loan to be characterized as a Specially Serviced Loan shall be made
as though the Payment Accommodation never occurred; provided, however, if, pursuant to this sentence, a Servicing Transfer
Event is determined to occur prior to the date of such borrower’s failure to comply with the terms of the related Payment
Accommodation, then such Servicing Transfer Event will be deemed to occur on the date of such borrower’s failure to comply.
The Special Servicer may conclusively rely on the Master Servicer’s determination and the Master Servicer may conclusively
rely on the Special Servicer’s determination as to whether a Servicing Transfer Event has occurred giving rise to a Serviced
Loan’s becoming a Specially Serviced Loan. If any Serviced Mortgage Loan that is part of a Serviced Loan Combination becomes
a Specially Serviced Loan, then the related Serviced Companion Loan shall also become a Specially Serviced Loan. If the Serviced
Companion Loan that is included in a Serviced Loan Combination becomes a Specially Serviced Loan, then the related Serviced Mortgage
Loan that is part of such Serviced Loan Combination shall also become a Specially Serviced Loan.

 

“Specially Serviced
Mortgage Loan”: A Mortgage Loan that is, or is part of, a Specially Serviced Loan.

 

“Specified Mortgage
Loans”: The Mortgage Loans identified on Exhibit GG to this Agreement.

 

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“Split Mortgage
Loan”: Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust
as of the Closing Date are those that have the respective loan numbers (as set forth on the Mortgage Loan Schedule) listed on the
Loan Combination Table under the column heading “Loan No. for related Mortgage Loan.”

 

“Sponsor”:
Each of CREFI, GACC, GSMC and JPMCB, and their respective successors in interest.

 

“Startup Day”:
The day designated as such pursuant to Section 2.12(c) of this Agreement.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan or Trust Subordinate Companion Loan (other than an REO Trust Loan), as of
any date of determination, an amount equal to (a) the Cut-Off Date Balance of such Mortgage Loan or Trust Subordinate Companion
Loan (or, in the case of a Qualified Substitute Mortgage Loan, the unpaid principal balance of such Mortgage Loan (as of the date
of substitution) after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
whether or not received), minus (b) the sum of (i) any and all amounts (without duplication) attributable to such Mortgage
Loan or Trust Subordinate Companion Loan that are part of the Scheduled Principal Distribution Amount, the Unscheduled Principal
Distribution Amount, the 360 Spear Scheduled Principal Distribution Amount and/or the 360 Spear Unscheduled Principal Distribution
Amount, as applicable, for each and every Distribution Date coinciding with or preceding such date of determination and (ii) any
adjustment to the principal balance of such Mortgage Loan or Trust Subordinate Companion Loan as a result of a reduction of principal
by a bankruptcy court or as a result of a modification reducing the principal balance of such Mortgage Loan or Trust Subordinate
Companion Loan as of the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination.
The Stated Principal Balance of a Mortgage Loan or Trust Subordinate Companion Loan with respect to which title to the related
Mortgaged Property has been acquired on behalf of the Trust Fund and, if such Trust Loan is part of a Loan Combination, the related
Companion Loan Holder(s), is equal to the Stated Principal Balance thereof outstanding on the date on which such title is acquired
less any and all amounts attributable to the related REO Trust Loan that are part of the Unscheduled Principal Distribution Amount
or 360 Spear Unscheduled Principal Distribution Amount, as applicable, and the principal portion of any P&I Advances with respect
to such REO Trust Loan for each and every Distribution Date coinciding with or preceding such date of determination but after the
date on which such title is acquired. With respect to any Serviced Companion Loan (other than the Trust Subordinate Companion Loan)
(including any successor REO Companion Loan with respect to such Serviced Companion Loan), as of any date of determination, the
Stated Principal Balance shall equal the unpaid principal balance of such Serviced Companion Loan as of the Cut-off Date, minus
(i) all amounts remitted to the related Serviced Companion Loan Holder on or prior to the most recent Distribution Date coinciding
with or preceding such date of determination that are allocable to principal of such Serviced Companion Loan and (ii) any
adjustment to the principal balance of such Serviced Companion Loan as a result of a reduction of principal by a bankruptcy court
or as a result of a modification reducing the principal amount due on such Serviced Companion Loan as of the Determination Date
for the most recent Distribution Date coinciding with or preceding such date of determination. Notwithstanding the foregoing, the
Stated Principal Balance of a Mortgage Loan, Trust Subordinate Companion Loan or other Serviced Companion Loan that has

 

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been paid
in full or a Specially Serviced Loan with respect to which the Special Servicer has made a Final Recovery Determination (or, in
the case of an Outside Serviced Mortgage Loan, with respect to which the Outside Special Servicer has made an equivalent determination)
shall be zero from and after the Distribution Date related to the Collection Period in which such payment or determination is made.
The Stated Principal Balance of a Serviced Loan Combination (including an REO Loan Combination), as of any date of determination,
shall equal the sum of the then Stated Principal Balances of the related Mortgage Loan (including an REO Mortgage Loan) and the
related Serviced Companion Loan(s) (including any related REO Companion Loan(s)).

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall or general servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Trust Loans but performs one or more discrete
functions of the Servicing Criteria with respect to Trust Loans under the direction or authority of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, an Additional Servicer, or a Sub-Servicer.

 

“Subordinate
Companion Loan”: A Companion Loan that, to the extent provided in the related Loan Documents and/or the related Co-Lender
Agreement, is generally subordinate in right of payment to the related Split Mortgage Loan. The only Subordinate Companion Loans
related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column
heading “Subordinate Companion Loan(s),” each of which Notes evidences a separate Subordinate Companion Loan.

 

“Subordinate
Companion Loan Holder”: The holder of a Subordinate Companion Loan (other than the Trust Subordinate Companion Loan).

 

“Subordinate
YM Certificates”: As defined in Section 4.01(d) of this Agreement.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(a) of this Agreement, an amount
equal to the excess, if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution
over the Stated Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments
of principal and interest due during or prior to the month of substitution. In the event that one or more Qualified Substitute
Mortgage Loans are substituted (at the same time by the same Mortgage Loan Seller) for one or more deleted Mortgage Loans, the
Substitution Shortfall Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase
Prices of the Mortgage Loan or Mortgage Loans being replaced and the aggregate Stated Principal Balances of the related Qualified
Substitute Mortgage Loans.

 

“Sub-Servicer”:
Any Person that Services Trust Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is responsible
for the performance (whether directly or through Sub-Servicers or Subcontractors) of all or a material portion of the Servicing
functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under this Agreement,
with respect to some or all of the Trust Loans. As of the Closing Date, the Sub-Servicer(s) set forth on Exhibit S
to this Agreement will be the Sub-Servicer for the related Mortgage Loan(s) set forth on Exhibit S to this Agreement.

 

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“Sub-Servicing
Agreement”: The written contract between the Master Servicer, an Additional Servicer or the Special Servicer (if it is
permitted to appoint sub-servicers pursuant to Section 3.01(c) of this Agreement), as the case may be, and any Sub-Servicer
relating to servicing and administration of Trust Loans as provided in Section 3.01(c) of this Agreement.

 

“Successful
Bidder”: As defined in Section 7.01(b) of this Agreement.

 

“Tax Returns”:
The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or
any successor forms, to be filed on behalf of each Trust REMIC under the REMIC Provisions, and the federal income tax return to
be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E,
part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required
to be furnished to the Certificateholders and/or the Uncertificated VRR Interest Owner or filed with the IRS or any other governmental
taxing authority under any applicable provisions of federal, state or local tax laws.

 

“Temporary Regulation S
Global Certificate”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Terminated
Party”: As defined in Section 7.01(c) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.

 

“Termination
Purchase Amount”: As of any time of determination, an amount equal to the sum of (A) the aggregate Purchase Price
(excluding the amount described in clause (g) of the definition of “Purchase Price”) of all the Mortgage Loans
(exclusive of any successor REO Mortgage Loans with respect thereto) and the Trust Subordinate Companion Loan (exclusive of any
successor REO Companion Loan with respect thereto) then included in the Trust and (B) the Appraised Value of the Trust’s
portion of each REO Property, if any, then included in the Trust, as determined by the Special Servicer (the relevant appraisals
for purposes of this clause (B) shall be obtained by the Special Servicer and prepared by an Appraiser in accordance
with MAI standards).

 

“Test”:
As defined in Section 11.01(b)(iv).

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II
environmental report, seismic report or property condition report, if any.

 

“Threshold Event
Collateral”: As defined in Section 3.28(f).

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.03(p)(ii) of this Agreement.

 

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“Transferor
Letter”: As defined in Section 5.03(p)(ii) of this Agreement.

 

“Treasury Regulations”:
Applicable final or temporary regulation of the U.S. Department of the Treasury.

 

“Trust”:
The trust created by this Agreement.

 

“Trust Fund”:
The corpus of the trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans and Trust
Subordinate Companion Loan as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the
Trustee’s rights under the insurance policies with respect to the Mortgage Loans and Trust Subordinate Companion Loan required
to be maintained pursuant to this Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of
Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s
and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage
Loans and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant
to Section 2.01 of this Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

“Trust Loan”:
Any Mortgage Loan (including any successor REO Mortgage Loan) or Trust Subordinate Companion Loan (including any successor REO
Companion Loan) held in the Trust Fund.

 

“Trust Reimbursement
Amount”: As defined in Section 3.06A(a) of this Agreement.

 

“Trust Reimbursement
Amount No.1”: As defined in Section 3.06(a) of this Agreement.

 

“Trust Reimbursement
Amount No.2”: As defined in Section 3.06A(a) of this Agreement.

 

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“Trust REMIC”:
Each of the 360 Spear REMIC, the CREFI MGM Grand & Mandalay Bay REMIC, the GACC MGM Grand & Mandalay Bay REMIC, the Lower-Tier
REMIC and the Upper-Tier REMIC.

 

“Trust Subordinate
Companion Loan”: The Subordinate Companion Loan evidenced by the promissory note B made by the related Mortgagor and
secured by the Mortgage on the 360 Spear Mortgaged Property, which is included in the Trust and which is subordinate in right of
payment to the 360 Spear Mortgage Loan to the extent set forth in the related Loan Documents and as provided in the 360 Spear Co
Lender Agreement.

 

“Trustee”:
Wilmington Trust, National Association, a national banking association, in its capacity as trustee, or its successor in interest,
or any successor trustee appointed as herein provided.

 

“Trustee Personnel”:
The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“Trustee/Certificate
Administrator Fee”: With respect to each Trust Loan and for any Distribution Date, an amount accrued during the related
Interest Accrual Period at the Trustee/Certificate Administrator Fee Rate on, in the case of the initial Distribution Date, the
Cut-Off Date Balance of such Trust Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such
Trust Loan as of the close of business on the Distribution Date in the related Interest Accrual Period; provided that such
amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment
due or deemed due on the related Trust Loan is computed and shall be prorated for partial periods. For the avoidance of doubt,
the Trustee/Certificate Administrator Fee shall be payable from the Lower-Tier REMIC.

 

“Trustee/Certificate
Administrator Fee Rate”: With respect to each Mortgage Loan and Trust Subordinate Companion Loan, a rate equal to 0.00550%
per annum.

 

“Uncertificated
VRR Interest”: An uncertificated interest in the Trust representing the right to receive or be allocated pursuant to
Section 4.01(c) a pro rata portion (based on the Uncertificated VRR Interest Balance relative to the sum of the Certificate
Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds and any
Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined
VRR Interest. The Uncertificated VRR Interest evidences beneficial ownership of a portion of the Class VRR Specific Grantor Trust
Assets. For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable
law. For tax reporting purposes, the Uncertificated VRR Interest will accrue interest at the WAC Rate in effect from time to time.

 

“Uncertificated
VRR Interest Balance”: With respect to the Uncertificated VRR Interest, (a) as of any date of determination on or
prior to the first Distribution Date, an amount equal to the initial Uncertificated VRR Interest Balance as specified in the Preliminary
Statement hereto, and (b) as of any date of determination after the first Distribution Date, an amount equal to the Uncertificated
VRR Interest Balance on the Distribution Date immediately prior to such date

 

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of determination, after any actual distributions of
principal thereon and allocations of applicable Realized Losses thereto on such prior Distribution Date, and after any increases
to the Uncertificated VRR Interest Balance on such prior Distribution Date (as and to the extent provided in Section 4.01(g)
of this Agreement) in connection with recoveries of Nonrecoverable Advances previously reimbursed out of collections of principal
on the Mortgage Loans.

 

“Uncertificated
VRR Interest Owner”: Any Person in whose name the Uncertificated VRR Interest is registered on the Certificate Register
or other registry of ownership maintained by the Certificate Administrator.

 

“Underwriter
Exemption”: Collectively, (a) Prohibited Transaction Exemption 91-23, granted to a predecessor of Citigroup Global Markets
Inc., (b) Prohibited Transaction Exemption 89-88 granted to Goldman Sachs & Co. LLC, (c) the prohibited transaction exemption
granted to Deutsche Bank Securities Inc., Department Final Authorization Number 97-03E and (d) the Prohibited Transaction
Exemption 2002-19 granted to J.P. Morgan Securities LLC, each as most recently amended by Prohibited Transaction Exemption 2013-08
and as further amended by the Department of Labor from time to time.

 

“Underwriters”:
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Academy
Securities, Inc. and Drexel Hamilton, LLC.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to subsections (ii) (B) and (C) of Section 3.06(a) of this Agreement but that
has not been recovered from the Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property
in respect of which the Advance was made.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the aggregate of: (a) all Principal
Prepayments received on the Mortgage Loans during the related Collection Period (or, in the case of the Outside Serviced Mortgage
Loans, all Principal Prepayments received during the period that renders them includable in the Aggregate Pooled Available Funds
for such Distribution Date); and (b) any other collections (exclusive of payments by Mortgagors) received on the Mortgage Loans
and, to the extent allocable to the related Mortgage Loan, on any REO Properties during the related Collection Period (or, in the
case of an Outside Serviced Mortgage Loan or any interest in REO Property acquired with respect thereto, all such proceeds received
during the period that renders them includable in the Aggregate Pooled Available Funds for such Distribution Date), whether in
the form of Liquidation Proceeds, Insurance Proceeds, Condemnation proceeds, net income, rents, and REO Proceeds or otherwise,
that were identified and applied by the Master Servicer (and/or, in the case of an Outside Serviced Mortgage Loan, the related
Outside Servicer) as recoveries of previously unadvanced principal of the related Mortgage Loan.

 

“Unsolicited
Information”: As defined in Section 11.01(b)(iii).

 

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“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests and the 360 Spear
Regular Interests and amounts held from time to time in the Upper-Tier REMIC Distribution Account.

 

“Upper-Tier
REMIC Distribution Account”: The trust account or accounts created and maintained as a separate trust account (or separate
sub-account within the same account as another Distribution Account) or accounts by the Certificate Administrator pursuant
to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate
Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association,
as Trustee, for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23, and the Uncertificated VRR Interest Owner, Upper-Tier REMIC Distribution Account” and which must be
an Eligible Account. The Upper-Tier REMIC Distribution Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Upper-Tier REMIC and evidenced by the Class R Certificates.

 

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

 

“Vertical Risk
Retention Allocation Percentage”: A percentage equal to the Vertically Retained Percentage divided by the Non-Vertically
Retained Percentage.

 

“Vertically
Retained Percentage”: A fraction, expressed as a percentage, the numerator of which is the initial Combined VRR Interest
Balance of the Combined VRR Interest, and the denominator of which is the sum of (x) the aggregate initial Certificate Balance
of all Classes of Pooled Principal Balance Certificates and (y) the initial Uncertificated VRR Interest Balance of the Uncertificated
VRR Interest.

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At all
times during the term of this Agreement, the Voting Rights shall be allocated among the respective Classes of Certificateholders
as follows: (a) 1% in the aggregate in the case of the respective Classes of the Interest-Only Certificates, allocated pro
rata based upon their respective Notional Amounts as of the date of determination (but only for so long as the Notional Amount
of at least one Class of Interest-Only Certificates is greater than zero), and (b) in the case of any Class of Principal Balance
Certificates, a percentage equal to the product of 99% (or, if the Notional Amounts of all Classes of Interest-Only Certificates
have been reduced to zero, 100%) and a fraction, the numerator of which is equal to the Certificate

 

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Balance of such Class of Principal
Balance Certificates as of the date of determination, and the denominator of which is equal to the aggregate of the Certificate
Balances of all Classes of the Principal Balance Certificates, in each case as of the date of determination (provided that,
if, but only if, expressly so provided herein in any circumstance, the allocation or exercise of Voting Rights for any particular
purpose shall take into account the allocation of Appraisal Reduction Amounts to notionally reduce Certificate Balances). The Voting
Rights of any Class of Certificates shall be allocated among Holders of Certificates of such Class in proportion to their respective
Percentage Interests. The Class S and Class R Certificates and the Uncertificated VRR Interest shall not be entitled to any Voting
Rights.

 

“VRR Interest”:
All of the Class VRR Certificates collectively. The VRR Interest represents undivided beneficial interests in a portion of
the VRR Specific Grantor Trust Assets.

 

“VRR Interest
Distribution Amount”: With respect to the Combined VRR Interest for any Distribution Date, an amount equal to the product
of (A) the Vertical Risk Retention Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders
of the Non-Vertically Retained Pooled Regular Certificates pursuant to Sections 4.01(b)(i), (iv), (vii),
(x), (xiii), (xvi), (xix), (xxii) and (xxv) on such Distribution Date.

 

“VRR Interest
Transfer Restriction Period”: With respect to the Combined VRR Interest, the period from the Closing Date to the earlier
of: (i) the date that is latest of (A) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans
has been reduced to 33% of the aggregate Cut-off Date Balance of the Mortgage Loans, (B) the date on which the sum of the aggregate
outstanding Certificate Balance of all Classes of Pooled Principal Balance Certificates and the Uncertificated VRR Interest Balance
of the Uncertificated VRR Interest has been reduced to 33% of the sum of the aggregate outstanding Certificate Balance of all Classes
of Pooled Principal Balance Certificates and the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest as of the
Closing Date, or (C) two (2) years after the Closing Date; or (ii) in the sole discretion of the Retaining Sponsor and the Depositor,
the date on which the provisions of Regulation RR applicable to the Retaining Sponsor, the Retaining Parties and the securitization
transaction contemplated by this Agreement are repealed in their entirety or are otherwise eliminated and the Retaining Sponsor
and the Depositor have determined that such repeal or elimination renders Regulation RR in its entirety inapplicable (and that
there are no other risk retention requirements under the Dodd-Frank Act that would be applicable) to the securitization transaction
contemplated by this Agreement.

 

“VRR Principal
Distribution Amount”: With respect to the Combined VRR Interest for any Distribution Date, an amount equal to the product
of (A) the Vertical Risk Retention Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders of
the Non-Vertically Retained Pooled Principal Balance Certificates pursuant to Sections 4.01(b)(ii), (v), (viii),
(xi), (xiv), (xvii), (xx), (xxiii) and (xxvi) and the penultimate paragraph of Section 4.01(b)
on such Distribution Date.

 

“VRR Realized
Loss Interest Distribution Amount”: With respect to the Combined VRR Interest for any Distribution Date, an amount equal
to the product of (A) the Vertical Risk Retention Allocation Percentage and (B) the aggregate amount of interest on related
reimbursed Realized Losses distributed to the Holders of the Non-Vertically Retained Pooled Principal

 

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Balance Certificates pursuant
to Sections 4.01(b)(iii), (vi), (ix), (xii), (xv), (xviii), (xxi), (xxiv)
and (xxvii) on such Distribution Date.

 

“VRR Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class VRR Upper-Tier Regular Interest,
together with all distributions thereon and proceeds thereof, (ii) the Vertically Retained Percentage of any Excess Interest collected
on the ARD Mortgage Loans, and (iii) the Vertically Retained Percentage of amounts held from time to time in the Excess Interest
Distribution Account.

 

“VRR1 Interest”:
As defined in the Preliminary Statement.

 

“VRR1 Risk Retention
Consultation Party”: The Risk Retention Consultation Party selected by CREFI.

 

“VRR2 Interest”:
As defined in the Preliminary Statement.

 

“VRR2 Risk Retention
Consultation Party”: The Risk Retention Consultation Party selected by JPMCB.

 

“VRR3 Interest”:
As defined in the Preliminary Statement.

 

“VRR3 Risk Retention
Consultation Party”: The Risk Retention Consultation Party selected by GSMC.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the weighted average of the applicable Net Mortgage Pass-Through
Rates of the Mortgage Loans (including the REO Mortgage Loans) for such Distribution Date, weighted on the basis of their respective
Stated Principal Balances immediately prior to such Distribution Date; provided, however, that in the case of MGM Grand & Mandalay
Bay Mortgage Loan, “Mortgage Loan” shall refer to the MGM Grand & Mandalay Bay Trust REMIC Regular Interests (as
if they were separate Mortgage Loans) for purposes of this definition.

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22)
or successor provisions.

 

“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(23) or successor
provisions.

 

“Withheld Amounts”:
As defined in Section 3.23 of this Agreement.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, Trust Subordinate Companion Loan or Serviced Loan Combination,
the amount of any Advance made with respect to such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Loan Combination
on or before the date such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Loan Combination becomes (or, but for the
making of three monthly payments under its modified terms, would then constitute) a Corrected Loan, together with (to the

 

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extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not reimbursed to the Person
who made such Advance on or before the date, if any, on which such Mortgage Loan, Trust Subordinate Companion Loan or Serviced
Loan Combination becomes a Corrected Loan and (ii) the amount of such Advance becomes a future obligation of the Mortgagor
to pay under the terms of modified Loan Documents. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement
Amount shall not in any manner limit the right of any Person hereunder to determine in the future that such amount instead constitutes
a Nonrecoverable Advance.

 

“Workout Fee”:
The fee paid to the Special Servicer with respect to each Corrected Loan equal to the applicable Workout Fee Rate applied to each
collection of interest (excluding Default Interest and Excess Interest) and principal (other than any amount for which a Liquidation
Fee is paid) received on such Corrected Loan for so long as it remains a Corrected Loan; provided that no Workout Fee shall
be payable by the Trust with respect to such Corrected Loan if and to the extent that the Corrected Loan became a Specially Serviced
Loan under clause (g) of the definition of Specially Serviced Loan (and no other clause thereof) and no mortgage loan
event of default actually occurs, unless the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) is modified by
the Special Servicer in accordance with the terms hereof; provided, further, that if a Serviced Mortgage Loan (or
Serviced Loan Combination, if applicable) becomes a Specially Serviced Loan under this Agreement only because of an event described
in clause (a)(ii) of the definition of Specially Serviced Loan as a result of a payment default at maturity and the related
collection of interest and principal is received within 90 days following the related Maturity Date in connection with the
full and final payoff or refinancing of the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the Special
Servicer will not be entitled to collect a Workout Fee, but may collect and retain appropriate fees from the related Mortgagor
in connection with such workout; provided, further, that the Workout Fee with respect to any Specially Serviced Loan
that becomes a Corrected Loan under this Agreement shall be reduced by any Excess Modification Fees paid by or on behalf of the
related Mortgagor with respect to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as described in the
definition of Excess Modification Fees in this Agreement, but only to the extent those fees have not previously been deducted from
a Workout Fee or Liquidation Fee.

 

“Workout Fee
Rate”: A rate equal to the lesser of (a) 1.0% (or, in the case of the Pittock Block Loan Combination, 0.5%) and
(b) such lower rate as would result in a Workout Fee of $1,000,000 when applied to each expected payment of principal and
interest (other than Default Interest and Excess Interest) on the subject Serviced Mortgage Loan (or related Serviced Loan Combination,
if applicable) from the date such Mortgage Loan (or related Serviced Loan Combination, if applicable) becomes a Corrected Loan,
through and including the then-related maturity date; provided that, if the rate in clause (a) above would result in
a Workout Fee that would be less than $25,000 when applied to each expected payment of principal and interest (other than Default
Interest and Excess Interest) on the subject Serviced Mortgage Loan (or related Serviced Loan Combination, if applicable) from
the date such Serviced Mortgage Loan (or related Serviced Loan Combination, if applicable) becomes a Corrected Loan through and
including the then-related maturity date, then the Workout Fee Rate shall be a rate equal to such higher rate as would result in
a Workout Fee equal to $25,000 when applied to each expected payment of principal and interest (other than Default Interest and
Excess Interest) on such Serviced Mortgage Loan (or related Serviced Loan Combination, if applicable) from the date such Serviced
Mortgage 

 

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Loan (or related Serviced Loan Combination, if applicable) becomes a Corrected Loan through and including the then-related
maturity date. Notwithstanding the foregoing, the Workout Fee Rate with respect to the First Republic Center Mortgage Loan shall
be 0.50%.

 

“XML Format”:
Extensible markup language electronic format.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment premium,
if any, payable under the related Note in connection with certain prepayments.

 

Section 1.02           Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)            All calculations of interest with respect to the Mortgage Loans and Trust Subordinate Companion Loan shall be made in accordance
with the terms of the related Note and Mortgage.

 

(b)           For purposes of distribution of Yield Maintenance Charges to the Pooled Certificateholders pursuant to Section 4.01(d)
of this Agreement on any Distribution Date, the Class of Non-Vertically Retained Pooled Principal Balance Certificates
as to which the Non-Vertically Retained Percentage of any prepayment shall be deemed to be distributed shall be determined on the
assumption that the portion of the Principal Distribution Amount paid to the Non-Vertically Retained Pooled Principal Balance Certificates
on such Distribution Date in respect of principal shall consist first of the Non-Vertically Retained Percentage of scheduled payments
included in the definition of Principal Distribution Amount and second of the Non-Vertically Retained Percentage of prepayments
included in such definition.

 

(c)            Any Mortgage Loan or Trust Subordinate Companion Loan payment is deemed to be received by the Trust Fund on the date such
payment is actually received by the Master Servicer, the Special Servicer or the Certificate Administrator; provided, however,
that for purposes of calculating distributions on the Certificates, Principal Prepayments with respect to any Mortgage Loan or
Trust Subordinate Companion Loan are deemed to be received on the date they are applied in accordance with Section 3.01(b)
of this Agreement to reduce the outstanding principal balance of such Mortgage Loan or Trust Subordinate Companion Loan on which
interest accrues.

 

(d)            For purposes of calculating distributions on the Certificates and the Uncertificated VRR Interest and, in the absence of
express provisions in the related Loan Documents (and/or, with respect to each Outside Serviced Mortgage Loan, the related Outside
Servicing Agreement) to the contrary, for purposes of otherwise collecting amounts due under a Mortgage Loan, all amounts collected
by or on behalf of the Trust in respect of any Mortgage Loan in the form of payments from the related Mortgagor, Liquidation Proceeds,
Condemnation Proceeds or Insurance Proceeds (excluding, if applicable, in the case of each Serviced Loan Combination, any amounts
payable to the holder(s) of the related Companion Loan(s) pursuant to the related Co-Lender Agreement) shall be deemed to be allocated
in the following order of priority:

 

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(i)              as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related
Mortgage Loan, and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of
the Trust with respect to the related Mortgage Loan;

 

(ii)             as a recovery of Nonrecoverable Advances with respect to the related Mortgage Loan and any interest on those Nonrecoverable
Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Pool (as described
in the first proviso in the definition of “Aggregate Principal Distribution Amount”);

 

(iii)            to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid
interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) all
unpaid interest (exclusive of Default Interest and Excess Interest) accrued on such Mortgage Loan at the related Mortgage Rate
in effect from time to time through the end of the applicable Mortgage Loan interest accrual period, over (B) after taking
into account any allocations pursuant to clause (v) below on earlier dates, the aggregate portion of the accrued and unpaid
interest described in subclause (A) of this clause (iii) that either (1) was not advanced because of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a)
of this Agreement in connection with related Appraisal Reduction Amounts or (2) accrued at the related Net Mortgage Rate on
the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in effect from
time to time and as to which no P&I Advance was made;

 

(iv)            to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of principal of such
Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or,
if the Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)             as a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to
the extent of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for
such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with related
Appraisal Reduction Amounts, plus (B) any unpaid interest (exclusive of Default Interest and Excess Interest) that accrued
at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral
Deficiency Amount in effect from time to time and as to which no P&I Advance was made (to the extent that collections have
not been allocated as recovery of such accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

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(vi)            as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate
taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)           as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)          as a recovery of any Yield Maintenance Charge then due and owing under such Mortgage Loan;

 

(ix)             as a recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

(x)              as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under such Mortgage
Loan;

 

(xi)             as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and
other than, if applicable, accrued and unpaid Excess Interest (and, if both Consent Fees and Operating Advisor Consulting Fees
are due and owing, first, allocated to Consent Fees and, then, allocated to Operating Advisor Consulting Fees);

 

(xii)            as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

(xiii)           in the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of any accrued but unpaid
Excess Interest;

 

provided that, to the extent required
under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s rights under the related
Loan Documents) with respect to any partial release of a Mortgaged Property (including following a condemnation) at a time when
the loan-to-value ratio of the related Mortgage Loan or Serviced Loan Combination, as applicable, exceeds 125%, or would exceed
125% following any partial release (based solely on the value of the real property and excluding personal property and going concern
value, if any) must be collected and allocated to reduce the principal balance of the Mortgage Loan or the related Serviced Loan
Combination in the manner permitted by the REMIC Provisions.

 

(e)            Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment
of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of
each Serviced Loan Combination, exclusive of any amounts payable to the holder(s) of the related Companion Loan(s) pursuant to
the related Co-Lender Agreement) shall be deemed to be allocated for purposes of calculating distributions on the Certificates
and (subject to any related Co-Lender Agreement and/or Outside Servicing Agreement) for purposes of otherwise collecting amounts
due under the Mortgage Loan in the following order of priority:

 

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(i)              as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related
REO Mortgage Loan and interest at the Advance Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the
Trust with respect to the related REO Mortgage Loan;

 

(ii)             as a recovery of any Nonrecoverable Advances with respect to the related REO Mortgage Loan and any interest on those Nonrecoverable
Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as
described in the first proviso in the definition of “Aggregate Principal Distribution Amount”);

 

(iii)            to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid
interest on the related REO Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) all
unpaid interest (exclusive of Default Interest and Excess Interest) accrued on such REO Mortgage Loan at the applicable Mortgage
Rate in effect from time to time through the end of the applicable Mortgage Loan interest accrual period, over (B) after taking
into account any allocations pursuant to clause (v) below or clause (v) of Section 1.02(d) above on earlier
dates, the aggregate portion of the accrued and unpaid interest described in subclause (A) of this clause (iii) that
either (1) was not advanced because of the reductions (if any) in the amount of related P&I Advances for the related REO
Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with Appraisal Reduction
Amounts or (2) accrued at the applicable Net Mortgage Rate on the portion of the Stated Principal Balance of such REO Mortgage
Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance was made;

 

(iv)            to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of principal of the related
REO Mortgage Loan to the extent of its entire unpaid principal balance;

 

(v)             as a recovery of accrued and unpaid interest on the related REO Mortgage Loan (exclusive of Default Interest and Excess
Interest) to the extent of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I Advances
for such REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with
related Appraisal Reduction Amounts, plus (B) any unpaid interest (exclusive of Default Interest and Excess Interest) that accrued
at the applicable Net Mortgage Rate on the portion of the Stated Principal Balance of such REO Mortgage Loan equal to any related
Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance was made (to the extent that collections
have not theretofore been allocated as a recovery of such accrued and unpaid interest on earlier dates pursuant to this clause (v)
or clause (v) of Section 1.02(d) above);

 

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(vi)            as a recovery of any Yield Maintenance Charge then due and owing under the related REO Mortgage Loan;

 

(vii)           as a recovery of any late payment charges and Default Interest then due and owing under the related REO Mortgage Loan;

 

(viii)          as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the related
REO Mortgage Loan;

 

(ix)             as a recovery of any other amounts then due and owing under the related REO Mortgage Loan other than, if applicable, accrued
and unpaid Excess Interest (and, if both Consent Fees and Operating Advisor Consulting Fees are due and owing, first, allocated
to Consent Fees and, then, allocated to Operating Advisor Consulting Fees); and

 

(x)              in the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, as a recovery of any accrued but unpaid
Excess Interest.

 

(f)            The applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (d) of this Section 1.02
shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect
of any Mortgage Loan or any REO Property pursuant to paragraph (e) of this Section 1.02 shall be determined by
the Special Servicer (unless such Mortgage Loan is, or such REO Property relates to, an Outside Serviced Mortgage Loan, in which
case such applications shall be determined by the Master Servicer) in accordance with the Servicing Standard.

 

(g)           For purposes of calculating distributions on the Loan-Specific Certificates and, in the absence of express provisions in
the related Loan Documents and/or the 360 Spear Co-Lender Agreement to the contrary, for purposes of otherwise collecting amounts
due under the Trust Subordinate Companion Loan, all amounts collected by or on behalf of the Trust in respect of the Trust Subordinate
Companion Loan in the form of payments from the related Mortgagor, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds
(excluding any amounts payable to the 360 Spear Mortgage Loan pursuant to the 360 Spear Co-Lender Agreement) shall be deemed to
be allocated in the following order of priority:

 

(i)            
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the Trust
Subordinate Companion Loan, and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid
expenses of the Trust with respect to the Trust Subordinate Companion Loan;

 

(ii)          
as a recovery of Nonrecoverable Advances with respect to the Trust Subordinate Companion Loan and any interest on those
Nonrecoverable Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Trust
Subordinate Companion Loan (as described in the first proviso in the definition of “Aggregate 360 Spear Principal Distribution
Amount”);

 

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(iii)           to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid interest
on the Trust Subordinate Companion Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A)
all unpaid interest (exclusive of Default Interest and Excess Interest) accrued on the Trust Subordinate Companion Loan at the
related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest accrual period, over (B)
after taking into account any allocations pursuant to clause (v) below on earlier dates, the aggregate portion of the accrued and
unpaid interest described in subclause (A) of this clause (iii) that either (1) was not advanced because of the reductions (if
any) in the amount of related P&I Advances for the Trust Subordinate Companion Loan that have theretofore occurred under Section
4.06(a) of this Agreement in connection with the related Appraisal Reduction Amounts or (2) accrued at the related Net Mortgage
Rate on the portion of the Stated Principal Balance of the Trust Subordinate Companion Loan equal to any related Collateral Deficiency
Amount in effect from time to time and as to which no P&I Advance was made;

 

(iv)          to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of principal of the Trust
Subordinate Companion Loan then due and owing, including by reason of acceleration of the Trust Subordinate Companion Loan following
a default thereunder (or, if the Trust Subordinate Companion Loan has been liquidated, as a recovery of principal to the extent
of its entire remaining unpaid principal balance);

 

(v)          
as a recovery of accrued and unpaid interest on the Trust Subordinate Companion Loan (exclusive of Default Interest and
Excess Interest) to the extent of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I
Advances for the Trust Subordinate Companion Loan that have theretofore occurred under Section 4.06(a) of this Agreement
in connection with related Appraisal Reduction Amounts, plus (B) any unpaid interest (exclusive of Default Interest and Excess
Interest) that accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of the Trust Subordinate
Companion Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance
was made (to the extent that collections have not been allocated as recovery of such accrued and unpaid interest pursuant to this
clause (v) on earlier dates);

 

(vi)          as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate
taxes, assessments and insurance premiums and similar items relating to the Trust Subordinate Companion Loan;

 

(vii)         as a recovery of any other reserves to the extent then required to be held in escrow with respect to the Trust Subordinate
Companion Loan;

 

(viii)        as a recovery of any Yield Maintenance Charge then due and owing under the Trust Subordinate Companion Loan;

 

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(ix)           as a recovery of any late payment charges and Default Interest then due and owing under the Trust Subordinate Companion
Loan;

 

(x)          
as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Trust
Subordinate Companion Loan;

 

(xi)           as a recovery of any other amounts then due and owing under the Trust Subordinate Companion Loan other than remaining unpaid
principal and other than, if applicable, accrued and unpaid Excess Interest;

 

(xii)          as a recovery of any remaining principal of the Trust Subordinate Companion Loan to the extent of its entire remaining unpaid
principal balance;

 

provided that, to the extent required
under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s rights under the related
Loan Documents) with respect to any partial release of the 360 Spear Mortgaged Property (including following a condemnation) at
a time when the loan-to-value ratio of the Trust Subordinate Companion Loan exceeds 125%, or would exceed 125% following any partial
release (based solely on the value of the real property and excluding personal property and going concern value, if any) must be
collected and allocated to reduce the principal balance of the Trust Subordinate Companion Loan in the manner permitted by the
REMIC Provisions.

 

(h)          
Collections by or on behalf of the Trust in respect of any REO Property relating to the Trust Subordinate Companion Loan
(exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of
such REO Property and exclusive of any amounts payable to the 360 Spear Mortgage Loan pursuant to the 360 Spear Co-Lender Agreement)
shall be deemed to be allocated for purposes of calculating distributions on the Loan-Specific Certificates and (subject to the
360 Spear Co-Lender Agreement) for purposes of otherwise collecting amounts due under the Trust Subordinate Companion Loan in the
following order of priority:

 

(i)            
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the Trust
Subordinate Companion Loan and interest at the Advance Rate on all Advances and, if applicable, unreimbursed and unpaid expenses
of the Trust with respect to the Trust Subordinate Companion Loan;

 

(ii)          
as a recovery of any Nonrecoverable Advances with respect to the Trust Subordinate Companion Loan and any interest on those
Nonrecoverable Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Trust
Subordinate Companion Loan (as described in the first proviso in the definition of “Aggregate 360 Spear Principal Distribution
Amount”);

 

(iii)         
to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid
interest on the Trust Subordinate Companion Loan (exclusive of Default Interest and Excess Interest) to the extent

 

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of the excess
of (A) all unpaid interest (exclusive of Default Interest and Excess Interest) accrued on the Trust Subordinate Companion
Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest accrual period,
over (B) after taking into account any allocations pursuant to clause (v) below or clause (v) of Section 1.02(g)
above on earlier dates, the aggregate portion of the accrued and unpaid interest described in subclause (A) of this clause (iii)
that either (1) was not advanced because of the reductions (if any) in the amount of related P&I Advances for the Trust
Subordinate Companion Loan that have theretofore occurred under Section 4.06(a) of this Agreement in connection with
related Appraisal Reduction Amounts or (2) accrued at the applicable Net Mortgage Rate on the portion of the Stated Principal
Balance of the Trust Subordinate Companion Loan equal to any related Collateral Deficiency Amount in effect from time to time and
as to which no P&I Advance was made;

 

(iv)         
to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of principal of the Trust
Subordinate Companion Loan to the extent of its entire unpaid principal balance;

 

(v)          
as a recovery of accrued and unpaid interest on the Trust Subordinate Companion Loan (exclusive of Default Interest and
Excess Interest) to the extent of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I
Advances for the Trust Subordinate Companion Loan that have theretofore occurred under Section 4.06(a) of this Agreement
in connection with related Appraisal Reduction Amounts, plus (B) any unpaid interest (exclusive of Default Interest and Excess
Interest) that accrued at the applicable Net Mortgage Rate on the portion of the Stated Principal Balance of the Trust Subordinate
Companion Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance
was made (to the extent that collections have not theretofore been allocated as a recovery of such accrued and unpaid interest
on earlier dates pursuant to this clause (v) or clause (v) of Section 1.02(g) above);

 

(vi)         
as a recovery of any Yield Maintenance Charge then due and owing under the Trust Subordinate Companion Loan;

 

(vii)         as a recovery of any late payment charges and Default Interest then due and owing under the Trust Subordinate Companion
Loan;

 

(viii)        as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Trust
Subordinate Companion Loan; and

 

(ix)         
as a recovery of any other amounts then due and owing under the Trust Subordinate Companion Loan other than, if applicable,
accrued and unpaid Excess Interest.

 

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(i)            
The applications of amounts received in respect of the Trust Subordinate Companion Loan pursuant to paragraph (g) of this
Section 1.02 shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications
of amounts received in respect of the Trust Subordinate Companion Loan or any REO Property pursuant to paragraph (h) of this Section 1.02
shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

(j)            
All net present value calculations and determinations made hereunder with respect to the Mortgage Loans, the Serviced Companion
Loans or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”, and
including, if and when applicable, with respect to an Outside Serviced Mortgage Loan or the related Mortgaged Property or any related
REO Property) shall be made using the Calculation Rate.

 

(k)          
For purposes of calculating Pass-Through Rates (where applicable) and distributions on, and allocations of applicable Realized
Losses (where applicable) to, the Certificates and the Uncertificated VRR Interest, as well as for purposes of calculating the
Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee and the Asset Representations Reviewer Ongoing
Fee payable each month, each REO Property (including any REO Property with respect to an Outside Serviced Mortgage Loan held pursuant
to an Outside Servicing Agreement) will be treated as if the related Mortgage Loan and any related Companion Loan(s) had remained
outstanding and the related Loan Documents continued in full force and effect; and all references to “Mortgage Loan,”
“Mortgage Loans” or “Mortgage Pool” (or any other capitalized terms of which such terms are a part) in
this Agreement, when used in that context, will be deemed to also be references to or to also include, as the case may be, any
related REO Mortgage Loan, and all references to “Companion Loan,” “Companion Loans” or “Trust Subordinate
Companion Loan” (or any other capitalized terms of which such terms are a part) in this Agreement, when used in that context,
will be deemed to also be references to or to also include, as the case may be, any related REO Companion Loan. Each REO Loan will
generally be deemed to have the same characteristics as its actual predecessor Mortgage Loan or Companion Loan, as applicable,
including the same fixed Mortgage Rate (and, accordingly, the same Net Mortgage Rate) and the same unpaid principal balance and
Stated Principal Balance. Amounts due on the predecessor Mortgage Loan or Companion Loan, as applicable, including any portion
of those amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator or the Trustee, as applicable, will continue to be “due” in respect of the
REO Loan; and amounts received in respect of the related REO Property, net of payments to be made, or reimbursements to the Master
Servicer or Special Servicer for payments previously advanced, in connection with the operation and management of that property,
generally will be applied by the Master Servicer as if received on the predecessor Mortgage Loan or Companion Loan, as applicable.

 

Section 1.03              
Certain Constructions. (a) For purposes of this Agreement, references to the most or next most subordinate Class of
Non-Vertically Retained Pooled Regular Certificates outstanding at any time shall mean the most or next most subordinate Class of
Non-Vertically Retained Pooled Regular Certificates then outstanding as among the Class A-1,

 

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Class A-2, Class A-4A1,
Class A-4A2, Class A-5, Class A-AB, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H,
Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates; provided,
however, that for purposes of determining the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates,
in the event that the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5 and Class A-AB Certificates
are the only Classes of Non-Vertically Retained Pooled Principal Balance Certificates outstanding, the Class A-1, Class A-2,
Class A-4A1, Class A-4A2, Class A-5, Class A-AB and Class X-A Certificates together will be treated as the most
subordinate Class of Non-Vertically Retained Pooled Regular Certificates. For purposes of this Agreement, each Class of
Certificates (other than the Class S and Class R Certificates) shall be deemed to be outstanding only to the extent its
respective Certificate Balance or Notional Amount has not been reduced to zero. For purposes of this Agreement, the Class R
Certificates shall be deemed to be outstanding so long as the Trust REMICs have not been terminated pursuant to Section 9.01
of this Agreement.

 

(b)          
For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(i)            
the terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be
deemed to include the other gender;

 

(ii)          
references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”
and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other
subdivisions of this Agreement;

 

(iii)         
a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in
the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

 

(iv)         
the words “herein”, “hereof”, “hereunder”, “hereto”, “hereby”
and other words of similar import refer to this Agreement as a whole and not to any particular provision; and

 

(v)          
the terms “include” or “including” shall mean without limitation by reason of enumeration.

 

(c)           
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust is
required to indemnify a party to this Agreement, or a party to this Agreement is required to indemnify the Trust or another party
to this Agreement, for costs, fees and expenses, such costs, fees and expenses are intended to include costs (including, but not
limited to, reasonable attorney’s fees and expenses) of the enforcement of such indemnity.

 

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Article
II

CONVEYANCE OF MORTGAGE LOANS AND TRUST SUBORDINATE COMPANION LOAN; ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01              
Conveyance of Mortgage Loans and Trust Subordinate Companion Loan.

 

(a)           
The Depositor, concurrently with the execution and delivery hereof, does hereby establish a trust to be designated as Benchmark
2021-B23 Mortgage Trust, appoint the Trustee to serve as trustee of such trust and assign, sell, transfer, set over and otherwise
convey to the Trustee (as holder of the Lower-Tier Regular Interests, the MGM Grand & Mandalay Bay Trust REMIC Regular Interests
and the 360 Spear Regular Interests) in trust without recourse for the benefit of the Certificateholders and the Uncertificated
VRR Interest Owner all the right, title and interest of the Depositor, including any security interest therein for the benefit
of the Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2,
3, 4, 5 (other than Section 5(e), 5(f), 5(h) (insofar as it relates to the delivery of the subject certification to the Depositor)
and 5(m) (insofar as the indemnity relates to the failure in clause (ii) of such section 5(m)), 6 (other than Sections 6(i),
6(j) and 6(k)) and (to the extent related to the foregoing) 7, 11, 12, 13, 14, 16, 17, 18, 20, 22, 23 and 24 of each Mortgage Loan
Purchase Agreement, (iii) each Co-Lender Agreement, if any, (iv) the Trust Subordinate Companion Loan and (v) all Escrow
Accounts, Lock-Box Accounts and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders
(including each MGM Grand & Mandalay Bay Trust REMIC Regular Interest) and the Uncertificated VRR Interest Owner. Such assignment
includes all interest and principal received or receivable on or with respect to the Mortgage Loans and the Trust Subordinate Companion
Loan (other than payments of principal and interest and other amounts due and payable on the Mortgage Loans and the Trust Subordinate
Companion Loan on or before the Cut-Off Date and excluding any Retained Defeasance Rights and Obligations with respect to the Mortgage
Loans and the Trust Subordinate Companion Loan). Such assignment of any Outside Serviced Mortgage Loan is further subject to the
terms and conditions of the applicable Outside Servicing Agreement and the related Co-Lender Agreement. The transfer of the Mortgage
Loans, the Trust Subordinate Companion Loan and the related rights and property accomplished hereby is absolute and, notwithstanding
Section 12.08 of this Agreement, is intended by the parties to constitute a sale.

 

(b)          
In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor
shall direct each Mortgage Loan Seller (pursuant to the related Mortgage Loan Purchase Agreement) to deliver to and deposit with
(or to cause to be delivered to and deposited with) the Custodian (on behalf of the Trustee), on or before the Closing Date, the
Mortgage File for each Mortgage Loan and Trust Subordinate Companion Loan, with copies (other than with respect to an Outside Serviced
Mortgage Loan) to be delivered, within five (5) Business Days after the Closing Date, to the Master Servicer. Notwithstanding anything
to the contrary contained herein, (A) with respect to an Outside Serviced Mortgage Loan as of the Closing Date, the preceding document
delivery requirements shall be deemed satisfied by the delivery by the applicable Mortgage

 

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Loan Seller to the Custodian (on behalf
of the Trustee) of (i) with respect to the documents and/or instruments referred to in clause (1) of the definition of
“Mortgage File”, executed originals of the related documents, and (ii) with respect to the documents and/or instruments
referred to in clauses (2) through (20) of the definition of “Mortgage File”, a copy of such documents (with the
actual such documents to be delivered to the applicable Outside Custodian under the applicable Outside Servicing Agreement) and
(B) with respect to a Servicing Shift Mortgage Loan, the related Mortgage File delivered to and deposited with the Custodian (on
behalf of the Trustee) as contemplated by the first sentence of this Section 2.01(b) shall, on or after the related
Servicing Shift Date, be transferred to the Outside Custodian related to the securitization of the related Pari Passu Companion
Loan evidenced by the related Servicing Shift Lead Note in accordance with the second paragraph of Section 2.01(c)
and with the expectation that the assignments referred to in clauses (4), (5) and (14) of the definition of “Mortgage
File” (to the extent that recordation of such item would have otherwise been required) will be recorded in the name of the
trustee for that securitization. None of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer or the
Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b). Notwithstanding anything herein
to the contrary, with respect to letters of credit (exclusive of those relating to an Outside Serviced Mortgage Loan), the applicable
Mortgage Loan Seller shall deliver, on or before the Closing Date, to the Master Servicer and the Master Servicer shall hold the
original (or copy, if such original has been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect an
assignment or amendment of such letter of credit (changing the beneficiary thereof to the Trustee (in care of the Master Servicer)
for the benefit of Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, the related Serviced Companion
Loan Holder, to the extent required in order for the Master Servicer to draw on such letter of credit on behalf of the Trustee
for the benefit of Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, the related Serviced Companion
Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents)) and the applicable Mortgage
Loan Seller shall be deemed to have satisfied any delivery requirements of the related Mortgage Loan Purchase Agreement and this
Section 2.01(b) by delivering, on or before the Closing Date, with respect to any letter(s) of credit a copy thereof
to the Custodian together with an Officer’s Certificate of the applicable Mortgage Loan Seller certifying that such document
has been delivered to the Master Servicer or an Officer’s Certificate from the Master Servicer certifying that it holds the
letter(s) of credit pursuant to this Section 2.01(b). If a letter of credit referred to in the previous sentence is
not in a form that would allow the Master Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of
Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, the related Serviced Companion Loan Holder(s) in
accordance with the applicable terms thereof and/or of the related Loan Documents, the applicable Mortgage Loan Seller shall deliver
the appropriate assignment or amendment documents (or copies of such assignment or amendment documents if the related Mortgage
Loan Seller has submitted the originals to the related issuer of such letter of credit for processing) to the Master Servicer within
90 days of the Closing Date; provided that with respect to a Servicing Shift Mortgage Loan, no such assignments shall be made
until the earlier of (i) the related Servicing Shift Date,

 

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in which case such assignments shall be made in accordance with the
related Servicing Shift Mortgage Loan Pooling and Servicing Agreement, and (ii) the earlier of (A) 180 days after the Closing
Date and (B) such time as any such letter of credit is required to be drawn upon by the Master Servicer, in which case such assignments
shall be made in favor of the Trustee for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner and for
the benefit of the holder(s) of the related Companion Loan(s), until the occurrence of the related Servicing Shift Date. Contemporaneous
with the securitization of the related Pari Passu Companion Loan evidenced by the related Servicing Shift Lead Note, any such letter
of credit shall be assigned to the related Outside Servicer or related Outside Trustee, as applicable, as provided in the related
Servicing Shift Mortgage Loan Pooling and Servicing Agreement. The applicable Mortgage Loan Seller shall pay any costs of assignment
or amendment of such letter(s) of credit required in order for the Master Servicer to draw on such letter(s) of credit on behalf
of the Trustee for the benefit of Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, the related Serviced
Companion Loan Holder, and shall cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable,
in connection with effectuating a draw under any such letter of credit prior to the date such letter of credit is assigned or amended
in order that it may be drawn by the Master Servicer on behalf of the Trustee for the benefit of Certificateholders, the Uncertificated
VRR Interest Owner and, if applicable, the related Serviced Companion Loan Holder.

 

Notwithstanding anything
to the contrary contained herein, with respect to each Co-sponsored Mortgage Loan, the obligations of each of the related Applicable
Co-sponsors to deliver a Mortgage Note (and any related allonge or assignment) to the Custodian shall be limited to delivery to
the Custodian of only the Mortgage Note(s) evidencing the portion of such Co-sponsored Mortgage Loan being sold by such party (and
any related allonge or assignment). With respect to each Co-sponsored Mortgage Loan, the obligations of the related Applicable
Co-sponsors to deliver the remaining portion of the related Mortgage File or any remaining document required to be delivered with
respect thereto shall be joint and several, provided that either of the related Applicable Co-sponsors may deliver one Mortgage
File (exclusive of the related Mortgage Notes) or one of any other remaining document required to be delivered with respect to
such Co-sponsored Mortgage Loan hereunder and such delivery shall satisfy the corresponding delivery requirements for each of the
related Applicable Co-sponsors.

 

With respect to any Serviced
Mortgage Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor of
the related Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any such related
comfort letter to the Trustee for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner (and, if applicable,
the related Serviced Companion Loan Holder(s)) or have a new comfort letter (or any such new document or acknowledgement as may
be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders
and the Uncertificated VRR Interest Owner (and, if applicable, the related Serviced Companion Loan Holder(s)), the related Mortgage
Loan Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required by the applicable
comfort letter), provide any such required notice or make any such required request to the related franchisor for the transfer
or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement as may be
contemplated under the existing comfort 

 

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letter), with a copy of such notice or request to the Custodian (who shall include such
document in the related Mortgage File) and the Master Servicer, and the Master Servicer shall use reasonable efforts in accordance
with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall, as soon as reasonably practicable following
receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the
Custodian for inclusion in the Mortgage File.

 

After the Depositor’s
transfer of the Mortgage Loans and the Trust Subordinate Companion Loan to the Trustee pursuant to this Section 2.01(b),
the Depositor shall not take any action inconsistent with the Trust’s ownership of the Mortgage Loans and the Trust Subordinate
Companion Loan.

 

(c)           
The Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Mortgage Loan
Purchase Agreement that it shall record and file, or cause a third party on its behalf to record and file, at the related Mortgage
Loan Seller’s expense, in the appropriate public recording office for real property records or UCC financing statements,
as appropriate, each related assignment of Mortgage and assignment of Assignment of Leases referred to in clause (4) of the
definition of “Mortgage File” and each related UCC-3 assignment referred to in clause (15) of the definition of
“Mortgage File”, in each case in favor of the Trustee. This subsection (c) shall not apply to any
Outside Serviced Mortgage Loan because the documents referred to herein have been assigned to the related Outside Trustee. Notwithstanding
the foregoing, with respect to a Servicing Shift Mortgage Loan: (A) the instruments of assignment referred to in clauses (4),
(5) and (14) in the definition of “Mortgage File” may be in blank and need not be recorded pursuant to this Agreement
(to the extent recordation would have otherwise been required) until the earliest of (i) the related Servicing Shift Date,
in which case such instruments shall be completed and, if applicable, recorded in accordance with the related Servicing Shift Mortgage
Loan Pooling and Servicing Agreement, and the related Mortgage Loan Seller shall deliver or cause the delivery of photocopies of
any such instruments of assignment so completed and recorded to the Custodian, (ii) such Servicing Shift Mortgage Loan becomes
a Specially Serviced Mortgage Loan prior to the related Servicing Shift Date, in which case such assignments shall be completed
and, if applicable, recorded in accordance with this Agreement upon such occurrence, and (iii) the expiration of 180 days
following the Closing Date, in which case assignments shall be completed and, if applicable, recordations shall be effected in
accordance with this Agreement upon such occurrence; and (B) on or promptly following the related Servicing Shift Date and
upon the transfer of servicing of the related Servicing Shift Mortgage Loan to the related Outside Servicing Agreement in accordance
with the related Co-Lender Agreement, the Custodian shall deliver the originals of all documents constituting the related Mortgage
File and any other related Loan Documents (if not a part of the related Mortgage File) in its possession (other than the documents
described in clause (1) of the definition of “Mortgage File”) to the related Outside Trustee or the Outside Custodian;
provided that, prior to the delivery of any such original documents to the related Outside Trustee or Outside Custodian,
the Custodian shall make and retain photocopies of any and all documents so delivered to the related Outside Trustee or the Outside
Custodian; and provided, further, that, to the extent any instruments of assignment that are part of the Mortgage File have been
recorded or

 

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filed pursuant to this Agreement prior to the related Servicing Shift Date, the Trustee shall execute and deliver assignments
to the Outside Trustee.

 

The Depositor hereby
represents and warrants that the applicable Mortgage Loan Seller has covenanted in the related Mortgage Loan Purchase Agreement
as to each Mortgage Loan (exclusive of any Outside Serviced Mortgage Loan) and the Trust Subordinate Companion Loan, that if it
cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses (2), (3) and (6) (if
recorded) and (15) of the definition of “Mortgage File” solely because of a delay caused by the public recording or
filing office where such document or instrument has been delivered for recordation or filing, as applicable, a copy of the original
certified by the applicable Mortgage Loan Seller or the title agent to be a true and complete copy of the original thereof submitted
for recording, shall be forwarded to the Custodian. Each assignment referred to in the prior paragraph that is recorded and the
file copy of each UCC-3 assignment referred to in the previous paragraph shall reflect that it should be returned by the public
recording or filing office to the Custodian or its agent following recording (or, alternatively, to the applicable Mortgage Loan
Seller or its designee, in which case the applicable Mortgage Loan Seller shall deliver or cause the delivery of the recorded/filed
original to the Custodian promptly following receipt); provided that, in those instances where the public recording office
retains the original assignment of Mortgage or assignment of Assignment of Leases, the applicable Mortgage Loan Seller or its designee
shall obtain and provide to the Custodian a certified copy of the recorded original. On a monthly basis, at the expense of the
applicable Mortgage Loan Seller, the Custodian shall forward to the Master Servicer a copy of each of the aforementioned assignments
following the Custodian’s receipt thereof.

 

If the Custodian has
received written notice that any of the aforementioned assignments is lost or returned unrecorded or unfiled, as the case may be,
because of a defect therein, then the Custodian shall direct the applicable Mortgage Loan Seller (pursuant to the Mortgage Loan
Purchase Agreement) promptly to prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect
to be cured, as the case may be, and to record or file, or with respect to any assignments that a third party on the Mortgage Loan
Seller’s behalf has agreed to record or file as described above, to deliver to such third party the substitute or corrected
document.

 

(d)          
In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, except with
respect to any Outside Serviced Mortgage Loan, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the
related Mortgage Loan Purchase Agreement) to deliver to and deposit with (or cause to be delivered to and deposited with)
the Master Servicer within five (5) Business Days after the Closing Date: (i) a copy of the Mortgage File; (ii) all documents
and records not otherwise required to be contained in the Mortgage File that (A) relate to the origination and/or servicing
and administration of the Mortgage Loans, the Trust Subordinate Companion Loan and any other related Serviced Companion Loan(s),
(B) are reasonably necessary for the ongoing administration and/or servicing of the Mortgage Loans (including any asset summaries
related to the Mortgage Loans that were delivered to the Rating Agencies in connection with the rating of the Certificates), the
Trust Subordinate Companion Loan or any other related Serviced Companion Loans or for evidencing or enforcing any of the rights
of the holder of the Mortgage Loans, the Trust Subordinate

 

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Companion Loan or any other related Serviced Companion Loans or holders
of interests therein, and (C) are in possession or under control of the applicable Mortgage Loan Seller; and (iii) all
unapplied Escrow Payments and reserve funds in the possession or under control of the applicable Mortgage Loan Seller that relate
to such Mortgage Loans, the Trust Subordinate Companion Loan and any other related Serviced Companion Loans, together with a statement
indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan, Trust Subordinate Companion Loan or any
other related Serviced Companion Loan; provided that the applicable Mortgage Loan Seller shall not be required to deliver
any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence analyses
or data, or internal worksheets, memoranda, communications or evaluations. The Master Servicer shall hold all such documents, records
and funds on behalf of the Trustee in trust for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner
(and, insofar as they also relate to a Serviced Companion Loan held outside the Trust, on behalf of and for the benefit of the
applicable Serviced Companion Loan Holder). Notwithstanding anything to the contrary, the foregoing provisions of this Section 2.01(d)
shall not apply to the Outside Serviced Mortgage Loans. In addition, each Mortgage Loan Seller is required, pursuant to the related
Mortgage Loan Purchase Agreement, to provide to the Master Servicer the initial data with respect to its Mortgage Loans and, in
the case of GACC, its Trust Subordinate Companion Loan for the CREFC® Financial File and the CREFC®
Loan Periodic Update File that are required to be prepared by the Master Servicer pursuant to this Agreement.

 

(e)           
In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver,
and hereby represents and warrants that it has delivered, to the Custodian and the Master Servicer, on or before the Closing Date,
a fully executed original counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect, without amendment
or modification, on the Closing Date.

 

(f)           
With respect to a Serviced Loan Combination, the Custodian shall also hold the related Mortgage File for the use and benefit
of the related Serviced Companion Loan Holder(s).

 

(g)          
The parties to this Agreement acknowledge and agree, with respect to the Outside Serviced Mortgage Loans, that the Trust
assumes the obligations and rights of the holder of each Outside Serviced Mortgage Loan under the respective Co-Lender Agreement
and/or Outside Servicing Agreement.

 

(h)          
It is not intended that this Agreement create a partnership or a joint-stock association.

 

(i)            
The parties to this Agreement acknowledge that each Mortgage Loan Purchase Agreement provides that: (1) within sixty (60) days
after the Closing Date, the related Mortgage Loan Seller is required to deliver or cause to be delivered the Diligence File for
each of its Mortgage Loans to the Depositor by uploading such Diligence Files to the Designated Site; and (2) promptly upon completion
of such delivery of the Diligence Files (but in no event later than sixty (60) days after the Closing Date), the applicable

 

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Mortgage Loan Seller is required to provide to the Depositor (with a copy (which may be sent by email if and to the extent provided
for in Section 12.04 of this Agreement) to each of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Controlling Class Representative, the Asset Representations Reviewer and the Operating Advisor)
an officer’s certificate signed by such Mortgage Loan Seller certifying that the electronic copies of the documents uploaded
to the Designated Site constitute all documents required under the definition of “Diligence File” and such Diligence
Files are organized and categorized in accordance with the electronic file structure reasonably requested by the Depositor (the
“Diligence File Certification”).The Depositor shall have no responsibility for determining whether any Diligence
Files delivered to it are complete and shall have no liability to the Trust or the Certificateholders or the Uncertificated VRR
Interest Owner for the failure of any Mortgage Loan Seller to deliver a Diligence File (or a complete Diligence File) to the Depositor.

 

(j)            
Within one (1) Business Day after the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Schedule
AL File and the Initial Schedule AL Additional File in XML Format and Excel format at the following email address: NoticeAdmin@midlandls.com.

 

(k)          
The parties to this Agreement acknowledge that each Mortgage Loan Purchase Agreement provides that, contemporaneously with
the execution of such Mortgage Loan Purchase Agreement by the Depositor and the related Mortgage Loan Seller, the related Mortgage
Loan Seller is required to deliver to the Special Servicer a power of attorney (substantially in the form of Exhibit G
to such Mortgage Loan Purchase Agreement) that permits the Special Servicer to take such other action as is necessary to effect
the delivery, assignment and/or recordation of any documents and/or instruments relating to any related Mortgage Loan or, if applicable,
Trust Subordinate Companion Loan which have not been delivered, assigned or recorded at the time required for enforcement actions
by the Special Servicer on behalf of the Trust Fund.

 

(l)            
With respect to the 2601 Wilshire Mortgage Loan, the Trustee, on behalf of the Trust as assignee of the 2601 Wilshire Mortgage
Loan, shall provide a certification in the form of Exhibit EE hereto to the County of Los Angeles on the Closing Date, with
a copy of such certification to the Master Servicer and the Special Servicer.

 

Section 2.02              
Acceptance by the Trustee, the Custodian and the Certificate Administrator.

 

(a)           
The Trustee, by its execution and delivery of this Agreement, hereby accepts receipt, directly or through the Custodian
on its behalf, of (i) the Mortgage Loans, the Trust Subordinate Companion Loan, the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests and all documents delivered to it that constitute portions of the related Mortgage Files and (ii) all other
assets delivered to it and included in the Trust Fund, in good faith and without notice of any adverse claim, and declares that
it or the Custodian on its behalf holds and will hold such documents and any other documents subsequently received by it that constitute
portions of the Mortgage Files, and that the Custodian on

 

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behalf of the Trustee holds and will hold the Mortgage Loans, the Trust
Subordinate Companion Loan, the MGM Grand & Mandalay Bay Trust REMIC Regular Interests and such other assets, together with
any other assets subsequently delivered to it that are to be included in the Trust Fund, in trust for the exclusive use and benefit
of all present and future Certificateholders and the Uncertificated VRR Interest Owner and, if applicable, the Serviced Companion
Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Loan Combination, the Custodian
shall also hold the portion of such Mortgage File that relates to any Serviced Companion Loan in such Loan Combination that is
held outside the Trust in trust for the use and benefit of the related Serviced Companion Loan Holder. In connection with the foregoing,
the Certificate Administrator, as the initial Custodian, hereby certifies to each of the other parties hereto, the applicable Mortgage
Loan Seller, each Underwriter and each Initial Purchaser that, as to each Mortgage Loan and Trust Subordinate Companion Loan, (i) all
documents specified in clause (1) of the definition of “Mortgage File” are in its possession, and (ii) the
original Note (or, if accompanied by a lost note affidavit, the copy of such Note) received by it with respect to such Mortgage
Loan or Trust Subordinate Companion Loan has been reviewed by it and (A) appears regular on its face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appears to have been executed
(where appropriate) and (C) purports to relate to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable.

 

(b)          
On or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following
the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the
day on which all exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased
or substituted for the last affected Trust Loan), the Custodian shall review the documents delivered to it with respect to each
Trust Loan, and the Custodian shall, subject to Sections 2.01(c), 2.02(c) and 2.02(d) of this Agreement
and the terms of the respective Mortgage Loan Purchase Agreements, certify in writing (substantially in the form of Exhibit N
to this Agreement) to each of the other parties hereto, the applicable Mortgage Loan Seller, each Underwriter and each Initial
Purchaser (and upon request, in the case of a Serviced Loan Combination that is held outside the Trust, to the related Serviced
Companion Loan Holder) that, as to each Mortgage Loan and Trust Subordinate Companion Loan then subject to this Agreement (except
as specifically identified in any exception report annexed to such certification, which exception report shall also be available
in electronic format (including Excel-compatible format) upon request): (i) all documents specified in clauses (1), (2),
(3), (4) (other than with respect to an Outside Serviced Mortgage Loan), (5), (6) (provided that the Custodian has been notified
of any related modification), (7), (15) and (20) (for each Mortgage Loan that is part of a Loan Combination and the Trust Subordinate
Companion Loan) of the definition of “Mortgage File” are in its possession; (ii) the recordation/filing contemplated
by Section 2.01(c) of this Agreement has been completed (based solely on receipt by the Custodian (whether that
is the Certificate Administrator or any other Custodian appointed by it) of the particular recorded/filed documents); (iii) all
documents received by the Custodian with respect to such Mortgage Loan or Trust Subordinate Companion Loan have been reviewed by
the Custodian and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities
if initialed by the Mortgagor), (B) appear to

 

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have been executed (where appropriate) and (C) purport to relate to such
Mortgage Loan or Trust Subordinate Companion Loan; and (iv) based on the examinations referred to in Section 2.02(a)
of this Agreement and this Section 2.02(b) and only as to the foregoing documents (together with any Loan Agreement
that has been delivered by the related Mortgage Loan Seller), the information set forth in the Mortgage Loan Schedule with respect
to the items specified in clauses (iv) and (v)(B) of the definition of “Mortgage Loan Schedule” accurately reflects
the information set forth in the Mortgage File. With respect to the items listed in clauses (2), (3), (4) and (6) of the definition
of “Mortgage File” if the original of such document is not in the Custodian’s possession because it has not been
returned from the applicable recording office, then the Custodian’s certification prepared pursuant to this Section 2.02(b)
should indicate the absence of such original. In addition, as it relates to the Outside Serviced Mortgage Loans, with respect to
the items listed in clauses (1), (2), (3), (4), (5), (6), (7), (15) and (20) of the definition of “Mortgage File”,
the Custodian’s certification prepared pursuant to this Section 2.02(b) should indicate the absence of such document:
(i) in the case of the item listed in clause (1) of the definition of “Mortgage File”, unless the Custodian is
in possession of the original of such document; and (ii) in the case of the items listed in clauses (2), (3), (4), (5), (6),
(7), (15) and (20) of the definition of “Mortgage File”, unless the Custodian is in possession of a copy of such document.
If the Custodian’s obligation to deliver the certifications contemplated in this subsection terminates because two years
have elapsed since the Closing Date, the Certificate Administrator shall deliver (or cause any other Custodian appointed by it
to deliver) a comparable certification to any party hereto, the Serviced Companion Loan Holder and any Underwriter and any Initial
Purchaser on request.

 

(c)           
It is acknowledged that none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or
the Custodian is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or
other papers relating to the Trust Loans delivered to it to determine that the same are valid, legal, effective, genuine, binding,
enforceable, sufficient or appropriate for the represented purpose or that they are other than what they purport to be on their
face. Furthermore, none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian
shall have any responsibility for determining whether the text of any assignment or endorsement is in proper or recordable form,
whether the requisite recording of any document is in accordance with the requirements of any applicable jurisdiction, or whether
a blanket assignment is permitted in any applicable jurisdiction.

 

(d)          
The parties hereto hereby agree that the scope of the Custodian’s review of the Mortgage Files is limited solely to
confirming that the documents specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Mortgage
Loan), (5), (6) (provided that the Custodian has been notified of any related modification), (7), (15) and (20) (for each Mortgage
Loan that is part of a Loan Combination and the Trust Subordinate Companion Loan) of the definition of “Mortgage File”
have been received, appear regular on their face and such additional information as will be necessary for delivering the certifications
required by Sections 2.02(a) and 2.02(b) of this Agreement, and such review is in no way intended to, nor shall
it be used to, verify the content of any collateral descriptions included in any data tapes and shall not otherwise directly or
indirectly be reflected in any offering document. Any review of the Mortgage Files by the

 

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Custodian and any certification with
respect thereto is not intended to, and shall not be deemed by the parties to this Agreement to, constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
under the Exchange Act. Any recipient of the Custodian’s certification or a copy thereof by its receipt thereof is deemed
to agree, and each party to this Agreement hereby agrees, that it shall not share such certification with any NRSRO or any party
not addressed on such certification. Notwithstanding the foregoing, nothing in this Section 2.02(d) shall relieve any
party to this Agreement from its obligation to deliver information to the Rating Agencies as required under and in accordance with
the terms of this Agreement.

 

(e)           
If, after the Closing Date, the Depositor comes into possession of any documents or records that constitute part of the
Mortgage File or Servicing File for any Trust Loan, the Depositor shall promptly deliver such document to the Custodian with a
copy to the Master Servicer (if it constitutes part of the Servicing File).

 

Section 2.03              
Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Trust Loans for Document Defects in Mortgage Files
and Breaches of Representations and Warranties.

 

(a)           
If (i) any party hereto (other than the Asset Representations Reviewer) (A) discovers or receives notice alleging
that any document constituting a part of a Mortgage File has not been properly executed, is missing, contains information that
does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule, or does not
appear to be regular on its face (each, a “Document Defect”) or (B) discovers or receives notice alleging
a breach of any representation or warranty of the applicable Mortgage Loan Seller made pursuant to Section 6(c) of the related
Mortgage Loan Purchase Agreement with respect to any Trust Loan (a “Breach”) or (ii) the Special Servicer
or the Depositor receives a Repurchase Request, then such Person shall give prompt written notice thereof to the applicable Mortgage
Loan Seller, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event),
the other parties hereto, any related Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider (to
the extent notice has not previously been delivered to such Persons pursuant to this sentence). If any such Document Defect or
Breach materially and adversely affects, or any such Document Defect is deemed in accordance with Section 2.03(b) of
this Agreement to materially and adversely affect, the value of the related Mortgage Loan or Trust Subordinate Companion Loan,
the value of the related Mortgaged Property (or any related REO Property) or the interests of the Trustee or any Certificateholder
or the Uncertificated VRR Interest Owner in the related Mortgage Loan or Trust Subordinate Companion Loan or the related Mortgaged
Property (or any related REO Property) or causes any Mortgage Loan or Trust Subordinate Companion Loan to fail to be a Qualified
Mortgage, then such Document Defect shall, subject to Section 2.03(b), constitute a “Material Document Defect”
or such Breach shall constitute a “Material Breach”, as the case may be. The Enforcing Servicer shall determine,
with respect to any affected Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) or Trust Subordinate
Companion Loan (including any successor REO Companion Loan with respect thereto), whether a

 

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Document Defect is a Material Document
Defect or a Breach is a Material Breach. If such Document Defect or Breach has been determined to be a Material Defect, then the
Enforcing Servicer shall give prompt written notice to the other parties hereto, the Controlling Class Representative (prior
to the occurrence and continuance of a Consultation Termination Event), and the applicable Mortgage Loan Seller (a) notifying such
parties of the existence of such Material Defect and (b) demanding that the applicable Mortgage Loan Seller, not later than 90 days
from the earlier of the applicable Mortgage Loan Seller’s (x) discovery of, and (y) receipt of notice of, and receipt of
a demand to take action with respect to, such Material Defect (or, in the case of a Material Defect relating to a Trust Loan not
being a Qualified Mortgage, not later than 90 days from any party discovering such Material Defect), cure the same in all
material respects (which cure shall include payment of losses and any Additional Trust Fund Expenses associated therewith (including,
if applicable, the amount of any fees of the Asset Representations Reviewer payable pursuant to the related Mortgage Loan Purchase
Agreement attributable to the Asset Review of such Mortgage Loan)) or, if such Material Defect cannot be cured within such
90 day period, either (before the end of such 90-day period) (i) repurchase the affected Trust Loan or any related REO
Property (or the Trust’s interest therein with respect to any Outside Serviced Mortgage Loan) at the applicable Purchase
Price by wire transfer of immediately available funds to the Collection Account or (ii) solely in the case of an affected Mortgage
Loan, substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any
such substitution occur on or after the second anniversary of the Closing Date and in no event shall any substitution be effected
with respect to the Trust Subordinate Companion Loan) and pay the Master Servicer for deposit into the Collection Account, any
Substitution Shortfall Amount in connection therewith, all in conformity with the applicable Mortgage Loan Purchase Agreement and
this Agreement; provided, however, that GACC may not repurchase the Trust Subordinate Companion Loan without repurchasing
the related Mortgage Loan (so long as there is a Material Defect with respect to such related Mortgage Loan); provided,
further, that if (i) such Material Defect is capable of being cured but not within such 90 day period, (ii) such
Material Defect is not related to any Mortgage Loan or Trust Subordinate Companion Loan not being a Qualified Mortgage and (iii) the
applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect within such 90 day
period, then such Mortgage Loan Seller shall have an additional 90 days to complete such cure or, in the event of a failure
to so cure, to complete such repurchase or substitution (it being understood and agreed that, in connection with such Mortgage
Loan Seller’s receiving such additional 90 day period, such Mortgage Loan Seller shall deliver an Officer’s Certificate
to the Trustee, the Master Servicer, the Special Servicer and the Certificate Administrator setting forth the reasons such Material
Defect is not capable of being cured within the initial 90 day period and what actions such Mortgage Loan Seller is pursuing
in connection with the cure thereof and stating that such Mortgage Loan Seller anticipates that such Material Defect will be cured
within such additional 90 day period); and provided, further, that, if any such Material Defect is still not
cured after the initial 90 day period and any such additional 90 day period solely due to the failure of such Mortgage
Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to defer its cure,
repurchase and/or substitution obligations in respect of such Material Defect so long as such Mortgage Loan Seller

 

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certifies to
the Trustee, the Master Servicer, the Special Servicer and the Certificate Administrator every 30 days thereafter that the
Material Defect is still in effect solely because of its failure to have received the recorded document and that such Mortgage
Loan Seller is diligently pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of
cure, repurchase or substitution may continue beyond the date that is 18 months following the Closing Date. If the affected Mortgage
Loan or Trust Subordinate Companion Loan is to be repurchased, the Master Servicer shall designate the Collection Account as the
account to which funds in the amount of the Purchase Price are to be wired. If the affected Mortgage Loan is to be substituted
for, the Master Servicer shall designate the Collection Account as the account to which funds in the amount of the Substitution
Shortfall Amount are to be wired. Any such repurchase or substitution of a Mortgage Loan shall be on a whole loan, servicing released
basis. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the
month of substitution, and Monthly Payments due with respect to each Mortgage Loan or Trust Subordinate Companion Loan being repurchased
or replaced after the related Cut-Off Date and received by the Master Servicer or the Special Servicer on behalf of the Trust on
or prior to the related date of repurchase or substitution, shall be part of the Trust Fund. Monthly Payments due with respect
to each Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Monthly
Payments due with respect to each Mortgage Loan or Trust Subordinate Companion Loan being repurchased or replaced and received
by the Master Servicer or the Special Servicer on behalf of the Trust after the related date of repurchase or substitution, shall
not be part of the Trust Fund and are to be remitted by the Master Servicer to the Mortgage Loan Seller effecting the related repurchase
or substitution promptly following receipt. From and after the date of substitution, each Qualified Substitute Mortgage Loan, if
any, that has been substituted shall be deemed to constitute a “Mortgage Loan” hereunder for all purposes. No mortgage
loan may be substituted for a Defective Mortgage Loan as contemplated by this Section 2.03(a) if the Mortgage Loan
to be replaced was itself a Qualified Substitute Mortgage Loan that had replaced a prior Mortgage Loan, in which case, absent a
cure (including by the making of a Loss of Value Payment pursuant to the following paragraph) of the relevant Material Defect,
the affected Mortgage Loan will be required to be repurchased.

 

Notwithstanding the foregoing
provisions of this Section 2.03(a), in lieu of the related Mortgage Loan Seller performing its obligations with respect
to any Material Defect as set forth in the preceding paragraph, to the extent that such Mortgage Loan Seller and the Enforcing
Servicer (in the case of a Mortgage Loan, subject to the consent of the Controlling Class Representative if and for so long as
the Controlling Class Representative is the applicable Directing Holder and, in the case of the Trust Subordinate Companion Loan,
subject to the consent of the Loan-Specific Controlling Class Representative if and for so long as it is the applicable Directing
Holder) are able to agree upon a cash payment payable by such Mortgage Loan Seller to the Trust that would be deemed sufficient
to compensate the Trust for such Material Defect (a “Loss of Value Payment”), such Mortgage Loan Seller may
elect, in its sole discretion, to pay such Loss of Value Payment to the Trust, and the amount of such Loss of Value Payment shall
be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.06(c) of this Agreement;
provided that a Material Defect as a result of a Trust Loan not constituting a Qualified Mortgage may not be cured by a
Loss of Value Payment. In connection with the

 

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Enforcing Servicer’s reaching an agreement with a Mortgage Loan Seller as to
a Loss of Value Payment, the Master Servicer shall, upon the Enforcing Servicer’s request, promptly provide the Enforcing
Servicer with a copy of the Servicing File for such Trust Loan and any other information relating to such Trust Loan and reasonably
requested by the Enforcing Servicer. Any agreement by the Enforcing Servicer with a Mortgage Loan Seller as to any Loss of Value
Payment with respect to a Specially Serviced Loan shall be subject to the consent of the Controlling Class Representative
(if and for so long as the Controlling Class Representative is the applicable Directing Holder) and, in the case of the Trust Subordinate
Companion Loan, subject to the consent of the applicable Loan-Specific Controlling Class Representative (if and for so long as
such Loan-Specific Controlling Class Representative is the applicable Directing Holder). The Loss of Value Payment shall include
the portion of any Liquidation Fees payable to the Special Servicer in respect of such Loss of Value Payment and, in the case of
a Mortgage Loan, the portion of fees of the Asset Representations Reviewer attributable to any Asset Review of such Mortgage Loan.
Upon its making a Loss of Value Payment, the applicable Mortgage Loan Seller shall be deemed to have cured the subject Material
Defect in all respects. Provided that such Loss of Value Payment is made, this paragraph describes the sole remedy available to
the Certificateholders, the Uncertificated VRR Interest Owner or the Trust regarding any such Material Defect in respect of which
such Loss of Value Payment is accepted, and the related Mortgage Loan Seller shall not be obligated to repurchase or replace the
affected Mortgage Loan or Trust Subordinate Companion Loan or otherwise cure such Material Defect. This paragraph is intended to
apply only to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Enforcing Servicer, provided
that, prior to any such agreement or settlement, nothing in this paragraph shall preclude the Mortgage Loan Seller or the Enforcing
Servicer, as applicable, from exercising any of its rights related to a Material Defect in the manner and within the time frames
set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including
any right to cure, repurchase or substitute for such Mortgage Loan or Trust Subordinate Companion Loan).

 

In the case of a Material
Defect with respect to any CREFI Co-sponsored Mortgage Loan, CREFI shall be responsible for any remedies under this Agreement and
the CREFI Mortgage Loan Purchase Agreement solely in respect of the portion of such CREFI Co-sponsored Mortgage Loan evidenced
by the applicable CREFI Co-sponsored Note as if such promissory note(s) were a separate Mortgage Loan. In the case of a Material
Defect with respect to any GACC Co-sponsored Mortgage Loan, GACC shall be responsible for any remedies under this Agreement and
the GACC Mortgage Loan Purchase Agreement solely in respect of the portion of such GACC Co-sponsored Mortgage Loan evidenced by
the applicable GACC Co-sponsored Note as if such promissory note(s) were a separate Mortgage Loan. In the case of a Material Defect
with respect to any JPMCB Co-sponsored Mortgage Loan, JPMCB shall be responsible for any remedies under this Agreement and the
JPMCB Mortgage Loan Purchase Agreement solely in respect of the portion of such JPMCB Co-sponsored Mortgage Loan evidenced by the
applicable JPMCB Co-sponsored Note as if such promissory note(s) were a separate Mortgage Loan.

 

If (x) a Mortgage Loan
is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y) such Defective Mortgage
Loan is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not constitute a Material Defect
as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group (the “Other Crossed Loans”)
(without regard to this paragraph), then the applicable Document Defect or

 

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Breach (as the case may be) shall be deemed to constitute
a Material Defect as to each such Other Crossed Loan for purposes of the above provisions, and the related Mortgage Loan Seller
shall be obligated to repurchase or replace each such Other Crossed Loan in accordance with the provisions above unless, in the
case of such Breach or Document Defect, as applicable:

 

(A)         
the related Mortgage Loan Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer
and the Special Servicer an Opinion of Counsel to the effect that such Mortgage Loan Seller’s repurchase or replacement of
only the Mortgage Loan(s) as to which a Material Defect has actually occurred without regard to the provisions of this paragraph
(the “Affected Loan(s)”) and the operation of the remaining provisions of this Section 2.03(a) (i) will
not cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under
subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding and
(ii) will not result in the imposition of a tax upon any Trust REMIC or the Trust Fund (including but not limited to the tax on
“prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC
set forth in Section 860G(d) of the Code); and

 

(B)          
each of the following conditions would be satisfied if the related Mortgage Loan Seller were to repurchase or replace only
the Affected Loans and not the Other Crossed Loans:

 

(1)          
the debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters
immediately preceding the repurchase or replacement is not less than the lesser of (A) 0.10x below the debt service coverage ratio
for the Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus and (B) the debt
service coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding calendar quarters
preceding the repurchase or replacement;

 

(2)          
the loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of
(A) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized
Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus plus 10%, (B) the loan-to-value
ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected
Loan(s)) at the time of repurchase or replacement and (C) 75%; and

 

(3)          
either (x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the

 

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Cross-Collateralized
Group will not impair the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized
Group or (y) the Loan Documents evidencing and securing the relevant Mortgage Loans have been modified in a manner that complies
with the related Mortgage Loan Purchase Agreement and this Agreement and that removes any threat of impairment of the ability to
exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the
exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.

 

The determination of
the Enforcing Servicer as to whether the conditions set forth above have been satisfied shall be conclusive and binding in the
absence of manifest error on the Certificateholders, the Uncertificated VRR Interest Owner, the other parties to this Agreement
and the related Mortgage Loan Seller. The Enforcing Servicer will be entitled to cause to be delivered, or direct the related Mortgage
Loan Seller to cause to be delivered, to the Enforcing Servicer an Appraisal of any or all of the related Mortgaged Properties
for purposes of determining whether the condition set forth in clause (B)(2) above has been satisfied, in each case at the
expense of the related Mortgage Loan Seller if the scope and cost of the Appraisal is approved by the related Mortgage Loan Seller
and, so long as a Consultation Termination Event has not occurred and is not continuing, by the Controlling Class Representative
(such approval not to be unreasonably withheld in each case).

 

With respect to any Defective
Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the second preceding
paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Mortgage Loan Seller
and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Mortgage Loan Purchase Agreement)
to forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies
against the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral
securing the Affected Loan(s) still held by the Trust Fund. If the exercise of remedies by one such party would impair the ability
of the other such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other
Crossed Loans, as the case may be, held by the other such party, then both parties have agreed to forbear from exercising such
remedies unless and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that
complies with the related Mortgage Loan Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies.
Any reserve or other cash collateral or letters of credit securing any of the Mortgage Loans that form a Cross-Collateralized Group
shall be allocated between such Mortgage Loans in accordance with the related Loan Documents, or otherwise on a pro rata
basis based upon their outstanding Stated Principal Balances. All other terms of the related Mortgage Loans shall remain in full
force and effect, without any modification thereof. The provisions of this paragraph shall be binding on all future holders of
each Mortgage Loan that forms part of a Cross-Collateralized Group.

 

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Pursuant to each Mortgage
Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties securing a Mortgage Loan,
the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan (or (a) in the case of any CREFI Co-sponsored
Mortgage Loan, with respect to CREFI, the applicable portion of such CREFI Co-sponsored Mortgage Loan evidenced by the applicable
CREFI Co-sponsored Note, or (b) in the case of any GACC Co-sponsored Mortgage Loan, with respect to GACC, the applicable portion
of such GACC Co-sponsored Mortgage Loan evidenced by the applicable GACC Co-sponsored Note, or (c) in the case of any JPMCB Co-sponsored
Mortgage Loan, with respect to JPMCB, the applicable portion of such JPMCB Co-sponsored Mortgage Loan evidenced by the applicable
JPMCB Co-sponsored Note) if (i) the affected Mortgaged Property(ies) may be released pursuant to the terms of any partial release
provisions in the related Loan Documents (and such Mortgaged Property(ies) is, in fact, released), (ii) the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the related Loan Documents and the related Mortgage Loan Seller provides
an opinion of counsel to the effect that such release would not (A) cause any Trust REMIC to fail to qualify as a REMIC or cause
the Grantor Trust to fail as a grantor trust or (B) result in the imposition of a tax upon any Trust REMIC or the Trust and
(iii) each Rating Agency has provided a Rating Agency Confirmation.

 

To the extent necessary
and appropriate, the Master Servicer or Special Servicer, as applicable, shall execute (pursuant to a limited power of attorney
provided by the Trustee that enables the Master Servicer or Special Servicer, as applicable, to execute) the modification of the
Loan Documents that complies with the applicable Mortgage Loan Purchase Agreement to remove the threat of impairment of the ability
of the Mortgage Loan Seller or the Trust Fund to exercise its remedies with respect to the Primary Collateral securing the Mortgage
Loan(s) held by such party resulting from the exercise of remedies by the other such party; provided that the Trustee shall
not be liable for any misuse of any such power of attorney by the Master Servicer or Special Servicer, as applicable, or any of
its agents or subcontractors. The Master Servicer shall advance all costs and expenses incurred by the Trustee, the Special Servicer
and the Master Servicer with respect to any Cross-Collateralized Group pursuant to this paragraph and the first, second and third
preceding paragraphs, and such advances and interest thereon shall (i) constitute and be reimbursable as Property Advances
and (ii) be included in the calculation of Purchase Price for the Affected Loan(s) to be repurchased or replaced. Neither the Master
Servicer nor the Special Servicer shall be liable to any Certificateholder, the Uncertificated VRR Interest Owner or any other
party hereto if a modification of the Loan Documents described above cannot be effected for any reason beyond the control of the
Master Servicer or the Special Servicer or should not be effected as determined by the Master Servicer or Special Servicer, as
applicable, in accordance with the Servicing Standard.

 

If the Master Servicer,
the Special Servicer or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice
has been previously received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase
Request Withdrawal”), such party shall give written notice of such Repurchase Request Withdrawal to the applicable Mortgage
Loan Seller, the other parties hereto, the Controlling Class Representative (prior to the occurrence and continuance of a
Consultation Termination Event), any Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider (to
the extent notice has not previously been delivered to such

 

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Persons pursuant to this sentence). If the Master Servicer or the Special
Servicer receives a Repurchase Communication that any Mortgage Loan or Trust Subordinate Companion Loan that was subject of a Repurchase
Request has been repurchased or replaced (a “Repurchase”), or that such Repurchase Request has been rejected
(a “Repurchase Request Rejection”), then the Master Servicer or the Special Servicer, as applicable, shall (in
accordance with the following paragraph) give written notice of such Repurchase or Repurchase Request Rejection to the other such
party, the Depositor, the applicable Mortgage Loan Seller (unless it is the entity that has repurchased or replaced the subject
Mortgage Loan or Trust Subordinate Companion Loan or rejected such Repurchase Request), and the Certificate Administrator (in each
case unless the proposed recipient is the party that notified the Master Servicer or the Special Servicer, as applicable, thereof).

 

Each notice of a Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given by a party pursuant to
this Section 2.03(a) (each, a “Rule 15Ga-1 Notice”) shall be given no later than ten (10)
Business Days after receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection, as applicable, and shall include (i) the identity of the related Mortgage Loan or Trust Subordinate
Companion Loan and the Person making the Repurchase Request, (ii) the date that the Repurchase Communication regarding the
Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection was received, as applicable, (iii) if
known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) in the case of Rule 15Ga-1
Notices provided by the Special Servicer with respect to a Repurchase Request, a statement as to whether the Special Servicer currently
plans to pursue such Repurchase Request.

 

If the Trustee, the Master
Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian receives a
Repurchase Communication of a Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a Repurchase Request Rejection,
then such party shall promptly forward such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection to the Special Servicer and, prior to the occurrence and continuance of a Consultation
Termination Event, the Controlling Class Representative, and include the following statement in the related correspondence:
“This is a Repurchase Communication regarding [a “Repurchase Request”] [a “Repurchase Request Withdrawal”]
[a “Repurchase”] [a “Repurchase Request Rejection”] under Section 2.03(a) of the Pooling and Servicing
Agreement relating to the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23,
requiring action by you as the recipient of such [Repurchase Request] [Repurchase Request Withdrawal] [Repurchase] [Repurchase
Request Rejection] thereunder”. Upon receipt of any Repurchase Communication of a Repurchase Request, Repurchase Request
Withdrawal, Repurchase or Repurchase Request Rejection by the Special Servicer pursuant to the foregoing provisions of this paragraph,
the Special Servicer shall be deemed to be the recipient of such Repurchase Communication of such Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, and the Special Servicer shall comply with the notice procedures
set forth in the preceding paragraphs of this Section 2.03(a) with respect to such Repurchase Communication of such
Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection.

 

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No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(a) (a “Rule 15Ga-1 Notice Provider”)
shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney
work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant
to this Section 2.03(a) is so provided only to assist the related Mortgage Loan Seller, the Depositor and their respective
Affiliates to comply with Rule 15Ga-1, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation
and (ii)(A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant
to this Section 2.03(a) by a Rule 15Ga-1 Notice Provider in a Rule 15Ga-1 Notice shall be deemed to constitute
a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect to the related
Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.

 

On or before the Closing
Date, the Depositor shall deliver to the Master Servicer a copy of each Mortgage Loan Purchase Agreement, which the Master Servicer
shall provide to each Sub-Servicer.

 

(b)          
Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated in this Section 2.03, and further
subject to Section 2.01(b) and Section 2.01(c) of this Agreement, failure of such Mortgage Loan Seller
to deliver the documents referred to in clauses (1), (2), (7), (8) and (18) in the definition of “Mortgage File”
in accordance with this Agreement and the applicable Mortgage Loan Purchase Agreement for any Mortgage Loan or Trust Subordinate
Companion Loan shall be deemed a Material Document Defect; provided, however, that no Document Defect (except a deemed
Material Document Defect described above) shall be considered to be a Material Document Defect unless the document with respect
to which the Document Defect exists is required in connection with an imminent enforcement of the lender’s rights or remedies
under the related Mortgage Loan or Trust Subordinate Companion Loan, defending any claim asserted by any Mortgagor or third party
with respect to the related Mortgage Loan or Trust Subordinate Companion Loan, establishing the validity or priority of any lien
on any collateral securing the related Mortgage Loan or Trust Subordinate Companion Loan or for any immediate significant servicing
obligation.

 

Notwithstanding any provision
of this Agreement, if a Mortgage Loan or Trust Subordinate Companion Loan is not secured by a Mortgaged Property that is, in whole
or in part, a hotel, restaurant (operated by a Mortgagor), healthcare facility, nursing home, assisted living facility, self-storage
facility, theater or fitness center (operated by a Mortgagor), then the failure to deliver copies of the UCC financing statements
with respect to such Mortgage Loan or Trust Subordinate Companion Loan shall not be a Material Defect.

 

(c)           
In connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan or Trust
Subordinate Companion Loan pursuant to this Section 2.03, the Trustee, the Certificate Administrator, the Custodian,
the Master Servicer and the Special Servicer shall each tender to the applicable repurchasing entity, upon delivery to each of
them of a receipt executed by the applicable repurchasing entity evidencing such repurchase or substitution, all portions of the
Mortgage File and other documents (including, without limitation, the Servicing File), and all Escrow

 

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Payments and reserve funds,
pertaining to such Mortgage Loan or Trust Subordinate Companion Loan possessed by it, and each document that constitutes a part
of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the applicable Mortgage Loan Seller
or its designee in the same manner, but only if the respective documents have been previously assigned or endorsed to the Trustee,
and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such documents
were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer and reconveyance of the Mortgage
Loan or Trust Subordinate Companion Loan and the security thereof to the Mortgage Loan Seller or its designee; provided
that such tender by the Trustee, the Certificate Administrator and/or and the Custodian shall be conditioned upon its receipt from
the Master Servicer of a Request for Release and an Officer’s Certificate to the effect that the requirements for repurchase
or substitution have been satisfied. The Master Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare,
execute and deliver in its own name, on behalf of the Certificateholders, the Uncertificated VRR Interest Owner and the Trustee
or any of them, the endorsements and assignments contemplated by this Section 2.03(c), and such other instruments as
may be necessary or appropriate to transfer title to an REO Property (including with respect to an Outside Serviced Mortgage Loan)
in connection with the repurchase of, or substitution for, an REO Trust Loan and the Trustee shall execute and deliver any powers
of attorney necessary to permit the Master Servicer to do so; provided, however, that the Trustee shall not be held
liable for any misuse of any such power of attorney by the Master Servicer or any of its agents or subcontractors. The parties
to this Agreement acknowledge that the related Mortgage Loan Purchase Agreement provides that in the event a Qualified Substitute
Mortgage Loan is substituted for a Defective Mortgage Loan by the related Mortgage Loan Seller as contemplated by this Section 2.03,
the related Mortgage Loan Seller will be required to deliver to the Custodian the related Mortgage File and to the Master Servicer
all Escrow Payments and reserve funds pertaining to such Qualified Substitute Mortgage Loan possessed by it and a certification
to the effect that such Qualified Substitute Mortgage Loan satisfies all of the requirements of the definition of “Qualified
Substitute Mortgage Loan” in this Agreement.

 

The parties to this Agreement
acknowledge that the related Mortgage Loan Purchase Agreement provides that if any Mortgage Loan is to be repurchased or replaced
as contemplated by this Section 2.03, the related Mortgage Loan Seller will be required to amend the Mortgage Loan
Schedule (as such term is defined in the related Mortgage Loan Purchase Agreement) to reflect the removal of any deleted Mortgage
Loan and, if applicable, the substitution of the related Qualified Substitute Mortgage Loan(s) and deliver or cause the delivery
of such amended Mortgage Loan Schedule (as such term is defined in the related Mortgage Loan Purchase Agreement) to the parties
to this Agreement. Upon any substitution of a Qualified Substitute Mortgage Loan for a deleted Mortgage Loan, such Qualified Substitute
Mortgage Loan shall become part of the Trust Fund and be subject to the terms of this Agreement in all respects.

 

(d)          
The related Mortgage Loan Purchase Agreement provides the sole remedies available to the Certificateholders and the Uncertificated
VRR Interest Owner, or the Trustee on behalf of the Certificateholders and the Uncertificated VRR Interest Owner, respecting any
Document Defect or Breach with respect to any Mortgage Loan or Trust Subordinate Companion Loan.

 

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(e)           
The parties to this Agreement acknowledge, with respect to each Outside Serviced Mortgage Loan, that the related Mortgage
Loan Purchase Agreement provides that if a “material document defect” (as such term or any analogous term is defined
in the related Outside Servicing Agreement) exists under the related Outside Servicing Agreement with respect to the related Pari
Passu Companion Loan that is included in the Outside Securitization Trust established under the related Outside Servicing Agreement,
and such Pari Passu Companion Loan is repurchased by or on behalf of the related Mortgage Loan Seller (or other responsible repurchasing
entity) from such Outside Securitization Trust as a result of such “material document defect” (as such term or any
analogous term is defined in such Outside Servicing Agreement), then the related Mortgage Loan Seller will be required to repurchase
such Outside Serviced Mortgage Loan; provided, however, that such repurchase obligation does not apply to any “material document
defect” (as such term or any analogous term is defined in the related Outside Servicing Agreement) related solely to the
promissory note for the subject Pari Passu Companion Loan.

 

(f)           
(i)            In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that
a Mortgage Loan or Trust Subordinate Companion Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence
of a Material Defect with respect to such Mortgage Loan or Trust Subordinate Companion Loan and setting forth the basis for such
allegation (a “Certificateholder Repurchase Request”), such party shall promptly forward that Certificateholder
Repurchase Request to the Enforcing Servicer, and the Enforcing Servicer shall promptly forward that Certificateholder Repurchase
Request to the applicable Mortgage Loan Seller and each other party to this Agreement.

 

(ii)          
In the event that any of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Operating Advisor (solely in its capacity as operating advisor) determines that a Mortgage Loan or Trust Subordinate Companion
Loan should be repurchased or replaced due to a Material Defect, or has knowledge of a Material Defect with respect to a Mortgage
Loan or Trust Subordinate Companion Loan, then such party shall deliver prompt written notice of such Material Defect to the Enforcing
Servicer identifying the applicable Mortgage Loan or Trust Subordinate Companion Loan and setting forth the basis for such allegation
(a “PSA Party Repurchase Request”). Notwithstanding anything to the contrary in the first sentence of this clause (ii)
or any other provision of this Agreement, the Trustee may, but is not obligated to, make a determination that a Mortgage Loan or
Trust Subordinate Companion Loan should be repurchased or replaced due to a Material Defect. The Enforcing Servicer shall promptly
forward such PSA Party Repurchase Request to the applicable Mortgage Loan Seller and each other party to this Agreement. Subject
to subsections (g), (h), (i), (j) and (k) of this Section 2.03, the Enforcing Servicer
shall act as the Enforcing Party and enforce the rights of the Trust against the related Mortgage Loan Seller with respect to each
Repurchase Request. The Enforcing Servicer shall enforce the obligations of the Mortgage Loan Sellers under the Mortgage Loan Purchase
Agreements (including, without limitation, obligations resulting from a Material Defect) pursuant to the terms of this Agreement
and the

 

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Mortgage Loan Purchase Agreements. Subject to the provisions of the applicable Mortgage Loan Purchase Agreement and this
Agreement, such enforcement, including, without limitation, the legal prosecution of claims, if any, shall be carried out in such
form, to such extent and at such time as the Enforcing Servicer would require were it, in its individual capacity, the owner of
the affected Mortgage Loan or Trust Subordinate Companion Loan, and in accordance with the Servicing Standard. Any costs incurred
by the Enforcing Servicer with respect to the enforcement of the obligations of a Mortgage Loan Seller under the applicable Mortgage
Loan Purchase Agreement shall be deemed to be Property Advances, to the extent not recovered from the Mortgage Loan Seller or the
applicable Requesting Certificateholder and/or Consultation Requesting Certificateholder.

 

(iii)         
In the event a Repurchase Request with respect to a Mortgage Loan is not Resolved within 180 days after the Mortgage
Loan Seller receives the Repurchase Request (a “Resolution Failure”), then the provisions described in Section 2.03(g)
below shall apply. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase
Request is sent to the related Mortgage Loan Seller in a commercially reasonable manner. The fact that a Repurchase Request has
been Resolved pursuant to clause (vi) of the definition of “Resolved” shall not preclude the Enforcing Servicer
from exercising any of its rights related to a Material Defect in the manner and timing otherwise set forth in this Agreement,
in the related Mortgage Loan Purchase Agreement or as provided by law. The provisions of subsections (g), (h) and (i) of this Section
2.03 apply solely to Repurchase Requests with respect to a Mortgage Loan (but not with respect to the Trust Subordinate Companion
Loan), and any Certificateholder or Certificate Owner rights under such subsections may only be exercised by a Certificateholder
or a Certificate Owner of a Pooled Certificate.

 

(g)          
(i)         
 After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase
Request was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall
send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to
the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator
who shall make such notice available to all other Certificateholders and Certificate Owners of Pooled Certificates and the Uncertificated
VRR Interest Owner by posting such notice on the Certificate Administrator’s Website indicating the Enforcing Servicer’s
intended course of action with respect to the Repurchase Request. If (a) the Enforcing Servicer’s intended course of
action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the applicable
Mortgage Loan Seller with respect to the Repurchase Request, or (b) the Enforcing Servicer’s intended course of action
is to pursue further action to exercise rights against the related Mortgage Loan Seller with respect to the Repurchase Request
but a Requesting Certificateholder does not agree with the course of action selected by the Enforcing Servicer and, in the case
of clause (a) or (b), a Requesting Certificateholder wishes to exercise its right to refer the matter to mediation (including
non-binding arbitration) or arbitration, if any, then a Requesting Certificateholder may deliver to the Enforcing Servicer a written
notice (a “Preliminary

 

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Dispute Resolution Election Notice”) within 30 days from the date the Proposed Course
of Action Notice was posted on the Certificate Administrator’s Website (the 30th day following the date of posting, the “Dispute
Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation (including
non-binding arbitration) or arbitration. In addition, any Certificateholder or Certificate Owner of a Pooled Certificate may deliver,
prior to the Dispute Resolution Cut-off Date, a written notice (a “Consultation Election Notice”) requesting
the right to participate in any Dispute Resolution Consultation (as defined in clause (iii) below) that is conducted by the
Enforcing Servicer following the Enforcing Servicer’s receipt of a Preliminary Dispute Resolution Election Notice as provided
in clause (iii) below.

 

(ii)          
If no Requesting Certificateholder delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution
Cut-off Date, then no Certificateholder or Certificate Owner of a Pooled Certificate or Uncertificated VRR Interest Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
obligated and entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against
the related Mortgage Loan Seller, subject to any consent or consultation rights of the Controlling Class Representative if
and for as long as it is the applicable Directing Holder or applicable Consulting Party.

 

(iii)         
Promptly and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice
from a Requesting Certificateholder, the Enforcing Servicer shall consult with each Requesting Certificateholder regarding such
Requesting Certificateholder’s intention to elect either mediation (including non-binding arbitration) or arbitration as
the dispute resolution method with respect to the Repurchase Request, and with any Consultation Requesting Certificateholder (the
“Dispute Resolution Consultation”) so that each such Dispute Resolution Requesting Holder may consider the views
of the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions
to occur and be completed no later than ten (10) Business Days following the Dispute Resolution Cut-off Date. The Enforcing
Servicer shall be entitled to establish procedures the Enforcing Servicer deems to be in accordance with the Servicing Standard
relating to the timing and extent of such consultations. No later than five (5) Business Days after completion of the Dispute Resolution
Consultation, a Dispute Resolution Requesting Holder may provide a final notice to the Enforcing Servicer indicating its decision
to exercise its right to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)         
If, following the Dispute Resolution Consultation, no Dispute Resolution Requesting Holder timely delivers a Final Dispute
Resolution Election Notice to the Enforcing Servicer, then no Certificateholder or Certificate Owner of a Pooled Certificate or
Uncertificated VRR Interest Owner shall have any further right to refer the Repurchase Request to mediation or arbitration, and
the Enforcing Servicer shall be the sole party obligated and entitled to determine a course of action including, but not limited
to, enforcing the Trust’s rights against the related

 

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Mortgage Loan Seller, subject to any consent or consultation rights
of the applicable Directing Holder.

 

(v)          
If a Dispute Resolution Requesting Holder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer,
then such Dispute Resolution Requesting Holder shall become the Enforcing Party and must promptly submit the matter to mediation
(including non-binding arbitration) or arbitration. If more than one Dispute Resolution Requesting Holder timely delivers a Final
Dispute Resolution Election Notice, then such Dispute Resolution Requesting Holders shall collectively become the Enforcing Party,
and the holder or holders of a majority of the Voting Rights among such Dispute Resolution Requesting Holder shall be entitled
to make all decisions relating to such mediation or arbitration (including whether to refer the matter to mediation (including
non-binding arbitration) or arbitration). If, however, no Dispute Resolution Requesting Holder commences arbitration or mediation
pursuant to the terms of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice
to the Enforcing Servicer, then (i) the rights of any Dispute Resolution Requesting Holder to act as the Enforcing Party shall
terminate and no Certificateholder or Certificate Owner of a Pooled Certificate or Uncertificated VRR Interest Owner shall have
any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course of Action Notice indicated
that the Enforcing Servicer will take no further action with respect to the Repurchase Request, then the related Material Defect
shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase Agreement, provided,
however, that such Material Defect will not be deemed waived with respect to the Enforcing Servicer to the extent there is a material
change from the facts and circumstances known to it at the time when the Proposed Course of Action Notice was delivered by the
Enforcing Servicer, and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course
of action under clause (ii), then the Enforcing Servicer shall be the sole party obligated and entitled to determine a course
of action including, but not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)         
Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(g)
shall not apply, and the Enforcing Servicer shall be the sole party entitled to enforce the Trust’s rights against the related
Mortgage Loan Seller, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request, or determines
in accordance with the Servicing Standard that it is in the best interest of Certificateholders and the Uncertificated VRR Interest
Owner to commence litigation with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)              
In the event a Dispute Resolution Requesting Holder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the
Trust, shall remain a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

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(viii)            
For the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller or any of their respective affiliates shall
be entitled to be a Dispute Resolution Requesting Holder or otherwise vote Certificates owned by it or such Affiliate(s) with respect
to a course of action proposed or undertaken pursuant to the procedures described in this Section 2.03.

 

(ix)         
The Dispute Resolution Requesting Holders are entitled to elect either mediation or arbitration with respect to a Repurchase
Request in their sole discretion; provided, however, no Dispute Resolution Requesting Holder shall be entitled to then utilize
the alternative method in the event that the initial method is unsuccessful, and no other Certificateholder or Certificate Owner
of a Pooled Certificate or Uncertificated VRR Interest Owner shall be entitled to elect either arbitration or mediation in the
event a mediation or arbitration is undertaken with respect to such Repurchase Request.

 

(h)          
If the Enforcing Party selects mediation (including non-binding arbitration), the following provisions shall apply:

 

(i)            
The mediation shall be administered by a nationally recognized mediation organization selected by the applicable Mortgage
Loan Seller within 30 days of receipt of written notice of the Enforcing Party’s selection of mediation (such provider,
the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation
Rules”) promulgated by the Mediation Services Provider.

 

(ii)          
The mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least fifteen (15) years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise
two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference.
The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)         
Prior to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference
of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)         
The parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within
10 Business Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

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(v)          
The expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the
Enforcing Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation (any such expenses allocated
to the Enforcing Servicer shall be reimbursed as provided in clause (vi) below).

 

(vi)         
Out-of-pocket costs and expenses of the Enforcing Servicer for mediation or arbitration, to the extent not agreed to be
paid by the Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in
the case of arbitration), shall be reimbursable as expenses of the Trust Fund payable out of the Collection Account pursuant to
Section 3.06(a) of this Agreement.

 

(i)            
If the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)            
The arbitration shall be administered by a nationally recognized arbitration organization selected by the related Mortgage
Loan Seller within 30 days of receipt of written notice of the Enforcing Party’s selection of third-party arbitration
(such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures (the
“Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)          
The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied
a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two
peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration
Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the
parties to the extent possible.

 

(iii)         
Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable
inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)         
After consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment,
the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with
the goal of expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority
to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal
Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing
and post

 

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hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)          
Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each
party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) the parties shall
reasonably and in good faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents
they reasonably and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party
witness depositions (excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator
shall have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines
good cause is shown that such additional discovery is reasonable and necessary.

 

(vi)         
The arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission
of any post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage
Loan Purchase Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent
with those agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration
conducted by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice
at the Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including
the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable
attorneys’ fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination
of the arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties.
The final determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination
permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)              
By selecting arbitration, the Enforcing Party is waiving its right to sue in court, including the right to a trial by jury.

 

(viii)            
No person may bring a putative or certified class action to arbitration.

 

(j)            
The following provisions will apply to both mediation and third-party arbitration:

 

(i)            
Any mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)          
If the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute
relating to arbitration or the

 

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arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider,
then any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending
the final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have
subject matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of
New York for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)         
The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted
under this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the
course of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared
with any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law,
regulatory requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information
from a third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly
notify the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to
the production of its confidential information.

 

(iv)         
In the event a Dispute Resolution Requesting Holder is the Enforcing Party, the agreement with the arbitrator or mediator,
as the case may be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall
be a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of
the Enforcing Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates
in such proceeding shall be determined by such Enforcing Servicer in consultation with the Controlling Class Representative
(provided that no Consultation Termination Event has occurred and is continuing and only if an Excluded Mortgage Loan is not involved),
and in accordance with the Servicing Standard. All amounts recovered by the Enforcing Party shall be paid to the Trust, or the
Enforcing Servicer on its behalf, and deposited in the Collection Account. The agreement with the arbitrator or mediator, as the
case may be, shall provide that in the event a Dispute Resolution Requesting Holder is allocated any related costs and expenses
pursuant to the terms of the arbitrator’s decision or the agreement reached in mediation, neither the Trust nor the Enforcing
Servicer acting on its behalf shall be responsible for any such costs and expenses allocated to the Dispute Resolution Requesting
Holder.

 

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(v)          
In the event a Dispute Resolution Requesting Holder is the Enforcing Party, the Dispute Resolution Requesting Holder shall
be required to pay any expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing
Party agrees to bear in the mediation proceedings.

 

(vi)         
The Trust (or the Enforcing Servicer or a trustee, acting on its behalf), the Depositor or any Mortgage Loan Seller shall
be permitted to redact any personally identifiable customer information included in any information provided for purposes of any
mediation or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to
the Repurchase Request and the dispute resolution identified in connection with such procedures; provided, however,
that (1) the Certificateholders and Certificate Owners shall be permitted to communicate prior to the commencement of any
such proceedings to the extent provided in Section 5.07, (2) to the extent that the Enforcing Servicer is required
under Section 2.03(a) to provide any Rule 15Ga-1 Notice in connection with such Repurchase Request, the Enforcing
Servicer shall be permitted to include in such Rule 15Ga-1 Notice the information required pursuant to Section 2.03(a)
and (3) the applicable Mortgage Loan Seller shall be permitted to disclose information related to the Repurchase Request to
the extent necessary to comply with its obligations under Rule 15Ga-1 or Item 1104 of Regulation AB.

 

(vii)              
For the avoidance of doubt, in no event shall the exercise of any right of a Dispute Resolution Requesting Holder to refer
a Repurchase Request to mediation or arbitration or to participate in such mediation or arbitration affect in any manner the ability
of the Special Servicer to perform its obligations with respect to a Specially Serviced Loan (including without limitation, a liquidation,
foreclosure, negotiation of a loan modification or workout, acceptance of a discounted pay off or deed-in-lieu, or bankruptcy or
other litigation) or the exercise of any rights of the Controlling Class Representative if and for as long as it is the applicable
Directing Holder.

 

(viii)            
Any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration
shall be reimbursable as expenses of the Trust Fund payable out of the Collection Account pursuant to Section 3.06(a)
of this Agreement.

 

Section 2.04              
Representations and Warranties of the Depositor.

 

(a)           
The Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
the Uncertificated VRR Interest Owner and the Serviced Companion Loan Holders, and to the Master Servicer, each Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and the Certificate Administrator, as of the Closing Date, that:

 

(i)            
The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware,
and is duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or

 

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lease of its property
or the conduct of its business requires such qualification (except where the failure to qualify would not have a materially adverse
effect on the consummation of any transactions contemplated by this Agreement); the Depositor has taken all necessary corporate
action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute,
deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and authority
to sell, assign and transfer the Mortgage Loans and Trust Subordinate Companion Loan in accordance with this Agreement; the Depositor
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(ii)          
Assuming the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and
all of the obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against
the Depositor in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to any rights of
indemnification hereunder, by considerations of public policy;

 

(iii)         
Neither the execution and delivery by the Depositor of this Agreement nor the compliance by the Depositor with the provisions
hereof, nor the consummation by the Depositor of the transactions contemplated by this Agreement, will (A) conflict with or
result in a breach of, or constitute a default under, the organizational documents of the Depositor or, after giving effect to
the consents or taking of the actions contemplated by clause (B) of this paragraph (iii), any of the provisions of any
law, governmental rule, regulation, judgment, decree or order binding on the Depositor or its properties, or any of the provisions
of any indenture or agreement or other instrument to which the Depositor is a party or by which it is bound or result in the creation
or imposition of any lien, charge or encumbrance upon any of its properties pursuant to the terms of any such indenture, agreement
or other instrument or (B) require any consent of, notice to, or filing with any person, entity or governmental body, which
has not been obtained or made by the Depositor, except where, in any of the instances contemplated by clause (A) above or
this clause (B), the failure to do so will not have a material and adverse effect on the consummation of any transactions
contemplated by this Agreement;

 

(iv)         
There is no litigation, charge, investigation, action, suit or proceeding pending or, to the Depositor’s knowledge,
threatened against the Depositor in any court or by or before any other governmental agency or instrumentality the outcome of which
could be reasonably expected to materially and adversely affect the validity of the Mortgage Loans or the Trust Subordinate Companion
Loan or the ability of the Depositor to carry out the transactions contemplated by this Agreement;

 

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(v)          
The Depositor is not transferring the Mortgage Loans or the Trust Subordinate Companion Loan to the Trustee with any intent
to hinder, delay or defraud its present or future creditors;

 

(vi)         
No proceedings looking toward merger, liquidation, dissolution or bankruptcy of the Depositor are pending or contemplated;

 

(vii)              
Immediately prior to the transfer of the Mortgage Loans and the Trust Subordinate Companion Loan to the Trustee for the
benefit of the Certificateholders and the Uncertificated VRR Interest Owner pursuant to this Agreement, the Depositor had such
right, title and interest in and to each Mortgage Loan and Trust Subordinate Companion Loan as was transferred to it by the related
Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement;

 

(viii)            
The Depositor has not transferred any of its right, title and interest in and to the Mortgage Loans and Trust Subordinate
Companion Loan (as such was transferred to it by the Mortgage Loan Sellers pursuant to the Mortgage Loan Purchase Agreements) to
any Person other than the Trustee; and

 

(ix)         
The Depositor is transferring all of its right, title and interest in and to the Mortgage Loans and the Trust Subordinate
Companion Loan (as such was transferred to it by the Mortgage Loan Sellers pursuant to the Mortgage Loan Purchase Agreements) to
the Trustee for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner free and clear of any and all liens,
pledges, charges, security interests and other encumbrances created by or through the Depositor.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects
the interests of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of
the Master Servicer, the Special Servicer or the Trustee in any Trust Loan or Serviced Loan Combination, the party discovering
such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion
Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.05              
Representations, Warranties and Covenants of the Master Servicer.

 

(a)           
The Master Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit
of the Certificateholder, the Uncertificated VRR Interest Owner and the Serviced Companion Loan Holders, and to and with the Depositor,
each Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Certificate Administrator, as of the Closing
Date, that:

 

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(i)            
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America, and the Master Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged
Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of
this Agreement by the Master Servicer, do not violate the Master Servicer’s organizational documents or constitute a default
(or an event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or that is applicable to it or any of its assets, in each case, which
does or is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under
this Agreement or the financial condition of the Master Servicer;

 

(iii)         
The Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
as contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium
and other laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws;

 

(v)          
The Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master
Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Master Servicer
to perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

(vi)         
No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer
that would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under
this Agreement or the financial condition of the Master Servicer;

 

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(vii)              
Each officer or employee of the Master Servicer that has responsibilities concerning the servicing and administration of
Mortgage Loans and the Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage
required by Section 3.08(c) of this Agreement or the Master Servicer self-insures for such errors and omissions coverage
in compliance with the requirements of Section 3.08(c) of this Agreement; and

 

(viii)            
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Master Servicer of the transactions contemplated by this Agreement, except
for those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations
that previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which
are not required in order for the Master Servicer to enter into this Agreement but may be required (and if so required, will be
obtained) in connection with the Master Servicer’s subsequent performance of this Agreement.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder, the Uncertificated VRR Interest Owner
or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the Uncertificated VRR Interest
Owner or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the Trustee in any
Trust Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties
hereto, each Certifying Certificateholder, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and, prior
to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.06              
Representations, Warranties and Covenants of the Special Servicers.

 

(a)           
With respect to itself only, each Special Servicer hereby represents and warrants to, and covenants with, the Trustee, for
its own benefit and the benefit of the Certificateholders, the Uncertificated VRR Interest Owner and the Serviced Companion Loan
Holders, and to and with the Depositor, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the
Certificate Administrator, as of the Closing Date, that:

 

(i)            
The Special Servicer is (A) in the case of CWCapital Asset Management LLC, a limited liability company, duly organized,
validly existing and in good standing under the laws of the State of Delaware (B) in the case of Situs Holdings, LLC, a limited
liability company, duly organized, validly existing and in good standing under the laws of State of Delaware and (C) in the case
of KeyBank National Association, a national banking association, duly organized, validly

 

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existing and in good standing under the
laws of the United States. The Special Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Special Servicer do not, and the performance and compliance with the
terms of this Agreement by the Special Servicer will not, (A) violate the Special Servicer’s organizational documents,
articles of incorporation, limited liability company operating agreement or by-laws, as applicable, or (B) constitute a default
(or an event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or that is applicable to it or any of its assets, in each case, which
does or is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;

 

(iii)         
The Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
as contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium
and other laws affecting the enforcement of creditors’ (including bank creditors’) rights generally and (B) general
principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          
The Special Servicer is not in violation of, and its execution and delivery of this Agreement do not, and its performance
and compliance with the terms of this Agreement will not, constitute a violation of, any law, any order or decree of any court
or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation,
in the Special Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability
of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vi)         
No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer
that would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;

 

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(vii)              
Each officer or employee of the Special Servicer that has or, following a transfer of servicing responsibilities to the
Special Servicer pursuant to Section 3.22of this Agreement, would have, responsibilities concerning the servicing and
administration of Mortgage Loans and Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with
the coverage required by Section 3.08(c) of this Agreement or the Special Servicer self-insures for such errors and
omissions coverage in compliance with the requirements of Section 3.08(c) of this Agreement; and

 

(viii)            
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Special Servicer of the transactions contemplated by this Agreement, except
for those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations
that previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which
are not required in order for the Special Servicer to enter into this Agreement but may be required (and if so required, will be
obtained) in connection with the Special Servicer’s subsequent performance of this Agreement.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder, the Uncertificated VRR Interest Owner
or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the Uncertificated VRR Interest
Owner or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the Trustee in any
Trust Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties
hereto, each Certifying Certificateholder, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and, prior
to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.07              
Representations and Warranties of the Trustee.

 

(a)           
The Trustee hereby represents and warrants for the benefit of the Certificateholders, the Uncertificated VRR Interest Owner
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, each Special Servicer, the Operating Advisor,
the Asset Representations Reviewer and the Certificate Administrator, as of the Closing Date, that:

 

(i)            
The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits,
franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

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(ii)          
The execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement
will not violate the Trustee’s articles of association or by-laws or shareholders’ resolutions 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
contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee or any of its
assets;

 

(iii)         
Except to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee
or separate trustee be appointed to act with respect to such property as contemplated by Section 8.08 of this Agreement,
the Trustee has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has
duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement
may be limited by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating
to or affecting the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions
providing or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)          
The Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance
and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court
or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having
jurisdiction, which violation would have consequences that would materially and adversely affect the financial condition of the
Trustee or might have consequences that would materially affect the ability of the Trustee to perform its duties hereunder or thereunder;

 

(vi)         
No consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required,
such approval has been obtained prior to the Closing Date; and

 

(vii)              
No litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement.

 

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(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder, the Uncertificated VRR Interest Owner
or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the Uncertificated VRR Interest
Owner or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the Trustee in any
Trust Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties
hereto, each Certifying Certificateholder, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and, prior
to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.08              
Representations and Warranties of the Certificate Administrator.

 

(a)           
The Certificate Administrator hereby represents and warrants to the Trustee, for its own benefit and for the benefit of
the Certificateholders, the Uncertificated VRR Interest Owner and the Serviced Companion Loan Holders, and to the Depositor, the
Master Servicer, each Special Servicer, the Asset Representations Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)            
The Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under
the laws of the United States of America; the Certificate Administrator possesses and shall continue to possess all requisite authority,
power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations
under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the
terms of this Agreement will not violate the Certificate Administrator’s articles of association or by-laws or shareholders’
resolutions 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 contract, agreement or other instrument to which the Certificate Administrator is a party
or which may be applicable to the Certificate Administrator or any of its assets;

 

(iii)         
The Certificate Administrator has the full power and authority to enter into and consummate the transactions contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except
as such enforcement may be limited by (A) bankruptcy,

 

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insolvency, conservatorship, reorganization, receivership, moratorium
or other laws relating to or affecting the rights of creditors generally (B) general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability
of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)          
The Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate
Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation with respect
to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of
or in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely
affect the financial condition of the Certificate Administrator or might have consequences that would materially affect the ability
of the Certificate Administrator to perform its duties hereunder or thereunder;

 

(vi)         
No consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement
or if required, such approval has been obtained prior to the Closing Date; and

 

(vii)              
No litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations
under this Agreement.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder, the Uncertificated VRR Interest Owner
or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the Uncertificated VRR Interest
Owner or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the Certificate Administrator
in any Trust Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other
parties hereto, each Certifying Certificateholder, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and,
prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

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Section 2.09              
Representations, Warranties and Covenants of the Operating Advisor.

 

(a)           
The Operating Advisor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
the Uncertificated VRR Interest Owner and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, each
Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)            
The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of New York; and the Operating Advisor is in compliance with the laws of each jurisdiction in which a Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms
of this Agreement by the Operating Advisor, do not violate the Operating Advisor’s organizational documents or constitute
a default (or an event that, 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 does or is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement;

 

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

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium
and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations regarding
the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws;

 

(v)          
The Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating
Advisor’s

 

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good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Operating Advisor
to perform its obligations under this Agreement;

 

(vi)         
No litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor
that would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and
reasonable judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement;

 

(vii)              
The Operating Advisor has errors and omissions insurance coverage that is in full force and effect, which complies with
the requirements of Section 3.08 hereof;

 

(viii)            
The Operating Advisor is an Eligible Operating Advisor;

 

(ix)         
The Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this
Agreement over the life of the Trust Fund; and

 

(x)          
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Operating Advisor of the transactions contemplated by this Agreement, except
for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to the Closing Date,
and which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations
hereunder.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder, the Uncertificated VRR Interest Owner
or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the Uncertificated VRR Interest
Owner or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the Trustee in any
Trust Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties
hereto, each Certifying Certificateholder, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and, prior
to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.10              
Representations, Warranties and Covenants of the Asset Representations Reviewer.

 

(a)           
The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of
the Certificateholders, the Uncertificated VRR Interest Owner and the Serviced Companion Loan Holders, and to the Depositor, the

 

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Master Servicer, each Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)            
The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing
under the laws of the State of New York; and the Asset Representations Reviewer is in compliance with the laws of each jurisdiction
in which a Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with
the terms of this Agreement by the Asset Representations Reviewer, do not violate the Asset Representations Reviewer’s organizational
documents or constitute a default (or an event that, 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 does or is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement;

 

(iii)         
The Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance
with the terms hereof, subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization,
moratorium and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws;

 

(v)          
The Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance
and compliance with the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or
arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation,
in the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to affect materially and adversely
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vi)         
No litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the
Asset Representations Reviewer that

 

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would prohibit the Asset Representations Reviewer from entering into this Agreement or, in
the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the
ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vii)              
The Asset Representations Reviewer has errors and omissions insurance coverage that is in full force and effect, which complies
with the requirements of Section 3.08 hereof;

 

(viii)            
The Asset Representations Reviewer is an Eligible Asset Representations Reviewer; and

 

(ix)         
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Asset Representations Reviewer of the transactions contemplated by this
Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to
the Closing Date, and which, if not obtained would not have a materially adverse effect on the ability of the Asset Representations
Reviewer to perform its obligations hereunder.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder, the Uncertificated VRR Interest Owner
or any Serviced Companion Loan Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the Uncertificated VRR Interest
Owner or any Serviced Companion Loan Holder or the interests of the Master Servicer, the Special Servicer or the Trustee in any
Trust Loan or Serviced Loan Combination, the party discovering such breach shall give prompt written notice to the other parties
hereto, each Certifying Certificateholder, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and, prior
to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.11              
Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests and 360 Spear Regular Interests
..

 

The Trustee (i) acknowledges
the assignment to it of the Mortgage Loans, the Trust Subordinate Companion Loan and the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests and the delivery of the related Mortgage Files to the Custodian (to the extent the documents constituting the
Mortgage Files are actually delivered to the Custodian), subject to the provisions of Sections 2.01 and 2.02
of this Agreement, (ii) concurrently with such delivery described in clause (i), declares that it holds the Mortgage
Loans (exclusive of Excess Interest), the Trust Subordinate Companion Loan and the MGM Grand & Mandalay Bay Trust REMIC Regular
Interests (exclusive of Excess Interest) for the benefit of the Holders of the Class R Certificates (in respect of the Lower-Tier
Residual Interest) and the holder(s) of the Lower-Tier

 

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Regular Interests, and (iii) concurrently with such delivery described in
clause (i), declares that it holds the Excess Interest for the benefit of the Holders of the Excess Interest Certificates
and the Uncertificated VRR Interest Owner. Concurrently with such delivery described in clause (i) of the prior sentence,
(i) the Lower-Tier Regular Interests, the 360 Spear Regular Interests, the Lower-Tier Residual Interest and the 360 Spear Residual
Interest shall be issued, and the Trustee and Certificate Administrator acknowledge the issuance thereof, in exchange for the assets
of the Lower-Tier REMIC and the 360 Spear REMIC, as applicable, (ii) the Depositor hereby conveys all right, title and interest
in and to the Lower-Tier Regular Interests and the 360 Spear Regular Interests and other property constituting the Upper-Tier REMIC
to the Trustee, receipt of which is hereby acknowledged, (iii) the Trustee acknowledges and hereby declares that it holds the same
on behalf of the Holders of the Class R Certificates (in respect of the Upper-Tier Residual Interest), the Grantor Trust (in
respect of the Class VRR Upper-Tier Regular Interest) and the Holders of the Non-Vertically Retained Pooled Regular Certificates,
and (iv) in exchange for the conveyance described in the immediately preceding clause (ii), (A) the Class VRR Upper-Tier
Regular Interest (together with the other classes of REMIC regular interests in the Upper-Tier REMIC) and the Upper-Tier Residual
Interest shall be issued, and (B) the Certificate Administrator shall execute and cause to be authenticated and delivered to and
upon the order of the Depositor, (1) the Non-Vertically Retained Pooled Regular Certificates, and (2) the Class R
Certificates (representing the Lower-Tier Residual Interest, the 360 Spear Residual Interest and the Upper-Tier Residual Interest,
as well as the MGM Grand & Mandalay Bay REMIC Residual Interests), registered in the names set forth in such order and duly
authenticated by the Certificate Administrator. The Depositor hereby conveys all right, title and interest in and to any VRR Specific
Grantor Trust Assets, any Class S Specific Grantor Trust Assets and any other property constituting the Grantor Trust to the
Trustee, receipt of which is hereby acknowledged. The Uncertificated VRR Interest shall be issued and the Certificate Administrator
shall execute and cause to be authenticated and delivered to and upon the order of the Depositor, the Grantor Trust Certificates
in exchange for the conveyance pursuant to the prior sentence.

 

Section 2.12              
Miscellaneous REMIC and Grantor Trust Provisions.

 

(a)           
The Class LA-1, Class LA-2, Class LA-4A1, Class LA-4A2, Class LA-5, Class LA-AB, Class LA-S,
Class LB, Class LC, Class LD, Class LE, Class LF, Class LG, Class LH and Class LVRR Lower-Tier Regular
Interests are hereby designated as “regular interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1),
and the Lower-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual
interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(2). The Class L360A, Class L360B,
Class L360C, Class L360D and Class L360V 360 Spear Regular Interests are hereby designated as “regular interests”
in the 360 Spear REMIC within the meaning of Code Section 860G(a)(1), and the 360 Spear Residual Interest (evidenced by the
Class R Certificates) is hereby designated as the sole class of “residual interests” in the 360 Spear REMIC within
the meaning of Code Section 860G(a)(2).

 

(b)          
The Non-Vertically Retained Pooled Regular Certificates, the Loan-Specific Certificates and the Class VRR Upper-Tier Regular
Interest are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1),
and the Upper-Tier Residual Interest (evidenced by the Class R

 

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Certificates) is hereby designated as the sole class of “residual
interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).

 

(c)           
The Closing Date is hereby designated as the “Startup Day” of each Trust REMIC (other than the MGM Grand
& Mandalay Bay REMICs), and February 12, 2021 is designated in the CREFI MGM Grand & Mandalay Bay REMIC Declaration as
the Startup Day of the CREFI MGM Grand & Mandalay Bay REMIC and February 12, 2021 is designated in the GACC MGM Grand &
Mandalay Bay REMIC Declaration as the Startup Day of the GACC MGM Grand & Mandalay Bay REMIC, and, in each case within the
meaning of Code Section 860G(a)(9). The “latest possible maturity date” for purposes of Code Section 860G(a)(1)
of (i) the 360 Spear Regular Interests and the Loan-Specific Certificates is the Rated Final Distribution Date for the rated Loan-Specific
Certificates; (ii) each MGM Grand & Mandalay Bay REMIC Regular Interest is the date set forth in the related REMIC Declaration
and (iii) the Lower-Tier Regular Interests, the Non-Vertically Retained Pooled Regular Certificates and the Class VRR Upper-Tier
Regular Interest is the Rated Final Distribution Date for the rated Pooled Certificates.

 

(d)          
None of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate
Administrator shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other
than as specifically contemplated herein.

 

(e)           
The Class S Certificates shall represent undivided beneficial interests in the portion of the Trust Fund consisting
of the Class S Specific Grantor Trust Assets, distributions thereon and proceeds thereof, which portion will be treated as
part of a “grantor trust” within the meaning of subpart E, part I of subchapter J of the Code. The Class VRR Certificates
shall represent, and the Uncertificated VRR Interest shall constitute, undivided beneficial interests in the portion of the Trust
Fund consisting of the VRR Specific Grantor Trust Assets, distributions thereon and proceeds thereof, which portion will be treated
as part of a “grantor trust” within the meaning of subpart E, part I of subchapter J of the Code.

 

Article
III

ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS AND TRUST SUBORDINATE COMPANION LOAN

 

Section 3.01              
Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans and Trust Subordinate Companion Loan;
Sub-Servicing Agreements; Outside Serviced Mortgage Loans.

 

(a)           
The Master Servicer (with respect to the Performing Serviced Loans) and the Special Servicer (with respect to the Specially
Serviced Loans and, to the extent provided in this Agreement, the Performing Serviced Loans), each as an independent contractor,
shall service and administer the Mortgage Loans (other than the Outside Serviced Mortgage Loans, which will be serviced, together
with the related Outside Serviced Companion Loans, pursuant to the applicable Outside Servicing Agreement) and

 

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the Serviced Companion
Loans on behalf of the Trust Fund and the Trustee (for the benefit of the Certificateholders and the Uncertificated VRR Interest
Owner (as a collective whole) or, with respect to each Serviced Loan Combination, for the benefit of the Certificateholders, the
Uncertificated VRR Interest Owner and the related Serviced Companion Loan Holder(s) as a collective whole as if such Certificateholders,
the Uncertificated VRR Interest Owner and such Serviced Companion Loan Holder(s) constituted a single lender (and, in the case
of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan(s)), subject
to the terms and conditions of the related Co-Lender Agreement) in accordance with: (i) any and all applicable laws; (ii) the
express terms of this Agreement, the respective Serviced Mortgage Loans or Serviced Loan Combinations and, in the case of the Serviced
Loan Combinations, the related Co-Lender Agreement; and (iii) the Servicing Standard. To the extent consistent with the foregoing
and subject to any express limitations set forth in this Agreement and any related Co-Lender Agreement or mezzanine loan intercreditor
agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest
on the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion Loans. Subject only to the Servicing
Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or, in the case of the Master
Servicer only, through Sub-Servicers (subject to paragraph (c) of this Section 3.01 and to Section 3.02
of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration which it
may deem consistent with the Servicing Standard and, in its judgment exercised in accordance with the Servicing Standard, in the
best interests of the Certificateholders, the Uncertificated VRR Interest Owner and, in the case of a Serviced Loan Combination,
the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders, the Uncertificated VRR Interest
Owner and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan(s)), subject to the terms and conditions of the related Co-Lender Agreement), including, without limitation, with respect
to each Mortgage Loan and Serviced Companion Loan, (A) other than with respect to the Outside Serviced Mortgage Loans, to prepare,
execute and deliver, on behalf of the Certificateholders, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders
and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents or instruments
necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) subject to Sections 3.07,
3.09, 3.10 and 3.24 of this Agreement, any modifications, waivers, consents or amendments to or with respect
to any documents contained in the related Mortgage File or defeasance of any Mortgage Loan or Serviced Companion Loan; and (iii) any
and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
with respect to the Mortgage Loan (and any related Serviced Companion Loan) or the related Mortgaged Property; and (B) including
with respect to the Outside Serviced Mortgage Loans, to direct, manage, prosecute and/or defend any action, suit or proceeding
of any kind filed in the name of the Master Servicer or Special Servicer in their respective capacity on behalf of the Trustee
or the Trust. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or
otherwise consent

 

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to any change of the terms of any Mortgage Loan or Serviced Companion Loan except under the circumstances described
in Sections 3.03, 3.07, 3.09, 3.10 and 3.24 of this Agreement. The Master Servicer and Special
Servicer shall service and administer the Mortgage Loans (other than the Outside Serviced Mortgage Loans), the Serviced Companion
Loans and each related REO Property in accordance with applicable law and the terms thereof and hereof and the terms of any applicable
Co-Lender Agreements and intercreditor agreements and shall provide to the Mortgagors any reports required to be provided to them
thereby.

 

Subject to Section 3.11
of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver (i) to
the Master Servicer, any powers of attorney substantially in the form of Exhibit AA-1 to this Agreement or such other
form as mutually agreed to by the Trustee and the Master Servicer, (ii) to the Special Servicer, any powers of attorney in the
form of Exhibit AA-2 to this Agreement or such other form as mutually agreed to by the Trustee and the Special Servicer,
and (iii) to the Master Servicer or Special Servicer, as applicable, other documents reasonably acceptable to the Trustee prepared
by the Master Servicer and Special Servicer and necessary or appropriate (as certified in such written request) to enable the Master
Servicer and Special Servicer to carry out their servicing and administrative duties hereunder. Notwithstanding anything contained
herein to the contrary, none of the Master Servicer, the Special Servicer or any Sub-Servicer shall, without the Trustee’s
written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the
Master Servicer’s or Special Servicer’s, as applicable, representative capacity, unless prohibited by any requirement
of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required
by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business
Days’ written notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as
is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the
Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent
or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative capacity; or (ii) take
any action with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state. Each of
the Master Servicer, the Special Servicer and any Sub-Servicer shall indemnify the Trustee for any and all costs, liabilities and
expenses incurred by the Trustee in connection with the negligent or willful misuse of such powers of attorney by the Master Servicer
or the Special Servicer or its agents or subcontractors, as applicable.

 

(b)          
Unless otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment
received on a Serviced Loan on a date other than a Due Date, to the principal balance of such Mortgage Loan as of the Due Date
immediately following the date of receipt of such partial principal prepayment. Unless otherwise provided in the related Loan Documents,
the Master Servicer shall apply any amounts received on “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (which
shall not be redeemed by the Master Servicer prior to the maturity thereof) in respect of such a Serviced Loan being defeased
pursuant to its terms to the principal balance of and interest on such Serviced Loan as of the Due Date immediately following the
receipt of such amounts. If with respect to any

 

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Serviced Loan the related Loan Documents permit the lender, at its option, prior
to an event of default under the related Serviced Loan, to apply amounts held in any reserve account as a prepayment or to hold
such amounts in a reserve account, the Master Servicer shall hold such amounts in the applicable reserve account and may not apply
such amounts as a prepayment until the occurrence of an event of default under the related Serviced Loan; provided that
any such amounts may be used, if permitted under the related Loan Documents, to defease the related Serviced Loan or, upon an event
of default under the related Serviced Loan, to prepay the Serviced Loan.

 

(c)           
The Master Servicer and the Special Servicer may each enter into Sub-Servicing Agreements with third parties (including
a party that has previously been engaged as a Subcontractor) with respect to any of its obligations hereunder, provided
that (i) any such agreement shall be consistent with the provisions of this Agreement, (ii) any such agreement shall
be consistent with the Servicing Standard, (iii) other than with respect to any Mortgage Loan Seller Sub-Servicer, the Depositor
has consented to the related Sub-Servicer, (iv) any such agreement shall provide that, following receipt of the applicable
Mortgage Loan Purchase Agreement from the Depositor, the Master Servicer or the Special Servicer, as applicable, shall provide
a copy of the applicable Mortgage Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer shall notify
the Master Servicer or the Special Servicer, as applicable, in writing within five (5) Business Days after such Sub-Servicer discovers
or receives notice alleging a Document Defect or a Breach or receives a Repurchase Communication of a Repurchase Request, a Repurchase
Request Withdrawal, a Repurchase or a Repurchase Request Rejection; (v) the Master Servicer or the Special Servicer, as applicable,
shall notify the applicable Mortgage Loan Seller of any such agreement (other than any Sub-Servicing Agreement in place on the
Closing Date with a Mortgage Loan Seller Sub-Servicer); (vi) any assignment of such Sub-Servicing Agreement by the related Sub-Servicer
(other than an assignment to the Master Servicer (in the case of a Sub-Servicer engaged by the Master Servicer) or the Special
Servicer (in the case of a Sub-Servicer engaged by the Special Servicer)) shall be subject to the prior written consent of the
Depositor (which consent shall not be unreasonably withheld, conditioned or delayed); (vii) any amendment or modification of such
Sub-Servicing Agreement shall be subject to the prior written consent of the Depositor (which consent shall not be unreasonably
withheld, conditioned or delayed) if the Master Servicer or the Special Servicer, as applicable, determines that, as a result of
such amendment or modification, the Sub-Servicer would become a “servicer” within the meaning of Item 1101 of Regulation
AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB or (2) meets the criteria in Item 1108(a)(2)(iii)
of Regulation AB and services 20% or more of the pool assets; (viii) any such Sub-Servicing Agreement shall provide that it may
be assumed by the Trustee or its designee (if the Trustee or its designee has assumed the duties of the Master Servicer or the
Special Servicer, as applicable) or by any successor Master Servicer or Special Servicer, as applicable, without cost or obligation
to the assuming party or the Trust Fund, upon the assumption by such party of the obligations of the Master Servicer or the Special
Servicer, as applicable, pursuant to Section 7.02 hereof; (ix) any such Sub-Servicing Agreement shall provide that the Trustee
(for the benefit of the Certificateholders, the Uncertificated VRR Interest Owner and the related Companion Loan Holder (if applicable)
and the Trust (as holder of the Lower-Tier Regular Interests, the MGM Grand & Mandalay Bay Trust REMIC Regular

 

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Interests and
the 360 Spear Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that (except to the
extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated herein) none of the Trust,
the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Master Servicer or Special
Servicer, as applicable, any successor master servicer or special servicer or any Certificateholder (or the related Companion Loan
Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities arising therefrom; (ix) any
such Sub-Servicing Agreement shall provide that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement
and such Sub-Servicing Agreement shall be terminated (unless such default is waived by the Depositor in writing) if the Sub-Servicer
fails (A) to deliver by the due date (which may take into account any grace period permitted pursuant to this Agreement) any
Exchange Act reporting items required to be delivered to the Master Servicer, Special Servicer, the Certificate Administrator or
the Depositor under Article X or under the Sub-Servicing Agreement or to the master servicer or other applicable party under
any other pooling and servicing agreement that the Depositor is a party to, or (B) to perform in any material respect any
of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining or delivering any Exchange
Act reporting items required for any party to this Agreement to perform its obligations under Article X or under the Exchange
Act reporting requirements of any other pooling and servicing agreement that the Depositor is a party to; (x) any such Sub-Servicing
Agreement shall comply with the requirements set forth in Section 10.17 of this Agreement; (xi) no Sub-Servicer shall be
permitted under any Sub-Servicing Agreement to take (or determine not to take) action with respect to Major Decisions or Special
Servicer Decisions without the consent of the Special Servicer (whether obtained directly or through the Master Servicer); and
(xi) no Sub-Servicer shall be the Operating Advisor, the Asset Representations Reviewer or any of their respective Affiliates.
Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or subcontractors so long as the
related agreements or arrangements with such agents or subcontractors are consistent with the provisions of this Section 3.01(c).
The Master Servicer and the Special Servicer shall each be responsible for paying the servicing fees of any Sub-Servicer retained
by it. The Master Servicer or the Special Servicer, as applicable, shall, upon request, provide a copy of each Sub-Servicing Agreement
(and any assignment thereof) entered into by it to the Depositor. A Sub-Servicer may be an affiliate of the Depositor, the Master
Servicer or the Special Servicer. Notwithstanding the foregoing, the Special Servicer may not enter into any Sub-Servicing Agreement
which provides for the performance by third parties of any or all of its obligations under this Agreement without, with respect
to any Mortgage Loan other than an Excluded Mortgage Loan and prior to the occurrence and continuance of a Control Termination
Event, the consent of the Controlling Class Representative, except to the extent necessary for the Special Servicer to comply with
applicable regulatory requirements.

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans and/or Serviced Loan Combinations involving a Sub-Servicer,
shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Custodian, the Operating

 

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Advisor, the Trust Fund and the Certificateholders and the
Uncertificated VRR Interest Owner shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or
liabilities (including, without limitation, any obligation to pay any termination fee to any Sub-Servicer as a result of the termination
of any Sub-Servicing Agreement) with respect to the Sub-Servicer, except as set forth in Section 3.01(d) of this Agreement
and no provision herein may be construed so as to require the Trust Fund to indemnify any such Sub-Servicer.

 

As part of its servicing
activities hereunder, each of the Master Servicer and the Special Servicer for the benefit of the Trustee, the Certificateholders,
the Uncertificated VRR Interest Owner and, if applicable, the Serviced Companion Loan Holders, shall (at no expense to the Trustee,
the Certificateholders, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders or the Trust) monitor the performance
and enforce the obligations of each of its Sub-Servicers under the related Sub-Servicing Agreement (except that, to the extent
provided in Article X hereof, the Master Servicer shall be required only to use commercially reasonable efforts to
cause any Mortgage Loan Seller Sub-Servicer to comply with the requirements of Article X hereof). Such enforcement,
including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their
respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at
such time as is in accordance with the Servicing Standard and the terms of this Agreement. Each of the Master Servicer and the
Special Servicer shall have the right to remove a Sub-Servicer retained by it in accordance with the terms of the related Sub-Servicing
Agreement.

 

(d)          
If the Trustee or any successor Master Servicer or successor Special Servicer, as applicable, assumes the obligations of
the Master Servicer or the Special Servicer, as applicable, in accordance with Section 7.02, the Trustee or such successor,
as applicable, to the extent necessary to permit the Trustee or such successor, as applicable, to carry out the provisions of Section
7.02, shall, without act or deed on the part of the Trustee or such successor, as applicable, succeed to all of the rights
and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub Servicing Agreement entered into by
the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c) of this Agreement. In such event,
the Trustee or the successor Master Servicer or the successor Special Servicer, as applicable, shall be deemed to have assumed
all of the Master Servicer’s or the Special Servicer’s, as applicable, interest therein (but not any liabilities or
obligations in respect of acts or omissions of the Master Servicer or the Special Servicer, as applicable, prior to such deemed
assumption) and to have replaced the Master Servicer or the Special Servicer, as applicable, as a party to such Sub-Servicing Agreement
to the same extent as if such Sub Servicing Agreement had been assigned to the Trustee or such successor Master Servicer, as applicable,
except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any liability or obligations
under such Sub Servicing Agreement that accrued prior to the succession of the Trustee or the successor Master Servicer or successor
Special Servicer, as applicable.

 

In the event that the
Trustee or any successor Master Servicer or successor Special Servicer, assumes the servicing obligations of the Master Servicer
or the Special Servicer, as applicable, upon request of the Trustee or such successor Master Servicer or successor Special Servicer,
as applicable, the Master Servicer or the Special Servicer, as applicable, shall at its own

 

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expense deliver or cause to be delivered
to the Trustee or such successor Master Servicer or successor Special Servicer, as applicable, all documents and records relating
to any Sub-Servicing Agreement and the Trust Loans then being serviced thereunder and an accounting of amounts collected and held
by it, if any, and will otherwise use its reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing
Agreement to the Trustee or the successor Master Servicer or successor Special Servicer, as applicable.

 

(e)           
The parties hereto acknowledge that each Serviced Loan Combination is subject to the terms and conditions of the related
Co-Lender Agreement and recognize the respective rights and obligations of the Trust, as holder of the related Trust Loan(s), and
of the related Serviced Companion Loan Holder(s) under the related Co-Lender Agreement, including: (i) with respect to the
allocation of collections on or in respect of such Serviced Loan Combination, and the making of remittances, to the Trust, as holder
of the related Trust Loan(s), and to the related Serviced Companion Loan Holder(s); (ii) with respect to the allocation of
expenses and losses relating to such Serviced Loan Combination to the Trust, as holder of the related Trust Loan(s), and to the
related Serviced Companion Loan Holder(s); (iii) any consultation, consent and Special Servicer appointment rights of a related
Serviced Companion Loan Holder or its Companion Loan Holder Representative, including those specified in this Agreement; (iv) any
right of a related Companion Loan Holder to attend (in-person or telephonically) annual meetings with the Master Servicer or the
Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special
Servicer, as applicable, for the purpose of discussing servicing issues related to such Serviced Loan Combination; (v) any right
of a related Companion Loan Holder to cure certain defaults under the related Serviced Loan Combination; and (vi) any right of
a related Companion Loan Holder to purchase the related Split Mortgage Loan from the Trust Fund (together with any other related
Serviced Pari Passu Companion Loans, if applicable). With respect to any Serviced Loan Combination, the Master Servicer (if such
Serviced Loan Combination is a Performing Serviced Loan) or the Special Servicer (if such Serviced Loan Combination has become
a Specially Serviced Loan or the related Mortgaged Property has been converted to an REO Property) shall prepare and provide to
the related Serviced Companion Loan Holder(s) (or its Companion Loan Holder Representative), or, if applicable, the master servicer
or special servicer for the related Other Securitization Trust, on its behalf, all notices, reports, statements and communications
to be delivered by the holder of the related Mortgage Loan under the related Co-Lender Agreement, and shall perform all duties
and obligations to be performed by a servicer and perform all servicing-related duties and obligations to be performed by the holder
of the related Mortgage Loan pursuant to the related Co-Lender Agreement. Furthermore, to the extent not otherwise expressly included
herein, any provisions required to be included herein pursuant to any Co-Lender Agreement for a Serviced Loan Combination are deemed
incorporated herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full. In
the event of any conflict between this Agreement and a Co-Lender Agreement with respect to a Serviced Pari Passu Loan Combination,
the terms of such Co-Lender Agreement shall control with respect to such Serviced Pari Passu Loan Combination.

 

With respect to any Serviced
Outside Controlled Mortgage Loan (including any Servicing Shift Mortgage Loan prior to the related Servicing Shift Date), subject
to the rights of

 

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the Controlling Class Representative under this Agreement and any applicable consultation rights of the Operating
Advisor (to the extent set forth in Sections 3.29(g) and (h)), the Master Servicer (if such Serviced Outside Controlled
Mortgage Loan is a Performing Serviced Loan and the matter does not involve a Major Decision or Special Servicer Decision) or the
Special Servicer (if such Serviced Outside Controlled Mortgage Loan is a Specially Serviced Loan or if such Serviced Outside Controlled
Mortgage Loan is a Performing Serviced Loan and the matter involves a Major Decision or Special Servicer Decision) shall be entitled
to exercise the rights and powers granted under the related Co-Lender Agreement to the “Non-Controlling Note Holder”
(as such term or any analogous term is defined in the related Co-Lender Agreement).

 

(f)           
Notwithstanding anything to the contrary herein, (a) at no time shall the Master Servicer or the Trustee be required to
make any P&I Advance on any Companion Loan other than the Trust Subordinate Companion Loan and (b) if the Mortgage Loan and,
if applicable, the Trust Subordinate Companion Loan (or the related REO Property) that is part of a Serviced Loan Combination is
no longer part of the Trust Fund, neither the Master Servicer nor the Trustee, as the case may be, shall have any obligation to
make any Property Advance on such Serviced Loan Combination. If pursuant to the foregoing sentence, the Master Servicer does not
intend to make a Property Advance with respect to a Serviced Loan Combination that the Master Servicer would have made if the related
Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer shall promptly notify the holder of the related
Serviced Companion Loan of its intention to no longer make such Property Advances and shall additionally promptly notify such holder
of any required Property Advance it would have otherwise made upon becoming aware of the need for such Property Advance. Additionally,
at the time the Mortgage Loan relating to a Serviced Loan Combination is removed from the Trust Fund, the Master Servicer shall
deliver to the related Serviced Companion Loan Holder (or the master servicer of any securitization of the related Serviced Companion
Loan) (i) a copy of the most recent inspection report and the inspection report for the prior calendar year, (ii) copies
of all financial statements collected from the related Mortgagor for the most recent calendar year and the prior calendar year,
(iii) a copy of the most recent Appraisal and any other Appraisal done in the prior year and (iv) a copy of all tax and
insurance bills for the current calendar year and the prior calendar year.

 

(g)          
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s
and the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s
authority with respect to each Outside Serviced Mortgage Loan and each Outside Serviced Companion Loan related to the Outside Serviced
Mortgage Loans are limited by and subject to the terms of the related Co-Lender Agreement and this Agreement and the rights of
the related Outside Servicer and the related Outside Special Servicer with respect thereto under the applicable Outside Servicing
Agreement. The parties further recognize the respective rights and obligations of the related Outside Trustee and/or the Outside
Serviced Companion Loan Holders (or the representatives thereof) under each respective Co-Lender Agreement including with respect
to the allocation of collections on or in respect of an Outside Serviced Loan Combination in accordance with the related Co-Lender
Agreement. The Master Servicer shall cooperate with the Certificate Administrator, on behalf of the Trust, in connection with the
enforcement of the rights by the Trustee (as holder of the

 

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Outside Serviced Mortgage Loans) under each related Co-Lender Agreement
and each applicable Outside Servicing Agreement. The Master Servicer or Special Servicer, as applicable, (under the power of attorney
granted by the Trustee) shall take such actions as it shall deem reasonably necessary to facilitate the servicing of each Outside
Serviced Companion Loan by the related Outside Servicer and the related Outside Special Servicer, including, but not limited to,
delivering appropriate requests for release to the Custodian (if any) in order to deliver any portion of the related Mortgage
Files to the related Outside Servicer or related Outside Special Servicer under the applicable Outside Servicing Agreement.

 

To the extent that the
Trust, as holder of an Outside Serviced Mortgage Loan for the benefit of the Certificateholders and the Uncertificated VRR Interest
Owner, is entitled to (i) consent to or approve any modification, waiver or amendment of such Outside Serviced Mortgage Loan
or (ii) exercise any consultation rights with respect to “Major Decisions” or “Material Actions” (as
such term or any analogous term is defined in the applicable Outside Servicing Agreement) in connection with such Outside Serviced
Mortgage Loan or any related REO Property or any consultation rights with respect to the implementation of “Asset Status
Reports” (as such term or any analogous term is defined in the applicable Outside Servicing Agreement), then the following
party or parties (to the extent notified by the appropriate party to the applicable Outside Servicing Agreement of any matter requiring
the exercise of consent, approval or consultation rights) shall actually exercise such consent, approval or consultation rights,
and the respective parties to this Agreement shall take such actions as are reasonably necessary to allow the following party or
parties to exercise such consent, approval or consultation rights: (a) the Controlling Class Representative (unless a
Control Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or the Special Servicer (if
a Control Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) shall exercise any such
consent or approval rights, in each case in accordance with Section 3.01(i); and (b) the Controlling Class Representative
(unless a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or the Special
Servicer (if a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) shall
exercise any such consultation rights entitled to be exercised by the holder of such Outside Serviced Mortgage Loan in accordance
with Section 3.01(i). The Master Servicer shall only be obligated to forward any requests received from the Outside
Servicer or the Outside Special Servicer, as applicable, for such consent and/or consultation to the Special Servicer (who shall
forward any such request to the Controlling Class Representative except if a Control Termination Event or Consultation Termination
Event, as applicable, has occurred and is continuing or if such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), and
the Master Servicer shall have no right or obligation to exercise any such consent or consultation rights.

 

In addition to such consent,
approval or consultation rights, the Controlling Class Representative (if no Control Termination Event has occurred and is
continuing and the related Outside Serviced Mortgage Loan is not an Excluded Mortgage Loan) and the Special Servicer (if a Control
Termination Event has occurred and is continuing), on behalf of the Trust, as holder of each Outside Serviced Mortgage Loan for
the benefit of the Certificateholders and the Uncertificated VRR Interest Owner, will have the right (exercisable in its sole discretion),
to the extent provided in the related Co-Lender Agreement and/or the applicable Outside Servicing

 

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Agreement, to attend (in-person
or telephonically) annual meetings with the related Outside Servicer or Outside Special Servicer, as applicable, upon reasonable
notice and at times reasonably acceptable to the related Outside Servicer or Outside Special Servicer, as applicable, for the purpose
of discussing servicing issues related to such Outside Serviced Loan Combination.

 

None of the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee shall have any obligation
or authority to supervise any Outside Servicer, any Outside Special Servicer, any Outside Trustee or any other party to the applicable
Outside Servicing Agreement or to make Property Advances with respect to any of the Outside Serviced Mortgage Loans or a Companion
Loan related to an Outside Serviced Mortgage Loan. The obligation of the Master Servicer and the Special Servicer to provide information
to the Trustee or any other Person with respect to the Outside Serviced Mortgage Loans and any Outside Serviced Companion Loan
related to an Outside Serviced Mortgage Loan is dependent on their receipt of the corresponding information from the related Outside
Servicer or the related Outside Special Servicer, as applicable.

 

(h)          
The parties hereto acknowledge that each Outside Serviced Loan Combination is subject to the terms and conditions of the
respective Co-Lender Agreement and further acknowledge that, pursuant to the respective Co-Lender Agreement, (i) the related
Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loans are to be serviced and administered by the related
Outside Servicer and Outside Special Servicer in accordance with the applicable Outside Servicing Agreement, and (ii) in the
event that the applicable Outside Serviced Companion Loan is no longer part of the trust fund created by the applicable Outside
Servicing Agreement and the related Outside Serviced Mortgage Loan remains an asset of the Trust Fund, then, as set forth in the
related Co-Lender Agreement, the related Outside Serviced Loan Combination shall be serviced in accordance with the applicable
provisions of the applicable Outside Servicing Agreement as if such agreement was still in full force and effect with respect to
the related Outside Serviced Loan Combination, until such time as a new servicing agreement has been agreed to by the parties to
the related Co-Lender Agreement in accordance with the provisions of such agreement and confirmation has been obtained from the
Rating Agencies that such new servicing agreement would not result in a downgrade, qualification or withdrawal of the then current
ratings of any Class of Certificates then outstanding and any other requirements applicable to the related Outside Serviced
Mortgage Loan.

 

(i)            
The parties hereto acknowledge that each Outside Serviced Mortgage Loan is subject to the terms and conditions of the related
Co-Lender Agreement. With respect to each Outside Serviced Loan Combination, the parties hereto recognize the respective rights
and obligations of the related Outside Serviced Loan Combination Noteholders under the related Co-Lender Agreement, including with
respect to the allocation of collections and losses on or in respect of the related Outside Serviced Mortgage Loan and the related
Outside Serviced Companion Loan(s) and the making of payments to the related Outside Serviced Loan Combination Noteholders in accordance
with the related Co-Lender Agreement and the applicable Outside Servicing Agreement. The parties hereto further acknowledge that,
pursuant to the related Co-Lender Agreement, each Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)
are to be serviced and administered by the related Outside Servicer and Outside Special Servicer in

 

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accordance with the applicable
Outside Servicing Agreement, and that payments allocated to each Outside Serviced Mortgage Loan and the related Outside Serviced
Companion Loans pursuant to the applicable Outside Servicing Agreement and the related Co-Lender Agreement are to be made by related
Outside Servicer. Although each Outside Serviced Mortgage Loan is not serviced and administered hereunder, the Master Servicer
and the Special Servicer hereunder for each such Outside Serviced Mortgage Loan shall have certain duties as set forth herein and
shall constitute the “Master Servicer” and “Special Servicer” hereunder with respect to each such Outside
Serviced Mortgage Loan.

 

If there are at any time
amounts due from the Trust, as holder of an Outside Serviced Mortgage Loan, to any party under the related Co-Lender Agreement
or the applicable Outside Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection Account. If a party
to the applicable Outside Servicing Agreement related to an Outside Serviced Mortgage Loan requests the Master Servicer, Special
Servicer, Trustee, Certificate Administrator or Custodian to consent to, or consult with respect to, a modification, waiver or
amendment of, or other loan-level action related to, such Outside Serviced Mortgage Loan (except a modification, waiver or amendment
of the applicable Outside Servicing Agreement or the related Co-Lender Agreement which shall not be subject to the operation of
this sentence but shall instead be subject to the operation of the provisions below in this paragraph), the party hereto that receives
such request shall (but in the case of the Master Servicer subject to the limitation that it shall only be required to deliver
any such request to the Special Servicer) promptly deliver a copy of such request to the Controlling Class Representative
(if no Control Termination Event (in the case of consent rights) or Consultation Termination Event (in the case of consultation
rights) exists and such Outside Serviced Mortgage Loan is not an Excluded Mortgage Loan) or to the Special Servicer (if a Control
Termination Event (in the case of consent rights) or Consultation Termination Event (in the case of consultation rights) exists
or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), as applicable, and (a) any such consent rights shall be exercised
by the Controlling Class Representative (unless a Control Termination Event exists or such Outside Serviced Mortgage Loan
is an Excluded Mortgage Loan) or by the Special Servicer (if a Control Termination Event exists or such Outside Serviced Mortgage
Loan is an Excluded Mortgage Loan) and (b) any such consultation rights shall be exercised by the Controlling Class Representative
(unless a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or by the
Special Servicer (if a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan);
provided, that, if such Outside Serviced Mortgage Loan were serviced hereunder and such action would not be permitted without
Rating Agency Confirmation, then the Controlling Class Representative or the Special Servicer, as applicable, shall not exercise
any such right of consent without first having obtained (or having caused the related Outside Servicer or Outside Special Servicer
to obtain) or received such Rating Agency Confirmation (payable at the expense of the party making such request for consent or
approval if such requesting party is a Certificateholder, the Uncertificated VRR Interest Owner or a party to this Agreement, and
otherwise payable from the Collection Account). If a Responsible Officer of the Trustee, Certificate Administrator or Custodian
receives actual notice of a termination event under the applicable Outside Servicing Agreement, then the Trustee, Certificate Administrator
or Custodian, as applicable, shall notify the Master Servicer (in writing), and the Master Servicer shall act in accordance with
the instructions of (prior to the occurrence of a Control Termination Event) the Controlling Class Representative in accordance
with the applicable Outside Servicing Agreement

 

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with respect to such termination event (provided that the Master Servicer shall
only be required to comply with such instructions if such instructions are in accordance with the applicable Outside Servicing
Agreement and not inconsistent with this Agreement); provided that, if such instructions are not provided within a reasonable
time period (not to exceed ten (10) Business Days or such lesser response time as is afforded under the applicable Outside Servicing
Agreement) or if a Control Termination Event exists or if the Master Servicer is not permitted by the applicable Outside Servicing
Agreement to follow such instructions, then the Master Servicer shall take such action or inaction (to the extent permitted by
the applicable Outside Servicing Agreement), as directed in writing by the Holders of the Certificates evidencing at least 25%
of the aggregate of all Voting Rights (such direction to be sought and communicated to the Master Servicer by the Certificate Administrator)
within a reasonable period of time that does not exceed such response time as is afforded under the applicable Outside Servicing
Agreement. Subject to the foregoing, during the continuation of any termination event with respect to the related Outside Servicer
or Outside Special Servicer under the applicable Outside Servicing Agreement, each of the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall have the right (but not the obligation) to take all actions to enforce its rights
and remedies and to protect the interests, and enforce the rights and remedies, of the Trust (including the institution and prosecution
of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). The
reasonable costs and expenses incurred by the Master Servicer, Special Servicer, the Certificate Administrator, or the Trustee
in connection with such enforcement shall be paid by the Master Servicer out of the Collection Account. If the Trustee receives
a request (and, if the Master Servicer, Special Servicer or the Certificate Administrator receives such request, such party shall
promptly forward such request to the Trustee) from any party to the applicable Outside Servicing Agreement for consent to or approval
of a modification, waiver or amendment of the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement, or
the adoption of any servicing agreement that is the successor to and/or in replacement of the applicable Outside Servicing Agreement
in effect as of the Closing Date or a change in servicer under the applicable Outside Servicing Agreement, then the Trustee is
hereby directed to, and the Trustee shall, grant such consent or approval if (a) the Trustee shall have received a prior Rating
Agency Confirmation from each Rating Agency (payable at the expense of the party making such request for consent or approval to
the Trustee, if such requesting party is a Certificateholder, the Uncertificated VRR Interest Owner or a party to this Agreement,
and otherwise payable from the Collection Account) with respect to such consent or approval, and (b) unless a Control Termination
Event has occurred and is continuing or the related Outside Serviced Mortgage Loan is an Excluded Mortgage Loan, the Trustee shall
have obtained the consent of the Controlling Class Representative. The Trustee, the Certificate Administrator, the Special
Servicer and the Master Servicer (each, a “Notifying Party”) shall each promptly forward all material notices
or other communications delivered to it in connection with the applicable Outside Servicing Agreement to each other Notifying Party
(unless a Notifying Party has actual knowledge that such other Notifying Party (i) was copied on such original notice or communication
or (ii) actually received such notice or communication), the Operating Advisor, the Controlling Class Representative (if a
Consultation Termination Event does not exist) and the Depositor and, if such notice or communication is in the nature of a notice
or communication that would be required to be delivered to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5
Information Provider’s Website in accordance with Section 12.13) if the related Outside Serviced Mortgage Loan
were a Mortgage Loan that is serviced and administered under this Agreement, to

 

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the Rule 17g-5 Information Provider (who shall
promptly post such notice to the Rule 17g-5 Information Provider’s Website in accordance with Section 12.13);
provided that, notwithstanding the foregoing, the Special Servicer shall have no obligation to forward any such notice or
communication under this provision unless (A) the Special Servicer is the only addressee of such notice or communication or (B)
there is no addressee on such notice or communication. Any obligation of the Master Servicer or Special Servicer, as applicable,
to provide information and collections to the Trustee, the Certificate Administrator, the Controlling Class Representative,
the Uncertificated VRR Interest Owner and the Certificateholders with respect to any Outside Serviced Mortgage Loan shall be dependent
on its receipt of the corresponding information and collections from the related Outside Servicer or the related Outside Special
Servicer. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall reasonably cooperate
with the Master Servicer, the Special Servicer, the Operating Advisor or the Controlling Class Representative, in each case
as and when applicable, to facilitate the exercise by such party of any consent, approval or consultation rights set forth in this
Section 3.01 with respect to an Outside Serviced Mortgage Loan; provided, however, the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer shall have no right or obligation to exercise any consent or consultation
rights or obtain a Rating Agency Confirmation on behalf of the Controlling Class Representative.

 

(j)            
With respect to each Outside Serviced Mortgage Loan, the parties to this Agreement agree as follows:

 

(i)            
pursuant to the related Outside Servicing Agreement, the related Outside Servicer or Outside Special Servicer, as applicable,
is obligated to make “Servicing Advances” or “Property Advances” and incur “Additional Trust Fund
Expenses” (as each such term or any analogous term is defined in the related Outside Servicing Agreement) with respect to
such Outside Serviced Mortgage Loan; the Trust shall be responsible for its pro rata share (such pro rata share and
the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective
principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)) of any “Nonrecoverable
Servicing Advance” or “Nonrecoverable Property Advances” (and advance interest thereon) and any “Additional
Trust Fund Expenses” (as each such term or any analogous term is defined in the related Outside Servicing Agreement), but
only to the extent that they relate to servicing and administration of such Outside Serviced Mortgage Loan, including without limitation,
any unpaid “Special Servicing Fees,” “Liquidation Fees” and “Workout Fees” (as each such term
or any analogous term is defined in the related Outside Servicing Agreement) relating to such Outside Serviced Mortgage Loan; and
in the event that the funds received with respect to the related Outside Serviced Loan Combination are insufficient to cover “Servicing
Advances,” “Property Advances” or “Additional Trust Fund Expenses” (as each such term or any analogous
term is defined in the applicable Outside Servicing Agreement) relating to the servicing and administration of the related Outside
Serviced Loan Combination, (i) the Master Servicer shall, promptly following notice from the related Outside Servicer, reimburse
the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related
Outside Trustee, as

 

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applicable (such reimbursement, to the extent owed to the related Outside Special Servicer, the related Outside
Certificate Administrator or the related Outside Trustee, may be paid by the Master Servicer to the related Outside Servicer, who
shall pay such amounts to the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside
Trustee, as applicable), out of general funds in the Collection Account for the Trust’s pro rata share (such pro
rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined
based on the respective principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s))
of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable Property Advances” and/or “Additional
Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Outside Servicing Agreement),
and (ii) if the related Outside Servicing Agreement permits the related Outside Servicer, the related Outside Special Servicer,
the related Outside Certificate Administrator or the related Outside Trustee to reimburse itself from the related Outside Securitization
Trust’s general account, then the parties to this Agreement hereby acknowledge and agree that the related Outside Servicer,
the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable,
may do so and the Master Servicer shall be required to, promptly following notice from the related Outside Servicer, reimburse
the related Outside Securitization Trust out of general funds in the Collection Account for the Trust’s pro rata share
(such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to
be determined based on the respective principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced
Companion Loan(s)) of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable Property Advances” and/or
“Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Outside Servicing
Agreement) relating to the servicing and administration of such Outside Serviced Loan Combination;

 

(ii)          
With respect to each Outside Serviced Mortgage Loan, each of (i) (as and to the same extent the related Outside Securitization
Trust established under the related Outside Servicing Agreement is required to indemnify each of the following parties in respect
of other mortgage loans in the related Outside Securitization Trust pursuant to the terms of the related Outside Servicing Agreement)
the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator, the related
Outside Trustee, the related Outside Operating Advisor and the related Outside Depositor (and any director, officer, employee or
agent of any of the foregoing, to the extent such parties are identified as “Indemnified Parties” in the related Outside
Servicing Agreement in respect of other mortgages included in such Outside Securitization Trust) and (ii) the related Outside Securitization
Trust (such parties in clause (i) and the related Outside Securitization Trust, collectively, the “Pari Passu Indemnified
Parties”) shall be indemnified against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of such
Outside Serviced Mortgage Loan and the related Mortgaged Property (or, with respect to

 

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the related Outside Operating Advisor, incurred
in connection with the provision of services for such Outside Serviced Mortgage Loan) under the applicable Outside Servicing Agreement
(collectively, the “Pari Passu Indemnified Items”) to the extent of the Trust’s pro rata share
(such pro rata share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to
be determined based on the respective principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced
Companion Loan(s)) of such Pari Passu Indemnified Items, and to the extent amounts on deposit in the “Serviced Loan Combination
Collection Account”, “Serviced Pari Passu Companion Loan Custodial Account”, “Whole Loan Custodial Account”
or “Loan Combination Custodial Account” (as each such term or any analogous term is defined in the applicable Outside
Servicing Agreement), as applicable, maintained pursuant to the related Outside Servicing Agreement that are allocated to the Outside
Serviced Mortgage Loan are insufficient for reimbursement of such amounts, such Indemnified Party shall be entitled to be reimbursed
by the Trust (including out of general collections in the Collection Account) for the Trust’s pro rata share of the
insufficiency;

 

(iii)         
To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender
Agreement for an Outside Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply
with those provisions as if set forth herein in full. In the event of any inconsistency between the provisions of this Agreement
and any Outside Serviced Co-Lender Agreement, such Outside Serviced Co-Lender Agreement shall prevail, provided that in no event
shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance
with the terms of any Outside Serviced Co-Lender Agreement, that would cause the Master Servicer or the Special Servicer, as the
case may be, to violate the Servicing Standard or REMIC Provisions; and

 

(iv)         
each Outside Servicer, each Outside Special Servicer, each Outside Certificate Administrator, each Outside Trustee, each
Outside Operating Advisor and each Outside Securitization Trust shall be third party beneficiaries of this Section 3.01(j).

 

(k)          
To the extent required under any Loan Documents, the Master Servicer shall, on behalf of the related lender, maintain a
Note register for the related Mortgage Loan in accordance with such Loan Documents.

 

(l)            
In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (for the purposes of this clause (l),
“Applicable Laws”), the Master Servicer may be required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Master Servicer. Accordingly, each of the parties hereto
agrees to provide to the Master Servicer, upon its reasonable request, from time to time such identifying information and documentation
as may be readily available to such party in

 

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order to enable the Master Servicer to comply with Applicable Laws; provided that
the Master Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party in connection
therewith.

 

Section 3.02           Liability of the Master Servicer and the Special Servicer. Notwithstanding any Sub-Servicing Agreement or primary
servicing agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer
or the Special Servicer, as applicable, and any Person acting as Sub-Servicer (or its agents or subcontractors) or any reference
to actions taken through any Person acting as Sub-Servicer or otherwise, the Master Servicer or the Special Servicer, as applicable,
shall remain obligated and primarily liable to the Trustee, the Certificate Administrator, the Certificateholders, the Uncertificated
VRR Interest Owner and any Serviced Companion Loan Holder for the servicing and administering of the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Serviced Companion Loan(s) in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue of such Sub-Servicing Agreements, primary servicing agreements or arrangements
or by virtue of indemnification from any Person acting as Sub-Servicer (or its agents or subcontractors) to the same extent and
under the same terms and conditions as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and
administering the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion Loans. The Master
Servicer or the Special Servicer, as applicable, shall be entitled to enter into an agreement with any Sub-Servicer providing for
indemnification of the Master Servicer or the Special Servicer, as applicable, by such Sub-Servicer, and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed to
limit or modify this Agreement.

 

Section 3.03           Collection of Certain Mortgage Loan Payments.

 

(a)           
The Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans), as applicable, shall use reasonable efforts in accordance with the Servicing Standard to collect all payments
called for under the terms and provisions of the Serviced Loans it is obligated to service hereunder, and shall follow the Servicing
Standard with respect to such collection procedures; provided that, with respect to any ARD Mortgage Loan, so long as the
related Mortgagor is in compliance with each provision of the related Loan Documents, the Master Servicer and the Special Servicer
shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Excess Interest,
other than requests for collection, until the Maturity Date of any ARD Mortgage Loan or until the outstanding principal balance
of such ARD Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full); provided,
further, that, with respect to any ARD Mortgage Loan, the Master Servicer or Special Servicer, as the case may be, may take
action to enforce the Trust Fund’s right to apply excess cash flow to principal in accordance with the terms of the Loan
Documents. For clarification, no obligation of the Master Servicer or the Special Servicer to use reasonable efforts to collect
fees from the related Mortgagor will change the obligation of the Master Servicer to pay such fees from general collections or
other proceeds in accordance with Section 3.06(a) and Section 3.06A(a) of this Agreement, whether or not
such Special Servicing Fees, Workout Fees or Liquidation Fees are collected from or paid by the related Mortgagor.

 

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The Master Servicer,
with respect to the Performing Serviced Loans, and the Special Servicer, with respect to the Specially Serviced Loans, shall use
its reasonable efforts to collect income statements, rent rolls and other reporting information from Mortgagors (as required under
the related Loan Documents). Consistent with the foregoing, the Master Servicer (with respect to Performing Serviced Loans) or
Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion waive any Penalty Charges in
connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside Serviced Mortgage Loan)
or Serviced Companion Loan. In addition, the Master Servicer shall be entitled to take such actions with respect to the collection
of payments on the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion Loan as are permitted
or required under Section 3.21 of this Agreement. Furthermore, with respect to any Mortgage Loan (other than an Outside
Serviced Mortgage Loan), if the related Loan Documents provide for the annual or quarterly testing of financial conditions of the
related Mortgagor and/or Mortgaged Properties (e.g., debt yield tests, debt service coverage ratio tests and/or loan-to-value ratio
tests) in connection with cash-management triggers or the commencement of additional required escrow payments, the Master Servicer
(with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable (only
to the extent the related information required for such testing is to be delivered to the Master Servicer and/or the Special Servicer,
as applicable, pursuant to the related Loan Documents and is actually delivered to the Master Servicer and/or the Special Servicer,
as applicable), shall use reasonable efforts to conduct such financial testing within the timeframes contemplated by such Loan
Documents, if any. Furthermore, in accordance with this Section 3.03(a), with respect to any Mortgage Loan (other than
an Outside Serviced Mortgage Loan), the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with
respect to Specially Serviced Loans), as applicable, shall use reasonable efforts to collect financial statements from the related
Mortgagor for the periods set forth in the related Loan Documents (e.g., and as applicable, for the entire fiscal year where annual
reporting is required).

 

(b)          
If the Master Servicer receives Excess Interest directly from the related Mortgagor or through the Special Servicer, which
Excess Interest was collected during the Collection Period for any Distribution Date, or receives notice from the related Mortgagor
that the Master Servicer will be receiving Excess Interest during the Collection Period for any Distribution Date, then the Master
Servicer shall notify the Certificate Administrator no later than two Business Days prior to such Distribution Date by means of
a clearly labeled item in the CREFC® Loan Periodic Update File. None of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor to pay any such Excess
Interest. The preceding statements shall not, however, be construed to limit the provisions of Section 3.03(a) of this
Agreement.

 

(c)           
With respect to each Outside Serviced Mortgage Loan, the Certificate Administrator shall deliver to the related Outside
Trustee, the related Outside Certificate Administrator, the related Outside Special Servicer, the related Outside Servicer and
the related Outside Operating Advisor promptly following the Closing Date (or, in the case of each Servicing Shift Mortgage Loan,
promptly upon the related Servicing Shift Date),

 

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written notice in the form of Exhibit FF-1, Exhibit FF-2,
Exhibit FF-3, Exhibit FF-4 or Exhibit FF-5 attached hereto, as applicable, stating that, as
of the Closing Date (or the related Servicing Shift Date, as applicable), the Trustee is the holder of such Outside Serviced Mortgage
Loan and directing each such recipient to remit to the Master Servicer all amounts payable to, and to forward, deliver or otherwise
make available, as the case may be, to the Master Servicer all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to, the holder of such Outside Serviced Mortgage Loan under the
related Co-Lender Agreement and the applicable Outside Servicing Agreement (which notice shall also provide contact information
for the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and each party designated to exercise
the rights of the “Non-Controlling Note Holder” under the related Co-Lender Agreement), accompanied by a copy of an
executed version of this Agreement, and (B) notice of any subsequent change in the identity of the Master Servicer or any
party designated to exercise the rights of the “Non-Controlling Note Holder” under the related Co-Lender Agreement
(together with the relevant contact information). Upon request of the Certificate Administrator, the Master Servicer shall provide
its wire instructions for inclusion in the written notices referred to in the previous sentence. The Master Servicer shall, within
one (1) Business Day of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect
to each Outside Serviced Mortgage Loan, the Mortgaged Property related to each Outside Serviced Mortgage Loan or any related REO
Property; provided, however, that to the extent any such amounts are received after 2:00 p.m. Eastern time on
any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts into the Collection
Account within one (1) Business Day of receipt of such amounts but, in any event, the Master Servicer shall deposit such amounts
into the Collection Account within two (2) Business Days of receipt of such amounts.

 

(d)          
With respect to each Outside Serviced Mortgage Loan, if the Master Servicer does not receive from the related Outside Servicer
any Monthly Payment or other amounts known by the Master Servicer to be owing on such Outside Serviced Mortgage Loan in accordance
with the terms of the applicable Outside Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer shall
provide notice of such failure to the related Outside Servicer and the related Outside Trustee.

 

Section 3.04              
Collection of Taxes, Assessments and Similar Items; Escrow Accounts.

 

(a)           
With respect to each Mortgaged Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with
respect to each related Mortgaged Property reflecting the status of taxes, assessments, ground rents and other similar items that
are or may become a lien on the related Mortgaged Property and the status of insurance premiums payable with respect thereto. From
time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall (i) obtain all bills
for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with respect to such
Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments
as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments,

 

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when the Master Servicer becomes
aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced Mortgage
Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient to
pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall
as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be
a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance with
the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction of the
Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise be
a Property Advance with respect to a Serviced Trust Loan notwithstanding that the Master Servicer or the Special Servicer has determined
that such a Property Advance would, if advanced, be a Nonrecoverable Property Advance, if making the payment (x) would prevent
(i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause
a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Trust Loan, or (y) would
remediate any adverse environmental condition or circumstance at the related Mortgaged Property, if, in each instance, the Master
Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that making the payment is
in the best interest of the Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder(s)
(as a collective whole as if the Certificateholders, the Uncertificated VRR Interest Owner and such Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
the related Subordinate Companion Loan(s))). If the Special Servicer makes such a determination, it shall notify the Master Servicer
and the Master Servicer shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting
the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders
and the Uncertificated VRR Interest Owner, be added to the amount owing under the related Trust Loans, notwithstanding that the
terms of such Trust Loans so permit.

 

(b)          
The Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced
Loan Combination constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish
and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments
shall be deposited within two (2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit
into each applicable Escrow Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b)
of this Agreement and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair
of any Mortgaged Property pursuant to the related Loan Documents. Escrow Accounts shall be Eligible Accounts (except to the extent
the related Loan Documents require or permit it to be held in an account that is not an Eligible Account) in accordance with the
terms of the related Loan Documents) and (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall
be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National

 

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Association, as Trustee for the benefit of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2021-B23, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders,
and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)            
to effect timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the
terms of the related Mortgage Loan or Serviced Loan Combination, as applicable;

 

(ii)          
to transfer funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master
Servicer, the Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate)
relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination,
as applicable, which represent late collections of Escrow Payments thereunder;

 

(iii)         
for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan
or Serviced Loan Combination, as applicable, and the Servicing Standard;

 

(iv)         
to clear and terminate such Escrow Account upon the termination of this Agreement;

 

(v)          
to pay from time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in
the Escrow Account if such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan
or Serviced Loan Combination, as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released
to the related Mortgagors pursuant to the related Loan Documents; and

 

(vi)         
to remove any funds deposited in an Escrow Account that were not required to be deposited therein.

 

(c)           
In the event any Loan Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash
reserves to prepay the related Trust Loan prior to the Maturity Date and in the absence of an event of default or acceleration
of the Trust Loan, then the Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit
such discretion.

 

(d)          
Unless required by the related Loan Documents, neither the Master Servicer nor the Special Servicer shall apply any earnout
escrows or reserves established with respect to any Trust Loan as a prepayment of such Trust Loan if no event of default has occurred
under such Trust Loan.

 

(e)           
To the extent that (i) an operations and maintenance plan is required to be established and executed pursuant to the
terms of a Serviced Loan, or (ii) any repairs, capital improvements, actions or remediations are required to have been taken
or completed

 

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pursuant to the terms of the Serviced Loan, the Master Servicer shall determine in accordance with the Servicing Standard
(which determination may be made on the basis of inquiry to the Mortgagor and this sentence shall in no event be construed to require
a physical inspection other than inspections described in Section 3.18 of this Agreement; provided that all
deliveries required to be made to Master Servicer under the related Loan Documents of supporting documentation have been made;
then the Master Servicer shall report the then current status as a failure) whether the related Mortgagor has failed to perform
such obligations under the related Mortgage Loan or Serviced Loan Combination as of the date required under the related Mortgage
Loan or Serviced Loan Combination and report any such failure to the Special Servicer, the Serviced Companion Loan Holders and,
prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative within a
reasonable time after the date as of which such actions or remediations are required to be or to have been taken or completed.

 

Section 3.05              
Collection Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution
Account.

 

(a)           
The Master Servicer shall establish and maintain the Collection Account in the Master Servicer’s name on behalf of
the Trustee, for the benefit of the Certificateholders, the Uncertificated VRR Interest Owner and the Trustee as the Holder of
the Lower-Tier Regular Interests and the 360 Spear Regular Interests. The Collection Account shall be established and maintained
as an Eligible Account. Amounts attributable to the Mortgage Loans (other than the Excess Interest) will be assets of the Lower-Tier
REMIC (or the MGM Grand & Mandalay Bay REMICs, as applicable). As and when required under this Agreement, the Master Servicer
shall transfer to the Collection Account any amounts to be transferred thereto from a Loan Combination Custodial Account as contemplated
by Section 3.06A(a)(i) of this Agreement, and the Master Servicer shall deposit in the Collection Account any amounts
required to be deposited therein pursuant to Section 3.07(b) of this Agreement in connection with net losses realized
on Permitted Investments with respect to funds held in the Collection Account. In addition, the Master Servicer shall deposit or
cause to be deposited in the Collection Account, within one (1) Business Day following receipt of properly identified funds,
(x) all Net Liquidation Proceeds received on or with respect to a Trust Loan related to a Serviced Loan Combination in connection
with any of the events described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement,
and (y) without duplication, the following payments and collections received or made by it on or with respect to the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Loan Combination):

 

(i)            
all payments on account of principal on such Mortgage Loans, including Principal Prepayments and the principal component
of Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds;

 

(ii)          
all payments on account of interest on such Mortgage Loans (including Excess Interest);

 

(iii)         
all Yield Maintenance Charges on such Mortgage Loans;

 

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(iv)         
all amounts with respect to any related REO Property transferred to the Collection Account, or to the Master Servicer for
deposit in the Collection Account, from an REO Account pursuant to Section 3.16(b) of this Agreement;

 

(v)          
all Net Insurance Proceeds, Net Condemnation and Net Liquidation Proceeds with respect to such Mortgage Loans;

 

(vi)         
any amounts received from Mortgagors under such Mortgage Loans that represent (A) recoveries of Property Protection
Expenses, (B) any recovery of Unliquidated Advances with respect to such Mortgage Loans, or (C) any other reimbursements in
accordance with the related Loan Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided
herein;

 

(vii)              
any Loss of Value Payments, as set forth in Section 3.06(c) of this Agreement;

 

(viii)            
with respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, any Initial Interest Deposit Amount remitted
by the related Mortgage Loan Seller to the Master Servicer pursuant to Section 1 of the related Mortgage Loan Purchase Agreement;
and

 

(ix)         
any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master
Servicer or Special Servicer, including pursuant to Section 2.03 and Section 3.03(c) of this Agreement;
provided, however, that to the extent any amounts referred to in clauses (x) or (y) above of this
Section 3.05(a) are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall
use commercially reasonable efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt
thereof but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business
Days of receipt thereof.

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees, defeasance
fees, review fees and other amounts that constitute other Additional Servicing Compensation or other Additional Special Servicing
Compensation need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable, and,
to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, shall be entitled to retain
any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees, defeasance fees, review fees and/or amounts
that constitute other Additional Servicing Compensation or other Additional Special Servicing Compensation received with respect
to such Mortgage Loans in accordance with Section 3.12 of this Agreement; provided that if the Master Servicer or the
Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees,
defeasance fees and/or amounts that constitute other Additional Servicing Compensation or other Additional Special Servicing Compensation
in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a) (in the case of the Master
Servicer) or Section 3.12(c) (in the case of the Special

 

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Servicer), then it shall remit to the other party (i.e. the
Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer (if Special Servicer
has received the excess percentage of such fees), as applicable) the percentage of such fees to which such other party is entitled
pursuant to Section 3.12(a) or Section 3.12(c), as applicable. To the extent that any Penalty Charges or
Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect to any Mortgage Loan constitute
servicing compensation pursuant to Section 3.14(a)(iv) of this Agreement, the Master Servicer and the Special Servicer
shall not deposit such fees into the Collection Account and shall instead apply such fees in accordance with Section 3.14(a)(iv)
of this Agreement. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited
therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
The Master Servicer shall give written notice to the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and shall notify the Certificate Administrator and the Special Servicer in writing of any subsequent
change thereof.

 

Upon receipt of any of
the amounts described in clauses (i) through (vi) and (ix) of the last sentence of the second preceding paragraph with respect
to a Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination), the Special Servicer shall promptly, but
in no event later than one (1) Business Day after receipt of properly identified funds, remit such amounts to the Master Servicer
for deposit into the Collection Account in accordance with the second preceding paragraph, unless the Special Servicer determines,
consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or
other appropriate reason; provided, however, that to the extent any amounts described in clauses (i) through (vi) and (ix)
of the last sentence of the second preceding paragraph are received after 2:00 p.m. Eastern time on any given Business Day, the
Special Servicer shall use commercially reasonable efforts to remit such amounts to the Master Servicer within one (1) Business
Day of receipt of properly identified funds but, in any event, the Special Servicer shall remit such amounts to the Master Servicer
within two (2) Business Days of receipt of properly identified funds. With respect to any such amounts paid by check to the order
of the Special Servicer, the Special Servicer shall endorse such check to the order of the Master Servicer, unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered because
of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to an
REO Property that relates to any Mortgage Loan (other than a Mortgage Loan related to a Serviced Loan Combination) shall initially
be deposited by the Special Servicer into the related REO Account (or, at the option of the Special Servicer, remitted by the applicable
property manager directly to the Master Servicer) and thereafter remitted to the Master Servicer for deposit into the Collection
Account, all in accordance with Section 3.16 of this Agreement.

 

(b)          
The Certificate Administrator shall establish and maintain the Lower-Tier REMIC Distribution Account and the Upper-Tier
REMIC Distribution Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Certificateholders
and the Uncertificated VRR Interest Owner. The Certificate Administrator shall establish and maintain the 360 Spear REMIC Distribution
Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Loan-Specific
Certificates. Each of the foregoing accounts shall be

 

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non-interest bearing and shall be established and maintained as Eligible
Accounts or as sub-accounts of a single Eligible Account. With respect to each Distribution Date, on or before such Distribution
Date, the Certificate Administrator shall be deemed to make or shall make the withdrawals from the Lower-Tier REMIC Distribution
Account and the 360 Spear REMIC Distribution Account as set forth in Section 4.01 of this Agreement, shall be deemed
to make the deposits into the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account and the 360 Spear
REMIC Distribution Account as set forth in Section 4.01 hereof, and shall cause the Available Funds (including P&I
Advances) and Yield Maintenance Charges to be distributed in respect of the applicable Certificates and Uncertificated VRR Interest,
pursuant to Section 4.01 hereof on such date.

 

Amounts (other
than Excess Interest) deposited into and withdrawn from the Collection Account in respect of the CREFI MGM Grand & Mandalay
Bay Mortgage Loan Portion and the GACC MGM Grand & Mandalay Bay Mortgage Loan Portion shall be deemed to be distributed in
respect of the related MGM Grand & Mandalay Bay Trust REMIC Regular Interest and the related MGM Grand & Mandalay Bay REMIC
Residual Interest in accordance with the related REMIC Declaration. Amounts deemed distributed in respect of the MGM Grand &
Mandalay Bay Trust REMIC Regular Interests shall be deposited in the Lower-Tier Distribution Account, and amounts deemed distributed
in respect of the MGM Grand & Mandalay Bay REMIC Residual Interests shall be deposited into the MGM Grand & Mandalay Bay
REMIC Residual Distribution Account to be distributed to the Class R Certificates as set forth in Section 4.01(o) or the
Excess Liquidation Proceeds Reserve Account, as applicable.

 

(c)           
The Certificate Administrator shall establish (upon receipt of written notice that an event that generates Excess Liquidation
Proceeds has occurred) and maintain the Excess Liquidation Proceeds Reserve Account in the name of the Certificate Administrator
on behalf of the Trustee for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner. The Excess Liquidation
Proceeds Reserve Account shall be non-interest bearing and shall be maintained separate and apart from trust funds for mortgage
pass-through certificates of other series administered by the Certificate Administrator and other accounts of the Certificate Administrator.

 

Upon the disposition
of any REO Property in accordance with Section 3.17 of this Agreement, the Special Servicer shall calculate the Excess Liquidation
Proceeds, if any, realized in connection with such sale. The Special Servicer shall withdraw from each applicable REO Account and
remit to the Master Servicer for deposit into the Collection Account on a monthly basis prior to the related Master Servicer Remittance
Date the Excess Liquidation Proceeds received or collected from each REO Property during the related Collection Period, along with
a notation of the amount of such Excess Liquidation Proceeds in the CREFC® REO Liquidation Report. On the related
Master Servicer Remittance Date, the Master Servicer shall remit the Excess Liquidation Proceeds received from the Special Servicer
pursuant to the immediately preceding sentence to the Certificate Administrator for deposit in the Excess Liquidation Proceeds
Reserve Account. Amounts held in the Excess Liquidation Proceeds Reserve Account on each Distribution Date that exceed amounts
reasonably anticipated to be required to offset possible future Realized Losses and other shortfalls in payments on the Regular
Certificates and the Uncertificated VRR Interest, as determined by the Special Servicer, and all amounts held in the

 

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Excess Liquidation
Proceeds Reserve Account on the final Distribution Date, in each case after application in accordance with the first two sentences
of Section 4.01(e) of this Agreement, shall be distributed to the Holders of the Class R Certificates in respect of the
Lower-Tier Residual Interest.

 

(d)          
The Certificate Administrator shall establish and maintain the MGM Grand & Mandalay Bay REMIC Residual Distribution
Account in the name of the Certificate Administrator, in trust for the benefit of the Holders of the Class R Certificates.
The MGM Grand & Mandalay Bay REMIC Residual Distribution Account shall be established and maintained as an Eligible Account
(or as a subaccount of an Eligible Account). Prior to the applicable Distribution Date, the Master Servicer shall withdraw from
the Collection Account and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit
in the MGM Grand & Mandalay Bay REMIC Residual Distribution Account amounts deemed distributed on the MGM Grand and Mandalay
Bay REMIC Residual Interests from the MGM Grand & Mandalay Bay REMICs pursuant to the related REMIC Declarations prior to the
Determination Date for the applicable Collection Period.

 

The Certificate
Administrator shall, on any Distribution Date, make withdrawals from the MGM Grand & Mandalay Bay REMIC Residual Distribution
Account to the extent required to make the distributions with respect of the MGM Grand & Mandalay Bay REMIC Residual Interests
required by Section 4.01(p).

 

(e)           
Prior to the Master Servicer Remittance Date immediately following the end of the first Collection Period during which Excess
Interest is received on any ARD Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.03(b)
of this Agreement, the Certificate Administrator shall establish and maintain the Excess Interest Distribution Account in the name
of the Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Excess Interest Certificates and
the Uncertificated VRR Interest Owner. The Excess Interest Distribution Account shall be non-interest bearing and shall be established
and maintained as an Eligible Account (or as a subaccount of an Eligible Account). With respect to each Distribution Date, the
Master Servicer shall withdraw from the Collection Account and remit to the Certificate Administrator on the applicable Master
Servicer Remittance Date for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest received
during the applicable Collection Period.

 

The Certificate Administrator
shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the extent required to make
the distributions of Excess Interest required by Section 4.01(k) of this Agreement.

 

Following the distribution
of Excess Interest to the Holders of the Excess Interest Certificates and the Uncertificated VRR Interest Owner on the first Distribution
Date after which there are no longer any ARD Mortgage Loans outstanding, the Certificate Administrator may terminate the Excess
Interest Distribution Account.

 

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(f)           
Notwithstanding anything to the contrary herein, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution
Account, the MGM Grand & Mandalay Bay REMIC Residual Distribution Account, the 360 Spear REMIC Distribution Account, the Excess
Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account may all be sub-accounts
of a single Eligible Account; provided that each of them shall be treated as a separate account for purposes of deposits and withdrawals
under this Agreement.

 

(g)          
If any Loss of Value Payments are received in connection with a Material Document Defect or Material Breach, as the case
may be, pursuant to or as contemplated by Section 2.03(a) of this Agreement, the Special Servicer shall establish and
maintain one or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held on behalf of the Trustee
for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner, for purposes of holding such Loss of Value
Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible
Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received
by it. The Loss of Value Reserve Fund shall be accounted for as an outside reserve fund within the meaning of Treasury Regulations
Section 1.860G-2(h) and not an asset of any Trust REMIC. Furthermore, for all federal tax purposes, the Certificate Administrator
shall (i) treat amounts paid out of the Loss of Value Reserve Fund (and any income earned thereon) through the Collection Account
to the Certificateholders and the Uncertificated VRR Interest Owner (or, in the case of any income earned on the Loss of Value
Reserve Fund and paid to the Special Servicer as additional compensation) as damages paid to and distributed by the Trust REMICs
on account of a breach of a representation or warranty by the related Mortgage Loan Seller and (ii) treat any amounts paid out
of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to
such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the
beneficial owner of the related account in the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable
on all income earned thereon.

 

(h)          
For the avoidance of doubt, the Lower-Tier REMIC Distribution Account, the Excess Liquidation Proceeds Reserve Account,
and the related portion of the Interest Reserve Account (including interest, if any, earned on the investment of funds in such
accounts) will be owned by the Lower-Tier REMIC, the Excess Interest Distribution Account will be owned by the Grantor Trust, the
Upper-Tier REMIC Distribution Account (including interest, if any, earned on the investment of funds in such account) will be owned
by the Upper-Tier REMIC, the 360 Spear REMIC Distribution Account and the related portion of the Interest Reserve Account (including
interest, if any, earned on the investment of funds in such accounts) will be owned by the 360 Spear REMIC, each for federal income
tax purposes.

 

Section 3.05A Loan
Combination Custodial Account.

 

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(a)           
The Master Servicer shall establish and maintain, with respect to each Serviced Loan Combination (if any), one or more separate
accounts, which may be sub-accounts of a single account (with respect to each Serviced Loan Combination, the “Loan Combination
Custodial Account”) in which the amounts described in clauses (i) through (viii) below shall be deposited and held
in the name of the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders, the Uncertificated VRR Interest
Owner and the related Serviced Companion Loan Holder(s), as their interests may appear; provided that a Loan Combination
Custodial Account may be a sub-account of the Collection Account or another Loan Combination Custodial Account (but shall be deemed
to be a separate account for purposes of applying the terms of this Agreement). Each of the Loan Combination Custodial Accounts
shall be an Eligible Account or a subaccount of an Eligible Account. The Master Servicer shall deposit or cause to be deposited
in each Loan Combination Custodial Account, within one Business Day following receipt of properly identified funds (or, in the
case of payments by the Master Servicer, when otherwise required to be so deposited under this Agreement), the following payments
and collections received or made by it on or with respect to the related Serviced Loan Combination:

 

(i)            
all payments on account of principal on the related Serviced Loan Combination, including Principal Prepayments and the principal
component of Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds;

 

(ii)          
all payments on account of interest on the related Serviced Loan Combination;

 

(iii)         
all Yield Maintenance Charges on the related Serviced Loan Combination;

 

(iv)         
any amounts required to be deposited pursuant to Section 3.07(b) of this Agreement in connection with net losses
realized on Permitted Investments with respect to funds held in such Loan Combination Custodial Account;

 

(v)          
all amounts with respect to any REO Property acquired in respect of the related Serviced Loan Combination transferred to
such Loan Combination Custodial Account, or the Master Servicer for deposit in such Loan Combination Custodial Account, from the
related REO Account pursuant to Section 3.16(b) of this Agreement;

 

(vi)         
all Net Condemnation Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds with respect to the related Serviced
Loan Combination (other than any Net Liquidation Proceeds received on or in respect of the related Trust Loan in connection with
any of the events described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this
Agreement);

 

(vii)              
any amounts received from the Mortgagor under the related Serviced Loan Combination that represent (A) recoveries of Property
Protection Expenses, or (B) any other reimbursements in accordance with the related Loan Documents,

 

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in each case to the extent
not permitted to be retained by the Master Servicer as provided herein;

 

(viii)            
with respect to each Trust Loan related to a Serviced Loan Combination that accrues interest on an Actual/360 Basis, any
Initial Interest Deposit Amount remitted by the related Mortgage Loan Seller to the Master Servicer pursuant to Section 1 of the
related Mortgage Loan Purchase Agreement; and

 

(ix)         
any other amounts required by the provisions of this Agreement to be deposited into such Loan Combination Custodial Account
by the Master Servicer or Special Servicer, including any recovery of any Unliquidated Advances;

 

provided, however, that to
the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall
use commercially reasonable efforts to deposit such amounts into the related Loan Combination Custodial Account within one (1) Business
Day of receipt thereof but, in any event, the Master Servicer shall deposit such amounts into the related Loan Combination Custodial
Account within two (2) Business Days of receipt thereof.

 

(b)          
The foregoing requirements for deposits in each Loan Combination Custodial Account shall be exclusive, it being understood
and agreed that, without limiting the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees,
Assumption Fees, assumption application fees, defeasance fees, review fees and other amounts that constitute other Additional Servicing
Compensation or other Additional Special Servicing Compensation need not be deposited in such Loan Combination Custodial Account
by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer
or the Special Servicer, as applicable, shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption
application fees, defeasance fees, review fees and/or other amounts that constitute other Additional Servicing Compensation or
other Additional Special Servicing Compensation received with respect to the Serviced Loan Combinations in accordance with Section 3.12
of this Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees,
Consent Fees, Assumption Fees, assumption application fees, defeasance fees and/or amounts that constitute other Additional Servicing
Compensation or other Additional Special Servicing Compensation in excess of the percentage of such fees to which it is entitled
pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of the
Special Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess
percentage of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable)
the percentage of such fees to which such other party is entitled pursuant to Section 3.12(a) or Section 3.12(c),
as applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer
or the Special Servicer, as applicable, with respect to any Serviced Loan Combination into the related Loan Combination Custodial
Account and shall instead apply such fees (except to the extent not permitted

 

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under the related Co-Lender Agreement) in accordance
with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in a Loan Combination Custodial
Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Loan Combination Custodial
Account, any provision herein to the contrary notwithstanding. The Master Servicer shall give written notice to the Certificate
Administrator, the related Serviced Companion Loan Holders and the Special Servicer of the location and account number of each
Loan Combination Custodial Account and shall notify the Certificate Administrator, the related Serviced Companion Loan Holder and
the Special Servicer in writing of any subsequent change thereof. Each Loan Combination Custodial Account shall be maintained as
a segregated account (or sub-account of such segregated account), separate and apart from trust funds created for mortgage backed
securities of other series and the other accounts of the Master Servicer.

 

(c)           
Upon receipt of any of the amounts described in clauses (i) through (vii) and (ix) of Section 3.05A(a)
with respect to a Serviced Loan Combination, the Special Servicer shall promptly, but in no event later than one (1) Business Day
after receipt of properly identified funds, remit such amounts to the Master Servicer for deposit into the Loan Combination Custodial
Account in accordance with Section 3.05A(a), unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason; provided,
however, that to the extent any amounts described in clauses (i) through (vii) and (ix) of Section 3.05A(a)
are received after 2:00 p.m. Eastern time on any given Business Day, the Special Servicer shall use commercially reasonable efforts
to remit such amounts to the Master Servicer within one (1) Business Day of receipt of properly identified funds but, in any event,
the Special Servicer shall remit such amounts to the Master Servicer within two (2) Business Days of receipt of of properly identified
funds. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse
such check to the order of the Master Servicer, unless the Special Servicer determines, consistent with the Servicing Standard,
that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or other appropriate reason. Any
such amounts received by the Special Servicer with respect to an REO Property that relates to a Serviced Loan Combination shall
initially be deposited by the Special Servicer into the related REO Account (or, at the option of the Special Servicer, remitted
by the applicable property manager directly to the Master Servicer) and thereafter remitted to the Master Servicer for deposit
into the related Loan Combination Custodial Account, all in accordance with Section 3.17 of this Agreement.

 

Section 3.06              
Permitted Withdrawals From the Collection Account.

 

(a)           
The Master Servicer may make withdrawals from the Collection Account only as described below (the order set forth below
not constituting an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees
in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

 

(i)            
to remit on or before each Master Servicer Remittance Date to the Certificate Administrator for deposit in the Lower-Tier
REMIC Distribution Account in respect of the Mortgage Loans (or the 360 Spear REMIC Distribution

 

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Account in respect of the Trust
Subordinate Companion Loan), the MGM Grand & Mandalay Bay REMIC Residual Distribution Account, the Interest Reserve Account,
the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited
in such accounts pursuant to Sections 3.05(c), 3.05(d), 3.05(e), 3.23, 4.01(a)(i) and/or Section 4.06(a)
of this Agreement, as applicable;

 

(ii)          
to pay or reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable (A) for Advances made thereby
with respect to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts)
and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or
reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any
such Person pursuant to this clause (ii)(A) being limited to late collections (including cure payments by related Serviced
Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation
Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan
or REO Property respecting which such Advance was made, if applicable (provided that (x) prior to the time any Advance
is reimbursed, Advance Interest Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related
Mortgage Loan, and (y) at the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest
Amounts on such reimbursed Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage
Loan, and, to the extent such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit
in the Collection Account), (B) for Advances made thereby with respect to Mortgage Loans or Trust Subordinate Companion Loan
that are part of a Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have
priority with respect to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master
Servicer’s right to reimburse any such person pursuant to this clause (ii)(B) being limited to Net Liquidation Proceeds
on or in respect of the particular Mortgage Loan, Trust Subordinate Companion Loan or REO Property respecting which such Advance
was made, which Net Liquidation Proceeds were received in connection with any of the events described in clauses (iii), (iv)
and (vii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant to Section 3.14
of this Agreement, for Advances with respect to Mortgage Loans and any related Advance Interest Amounts (or portion thereof) that
have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan, Serviced
Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related Loan Combination
Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general collections on the
Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections is insufficient
and with respect to such excess only, subject to any election in its sole discretion to

 

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defer reimbursement thereof pursuant to
Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D) for
Workout-Delayed Reimbursement Amounts with respect to Mortgage Loans and Advance Interest Amounts thereon, first, out of
the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed
pursuant to clause (C) above, and second, upon a determination by the Master Servicer, the Special Servicer or the
Trustee, as applicable, that a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable
Advances may be reimbursed (provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced
Loan Combination, such Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant
to Section 3.06A(a)(ii) of this Agreement and, if not reimbursed pursuant thereto, shall be paid from the Collection
Account as provided in this clause (ii)(D));

 

(iii)         
to pay on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess
Servicing Fee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12
of this Agreement) and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect
to Mortgage Loans and Trust Subordinate Companion Loan (to the extent not otherwise required to be applied against Prepayment Interest
Shortfalls) in respect of the immediately preceding Interest Accrual Period, and Special Servicing Compensation (if any) in respect
of the immediately preceding Interest Accrual Period or Collection Period, as applicable, to be paid, in the case of the Servicing
Fee, from interest received on the related Mortgage Loan or Trust Subordinate Companion Loan, and to pay from time to time to the
Master Servicer in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds
deposited in the Collection Account and, in the case of the Special Servicing Fee, from general collections; provided, however,
that in the case of any Mortgage Loan or REO Mortgage Loan related to a Serviced Loan Combination or related REO Loan Combination
or the Trust Subordinate Companion Loan or related REO Companion Loan, (A) Servicing Fees may be paid out of the Collection
Account pursuant to this clause (iii) only from the interest portion of Net Liquidation Proceeds on or in respect of such
Mortgage Loan, REO Mortgage Loan, Trust Subordinate Companion Loan or REO Companion Loan, as applicable, which Net Liquidation
Proceeds were received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of
“Liquidation Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination
Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account
pursuant to this clause (iii) only if and to the extent that such Special Servicing Compensation has not been paid out of
the related Loan Combination Custodial Account pursuant to Section 3.06A(a)(iii) of this Agreement and, in the case
of the Trust Subordinate Companion Loan or any related REO Companion Loan, only out of related Net Liquidation Proceeds received
in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”;

 

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(iv)         
in accordance with Section 2.03 of this Agreement, to reimburse the Master Servicer, the Trustee or the Special
Servicer, out of general collections on the Mortgage Loans and related REO Properties (including with respect to the Outside Serviced
Mortgage Loans) for any unreimbursed expense reasonably incurred by the Master Servicer, the Trustee or the Special Servicer in
connection with the enforcement of a Mortgage Loan Seller’s obligations under Section 6(e) of the related Mortgage Loan
Purchase Agreement (including, without limitation, any expenses arising out of the performance of such Person’s duties under
Section 2.03 of this Agreement in connection with any Material Defect giving rise to such obligations of the related Mortgage
Loan Seller), together with interest thereon at the Advance Rate from the time such expense was incurred to, but excluding, the
date such expense was reimbursed, but only to the extent that such expenses are not otherwise reimbursable;

 

(v)          
to pay out of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the
Trust Fund with respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04 and 3.10(e)
of this Agreement and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this
Agreement (provided that with respect to each Serviced Loan Combination, such expenses shall first be reimbursed pursuant
to Section 3.06A(a)(iv) of this Agreement to the extent related to such Serviced Loan Combination and if not reimbursed
pursuant thereto, shall be paid from the Collection Account as provided in this clause (v));

 

(vi)         
to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay
the Master Servicer, the Trustee, the Custodian, the Certificate Administrator, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, CREFC® or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses
(other than Advance Interest Amounts), unpaid Trustee/Certificate Administrator Fees, unpaid Servicing Fees (but only if the related
Mortgage Loan has been liquidated or a Final Recovery Determination has been made with respect thereto), unpaid Special Servicing
Compensation, unpaid Operating Advisor Fees, unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor
Consulting Fee is actually received from the related Mortgagor), unpaid Asset Representations Reviewer Ongoing Fees and any unpaid
Asset Representations Reviewer Asset Review Fee (to the extent such fee is payable by the Trust), unpaid CREFC®
Intellectual Property Royalty License Fees and other unpaid items incurred by or owing to such Person pursuant to Section 2.03(h)(vi),
Section 2.03(j)(viii), the second sentence of Section 3.07(c), Section 3.08(a), Section 3.08(b),
Section 3.10, Section 3.12(c), Section 3.16(a), Section 3.29(k), Section 6.03,
Section 7.04, Section 8.05(a), Section 8.05(b), Section 8.05(d), Section 11.02(a),
Section 11.02(b) or Section 12.07 of this Agreement, or any other provision of this Agreement pursuant
to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only to the extent expressly reimbursable
under such Section , it being acknowledged that this clause (vi) shall not be deemed to modify the substance of any such
Section , including the provisions of such

 

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Section that set forth the extent to which one of the foregoing Persons is
or is not entitled to payment or reimbursement (provided that with respect to each Mortgage Loan that is part of a Serviced
Loan Combination and the Trust Subordinate Companion Loan, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v)
of this Agreement to the extent related to such Serviced Loan Combination and, if not reimbursed pursuant thereto, shall be paid
from the Collection Account as provided in this clause (vi), and provided, further, that fees and compensation
to any party with respect to any Serviced Companion Loan (or a successor REO Companion Loan) shall not be payable from the Collection
Account pursuant to this clause (vi)) (except in the case of the Trust Subordinate Companion Loan or successor REO Companion
Loan, but only out of related Net Liquidation Proceeds received in connection with any of the events described in clause (iii),
(iv) and (vii) of the definition of “Liquidation Event”);

 

(vii)              
to transfer to the Certificate Administrator for deposit in one or more separate, non-interest bearing accounts any amount
reasonably determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed
on any Trust REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement;

 

(viii)            
to make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in the Collection Account
as are contemplated by Section 3.14 of this Agreement;

 

(ix)         
to make such payments and reimbursements as contemplated by Section 3.06(c) of this Agreement out of funds transferred
to the Collection Account from the Loss of Value Reserve Fund pursuant to Section 3.06(c) of the Agreement;

 

(x)          
to withdraw any amount deposited into the Collection Account that was not required to be deposited therein; or

 

(xi)         
to clear and terminate the Collection Account pursuant to Section 9.01 of this Agreement.

 

If and to the extent
that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior paragraph
above for any cost, expense, indemnity, fee or Property Advance or Advance Interest Amount thereon with respect to a Loan Combination
that represents the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, fee, or Property
Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion Loan(s)),
the Master Servicer (with respect to Performing Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Serviced Companion
Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion Loan Holder)
and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust

 

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Reimbursement Amount
No.1”) collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.

 

The Master Servicer shall
also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement
of amounts required to be paid to the parties to, and/or the securitization trust created under, the applicable Outside Servicing
Agreement by the holder of each Outside Serviced Mortgage Loan pursuant to each Outside Serviced Co-Lender Agreement. In the absence
of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence.

 

The Master Servicer shall
keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal
from the Collection Account pursuant to subclauses (i)-(ix) of the third preceding paragraph.

 

The Master Servicer shall
pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Asset Representations Reviewer, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection
Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the
Special Servicer, an officer of the Operating Advisor, an officer of the Asset Representations Reviewer or a Responsible Officer
of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer
(or such third party contractor), the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator,
as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in
which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall
have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and
maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan-by-loan
basis.

 

With respect to each
Outside Serviced Mortgage Loan, the Master Servicer shall pay to, subject to Section 3.01(j)(i) and (j)(ii),
the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related
Outside Trustee, as applicable, from the Collection Account on the Master Servicer Remittance Date amounts permitted to be paid
to the related Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related
Outside Trustee, as applicable, therefrom based upon an Officer’s Certificate received from the related Outside Servicer,
the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable,
on the first Business Day following the immediately preceding Determination Date, describing the item and amount to which the related
Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee,
as applicable, is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate
the amounts stated therein.

 

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The Trustee, the Custodian,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Depositor, CREFC®,
the Special Servicer and the Master Servicer shall in all cases have a right prior to the Certificateholders and the Uncertificated
VRR Interest Owner to any funds (or, if applicable, to any expressly specified funds) on deposit in the Collection Account from
time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate Administrator
Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Workout-Delayed Reimbursement Amounts, Operating Advisor
Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are actually received from
the related Mortgagor(s)), Asset Representations Reviewer Ongoing Fee, Asset Representations Reviewer Asset Review Fee (only to
the extent such fee is payable by the Trust), CREFC® Intellectual Property Royalty License Fees and (for each of
such Persons other than CREFC®) their respective expenses hereunder (including without limitation Additional Trust
Fund Expenses) to the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in
the Collection Account pursuant to this Agreement (and to have such amounts paid directly to third party contractors for any invoices
submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable).

 

(b)          
The Certificate Administrator shall, upon receipt, deposit in each of the Lower-Tier REMIC Distribution Account, the Excess
Interest Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts
received by the Certificate Administrator in accordance with Section 3.06(a)(i) of this Agreement and required to be
deposited therein. If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date or on such other date as
any amount referred to in the preceding sentence is required to be delivered hereunder, the Master Servicer shall not have
delivered to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account the amounts required to be deposited
therein pursuant to the provisions of this Agreement (including, without limitation, Section 3.06(a)(i) of this Agreement),
then the Certificate Administrator shall, to the extent that a Responsible Officer of the Certificate Administrator has such knowledge,
provide notice of such failure to the Master Servicer by facsimile transmission sent to telecopy number 866-706-3565 (or such
alternative number provided by the Master Servicer to the Certificate Administrator in writing) and by telephone at telephone number
(800) 326-1334 (or such alternative number provided by the Master Servicer to the Certificate Administrator in writing) and by
electronic mail at NoticeAdmin@midlandls.com (or such alternative electronic mail address provided by the Master Servicer to the
Certificate Administrator in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such
day; provided, however, that the Master Servicer will pay the Certificate Administrator interest on such late payment
at the Prime Rate until such late payment is received by the Certificate Administrator.

 

(c)           
If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan, the Trust
Subordinate Companion Loan or any related REO Property, then the Special Servicer shall, promptly upon written direction from the
Master Servicer (provided that, (1) with respect to clause (iv) below, the Special Servicer shall have provided notice
to the Master Servicer of the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate
Administrator

 

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shall have provided the Master Servicer and the Special Servicer with five Business Days’ prior notice of such
final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve
Fund to the Master Servicer for deposit into the Collection Account (or, in the case of clause (v) below, to the applicable
Mortgage Loan Sellers), for the following purposes:

 

(i)            
to reimburse the Master Servicer, the Special Servicer or the Trustee, in accordance with Section 3.06(a) of
this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or Trust Subordinate Companion
Loan, as applicable, or any related REO Property (together with any related Advance Interest Amounts);

 

(ii)          
(A) to pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment
of, any expense relating to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable, or any related REO Property
that constitutes or, if not paid out of such Loss of Value Payments, would constitute an Additional Trust Fund Expense, and (B)
to pay, in accordance with Section 3.06(a) of this Agreement, any unpaid Liquidation Fee due and owing to the Special
Servicer in connection with the receipt of such Loss of Value Payments;

 

(iii)         
to offset any portion of Realized Losses that are attributable to such Mortgage Loan or Trust Subordinate Companion Loan,
as applicable, or related REO Property (as calculated without regard to the application of such Loss of Value Payments), incurred
with respect to such Mortgage Loan (or any related successor REO Mortgage Loan with respect thereto) or Trust Subordinate Companion
Loan (or any related successor REO Companion Loan with respect thereto);

 

(iv)         
following the occurrence of a Liquidation Event with respect to such Mortgage Loan or Trust Subordinate Companion Loan,
as applicable, or any related REO Property and any related transfers from the Loss of Value Reserve Fund with respect to the items
contemplated by the immediately preceding clauses (i) to (iii) above as to such Mortgage Loan or Trust Subordinate Companion
Loan, as applicable, to cover the items contemplated by the immediately preceding clauses (i), (ii)(A) and (iii)
in respect of the remaining Mortgage Pool; and

 

(v)          
on the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iv)
above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i) to (iii) to offset any portion of Realized Losses that
are attributable to the Mortgage Loan or Trust Subordinate Companion Loan, as applicable, or any related REO Property for which
the contribution was made, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect to the Mortgage
Loan or Trust Subordinate Companion Loan, as applicable, or any related REO Property for which the contribution was made.

 

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Any Loss of Value Payments
transferred to the Collection Account pursuant to clauses (i) to (iii) of the prior paragraph shall be treated as Liquidation
Proceeds received by the Trust in respect of the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto)
or Trust Subordinate Companion Loan (or any related successor REO Companion Loan with respect thereto) for which such Loss of Value
Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (iv) of the
prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or REO Mortgage
Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses (i),
(ii)(A) and (iii) of the prior paragraph.

 

Section 3.06A. Permitted
Withdrawals From the Loan Combination Custodial Account.

 

(a)           
The Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination
only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the
application of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of
this Agreement:

 

(i)            
(A) after the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance
Date, in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account
for any REO Property related to such Serviced Loan Combination, if such funds are received after the Determination Date and before
the Distribution Date in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar
month), to transfer to the Collection Account all amounts on deposit in the Loan Combination Custodial Account payable to the Trust
pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including
any applicable Trust Reimbursement Amount, and (B) (1) on or prior to the related Serviced Loan Combination Remittance Date in
each calendar month, to remit to the related Serviced Companion Loan Holder all amounts on deposit in the Loan Combination Custodial
Account that are received as of the Business Day immediately prior to such Serviced Loan Combination Remittance Date that are payable
to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related Serviced Companion
Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount and (2) on the Business Day
immediately following the receipt of any funds from the REO Account for any REO Property related to such Serviced Loan Combination,
if such funds are received on or after the related Serviced Loan Combination Remittance Date and before the Distribution Date in
any calendar month, to remit to the related Serviced Companion Loan Holder all amounts on deposit in the Loan Combination Custodial
Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement with respect to the related
Serviced Companion Loan or any successor REO Companion Loan, exclusive of any applicable Trust Reimbursement Amount;

 

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(ii)          
to pay or reimburse the Master Servicer, the Special Servicer or the Trustee, for Advances made thereby with respect to
such Serviced Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect
to such payment or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right
to reimburse any such Person pursuant to this clause (ii) being limited to late collections (including cure payments by related
Serviced Companion Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation
Proceeds, Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Serviced Loan
Combination or any related REO Property; provided, however, that if such Advance has become a Workout-Delayed Reimbursement
Amount (but not a Nonrecoverable Advance), then neither such Workout-Delayed Reimbursement Amount nor any related Advance Interest
Amounts shall be reimbursed or paid, as the case may be, out of payments or other collections of interest (other than Penalty Charges)
or Yield Maintenance Charges on or in respect of the related Mortgage Loan (or any successor REO Mortgage Loan) or the related
Serviced Companion Loan (or any successor REO Companion Loan); and provided, further, that if such Advance is a P&I
Advance with respect to the related Mortgage Loan (or a successor REO Mortgage Loan) or the Trust Subordinate Companion Loan (or
a successor REO Companion Loan), then neither such Advance nor any related Advance Interest Amounts shall be reimbursed or paid,
as the case may be, out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion
Loan Holder(s) with respect to the related Serviced Companion Loan(s) (or any successor REO Companion Loan(s)), except that in
the case of a Serviced AB Loan Combination, reimbursements or payments, as the case may be, of Advances or any related Advance
Interest Amounts shall be made taking into account the subordinate nature of the related Subordinate Companion Loan(s) to the extent
set forth in, and in accordance with, the related Co-Lender Agreement, and except that neither a P&I Advance on the Trust Subordinate
Companion Loan (or any successor REO Companion Loan) nor any related Advance Interest Amount shall be reimbursed or paid, as the
case may be, out of, or otherwise result in a reduction of, collections on or allocable to the related Mortgage Loan or a successor
REO Mortgage Loan with respect thereto unless such P&I Advance and/or Advance Interest Amount constitutes a Nonrecoverable
P&I Advance;

 

(iii)         
to pay on or before each Master Servicer Remittance Date (A) to the Master Servicer (who shall pay the holder of the Excess
Servicing Fee Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12
of this Agreement) as compensation, the aggregate unpaid Servicing Fee with respect to such Serviced Loan Combination (to the extent
not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding Interest Accrual
Period, to be paid from interest received on the related Mortgage Loan or Serviced Companion Loan, as applicable, and to pay from
time to time to the Master Servicer in accordance with Section 3.07(b) any interest or investment income earned on
funds deposited in such Loan Combination Custodial Account and (B) to the Special Servicer as

 

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compensation, any Special Servicing
Compensation payable with respect to such Serviced Loan Combination; provided, however, that no Servicing Fees or Special Servicing
Compensation earned with respect to the related Mortgage Loan (or a successor REO Mortgage Loan) shall be payable out of, or otherwise
result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with respect to the related Serviced
Companion Loan (or any successor REO Companion Loan) (provided that, in the case of a Serviced AB Loan Combination, such payments
shall be made taking into account the subordinate nature of the related Subordinate Companion Loan(s) to the extent set forth in,
and in accordance with, the related Co-Lender Agreement), and no Servicing Fees or Special Servicing Compensation earned with respect
to the related Serviced Companion Loan (or any successor REO Companion Loan) shall be payable out of, or otherwise result in a
reduction of, amounts otherwise payable to the Trust with respect to the related Mortgage Loan (or a successor REO Mortgage Loan)
(it being acknowledged and agreed that this proviso is in no way intended to limit the rights of the Master Servicer or Special
Servicer under the related Co-Lender Agreement to seek payment of any unpaid Servicing Fees or Special Servicing Compensation,
as applicable, with respect to any Serviced Companion Loan not held by the Trust from the related Serviced Companion Loan Holder);

 

(iv)         
to pay for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Loan Combination and related
REO Property pursuant to Section 3.10(e) and to pay Liquidation Expenses out of Liquidation Proceeds pursuant to Section 3.11;

 

(v)          
to the extent not reimbursed or paid pursuant to any other clause of this Section 3.06A, to reimburse or pay
the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the
Special Servicer or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses, Servicing Fees and other unpaid items
incurred by or owing to such Person pursuant to the second sentence of Section 3.07(c), Section 3.08(a),
Section 3.08(b), Section 3.10, the second sentence of Section 3.12(a), the third sentence of Section 3.12(c),
Section 3.16(a), Section 3.29, Section 6.03, Section 7.04, Section 8.05(a),
Section 8.05(b), Section 8.05(d), Section 11.02(a), Section 11.02(b) or Section 12.07,
or any other provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund,
in each case only to the extent expressly reimbursable under such Section and to the extent related to such Serviced Loan
Combination and not related to amounts which are solely expenses of the Trust Fund (such as expenses related to administration
of the Trust Fund or REMIC taxes, penalties or interest or preservation of the REMIC status of each Trust REMIC), it being acknowledged
that this clause (v) shall not be deemed to modify the substance of any such Section , including the provisions of such
Section that set forth the extent to which one of the foregoing Persons is or is not entitled to payment or reimbursement;
provided, however, that no payment or reimbursement to the Operating Advisor, the Asset Representations Reviewer or the Certificate
Administrator or payment or reimbursement of costs and expenses associated with obtaining a Rating Agency

 

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Confirmation, shall be
made out of, or otherwise result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with
respect to the related Serviced Companion Loan (or successor REO Companion Loan) (provided that, in the case of a Serviced AB Loan
Combination, such payments or reimbursements shall be made taking into account the subordinate nature of the related Subordinate
Companion Loan(s) to the extent set forth in, and in accordance with, the related Co-Lender Agreement), no payment of fees or other
compensation to the Operating Advisor, the Trustee or the Certificate Administrator with respect to the Trust Subordinate Companion
Loan or successor REO Companion Loan shall be made out of, or otherwise result in a reduction of, collections on or otherwise allocable
to the related Mortgage Loan or a successor REO Mortgage Loan with respect thereto, and no payment or reimbursement of costs and
expenses associated with obtaining a Companion Loan Rating Agency Confirmation shall be made out of, or otherwise result in a reduction
of, amounts otherwise payable to the Trust with respect to the related Mortgage Loan (or any successor REO Mortgage Loan) or the
Trust Subordinate Companion Loan (or any successor REO Companion Loan);

 

(vi)         
to make such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in such Loan Combination
Custodial Account as are contemplated by the related Co-Lender Agreement and Section 3.14 of this Agreement;

 

(vii)         to withdraw any amount deposited into such Loan Combination Custodial Account that was not required to be deposited therein;

 

(viii)        if the related Serviced Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization
Trust, to the extent required by the related Co-Lender Agreement, to reimburse the applicable party to the related Other Pooling
and Servicing Agreement for any advances of delinquent monthly debt service payments made thereby with respect to such Serviced
Companion Loan (or REO Companion Loan), together with interest thereon, provided that such reimbursement, together with interest,
shall be made solely out of payments and other collections on such Serviced Companion Loan (or REO Companion Loan); or

 

(ix)         
to clear and terminate such Loan Combination Custodial Account pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall
keep and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan and Companion Loan-by-Companion Loan basis, for the
purpose of justifying any withdrawal from each Loan Combination Custodial Account pursuant to subclauses (i) - (ix) above.
If and to the extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause
of the prior paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon with respect
to a Serviced Loan Combination out of monies allocable to the related Mortgage Loan (or any successor REO Mortgage Loan) to an
extent that the Trust as holder of the related Mortgage Loan

 

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has borne some or all of the related Serviced Companion Loan’s
allocable share of such cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon (taking into account the
subordinate nature of any related Subordinate Companion Loan(s) to the extent set forth in, and in accordance with, the related
Co-Lender Agreement), the Master Servicer shall use efforts consistent with the Servicing Standard to collect such amounts disproportionately
borne by the Trust out of collections on such Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender
Agreement, from the related Serviced Companion Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced
Companion Loan, the “Trust Reimbursement Amount No.2” and, together with Trust Reimbursement Amount No.1, the
“Trust Reimbursement Amount”) collected from or on behalf of the related Serviced Companion Loan Holder into
the Collection Account.

 

The Master Servicer shall
pay to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Trustee, the Certificate Administrator and an advancing party under any Other Pooling and Servicing Agreement, as applicable,
from the applicable Loan Combination Custodial Account, amounts permitted to be paid thereto from such account promptly upon receipt
of a written statement of an officer of the Special Servicer, an officer of the Operating Advisor, a Responsible Officer of the
Trustee or the Certificate Administrator or an officer of such advancing party under such Other Pooling and Servicing Agreement,
as the case may be, describing the item and amount to which the Special Servicer (or such third party contractor), the Operating
Advisor, the Trustee, the Certificate Administrator or such advancing party under such Other Pooling and Servicing Agreement, as
the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Trustee or the Certificate
Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a written statement is not required).
The Master Servicer may rely conclusively on any such written statement and shall have no duty to re-calculate the amounts stated
therein. The parties seeking payment pursuant to this Section shall each keep and maintain separate accounting for the purpose
of justifying any request for withdrawal from each Loan Combination Custodial Account, on a loan-by-loan basis.

 

The Trustee, the Depositor,
the Operating Advisor, the Certificate Administrator, the Special Servicer and the Master Servicer shall in all cases have a right
prior to the Certificateholders and the Uncertificated VRR Interest Owner to any funds on deposit in a Loan Combination Custodial
Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), or Special Servicing
Compensation, Advances, Advance Interest Amounts and their respective indemnity amounts or expenses hereunder to the extent such
fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in such Loan Combination Custodial Account
pursuant to this Agreement and the related Co-Lender Agreement (and to have such amounts paid directly to third party contractors
for any invoices approved by the Trustee, the Depositor, the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable); provided, however, for the avoidance of doubt, neither the Trustee/Certificate Administrator Fees
nor the Operating Advisor Fee shall be paid from funds on deposit in a Loan Combination Custodial Account.

 

After the Determination
Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each calendar month (and
also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property

 

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related to the
applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date
in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month), the Master
Servicer shall remit for deposit in the Collection Account all amounts on deposit in a Loan Combination Custodial Account payable
to the Trust pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage
Loan), including any applicable Trust Reimbursement Amount; and on or prior to the related Serviced Loan Combination Remittance
Date in each calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for
any REO Property related to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and
before the Distribution Date in any calendar month), the Master Servicer shall remit to the related Serviced Companion Loan Holder
all amounts on deposit in a Loan Combination Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related
Co-Lender Agreement with respect to the related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any
applicable Trust Reimbursement Amount, in each case, prior to the required remittance from the Collection Account to the Certificate
Administrator for deposit into the Lower-Tier REMIC Distribution Account on such Master Servicer Remittance Date.

 

(b)          
Notwithstanding anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer
shall withdraw from the related Loan Combination Custodial Account and remit to the related Serviced Companion Loan Holder, within
one (1) Business Day of receipt of properly identified funds, any amounts that represent late collections or Principal Prepayments
received by the Master Servicer from the related Mortgagor that are allocable to such Serviced Companion Loan or any successor
REO Companion Loan with respect thereto (exclusive of any portion of such amount paid or reimbursed to any third party in accordance
with the related Co-Lender Agreement) unless such amount would otherwise be included in the monthly remittance to the related Serviced
Companion Loan Holder for such month pursuant to Section 3.06A(a); 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 amounts to the related Serviced Companion Loan Holder within one (1) 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.

 

Section 3.07          Investment of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts.

 

(a)           
The Master Servicer, or with respect to any REO Account and any Loss of Value Reserve Fund, the Special Servicer, may direct
any depository institution maintaining the Collection Account, any Loan Combination Custodial Account, any Mortgagor Account (subject
to the second succeeding sentence), any REO Account or any Loss of Value Reserve Fund (each of the Collection Account, any Loan
Combination Custodial Account, any REO Account, any Loss of Value Reserve Fund and any Mortgagor Account, for purposes of this
Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one or
more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than
the Business

 

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Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this
Agreement. Any direction by the Master Servicer or the Special Servicer to invest funds on deposit in an Investment Account shall
be in writing and shall certify that the requested investment is a Permitted Investment which matures at or prior to the time required
hereby or is payable on demand. In the case of any Escrow Account or Lock-Box Account (the “Mortgagor Accounts”),
the Master Servicer shall act upon the written request of the related Mortgagor or Manager to the extent the Master Servicer is
required to do so under the terms of the respective Mortgage Loan (or Serviced Loan Combination) or related documents, provided
that in the absence of appropriate written instructions from the related Mortgagor or Manager meeting the requirements of this
Section 3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds
in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand.
Any investment of funds in an Investment Account shall be made in the name of the Trustee or a nominee of the Trustee (in each
case for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner). The Trustee (for the benefit of the
Certificateholders and the Uncertificated VRR Interest Owner) shall have sole control (except with respect to investment direction,
which shall be in the control of the Master Servicer (with respect to the Collection Account, any Loan Combination Custodial Account
or any Mortgagor Account) or the Special Servicer (with respect to any REO Accounts and any Loss of Value Reserve Fund), as applicable,
as an independent contractor to the Trust Fund) over each such investment and any certificate or other instrument evidencing any
such investment shall be delivered directly to the Trustee or its nominee (which shall initially be the Master Servicer or the
Special Servicer, as applicable), together with any document of transfer, if any, necessary to transfer title to such investment
to the Trustee or its nominee (for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner). Neither the
Trustee nor the Certificate Administrator shall have any responsibility or liability with respect to the investment directions
of the Master Servicer or the Special Servicer, any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted
Investments or otherwise. The Master Servicer shall have no responsibility or liability with respect to the investment direction
of the Special Servicer, any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise.
The Special Servicer shall have no responsibility or liability with respect to the investment direction of the Master Servicer,
any Mortgagor or any property manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the
event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master
Servicer (or the Special Servicer in the case of REO Accounts and any Loss of Value Reserve Fund), shall: (x) consistent with
any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise
mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required
to be withdrawn on such date; and (y) demand payment of all amounts due thereunder promptly upon determination by the Master
Servicer (or the Special Servicer in the case of REO Accounts and any Loss of Value Reserve Fund) that such Permitted Investment
would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account. Amounts
on deposit in the Distribution Account, the Excess Interest Distribution

 

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Account, the Excess Liquidation Proceeds Reserve Account
and the Interest Reserve Account (each, a “Certificate Administrator Account”) shall remain uninvested.

 

(b)          
All income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the
Master Servicer, except with respect to the investment of funds deposited in (i) any Mortgagor Account to the extent required
under the Mortgage Loan (or Serviced Loan Combination) or applicable law to be for the benefit of the related Mortgagor or (ii) any
REO Account and any Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer, and if held in the Collection
Account, a Loan Combination Custodial Account or an REO Account, shall be subject to withdrawal by the Master Servicer or the Special
Servicer, as applicable, in accordance with Section 3.06, Section 3.06A or Section 3.16(b)
of this Agreement, as applicable. The Master Servicer (or with respect to any REO Account and any Loss of Value Reserve Fund, the
Special Servicer) shall deposit from its own funds into any applicable Investment Account, the amount of any loss incurred in respect
of any such Permitted Investment immediately upon realization of such loss (except with respect to losses incurred as a result
of the related Mortgagor or Manager exercising its power under the related Loan Documents to direct such investment in such Mortgagor
Account); provided, however, that the Master Servicer or Special Servicer, as applicable, may reduce the amount of
such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The Master Servicer
shall also deposit from its own funds in any Mortgagor Account the amount of any loss incurred in respect of Permitted Investments,
except to the extent that amounts are invested for the benefit of the Mortgagor under the terms of the Mortgage Loan (or Serviced
Loan Combination) or applicable law. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer (in their
respective capacities as Master Servicer and Special Servicer, respectively) shall be required to deposit any loss on an investment
of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered
depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company
is not the Person or an Affiliate of the Person maintaining such account hereunder and satisfied the qualifications set forth in
the definition of Eligible Account both (1) at the time such investment was made and (2) as of the date that is 30 days
prior to the insolvency.

 

(c)           
Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any
Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Trustee may,
and upon the request of Holders of Certificates representing greater than 50% of the Percentage Interests of any Class shall,
take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings. In the event the Trustee takes any such action, the Trust Fund shall pay or reimburse the Trustee for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith. In the event that the
Trustee does not take any such action, the Master Servicer may, but is not obligated to, take such action at its own cost and expense.

 

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Section 3.08           Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage.

 

(a)           
The Master Servicer on behalf of the Trustee, as mortgagee of record, shall use efforts consistent with the Servicing Standard
to cause the related Mortgagor to maintain, to the extent required by each Mortgage Loan (other than an Outside Serviced Mortgage
Loan) and each Serviced Companion Loan (except to the extent that the failure to maintain such insurance coverage is an Acceptable
Insurance Default), and if the Mortgagor does not so maintain, shall itself maintain (subject to the provisions of this Agreement
concerning Nonrecoverable Advances and to the extent the Trustee as mortgagee of record has an insurable interest and to the extent
available at commercially reasonable rates), (i) fire and hazard insurance (and windstorm insurance, if applicable) with extended
coverage on the related Mortgaged Property in an amount which is at least equal to the lesser of (a) one hundred percent (100%)
of the then “full replacement cost” of the improvements and equipment (excluding foundations, footings and excavation
costs), without deduction for physical depreciation, and (b) the outstanding principal balance of the related Mortgage Loan
and the related Serviced Companion Loan(s) or such greater amount as is necessary to prevent any reduction in such policy by reason
of the application of co-insurance provisions and to prevent the Trustee thereunder from being deemed to be a co-insurer and provided
such policy shall include a “replacement cost” rider, (ii) insurance providing coverage against 18 months
(or such longer period or with such extended period endorsement as provided in the related Mortgage or other Loan Document) of
rent interruptions and (iii) such other insurance as is required in the related Mortgage Loan and the related Serviced Companion
Loan; provided that, if the Loan Documents with respect to any CREFI Mortgage Loan permit the related Mortgagor to maintain,
with the lender’s consent or agreement, any insurance policy that (A) has coverages, deductibles and/or other related provisions
other than those specified in the related Loan Documents or (B) is provided by an insurer that does not meet the credit ratings
requirements set forth in the related Loan Documents (any such insurance policy, a “Non-Conforming Policy”),
the Master Servicer shall not consent or agree to such Non-Conforming Policy unless the Master Servicer has received a Rating Agency
Confirmation with respect to such Non-Conforming Policy. Subject to Section 3.16 of this Agreement, the Special Servicer
in accordance with the Servicing Standard and to the extent available at commercially reasonable rates (as determined by the Special
Servicer in accordance with the Servicing Standard), shall cause to be maintained for each REO Property (other than an REO Property
related to an Outside Serviced Mortgage Loan) no less insurance coverage than was previously required of the Mortgagor under the
related Loan Documents (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance Default);
provided that to the extent the Loan Documents require the related Mortgagor to maintain insurance with an insurer rated
better than as indicated in the definition of “Qualified Insurer”, the Master Servicer may, without a Rating
Agency Confirmation or the approval of the Special Servicer, to the extent consistent with the Servicing Standard, permit the related
Mortgagor to maintain insurance with an insurer that does not meet the requirements of the Loan Documents so long as the related
Mortgagor maintains insurance with an insurer rated at least as indicated in the definition of “Qualified Insurer”.
All insurance for an REO Property shall be from a Qualified Insurer, if available from a Qualified Insurer, and if not available
from a

 

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Qualified Insurer, from an insurance provider that is rated the next highest available rating who is offering such insurance
at commercially reasonable rates. Any amounts collected by the Master Servicer or the Special Servicer under any such policies
(other than amounts required to be applied to the restoration or repair of the related Mortgaged Property or amounts to be released
to the Mortgagor in accordance with the terms of the related Loan Documents) shall be deposited into the Collection Account
pursuant to Section 3.05 of this Agreement or the Loan Combination Custodial Account pursuant to Section 3.05A
of this Agreement, as applicable, subject to withdrawal pursuant to Section 3.05, Section 3.05A, Section 3.06
or Section 3.06A of this Agreement. Any cost incurred by the Master Servicer or the Special Servicer in maintaining
any such insurance shall not, for the purpose of calculating distributions to Certificateholders and the Uncertificated VRR Interest
Owner, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan
so permit. It is understood and agreed that no other additional insurance other than flood insurance or earthquake insurance subject
to the conditions set forth below is to be required of any Mortgagor or to be maintained by the Master Servicer other than pursuant
to the terms of the related Loan Documents and pursuant to such applicable laws and regulations as shall at any time be in force
and as shall require such additional insurance. If the related Mortgaged Property (other than an REO Property and other than with
respect to an Outside Serviced Mortgage Loan) is located in a federally designated special flood hazard area, the Master Servicer
will use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, to the extent required by each
Serviced Loan, and if the related Mortgagor does not so maintain, shall itself obtain (subject to the provisions of this Agreement
concerning Nonrecoverable Advances) and maintain flood insurance in respect thereof. Such flood insurance shall be in an amount
equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and the related Serviced Companion Loan(s)
and (ii) the maximum amount of such insurance required by the terms of the related Mortgage Loan or Serviced Loan Combination and
as is available for the related property under the national flood insurance program (assuming that the area in which such property
is located is participating in such program). If a Mortgaged Property (other than an REO Property) is related to a Serviced Loan
pursuant to which earthquake insurance is required to be maintained pursuant to the terms of the Mortgage Loan or Serviced Loan
Combination, the Master Servicer shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain,
and if the related Mortgagor does not so maintain will itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable
Advances and for so long as such insurance continues to be available at commercially reasonable rates) and maintain earthquake
insurance in respect thereof, in the amount required by the Mortgage Loan or Serviced Loan Combination or, if not specified, in-place
at origination. If an REO Property (other than an REO Property related to the Outside Serviced Mortgage Loan) (i) is located
in a federally designated special flood hazard area or (ii) is related to a Serviced Loan with respect to which earthquake
insurance would be appropriate in accordance with the Servicing Standard and such insurance is available at commercially reasonable
rates, the Special Servicer will obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) and maintain
flood insurance and/or earthquake insurance in respect thereof providing the same coverage as described in this Section 3.08(a).
Out-of-pocket expenses incurred by the Master Servicer or Special Servicer in maintaining

 

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insurance policies pursuant to this Section 3.08
shall be advanced by the Master Servicer as a Property Advance and shall be reimbursable to the Master Servicer with interest at
the Advance Rate. The Master Servicer (or the Special Servicer, with respect to REO Properties) agrees to prepare and present,
on behalf of itself, the Trustee and the Certificateholders, the Uncertificated VRR Interest Owner and the Serviced Companion Loan
Holders, claims under each related insurance policy maintained by it pursuant to this Section 3.08(a) in a timely fashion
in accordance with the terms of such policy and to take such reasonable steps as are necessary to receive payment or to permit
recovery thereunder. All insurance policies required to be maintained by the Master Servicer or Special Servicer hereunder shall
name the Trustee or the Master Servicer or the Special Servicer, on behalf of the Trustee as the mortgagee, as loss payee, and
shall be issued by Qualified Insurers, if available from a Qualified Insurer, and if not available from a Qualified Insurer, from
an insurance provider that is rated the next highest available rating who is offering such insurance at commercially reasonable
rates. Notwithstanding the foregoing: (A) the Master Servicer shall not be required to maintain any earthquake or environmental
insurance policy on any Mortgaged Property and the Special Servicer shall not be required to maintain any earthquake or environmental
insurance policy on any REO Property, in each case unless such insurance is required to be maintained under the related Loan Documents
and is available at commercially reasonable rates; provided, however, that neither the Master Servicer nor the Special
Servicer shall have any obligation to maintain such earthquake or environmental insurance policy required under the related Loan
Documents if the originator of the Serviced Mortgage Loan or Serviced Loan Combination waived compliance with such insurance requirements
(and if the applicable Master Servicer does not cause the Mortgagor to maintain or does not itself maintain such earthquake or
environmental insurance policy on any Mortgaged Property, the Special Servicer shall have the right, but not the duty, to obtain,
at the Trust’s expense, earthquake or environmental insurance on any Mortgaged Property securing a Specially Serviced Loan
or an REO Property so long as such insurance is available at commercially reasonable rates); (B) with respect to the Master
Servicer’s obligation to cause the related Mortgagor to maintain such insurance, the Master Servicer shall have no obligation
beyond using its efforts consistent with the Servicing Standard to cause any Mortgagor to maintain the insurance required to be
maintained or that the lender is entitled to reasonably require, subject to applicable law, under the related Loan Documents; and
(C) in making determinations as to the availability of insurance at commercially reasonable rates or otherwise, the Master
Servicer or the Special Servicer, as applicable, shall, to the extent consistent with the Servicing Standard, be entitled to rely,
at its own expense, on insurance consultants in making such determination and any such determinations by the Master Servicer or
the Special Servicer, as applicable, need not be made more frequently than annually but in any event shall be made at the approximate
date on which the Master Servicer or the Special Servicer, as applicable, receives notice of the renewal, replacement or cancellation
of coverage.

 

Notwithstanding the foregoing,
the Master Servicer or Special Servicer, as applicable, will not be required to maintain, and shall not cause a Mortgagor to be
in default with respect to the failure of the related Mortgagor to obtain, all risk casualty insurance which does not contain any
carve out for terrorist or similar acts, if, and only if, the Special Servicer has determined in accordance with the Servicing
Standard that the failure to maintain such insurance

 

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is an Acceptable Insurance Default; provided that, during the period
that the Special Servicer is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss related
to its failure to require the Mortgagor to maintain terrorism insurance and shall not be in default of its obligations hereunder
as a result of such failure. The Special Servicer shall promptly notify the Master Servicer of each determination under this paragraph.

 

(b)          
(i) If the Master Servicer or the Special Servicer obtains and maintains a blanket insurance policy insuring against fire
and hazard losses on all of the Mortgaged Properties (other than REO Properties and other than Mortgaged Properties that secure
the Outside Serviced Mortgage Loans) as to which the related Mortgagor has not maintained insurance required by the related Mortgage
Loan or, if applicable, related Serviced Loan Combination (other than any Mortgagor that is required under the related Loan Documents
to maintain insurance with an insurer rated better than as indicated in the definition of “Qualified Insurer”
that maintains insurance with an insurer rated at least as indicated in the definition of “Qualified Insurer”)
or the Special Servicer obtains and maintains a blanket insurance policy insuring against fire and hazard losses on all of the
REO Properties (other than an REO Property acquired in respect of an Outside Serviced Mortgage Loan), as required under this Agreement,
as the case may be, then the Master Servicer or the Special Servicer, as the case may be, shall conclusively be deemed to have
satisfied its respective obligations concerning the maintenance of insurance coverage set forth in Section 3.08(a)
of this Agreement. Any such blanket insurance policy shall be maintained with a Qualified Insurer. A blanket insurance policy may
contain a deductible clause, in which case the Master Servicer or the Special Servicer, as applicable, shall, in the event that
(i) there shall not have been maintained on the related Mortgaged Property a policy otherwise complying with the provisions
of Section 3.08(a) of this Agreement, and (ii) there shall have been one or more losses which would have been
covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable, related Loan
Combination Custodial Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or
Serviced Loan Combination or, in the absence of any such deductible limitation, the deductible limitation which is consistent with
the Servicing Standard. In connection with its activities as Master Servicer or the Special Servicer hereunder, as applicable,
the Master Servicer and the Special Servicer, respectively, agree to prepare and present, on behalf of itself, the Trustee, the
Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder, claims under any such
blanket policy which it maintains in a timely fashion in accordance with the terms of such policy and to take such reasonable steps
as are necessary to receive payment or permit recovery thereunder.

 

(ii)          
If the Master Servicer causes any Mortgaged Property (other than any REO Property and other than any Mortgaged Property
that secures an Outside Serviced Mortgage Loan) or the Special Servicer causes any REO Property (other than an REO Property acquired
in respect of an Outside Serviced Mortgage Loan) to be covered by a master force placed insurance policy and such policy shall
be issued by a Qualified Insurer and provide no less coverage in scope and amount for such Mortgaged Property or REO Property than
the insurance required to be

 

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maintained pursuant to Section 3.08(a) of this Agreement, then the Master Servicer or
Special Servicer, as the case may be, shall conclusively be deemed to have satisfied its respective obligations to maintain insurance
pursuant to Section 3.08(a) of this Agreement. Such policy may contain a deductible clause, in which case the Master
Servicer or the Special Servicer, as applicable, shall, in the event that (i) there shall not have been maintained on the
related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.08(a), and
(ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately
deposit into the Collection Account or, if applicable, related Loan Combination Custodial Account from its own funds the amount
not otherwise payable under such policy because of such deductible to the extent that any such deductible exceeds the deductible
limitation that pertained to the related Mortgage Loan and/or related Serviced Companion Loan(s) related thereto, or, in the absence
of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard.

 

(iii)         
In either case, if the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property or REO Property
to be covered by such “force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged
Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged
Property or REO Property is covered thereby) shall be paid as a Property Advance. Any legal fees or other out-of-pocket costs incurred
in accordance with the Servicing Standard in connection with any claim under an insurance policy described above (whether by the
Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property Advance.

 

(c)           
The Master Servicer and the Special Servicer shall each obtain and maintain in effect a fidelity bond or similar form of
insurance coverage (which may provide blanket coverage) or a combination of fidelity bond and insurance coverage, in such form
as is consistent with the Servicing Standard and in such amounts that are consistent with the Servicing Standard, insuring against
loss occasioned by fraud, theft or other intentional misconduct of the officers and employees of the Master Servicer or the Special
Servicer, as the case may be. The Master Servicer and the Special Servicer each shall be deemed to have complied with this provision
if one of its respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded
thereunder extends to the Master Servicer or the Special Servicer, as applicable. In addition, the Master Servicer and the Special
Servicer shall each keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned
by the errors and omissions of its officers and employees in connection with its obligations to service the Mortgage Loans and
any Serviced Companion Loans hereunder in such form as is consistent with the Servicing Standard and in such amounts as are consistent
with the Servicing Standard. Notwithstanding the foregoing, so long as the long-term unsecured debt rating or deposit account rating
of the Master Servicer (or its corporate parent) or the Special Servicer (or its corporate parent) is not in any event less than
“A(low)” as rated by DBRS Morningstar, “A-” as rated by S&P and “A” as rated by Fitch,
the Master Servicer or the Special Servicer, as applicable, may self-insure for the fidelity bond and errors and omissions coverage

 

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otherwise required above. The Master Servicer shall cause each and every Sub-Servicer it has engaged to maintain or cause to be
maintained by an agent or contractor servicing any Mortgage Loan or Serviced Loan Combination on behalf of such Sub-Servicer, a
fidelity bond and an errors and omissions insurance policy which satisfy the requirements for the fidelity bond and the errors
and omissions policy to be maintained by the Master Servicer to comply with the foregoing. All fidelity bonds and policies of errors
and omissions insurance obtained under this Section 3.08(c) shall be issued by a Qualified Insurer.

 

(d)          
Each of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in
full force and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified
Insurer covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

Section 3.09              
Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions.

 

(a)           
Upon receipt of any request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision under the
Loan Documents of a Serviced Loan, the Special Servicer shall promptly process and analyze such request, including the preparation
of written materials in connection with such analysis, and determine in a manner consistent with the Servicing Standard whether
to waive any right to accelerate payment the lender may have, or grant its consent, under the due-on-sale or due-on-encumbrance
provision of such Serviced Loan. If the Master Servicer receives any such request with respect to Performing Serviced Loans, the
Master Servicer shall promptly deliver a copy of such request to the Special Servicer. Notwithstanding the forgoing, with respect
to any Performing Serviced Loan as to which the Master Servicer and the Specially Servicer mutually agree, the Master Servicer
shall process and analyze any such request, including the preparation of written materials in connection with such analysis, in
accordance with the Servicing Standard, and provide its written recommendation and analysis to the Special Servicer as to whether
or not to waive any right to accelerate payment the lender may have, or grant its consent, under the due-on-sale or due-on-encumbrance
provision of such Serviced Loan (with any such recommended course of action to be subject to the Special Servicer’s consent).

 

Both the Master Servicer
and the Special Servicer (as applicable in accordance with the first paragraph of this Section 3.09(a)) each in a manner
consistent with the Servicing Standard and each on behalf of the Trustee as the mortgagee of record, shall, to the extent permitted
by applicable law, enforce the restrictions contained in the related Loan Documents on transfers or further encumbrances of the
related Mortgaged Property and on transfers or further encumbrances of interests in the related Mortgagor, unless following receipt
of a request for a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision the Master Servicer (to the extent
that it is processing such request pursuant to the first paragraph of this Section 3.09(a), with the written consent
of the Special Servicer, which consent shall be deemed given if not denied within 15 Business Days (or, with respect to a Serviced
Loan Combination, such longer period as required by the related Co-Lender Agreement, but in no event less than 5 Business
Days after the time period set forth in such Co-Lender Agreement for review by any related Serviced Companion Loan

 

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Holder or its
Companion Loan Holder Representative) after the Special Servicer’s receipt (unless earlier objected to) of the written recommendation
and analysis of the Master Servicer for such action and any additional information reasonably available to the Master Servicer
that the Special Servicer may reasonably request for the analysis of such request, which recommendation and information may be
delivered in an electronic format reasonably acceptable to the Master Servicer and the Special Servicer) or the Special Servicer,
as applicable, has determined, consistent with the Servicing Standard, that the waiver of such restrictions or granting of consent
would be in accordance with the Servicing Standard. Promptly after the Master Servicer (with the written consent of the Special
Servicer to the extent required pursuant to this Section 3.09(a)) or the Special Servicer, as applicable, has made
any determination to grant a waiver in respect of a due-on-sale or due-on-encumbrance provision, the Master Servicer or the Special
Servicer, as applicable, shall: (1) deliver to the Trustee, the Certificate Administrator, each other party to this Agreement and,
for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider an Officer’s Certificate setting forth the basis for such determination; provided
that, notwithstanding anything herein to the contrary, no such Officer’s Certificate shall be required to be delivered if
the Master Servicer or Special Servicer, as applicable, is granting consent to an assumption pursuant to this Section 3.09(a)
in accordance with the terms of the related Loan Documents and there is no material waiver of any conditions or any other provisions
of the related Loan Documents with respect thereto; and (2) close the related transaction, subject to the consent of the Special
Servicer obtained as described above (if the Master Servicer is processing such request) and to the consent rights of any applicable
Directing Holder and/or the consultation rights of any applicable Consulting Party (to the extent any such Directing Holder or
Consulting Party has consent or consultation rights, as applicable, pursuant to any related Co-Lender Agreement or pursuant to
Section 3.29, Section 6.09, Section 3.24 or this Section 3.09(a), as applicable), and subject to Sections
3.09(b), 3.21, 3.24, 3.25 and Section 3.28; provided, however, that neither the Master Servicer
nor the Special Servicer shall enter into any such agreement to the extent that any terms thereof would result in (i) the imposition
of a tax on a Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor
Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes
at any time that any Certificate is outstanding or (ii) create any lien on a Mortgaged Property that is senior to, or on parity
with, the lien of the related Mortgage.

 

With respect to all Serviced
Mortgage Loans and each Serviced Loan Combination, the Special Servicer shall, prior to consenting to a proposed action of the
Master Servicer pursuant to this Section 3.09 that constitutes a Major Decision, and prior to itself taking such an
action, obtain the written consent of any applicable Directing Holder, which consent shall be deemed given ten (10) Business Days
after receipt (unless earlier objected to) by such related Directing Holder of the Major Decision Reporting Package for such action,
which recommendation and information may be delivered in an electronic format reasonably acceptable to the related Directing Holder
and the Master Servicer or the Special Servicer, as applicable.

 

In addition, neither
the Master Servicer nor the Special Servicer may waive the rights of the lender or grant its consent under any “due-on-encumbrance”
provision unless (1) the Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the
related request pursuant to this Section 3.09(a)), shall have received a prior written Rating Agency Confirmation with
respect to such action, or (2) the affected Serviced Mortgage Loan (including a

 

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Serviced Mortgage Loan related to a Serviced
Loan Combination) (A) represents less than 2% of the aggregate principal balance of all of the Mortgage Loans in the Trust Fund,
(B) has a principal balance that is equal to or less than $35,000,000, (C) has a Loan-to-Value Ratio equal to or less than 85%
(including any existing and proposed debt), (D) has a Debt Service Coverage Ratio equal to or greater than 1.20x (in each case,
determined based upon the aggregate of the Stated Principal Balance of the Serviced Mortgage Loan, any related Serviced Companion
Loan (if applicable) and the principal amount of the proposed additional lien) and (E) is not one of the 10 largest Mortgage Loans
(considering any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance or (3) the
affected Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) has a principal balance
less than $10,000,000; provided that, for the avoidance of doubt, notwithstanding any provision contained in the related
Loan Documents to the contrary, no Rating Agency Confirmation shall be required in connection with such waiver or grant of consent
under any “due-on-encumbrance” provision if the affected Serviced Mortgage Loan satisfies the conditions set forth
in clause (2) or clause (3) above of this sentence.

 

Further, neither the
Master Servicer nor the Special Servicer may waive the rights of the lender or grant its consent under any “due-on-sale”
provision unless (1) the Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing the
related request pursuant to this Section 3.09(a)), shall have received a prior written Rating Agency Confirmation with
respect to such action, or (2) the affected Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan
Combination) (A) represents less than 5% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has
a principal balance that is equal to or less than $35,000,000 and (C) is not one of the 10 largest Mortgage Loans (considering
any Cross-Collateralized Group as a single Mortgage Loan) in the Mortgage Pool based on principal balance or (3) the affected Serviced
Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) has a principal balance less than $10,000,000;
provided that, for the avoidance of doubt, notwithstanding any provision contained in the related Loan Documents to the
contrary, no Rating Agency Confirmation shall be required in connection with such waiver or grant of consent under any “due-on-sale”
provision if the affected Serviced Mortgage Loan satisfies the conditions set forth in clause (2) or clause (3) above
of this sentence. For the purposes of this Agreement, due-on-sale provisions shall include, without limitation, sales or transfers
of Mortgaged Properties, in full or in part, or the sale, transfer, pledge or hypothecation of direct or indirect interests in
any Mortgagor or its owner, in each case to the extent not permitted under the related Loan Documents, and due-on-encumbrance provisions
shall include, without limitation, any mezzanine/subordinate financing of any Mortgagor or any Mortgaged Property or any sale or
transfer of preferred equity in any Mortgagor or its owners, in each case to the extent not permitted under the related Loan Documents.

 

The Master Servicer or
the Special Servicer, as applicable (in each case, if it is the party processing the related request pursuant to this Section 3.09(a)),
shall notify in writing the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable,
the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Operating
Advisor, each Risk Retention Consultation Party (other than with respect to any related Excluded RRCP Mortgage Loan), the Rule 17g-5
Information Provider (for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement) and, with respect to a Serviced Loan Combination, each related Serviced Companion

 

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Loan Holder, of any assumption
or substitution agreement executed pursuant to this Section 3.09(a) and shall forward thereto a copy of such agreement,
and shall also deliver to the Certificate Administrator (or a Custodian appointed by it) an original of the recorded agreement
relating to such assumption or substitution within 15 Business Days following the execution and receipt thereof by the Master Servicer
or the Special Servicer, as applicable.

 

In connection with any
request for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the Master Servicer
or the Special Servicer, as applicable (in each case, if it is the party processing the related request pursuant to the first paragraph
of this Section 3.09(a)), shall deliver a Review Package to the Rule 17g-5 Information Provider for posting to
the Rule 17g-5 Information Provider’s Website in accordance with Section 12.13 of this Agreement.

 

Further, subject to the
terms of the related Loan Documents and applicable law, the Master Servicer or the Special Servicer, as applicable (in each case,
if it is the party processing the related request pursuant to this Section 3.09(a)), shall use reasonable efforts to
cause all costs in connection with any assumption or encumbrance, including any arising from seeking a Rating Agency Confirmation,
to be paid by the related Mortgagor. To the extent not collected from the related Mortgagor after the use of such efforts, any
rating agency charges in connection with the foregoing shall be paid by the Master Servicer as a Property Advance (or as an Additional
Trust Fund Expense if such Property Advance would be a Nonrecoverable Advance).

 

To the extent not prohibited
by the applicable Loan Documents and applicable law, the Master Servicer or Special Servicer, as applicable, may charge the related
Mortgagor a fee in connection with any enforcement or waiver contemplated in this subsection (a); provided that
any such fee shall be applied as if it were a Modification Fee and/or Assumption Fee, as applicable, pursuant to the terms of this
Agreement.

 

(b)          
Nothing in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record,
to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation
of any lien or other encumbrance with respect to such Mortgaged Property.

 

(c)           
In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, neither
the Master Servicer nor the Special Servicer shall agree to modify, waive or amend, and no assumption or substitution agreement
entered into pursuant to Section 3.09(a) of this Agreement shall contain any terms that are different from, any
term of any Mortgage Loan or Serviced Companion Loan or the related Note, other than pursuant to Section 3.24 of this
Agreement.

 

(d)          
With respect to any Serviced Mortgage Loan or Serviced Loan Combination which permits release of Mortgaged Properties through
defeasance, and to the extent consistent with the terms of the related Loan Documents:

 

(i)            
Subject to the consent rights of the Special Servicer and the Directing Holder and the process set forth in Sections 3.24
and 6.09 with respect to Major Decisions and Special Servicer Decisions, the Master Servicer shall process all

 

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defeasances
of Serviced Mortgage Loans and Serviced Loan Combinations in accordance with the terms of the related Loan Documents, and shall
be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such defeasance fee shall
not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance to which
the Special Servicer is entitled under this Agreement).

 

(ii)          
In the event such Serviced Mortgage Loan or Serviced Loan Combination requires that the Master Servicer on behalf of the
Trustee purchase the required “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), the Master
Servicer, an accommodation Mortgagor pursuant to clause (v) below or the Mortgagor shall, at the Mortgagor’s expense
(to the extent consistent with the related Loan Documents), purchase or cause the purchase of such obligations in accordance with
the terms of such Mortgage Loan or Serviced Loan Combination and deliver to the Master Servicer, in the case of the Mortgagor,
or in the case of the Master Servicer, hold the same on behalf of the Trust Fund and, if applicable, the related Serviced Companion
Loan Holder; provided that, subject to the related Loan Documents, the Master Servicer shall not accept the amounts paid
by the related Mortgagor to effect defeasance until acceptable “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) have
been identified, in each case which are acceptable as defeasance collateral under the then most recently published current guidelines
of the Rating Agencies. Notwithstanding the foregoing, with respect to each of the Mortgage Loans identified on Exhibit Q
to this Agreement (each, a “Retained Defeasance Rights and Obligations Mortgage Loan” and, collectively, the
“Retained Defeasance Rights and Obligations Mortgage Loans”), the related Mortgage Loan Seller or originator
has transferred to a third party or has retained the right to establish or designate the successor borrower and/or to purchase
or cause to be purchased the related defeasance collateral (“Retained Defeasance Rights and Obligations”). In
the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan that provides for Retained
Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer shall provide, within five (5) business days
of receipt of such notice, written notice of such defeasance request to the related Mortgage Loan Seller (or such other party specified
below) or to the related Mortgage Loan Seller’s assignee. Until such time as CREFI provides written notice to the contrary,
the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which CREFI is the related
Mortgage Loan Seller shall be delivered to richard.simpson@citi.com and ana.rosu@citi.com. Until such time as GACC
provides written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations
as to which GACC is the related Mortgage Loan Seller shall be delivered to German American Capital Corporation, 60 Wall Street,
New York, New York 10005, Attention: Lainie Kaye, with a copy by electronic mail to cmbs.requests@db.com. Until such time
as GSMC provides written notice to the

 

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contrary, the
notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which GSMC is the related Mortgage
Loan Seller shall be delivered to Goldman Sachs Mortgage Company, 200 West Street, New York, New York 10282, Attention: Leah Nivison,
email: leah.nivison@gs.com, with a copy to Joe Osborne, email: joe.osborne@gs.com and gs-refgsecuritization@gs.com.

 

(iii)         
The Master Servicer shall require, to the extent the related Loan Documents grant the mortgagee discretion to so require,
delivery of an Opinion of Counsel (which shall be an expense of the related Mortgagor to the extent consistent with the related
Loan Documents) to the effect that the Trustee on behalf of the Certificateholders and the Uncertificated VRR Interest Owner has
a first priority security interest in the defeasance deposit and the “government securities” within the meaning of
Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii),
and the assignment thereof is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to the Master Servicer.

 

(iv)         
The Master Servicer shall obtain, to the extent the related Loan Documents grant the mortgagee discretion to so obtain,
a certificate (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) from
an Independent certified public accountant certifying that the “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii),
comply with the requirements of the related Loan Agreement or Mortgage.

 

(v)          
To the extent consistent with the related Loan Documents, prior to permitting release of any Mortgaged Properties through
defeasance, the Master Servicer shall (at the Mortgagor’s expense) obtain a Rating Agency Confirmation; provided that the
Master Servicer shall not be required to obtain such Rating Agency Confirmation from any Rating Agency to the extent that the Master
Servicer has delivered a defeasance certificate to such Rating Agency substantially in the form of Exhibit DD to this
Agreement for any Mortgage Loan that, at the time of such defeasance, is (x) not one of the ten largest Mortgage Loans by
Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a
Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.

 

(vi)         
If the Mortgage Loan or Serviced Loan Combination permits the related Mortgagor or the lender or its designee to cause an
accommodation Mortgagor to assume such defeased obligations, the Master Servicer shall, or shall cause the Mortgagor to, establish
at the Mortgagor’s cost and expense (and shall use efforts consistent with the Servicing Standard to cause the related Mortgagor
to consent to such assumption) a special purpose bankruptcy-remote entity to assume such obligations, as to which the Trustee
and the Certificate Administrator has

 

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received a Rating Agency Confirmation (if such confirmation is required pursuant to the then
most recently published guidelines of the Rating Agencies).

 

(vii)              
To the extent consistent with the related Loan Documents, the Master Servicer shall require the related Mortgagor to pay
all costs and expenses incurred in connection with the defeasance of the related Mortgage Loan or Serviced Loan Combination. In
the event that the Mortgagor is not required to pay any such costs and expenses under the terms of the Loan Documents, such costs
and expenses shall be Additional Trust Fund Expenses.

 

(viii)            
In no event shall the Master Servicer have liability to any party hereto or beneficiary hereof for obtaining a Rating Agency
Confirmation (or conditioning approval of defeasance on the delivery of a Rating Agency Confirmation) or for imposing conditions
to approval of a defeasance on the satisfaction of conditions that are consistent with the Servicing Standard but are not required
under Rating Agency guidelines (provided that this shall not protect the Master Servicer from any liability that may be
imposed as a result of the violation of applicable law or the Loan Documents).

 

(ix)         
The Master Servicer may accept as defeasance collateral any “government security,” within the meaning of Treasury
Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents;
provided, that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not endanger
the status of any Trust REMIC as a REMIC or result in the imposition of a tax upon any Trust REMIC or the Trust Fund (including
but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax
on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from
foreclosure property” as set forth in Section 860G(c) of the Code).

 

(e)           
Notwithstanding any other provision of this Agreement, without any other approval or consent of the Special Servicer or
the Directing Holder, the Master Servicer (for Performing Serviced Loans) or the Special Servicer (for Specially Serviced Loans)
may grant and process a Mortgagor’s request for consent to subject the related Mortgaged Property to an immaterial easement,
right of way or similar agreement for utilities, access, parking, public improvements or another purpose (and may consent to subordination
of the related Serviced Loan to such easement, right of way or similar agreement); provided that in each case, the Master
Servicer or Special Servicer, as applicable, (A) shall have determined in accordance with the Servicing Standard that such
action will not materially and adversely affect the operation or value of such Mortgaged Property or the Trust Fund’s interest
in the Mortgaged Property and (B) shall have determined that such action will not cause any Trust REMIC to fail to qualify
as a REMIC at any time that any Certificates are outstanding. The Master Servicer or the Special Servicer may rely on an Opinion
of Counsel in making any such determination.

 

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Section 3.10           Appraisal Reductions; Calculation and Allocation of Collateral Deficiency Amounts; Realization Upon Defaulted Loans.

 

(a)           
Promptly upon knowledge of the occurrence of an Appraisal Reduction Event with respect to a Serviced Loan, the Special Servicer
shall use reasonable efforts to (i) obtain an updated Appraisal of the related Mortgaged Property, the costs of which shall be
advanced by, and reimbursable to, the Master Servicer as a Property Advance (or shall be an expense of the Trust Fund and paid
by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance) or (ii) conduct
an internal valuation if the related Serviced Mortgage Loan (considering any Cross-Collateralized Group as a single Mortgage Loan)
or Serviced Loan Combination has an outstanding principal balance of less than $2,000,000 (provided that the Special Servicer may
elect to obtain an updated Appraisal of the related Mortgaged Property as contemplated by the preceding clause (i)); provided,
however, that the Special Servicer shall not be required to obtain an updated Appraisal or conduct an internal valuation
of any Mortgaged Property with respect to which there exists an Appraisal which is less than twelve (12) months old unless the
Special Servicer determines in accordance with the Servicing Standard that such previously obtained Appraisal is materially inaccurate.
With respect to any Serviced Loan for which an Appraisal Reduction Event has occurred and still exists, the Special Servicer shall
obtain annual letter updates to any updated Appraisal. Any Appraisal prepared in order to determine the Appraisal Reduction Amount
with respect to a Serviced Loan Combination shall be delivered by the Special Servicer, upon request, to each related Serviced
Companion Loan Holder.

 

As of the first Determination
Date following a Serviced Trust Loan becoming an AB Modified Loan, the Special Servicer shall calculate whether a Collateral Deficiency
Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained (or, if applicable,
internal valuation performed) by the Special Servicer with respect to such Serviced Trust Loan, and all other information relevant
to a Collateral Deficiency Amount determination. The Master Servicer shall provide (via electronic delivery) the Special Servicer
with information in its possession that is reasonably required to calculate or recalculate any Collateral Deficiency Amount pursuant
to the definition thereof using reasonable efforts to deliver such information within four (4) Business Days of the Special Servicer’s
reasonable written request. Upon obtaining actual knowledge or receipt of notice by the Special Servicer that an Outside Serviced
Mortgage Loan has become an AB Modified Loan, the Special Servicer shall (i) promptly request from the related Outside Servicer,
Outside Special Servicer and Outside Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all
other information reasonably required by the Special Servicer to calculate whether a Collateral Deficiency Amount exists with respect
to such AB Modified Loan, and (ii) as of the first Determination Date following receipt by the Special Servicer of the appraisal
and any other information set forth in the immediately preceding clause (i) that the Special Servicer reasonably expects to
receive (and does receive within a reasonable period of time) and reasonably believes is necessary to perform such calculation,
calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent
appraisal obtained by the Special Servicer from the Outside Servicer, Outside Special Servicer or Outside Trustee, as the case
may be, with respect to such Outside Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount
determination. In connection with its calculation of a

 

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Collateral Deficiency Amount with respect to an Outside Serviced Mortgage
Loan that has become an AB Modified Loan, the Special Servicer shall be entitled to conclusively rely on any appraisal or other
information received from the related Outside Servicer, Outside Special Servicer or Outside Trustee. The Special Servicer shall
notify the Master Servicer and the Certificate Administrator of any Collateral Deficiency Amount calculated by the Special Servicer
with respect to an Outside Serviced Mortgage Loan that has become an AB Modified Loan. The Master Servicer and the Certificate
Administrator shall be entitled to conclusively rely on any Collateral Deficiency Amounts calculated by the Special Servicer with
respect to an Outside Serviced Mortgage Loan. Upon any other party to this Agreement obtaining knowledge or receipt of notice that
an Outside Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Special Servicer thereof.
None of the Trustee, the Certificate Administrator or the Master Servicer shall calculate or verify any Collateral Deficiency Amount.

 

The Certificate Balance
of each Class of applicable Principal Balance Certificates shall be notionally reduced (for purposes of determining the identity
of the Non-Reduced Certificates and the Controlling Class, as well as the occurrence of a Control Termination Event, and, to the
extent expressly set forth herein, for purposes of allocating and/or exercising Voting Rights in connection with certain circumstances
involving the termination of certain parties hereto) as of any date of determination to the extent of the Appraisal Reduction Amount(s)
allocated to such Class on the preceding Distribution Date. An amount equal to the Vertically Retained Percentage of the aggregate
Appraisal Reduction Amount allocated to, or in respect of, the Mortgage Loans for any Distribution Date shall be applied to notionally
reduce (to not less than zero) the Combined VRR Interest Balance of the Combined VRR Interest (which amount shall, in turn, be
applied to notionally reduce (to not less than zero) the Certificate Balance of the Class VRR Certificates and the Uncertificated
VRR Interest Balance of the Uncertificated VRR Interest, pro rata, based on the respective then-outstanding amounts of such
Certificate Balance and Uncertificated VRR Interest Balance). The Non-Vertically Retained Percentage of the aggregate Appraisal
Reduction Amount allocated to, or in respect of, the Mortgage Loans for any Distribution Date shall be applied to notionally reduce
the Certificate Balances of the following Classes of Non-Vertically Retained Pooled Principal Balance Certificates in the following
order of priority: first, to the Class H Certificates; second, to the Class G Certificates; third, to the
Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates; sixth,
to the Class C Certificates; seventh, to the Class B Certificates; eighth, to the Class A-S Certificates;
and finally, pro rata to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-4A1
Certificates, (iv) Class A-4A2 Certificates, (v) Class A-5 Certificates and (vi) Class A-AB Certificates, based on their
respective Certificate Balances (provided in each case that no Certificate Balance in respect of any such Class may be notionally
reduced below zero). In addition, as of any date of determination for purposes of determining the Controlling Class or the
occurrence of a Control Termination Event, and after taking into account the allocations contemplated by the prior sentence, the
Non-Vertically Retained Percentage of Collateral Deficiency Amounts in respect of the Mortgage Loans shall be applied to notionally
reduce the Certificate Balances of each Class of the Control Eligible of Certificates in the following order of priority (in
each case after taking into account any Appraisal Reduction Amounts allocated thereto): first, to the Class H Certificates;
second, to the Class G Certificates; and third, to the Class F Certificates (provided in each case that no Certificate
Balance in respect of any such Class may be notionally reduced below zero). For the avoidance of doubt, for purposes of determining
the Controlling Class or the occurrence of a Control Termination Event, any Class of

 

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Control Eligible Certificates shall
be allocated the Non-Vertically Retained Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency
Amounts, in accordance with the preceding two sentences.

 

The 360-Non-VRR Percentage
of any Appraisal Reduction Amounts allocated to the Trust Subordinate Companion Loan shall be allocated to each Class of Loan-Specific
Certificates (other than the 360RR Interest) in reverse sequential order to notionally reduce the Certificate Balance thereof until
the related Certificate Balance of each such Class is reduced to zero (i.e., first to the Class 360D Certificates,
second to the Class 360C Certificates, third to the Class 360B Certificates, last to the Class 360A Certificates).
The 360-VRR Percentage of any Appraisal Reduction Amounts allocated to the Trust Subordinate Companion Loan will be allocated to
the 360RR Interest. In addition, for purposes of determining the Loan-Specific Controlling Class, the 360-Non-VRR Percentage of
any Collateral Deficiency Amounts in respect of or allocated to the Trust Subordinate Companion Loan will be allocated to each
Class of Loan-Specific Control Eligible Certificates in reverse sequential order to notionally reduce the Certificate Balance
thereof until the related Certificate Balance of each such Class is reduced to zero (i.e., first to the Class 360D Certificates,
then to the Class 360C Certificates, then to the Class 360B Certificates, then to the Class 360A Certificates). For the avoidance
of doubt, for purposes of determining the Loan-Specific Controlling Class, any Class of Loan-Specific Control Eligible Certificates
will be allocated both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts, as described in this
paragraph.

 

With respect to any Appraisal
Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or, to the extent expressly set forth
herein, for the purposes of allocating and/or exercising Voting Rights or Pooled Voting Rights in connection with certain circumstances
involving the termination of certain parties hereto, and with respect to any Appraisal Reduction Amount or Collateral Deficiency
Amount calculated for purposes of determining the Controlling Class or the Loan-Specific Controlling Class, or the occurrence of
a Control Termination Event, the appraised value of the related Mortgaged Property shall be determined on an “as-is”
basis.

 

The Special Servicer
shall promptly notify the Master Servicer, the Controlling Class Representative (for so long as the Controlling Class Representative
is the applicable Directing Holder or Consulting Party), the Operating Advisor, the Certificate Administrator of the determination
and any redetermination of (i) any Appraisal Reduction Amount, (ii) any Collateral Deficiency Amount, and (iii) any resulting Cumulative
Appraisal Reduction Amount by providing such information in the CREFC® Appraisal Reduction Template or in a format
mutually agreeable to both the Special Servicer and the recipient, and the Certificate Administrator shall promptly post notice
of the determination of any such Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal Reduction
Amount, as applicable, including such CREFC® Appraisal Reduction Template, on the Certificate Administrator’s
Website.

 

Any Appraisal Reduction
Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion
Loan(s) (up to the outstanding principal balance(s) thereof), and then, to the related Serviced Mortgage Loan and any related Serviced
Pari Passu Companion Loan(s), on a pro rata and pari passu basis in accordance with the respective outstanding principal
balances of such related Serviced Mortgage

 

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Loan and the related Serviced Pari Passu Companion Loan(s). Notwithstanding the foregoing,
if so provided in the related Co-Lender Agreement, the holder of a Serviced Subordinate Companion Loan may be permitted to post
cash or a letter of credit to offset all or some portion of an Appraisal Reduction Amount.

 

The Holders of the majority
(by Certificate Balance) of an Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer
to order a second Appraisal of the Mortgaged Property securing any Serviced Loan (or, in the case of a Class of Loan-Specific
Control Eligible Certificates that is an Appraised-Out Class, the related Serviced Loan Combination) as to which there exists an
Appraisal Reduction Amount or a Collateral Deficiency Amount (such Holders, the “Requesting Holders”). The Special
Servicer shall use its reasonable efforts to cause such Appraisal to be (i) delivered within 30 days from receipt of
the Requesting Holders’ written request and (ii) prepared on an “as-is” basis by an Appraiser in accordance
with MAI standards. Upon receipt of such second Appraisal, the Special Servicer shall determine, in accordance with the Servicing
Standard, whether, based on its assessment of such second Appraisal, any recalculation of the applicable Appraisal Reduction Amount
or Collateral Deficiency Amount is warranted and, if so warranted, the Special Servicer shall recalculate such Appraisal Reduction
Amount or Collateral Deficiency Amount, as applicable, based upon such second Appraisal and receipt of information reasonably requested
by the Special Servicer from the Master Servicer and reasonably required to calculate or recalculate the Appraisal Reduction Amount
or Collateral Deficiency Amount, as applicable. The Special Servicer shall promptly deliver notice to the Certificate Administrator
and the Master Servicer of any such determination and recalculation of Appraisal Reduction Amount or Collateral Deficiency Amount,
as applicable, and the Certificate Administrator shall promptly post such notice to the Certificate Administrator’s Website.
If required by any such recalculation, the applicable Appraised-Out Class shall be reinstated as the Controlling Class or
applicable Loan-Specific Controlling Class and each other affected Class of Principal Balance Certificates and the Uncertificated
VRR Interest will, if applicable, have its related Certificate Balance or Uncertificated VRR Interest Balance, as applicable, notionally
restored to the extent required by such recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable.

 

Any Appraised-Out Class as
to which one or more Holders are Requesting Holders challenging the Special Servicer’s Appraisal Reduction Amount or Collateral
Deficiency Amount determination may not exercise any direction, control, consent and/or similar rights of the Controlling Class or
the applicable Loan-Specific Controlling Class, as applicable, until such time, if any, as such Class is reinstated as
the Controlling Class or the applicable Loan-Specific Controlling Class, as applicable, and no Control Termination Event exists,
in the case of the Controlling Class, or a Control Appraisal Period in respect of the related Serviced Loan Combination does not
exist, in the case of a Loan-Specific Controlling Class, and the rights of the Controlling Class or the applicable Loan-Specific
Controlling Class shall be exercised by the most subordinate Class of Control Eligible Certificates or Loan-Specific
Control Eligible Certificates, as applicable, that is not an Appraised-Out Class, if any, during such period.

 

Appraisals that are to
be obtained by the Special Servicer at the request of, Holders of an Appraised-Out Class shall be in addition to any Appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any Holder of an Appraised-Out Class.

 

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(b)          
In connection with any foreclosure, enforcement of the Loan Documents or other acquisition, the Master Servicer in accordance
with Section 3.20 of this Agreement shall pay the out-of-pocket costs and expenses in any such proceedings as a Property
Advance unless the Master Servicer determines, in accordance with the Servicing Standard, that such Advance would constitute a
Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the
Collection Account). The Master Servicer shall be entitled to reimbursement of Advances (with interest at the Advance Rate) made
pursuant to the preceding sentence to the extent permitted by Section 3.06(a)(ii) of this Agreement.

 

Subject to Section 3.21
of this Agreement, if the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the
state where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against
the related Mortgagor or any other liable party if the laws of the state do not permit such a deficiency judgment after a non-judicial
foreclosure or if the Special Servicer determines, in accordance with the Servicing Standard, that the likely recovery if a deficiency
judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment
and such determination is evidenced by an Officer’s Certificate delivered to the Trustee, the Certificate Administrator,
any applicable Directing Holder and any applicable Consulting Party.

 

In the event that title
to any Mortgaged Property (other than any Mortgaged Property related to an Outside Serviced Mortgage Loan) is acquired in foreclosure
or by deed-in-lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, to a co-trustee or to its nominee
(which shall not include the Master Servicer but may be a single member limited liability company owned by the Trust and managed
by the Special Servicer) or a separate trustee or co-trustee on behalf of the Trustee as holder of the Lower-Tier Regular
Interests, the MGM Grand & Mandalay Bay Trust REMIC Regular Interests and the 360 Spear Regular Interests and on behalf of
the Holders of the Certificates, the Uncertificated VRR Interest Owner and, if applicable, and the related Serviced Companion Loan
Holders. Notwithstanding any such acquisition of title and cancellation of the related Serviced Mortgage Loan, the related Serviced
Mortgage Loan shall (except for purposes of Section 9.01) be considered to be an REO Mortgage Loan held in the Trust
Fund until such time as the related REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of
expenses.

 

(c)           
Notwithstanding any provision to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund
any personal property pursuant to this Section 3.10 unless either:

 

(i)            
such personal property is (in the good faith judgment of the Special Servicer) incident to real property (within the
meaning of Code Section 856(e)(1)) so acquired by the Special Servicer for the benefit of the Trust Fund; or

 

(ii)          
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust
Fund) to the effect that the holding of such personal property by the Trust Fund will not cause the imposition

 

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of a tax on a Trust
REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause
the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.

 

(d)          
Notwithstanding any provision to the contrary in this Agreement, neither the Special Servicer nor the Master Servicer shall,
on behalf of the Trust Fund or, if applicable, the related Serviced Companion Loan Holder, obtain title to any direct or indirect
partnership or membership interest or other equity interest in any Mortgagor pledged pursuant to any pledge agreement, unless the
Master Servicer or the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense
of the Trust Fund) to the effect that the holding of such partnership or membership interest or other equity interest by the Trust
Fund will not cause the imposition of a tax on a Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify
as a REMIC for federal income tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income
tax purposes at any time that any Certificate is outstanding.

 

(e)           
Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of
the Trust Fund or, if applicable, the related Serviced Companion Loan Holders, obtain title to a Mortgaged Property as a result
of foreclosure or by deed-in-lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership or membership
interest in any Mortgagor pledged pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, and
shall not otherwise acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of
any such action, the Custodian, the Trustee, the Certificate Administrator, the Trust Fund, the Certificateholders, the Uncertificated
VRR Interest Owner or, if applicable, the related Serviced Companion Loan Holders, would be considered to hold title to, or be
a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property
within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to
time, or any comparable law, unless the Special Servicer has previously determined in accordance with the Servicing Standard, based
on an updated environmental assessment report prepared by an Independent Person who regularly conducts environmental audits, that:

 

(i)            
such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental
consultant, that it would be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder (as
a collective whole) to take such actions as are necessary to bring such Mortgaged Property in compliance therewith; and

 

(ii)          
there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous
Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently
effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action
could be

 

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required, after consultation with an environmental consultant, it would be in the best economic interest of the Trust
Fund and any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, any related
Serviced Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into
account the subordinate nature of any related Subordinate Companion Loan(s))) to take such actions with respect to the affected
Mortgaged Property as could be required by such law or regulation.

 

In the event that the
environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged
Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively
establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person
who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders, the
Uncertificated VRR Interest Owner and any related Serviced Companion Loan Holder. Any such tests shall be deemed part of the environmental
assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

In the event that the
Special Servicer seeks to obtain title to a Mortgaged Property on behalf of the Trust Fund and any related Serviced Companion Loan
Holder, the Special Servicer may, in its discretion, establish a single member limited liability company with the Trust Fund and
any related Serviced Companion Loan Holder as the sole owner to hold title to such Mortgaged Property.

 

(f)           
The environmental assessment contemplated by Section 3.10(e) of this Agreement shall be prepared within
three months of the determination that such assessment is required by any Independent Person who regularly conducts environmental
audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special Servicer in
a manner consistent with the Servicing Standard and, if applicable, any secured creditor impaired property policy issued on or
prior to the Closing Date with respect to any Trust Loan (including that the environmental assessment identify any potential pollution
conditions (as defined in the environmental insurance policy) with respect to the related Mortgaged Property). The Master
Servicer shall advance the cost of preparation of such environmental assessments unless the Master Servicer determines, in accordance
with the Servicing Standard, that such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense
of the Trust Fund and paid by the Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement
of Advances (with interest at the Advance Rate) made pursuant to the preceding sentence in the manner set forth in Section 3.06
of this Agreement. Copies of any environmental assessment prepared pursuant to Section 3.10(e) of this Agreement shall
be provided to the Holder of any Principal Balance Certificates and any related Serviced Companion Loan Holder upon written request
to the Special Servicer.

 

(g)          
If the Special Servicer determines pursuant to Section 3.10(e)(i) of this Agreement that a Mortgaged Property
is not in compliance with applicable environmental laws, but that it is in the best economic interest of the Trust Fund and any
related Serviced Companion Loan Holder(s), as a collective whole as if the Trust Fund and any related

 

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Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of
any related Subordinate Companion Loan(s)), to take such actions as are necessary to bring such Mortgaged Property in compliance
therewith, or if the Special Servicer determines pursuant to Section 3.10(e)(ii) of this Agreement that the circumstances
referred to therein relating to Hazardous Materials are present, but that it is in the best economic interest of the Trust Fund
and any related Serviced Companion Loan Holder(s), as a collective whole as if the Trust Fund and any related Serviced Companion
Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate
nature of any related Subordinate Companion Loan(s)), to take such action with respect to the containment, clean-up or remediation
of Hazardous Materials affecting such Mortgaged Property as is required by law or regulation, then the Special Servicer shall take
such action as it deems to be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder(s),
as a collective whole as if the Trust Fund and any related Serviced Companion Loan Holder(s) constituted a single lender (and,
in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan(s)). The Master Servicer shall pay the cost of any such compliance, containment, clean-up or remediation from the Collection
Account.

 

(h)          
The Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting
to the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be
reported with respect to any Mortgage Loan or Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer
shall report to the IRS and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer
shall report, via IRS Form 1099C, all forgiveness of indebtedness to the extent such information has been provided to the
Master Servicer by the Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee,
the Certificate Administrator and, if affected, to any related Serviced Companion Loan Holder.

 

Section 3.11              
Trustee, Certificate Administrator and Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full
of any Mortgage Loan or Serviced Loan Combination or the receipt by the Master Servicer or the Special Servicer of a notification
that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer shall
immediately notify the Trustee, the Certificate Administrator and the Custodian and, if affected, the related Serviced Companion
Loan Holder by delivery of a certification (which certification shall include a statement to the effect that all amounts received
or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.05
of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the Mortgage File.
No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Trust
Fund.

 

From time to time upon
request of the Master Servicer or Special Servicer and delivery to the Certificate Administrator of a Request for Release, the
Certificate Administrator (or a Custodian appointed by it) shall promptly release the Mortgage File (or any portion thereof) designated
in such Request for Release to the Master Servicer or Special Servicer, as applicable.

 

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Upon return of the foregoing to the Certificate
Administrator (or a Custodian appointed by it) or, in the event of a liquidation or conversion of the Mortgage Loan or Serviced
Loan Combination into an REO Property, receipt by the Trustee and the Certificate Administrator of a certificate of a Servicing
Officer stating that such Mortgage Loan or Serviced Loan Combination was liquidated and that all amounts received or to be received
in connection with such liquidation which are required to be deposited into the Collection Account have been so deposited, or that
such Mortgage Loan or Serviced Loan Combination has become an REO Property, the Certificate Administrator shall deliver (or cause
any Custodian appointed by it to deliver) a copy of the Request for Release to the Master Servicer or Special Servicer, as applicable.

 

Within three (3) Business
Days, after receipt of written certification of a Servicing Officer, the Trustee shall execute and deliver to the Special Servicer
any court pleadings, requests for trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys
and reasonably acceptable to the Trustee, necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property
or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Loan or Serviced Loan Combination, or to
obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Loan Documents or otherwise available
at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Trustee
and a statement as to the reason such documents or pleadings are required, and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the Mortgage or other security agreement, except for the termination of such
a lien upon completion of the foreclosure or trustee’s sale.

 

If from time to time,
pursuant to the terms of the Co-Lender Agreement and the applicable Outside Servicing Agreement related to an Outside Serviced
Mortgage Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Outside Serviced Mortgage Loan,
the related Outside Servicer, the related Outside Special Servicer or other similar party requests delivery to it of the original
Note for such Outside Serviced Mortgage Loan, then such party shall deliver a Request for Release in the form of Exhibit C
attached hereto to the Certificate Administrator and the Certificate Administrator shall release (or cause any Custodian appointed
by it to release) such original Note to the requesting party or its designee. In connection with the release of the original Note
for an Outside Serviced Mortgage Loan in accordance with the preceding sentence, the Certificate Administrator (or a Custodian
appointed by it) shall obtain such documentation as is appropriate to evidence the holding by the related Outside Servicer, the
related Outside Special Servicer or such other similar party, as the case may be, of such original Note as custodian on behalf
of and for the benefit of the Trustee.

 

Section 3.12              
Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation.

 

(a)           
As compensation for its activities hereunder, the Master Servicer shall be entitled, with respect to each Mortgage Loan
(including each Mortgage Loan that is a Specially Serviced Loan and each Outside Serviced Mortgage Loan), each REO Mortgage Loan,
each Serviced Companion Loan (including each Serviced Companion Loan that is a Specially Serviced Loan) and each REO Companion
Loan that is included as part of a Serviced Loan Combination and each Interest Accrual Period, to the Servicing Fee, which shall
be payable from amounts on deposit in the Collection Account and/or, in the case of

 

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a Serviced Loan Combination or portion thereof,
the related Loan Combination Custodial Account as set forth in Section 3.06(a)(iii) and Section 3.06(a)(vii)
and/or Section 3.06A of this Agreement, as applicable. In addition, the Master Servicer shall be entitled to receive,
as additional servicing compensation (the following items, collectively, “Additional Servicing Compensation”),
(i) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced
Loan (except in connection with any Payment Accommodation) consented to by the Master Servicer pursuant to Section 3.24
of this Agreement that did not require the approval of the Special Servicer, (ii) 50% of any Excess Modification Fees with
respect to a modification, waiver, extension or amendment of a Performing Serviced Loan (except in connection with any Payment
Accommodation) consented to by the Special Servicer pursuant to Section 3.24 of this Agreement (whether or not the
Special Servicer elects to handle any related processing), (iii) (A) 0% of any Excess Modification Fees in respect of a Payment
Accommodation that is processed by the Special Servicer, whether or not the subject Mortgage Loan is a Specially Serviced Loan
and (B) 100% of any Excess Modification Fees in respect of a Payment Accommodation processed by the Master Servicer (with the agreement
of the Special Servicer as described in Section 3.24(a) of this Agreement) with respect to a Performing Serviced Loan, (iv) 100%
of any defeasance fee received in connection with a defeasance of a Serviced Loan as contemplated under Section 3.09
of this Agreement (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s
portion of any Modification Fees or waiver fees in connection with a defeasance to which the Special Servicer is entitled under
this Agreement), (v) 100% of any Assumption Fees with respect to a Performing Serviced Loan involving a transaction described
in the definition of “Assumption Fees” consented to by the Master Servicer that did not require the approval of the
Special Servicer, (vi) 50% of any Assumption Fees with respect to a Performing Serviced Loan involving a transaction described
in the definition of “Assumption Fees” consented to by the Special Servicer (whether or not the Special Servicer elects
to handle any related processing), (vii) the aggregate Prepayment Interest Excess (exclusive of any portion thereof attributable
to an Outside Serviced Mortgage Loan), but only to the extent such amount is not required to be included in any Compensating Interest
Payment, in each case to the extent received and not required to be deposited or retained in the Collection Account pursuant to
Section 3.05 of this Agreement, and (in the case of a Serviced Companion Loan) to the extent permitted under the related
Co-Lender Agreement, (viii) 100% of Ancillary Fees (other than (A) fees for insufficient or returned checks and (B) beneficiary
statement charges) actually received from Mortgagors in the case of items prepared by the Master Servicer or with respect to the
accounts held by the Master Servicer pursuant to this Agreement or the related Loan Documents, including the Collection Account
or any related subaccount, any Escrow Account or related subaccount, any Loan Combination Custodial Account or related subaccount,
any Lock-Box Account or related subaccount or any reserve account or related subaccount, (ix) 100% of assumption application fees actually
received from Mortgagors on Performing Serviced Loans (if the related assumption was processed by the Master Servicer), (x) 100%
of Consent Fees with respect to a Performing Serviced Loan (except in connection with any Payment Accommodation) that did not require
the approval of, or processing by, the Special Servicer, (xi) 50% of any Consent Fees with respect to a Performing Serviced
Loan (except in connection with any Payment Accommodation)

 

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consented to by the Special Servicer (regardless of whether the Master
Servicer or the Special Servicer processes the related servicing matter), (xii) (A) 0% of any Consent Fees in respect of a Payment
Accommodation that is processed by the Special Servicer, whether or not the subject Mortgage Loan is a Specially Serviced Loan
and (B) 100% of any Consent Fees in respect of a Payment Accommodation processed by the Master Servicer (with the agreement of
the Special Servicer as described in Section 3.24(a) of this Agreement) with respect to a Performing Serviced Loan, (xiii) 100%
of Excess Penalty Charges paid by the Mortgagors with respect to any Serviced Loan other than Excess Penalty Charges accrued during
the period such Serviced Loan is a Specially Serviced Loan (provided that for the avoidance of doubt, the Master Servicer
shall be entitled to any collections of Excess Penalty Charges that represent amounts accrued while the related Serviced Loan is
a Performing Serviced Loan even if collected when the Serviced Loan is a Specially Serviced Loan), (xiv) 100% of fees for
insufficient or returned checks actually received from Mortgagors relating to the accounts held by the Master Servicer, and (xv)
100% of beneficiary statement charges actually received from Mortgagors to the extent the related beneficiary statements were prepared
by the Master Servicer; provided, however, that the Master Servicer shall not be entitled to apply or retain any
amounts described in clauses (i) through (vi) above as additional compensation with respect to a specific Mortgage Loan or
Serviced Loan Combination, as applicable, with respect to which a default or event of default thereunder has occurred and is continuing
unless and until such default or event of default has been cured (or has been waived in accordance with the terms of this Agreement)
and all delinquent amounts required to have been paid by the Mortgagor, Advance Interest Amounts and Additional Trust Fund Expenses
(other than Special Servicing Fees, Workout Fees and Liquidation Fees) both (x) due with respect to such Mortgage Loan
or Serviced Loan Combination, as applicable, and (y) in the case of expense items, that arose within the last 12 months,
have been paid. The Master Servicer shall also be entitled pursuant to, and to the extent provided for in Sections 3.06(a)(iii),
Section 3.06(A) and Section 3.07(b), to withdraw from the Collection Account and the Loan Combination Custodial
Accounts and to receive from any Mortgagor Accounts (to the extent not payable to the related Mortgagor under a Mortgage Loan or
Serviced Loan Combination or applicable law) any interest or other income earned on deposits therein. Interest or other income
earned on funds in the Collection Account, Loan Combination Custodial Account and Mortgagor Accounts (to the extent consistent
with the related Loan Documents), shall be paid to the Master Servicer as additional servicing compensation and interest or other
income earned on funds in any REO Account shall be payable to the Special Servicer. In addition, the Master Servicer shall be entitled
to charge and retain reasonable review fees in connection with any Mortgagor request with respect to any Performing Serviced Loan
as to which the Mortgagor request does not relate to a Major Decision or a Special Servicer Decision or in connection with any
Mortgagor request that relates to a Major Decision or Special Servicer Decision being processed by the Master Servicer with the
mutual agreement of the Special Servicer, to the extent such fees are (i) not inconsistent with the related Loan Documents, (ii)
in accordance with the Servicing Standard and (iii) actually paid by or on behalf of the related Mortgagor. The Special Servicer
shall not waive any review fee due to the Master Servicer without the Master Servicer’s consent. Notwithstanding the foregoing,
the Master Servicer’s right to the

 

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additional servicing compensation described in this paragraph with respect to a Serviced
Companion Loan shall be subject to the related Co-Lender Agreement.

 

For the avoidance of
doubt, with respect to any Excess Modification Fee, Assumption Fee, Consent Fee or other fee with respect to a Performing Serviced
Loan that is required to be split between the Master Servicer and the Special Servicer pursuant to the terms of this Agreement,
the Master Servicer and the Special Servicer shall each have the right in its sole discretion, but not any obligation, to reduce
or elect not to charge its respective percentage interest in any such fee; provided, however (x) neither the Master Servicer nor
the Special Servicer shall have the right to reduce or elect not to charge the percentage interest of any fee due to the other
and (y) to the extent either of the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge
its respective percentage interest in any fee, the party that reduced or elected not to charge such fee shall not have any right
to share in any portion of the other party’s fee. For the avoidance of doubt, if the Master Servicer decides not to charge
any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer would have
been entitled to if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged
by the Special Servicer. The foregoing provisions of this paragraph shall only apply to Performing Serviced Loans and, subject
to the other terms of this Agreement, shall not prohibit any waiver or reduction by the Special Servicer of any fee payable by
the Mortgagor with respect to any Specially Serviced Loan.

 

Midland Loan Services,
a Division of PNC Bank, National Association and any successor holder of the Excess Servicing Fee Rights shall be entitled, at
any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not
in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided
that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment
is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws
and is otherwise made in accordance with the Securities Act and such state securities laws, (ii) the prospective transferor
shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit CC-1 to this Agreement,
and (iii) the prospective transferee shall have delivered to Midland Loan Services, a Division of PNC Bank, National Association
and the Depositor a certificate substantially in the form attached as Exhibit CC-2 to this Agreement. None of the Depositor,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar
is obligated to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take
any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing
Fee Right without registration or qualification. Midland Loan Services, a Division of PNC Bank, National Association and each holder
of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right
shall, and Midland Loan Services, a Division of PNC Bank, National Association hereby agrees, and each such holder of an Excess
Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any
transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Uncertificated VRR
Interest Owner, the Trust, the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee,
the Custodian, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Registrar and the
Special Servicer against any liability

 

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that may result if such transfer is not exempt from registration and/or qualification under
the Securities Act or other applicable federal and state securities laws or is not made in accordance with such federal and state
laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the
holder thereof shall be deemed to have agreed not to use or disclose any information received in connection with its acquisition
and holding of such Excess Servicing Fee Right in any manner that could result in a violation of any provision of the Securities
Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee
Right, the Person then acting as the Master Servicer shall pay, out of each amount paid to such Master Servicer as Servicing Fees
with respect to each related Mortgage Loan or REO Mortgage Loan, as the case may be, the related Excess Servicing Fees to the holder
of such Excess Servicing Fee Right within one (1) Business Day following the payment of such Servicing Fees to the Master Servicer,
in each case in accordance with payment instructions provided by such holder in writing to the Master Servicer. The holder of an
Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this
paragraph. None of the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer,
the Depositor, the Special Servicer, the Trustee or the Custodian shall have any obligation whatsoever regarding payment of the
Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

Except as otherwise provided
herein, the Master Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any Sub-Servicers retained by it.

 

The Master Servicer will
not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan. Notwithstanding anything herein to the contrary,
in the case of a Serviced Loan Combination, in no event shall Servicing Fees with respect to the related Mortgage Loan (including
an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced Pari Passu Companion
Loan(s), and in no event shall Servicing Fees with respect to the related Serviced Pari Passu Companion Loan(s) (including an REO
Companion Loan) be payable out of payments and other collections with respect to the related Mortgage Loan or the Mortgage Pool.
In addition, with respect to any Serviced Subordinate Companion Loan, in no event shall Servicing Fees with respect to such Serviced
Subordinate Companion Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any
related Serviced Pari Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended
to limit the rights, if any, of the Master Servicer under the related Co-Lender Agreement to seek payment of unpaid Servicing Fees
with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(b)          
As compensation for its activities hereunder, on each Distribution Date the Trustee shall be entitled with respect to each
Trust Loan to its portion of the Trustee/Certificate Administrator Fee, and the Certificate Administrator shall be entitled with
respect to each Trust Loan to its portion of the Trustee/Certificate Administrator Fee. The Certificate Administrator shall pay
the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. Except as otherwise provided herein, the
Trustee/Certificate Administrator Fee includes all routine expenses of the Trustee, the

 

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Certificate Registrar, the Paying Agent,
the Certificate Administrator and the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’s rights
to the Trustee/Certificate Administrator Fee may not be transferred in whole or in part except in connection with the transfer
of all of the Trustee’s or Certificate Administrator’s, as applicable, responsibilities and obligations under this
Agreement.

 

(c)           
As compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced
Loan (including each Serviced Companion Loan that is included as part of each Serviced Loan Combination) in respect of each Interest
Accrual Period to the Special Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or, in
the case of a Serviced Loan Combination or portion thereof, the related Loan Combination Custodial Account as set forth in Section 3.06(a)
and Section 3.06A. The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under
this Agreement. In addition, the Special Servicer shall be entitled to receive, as additional servicing compensation (the following
items, collectively, the “Additional Special Servicing Compensation”): (i) 50% of any Excess Modification
Fees with respect to a modification, waiver, extension or amendment of a Performing Serviced Loan (except in connection with any
Payment Accommodation) consented to by the Special Servicer pursuant to Section 3.24 of this Agreement (whether or
not the Special Servicer elects to handle any related processing); (ii) 100% of any Excess Modification Fees with respect
to a modification, waiver, extension or amendment of a Specially Serviced Loan consented to by the Special Servicer pursuant to
Section 3.24 of this Agreement; (iii) 100% of any Excess Modification Fees in respect of a Payment Accommodation that
is processed by the Special Servicer, whether or not the subject Mortgage Loan is a Specially Serviced Loan and (B) 0% of any Excess
Modification Fees in respect of a Payment Accommodation processed by the Master Servicer (with the agreement of the Special Servicer
as described in Section 3.24(a) of this Agreement) with respect to a Performing Serviced Loan; (iv) 100% of any Assumption
Fees with respect to a Specially Serviced Loan; (v) 50% of any Assumption Fees with respect to a Performing Serviced Loan
involving a transaction described in the definition of “Assumption Fees” consented to by the Special Servicer (whether
or not the Special Servicer elects to handle any related processing); (vi) 100% of Ancillary Fees (other than (A) fees
for insufficient or returned checks and (B) beneficiary statement charges) actually received from Mortgagors in the case of
items prepared by the Special Servicer or with respect to accounts held by the Special Servicer pursuant to this Agreement or the
related Loan Documents, including the Loss of Value Reserve Fund and any REO Accounts; (vii) 100% of assumption application
fees actually received from Mortgagors on (A) Specially Serviced Loans and (B) Performing Serviced Loans if the related
assumption was processed by the Special Servicer; (viii) 100% of Consent Fees with respect to a Specially Serviced Loan; (ix) 50%
of any Consent Fees with respect to a Performing Serviced Loan (except in connection with any Payment Accommodation) consented
to by the Special Servicer (regardless of whether the Master Servicer or the Special Servicer processes the related servicing matter);
(x) (A) 100% of any Consent Fees in respect of a Payment Accommodation that is processed by the Special Servicer, whether or not
the subject Mortgage Loan is a Specially Serviced Loan and (B) 0% of any Consent Fees in respect of a Payment Accommodation processed
by the Master Servicer (with the 

 

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agreement of
the Special Servicer as described in Section 3.24(a) of this Agreement) with respect to a Performing Serviced Loan; (xi) 100%
of Excess Penalty Charges accrued with respect to any Serviced Loan during the period such Serviced Loan is a Specially Serviced
Loan and actually received from the Mortgagors (provided that for the avoidance of doubt, the Special Servicer shall be
entitled to any collections of Excess Penalty Charges that represent amounts accrued while the related Serviced Loan is a Specially
Serviced Loan even if collected when the Serviced Loan is not a Specially Serviced Loan); (xii) any interest or other income
earned on deposits in the REO Accounts and any Loss of Value Reserve Fund; (xiii) 100% of fees for insufficient or returned
checks actually received from Mortgagors relating to the accounts held by the Special Servicer; and (xiv) 100% of beneficiary
statement charges actually received from Mortgagors to the extent the related beneficiary statements were prepared by the Special
Servicer. In addition, the Special Servicer shall be entitled to charge and retain reasonable review fees in connection with any
Mortgagor request with respect to any Specially Serviced Loan or any Mortgagor request with respect to with respect to any Performing
Serviced Loan that is being processed by the Special Servicer, to the extent such fees are (i) not inconsistent with the
related Loan Documents, (ii) in accordance with the Servicing Standard and (iii) actually paid by or on behalf of the
related Mortgagor. The Master Servicer shall not waive any review fee due to the Special Servicer without the Special Servicer’s
consent. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to the Outside Serviced Mortgage
Loans. Notwithstanding the foregoing, the Special Servicer’s right to the additional servicing compensation described in
this paragraph with respect to a Serviced Companion Loan shall be subject to the related Co-Lender Agreement.

 

For the avoidance of
doubt, with respect to any Excess Modification Fee, Assumption Fee, Consent Fee or other fee with respect to a Performing Serviced
Loan that is required to be split between the Master Servicer and the Special Servicer pursuant to the terms of this Agreement,
the Master Servicer and the Special Servicer shall each have the right in its sole discretion, but not any obligation, to reduce
or elect not to charge its respective percentage interest in any such fee; provided, however (x) neither the Master Servicer nor
the Special Servicer shall have the right to reduce or elect not to charge the percentage interest of any fee due to the other
and (y) to the extent either of the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge
its respective percentage interest in any fee, the party that reduced or elected not to charge such fee shall not have any right
to share in any portion of the other party’s fee. For the avoidance of doubt, if the Master Servicer decides not to charge
any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer would have
been entitled to if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged
by the Special Servicer. The foregoing provisions of this paragraph shall only apply to Performing Serviced Loans and, subject
to the other terms of this Agreement, shall not prohibit any waiver or reduction by the Special Servicer of any fee payable by
the Mortgagor with respect to any Specially Serviced Loan.

 

Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder.

 

The Special Servicer
shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected Loan at
the Workout Fee Rate on such

 

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Mortgage Loan or Serviced Loan Combination for so long as it remains a Corrected Loan. The Special
Servicer shall not be entitled to any Workout Fee with respect to any Outside Serviced Mortgage Loan. The Workout Fee with respect
to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new
Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. If the Special Servicer
is terminated (other than for cause) or resigns: (1) it shall retain the right to receive any and all Workout Fees payable
in respect of Mortgage Loans or Serviced Loan Combinations that became Corrected Loans prior to the time of that termination or
resignation, except the Workout Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination subsequently
becomes a Specially Serviced Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan or Serviced
Loan Combination that was, at the time of that termination or resignation, a Specially Serviced Loan for which the resigning or
terminated Special Servicer had cured the event of default through a modification, restructuring or workout negotiated by the Special
Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was terminated become
a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive full and timely Monthly Payments
as described in clause (w) of the definition of “Specially Serviced Loan” and which thereafter becomes a Corrected
Loan as a result of the Mortgagor making such three consecutive full and timely Monthly Payments as described in clause (w)
of the definition of “Specially Serviced Loan”, except the Workout Fees will no longer be payable if any such
Mortgage Loan or Serviced Loan Combination subsequently becomes a Specially Serviced Loan. In either case, the successor special
servicer will not be entitled to any portion of such Workout Fees. The Special Servicer shall also be entitled to additional servicing
compensation in the form of a Liquidation Fee (other than with respect to the Outside Serviced Mortgage Loans) payable out of the
Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds in the Collection Account or the Loan Combination Custodial
Account, as applicable. However, no Liquidation Fee will be payable with respect to an Outside Serviced Mortgage Loan or in connection
with, or out of, Liquidation Proceeds as set forth in the final two provisos of the definition of “Liquidation Fee”
herein. Notwithstanding anything herein to the contrary, the Special Servicer shall not be entitled to receive both a Liquidation
Fee and a Workout Fee with respect to any specific collections or proceeds on any Mortgage Loan or Serviced Loan Combination. For
purposes of the foregoing provisions of this Section 3.12(c), a termination and removal of the Special Servicer under
Section 6.08 of this Agreement shall be deemed to constitute a termination without cause.

 

If at any time a Mortgage
Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall use its reasonable efforts to collect
the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the related Mortgagor pursuant to the related
Loan Documents, including exercising all remedies available under such Loan Documents that would be in accordance with the Servicing
Standard, specifically taking into account the costs or likelihood of success of any such collection efforts and the Realized Loss(es)
that would be incurred by Certificateholders in connection therewith as opposed to the Realized Loss(es) that would be incurred
as a result of not collecting such amounts from the related Mortgagor.

 

The Special Servicer
shall not be entitled to any Liquidation Fee with respect to any Outside Serviced Mortgage Loan or any Outside Serviced Companion
Loan. In addition, the

 

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Special Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, in the case of a Serviced Loan Combination, in no event shall Special Servicing Compensation with respect
to the related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to
the related Serviced Pari Passu Companion Loan(s), and in no event shall Special Servicing Compensation with respect to the related
Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections with respect
to the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, unless
otherwise provided in the related Co-Lender Agreement, in no event shall Special Servicing Compensation with respect to such Companion
Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari
Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights
of the Special Servicer under the related Co-Lender Agreement to seek payment of unpaid Special Servicing Compensation with respect
to any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(d)          
Notwithstanding anything herein to the contrary, any fees or other charges charged by the Master Servicer or the Special
Servicer in connection with processing any Payment Accommodation with respect to any Serviced Loan (in the aggregate with each
other such Payment Accommodation with respect to such Serviced Loan) shall not exceed $45,000 (excluding attorneys’ fees
and out-of-pocket third party expenses) (the “Payment Accommodation Fee Cap”) and shall only be borne by the
related borrower, not the Trust. For the avoidance of doubt, in the event of a borrower default under a Payment Accommodation,
the Payment Accommodation Fee Cap shall only apply to the initial processing of such Payment Accommodation, and, in such event,
the Master Servicer or the Special Servicer, as applicable, shall be entitled to all fees that would be payable to it pursuant
to the terms of this Agreement with respect to further servicing actions with respect to the related Mortgage Loan

 

(e)           
The Master Servicer, Special Servicer, the Certificate Administrator and Trustee shall be entitled to reimbursement from
the Trust Fund for the costs and expenses incurred by them in the performance of their duties under this Agreement which are “unanticipated
expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses
shall include, by way of example and not by way of limitation, environmental assessments, Appraisals in connection with foreclosure,
the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(vi)
of this Agreement.

 

(f)           
No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of
any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business
judgment of the Master Servicer, Special Servicer, the Certificate Administrator or the Trustee, as the case may be, repayment
of such funds

 

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would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Condemnation Proceeds, Net Liquidation
Proceeds and other collections on or in respect of the Mortgage Loans or Serviced Loan Combination (to the extent recovery is permitted
from a Serviced Loan Combination hereunder) or from adequate indemnity from other assets comprising the Trust Fund against such
risk or liability.

 

If the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request or inquiry from a
Mortgagor, any Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s
or the Operating Advisor’s commercially reasonable judgment or the Certificate Administrator’s or the Trustee’s
good faith business judgment require the assistance of Independent legal counsel or other consultant to the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee the cost of which would not be an expense
of the Trust Fund hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless the
Mortgagor or such Certificateholder or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s or the Trustee’s expenses
associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee as the case may be,
in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator or the Trustee as the case may be, shall have no liability to any Person for the failure to respond
to such request or inquiry.

 

(g)          
With respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer,
within two Business Days following the related Determination Date, and the Master Servicer shall deliver, to the extent it has
received such information, to the Certificate Administrator, without charge and within one Business Day prior to the related Distribution
Date, an electronic report that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by
the Special Servicer or any of its Affiliates during the related Collection Period; provided, that no such report shall
be due in any month during which no Disclosable Special Servicer Fees were received.

 

(h)          
The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees or rebates) from any Person (including, without limitation,
the Trust, any Mortgagor, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan or Serviced Companion
Loan and any purchaser of any Serviced Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition,
workout or foreclosure of any Serviced Loan, the management or disposition of any REO Property, or the performance of any other
special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided
that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees or the fees received by any Person acting as
an Outside Servicer or Outside Special Servicer as expressly provided for under the applicable Outside Servicing Agreement with
respect to

 

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an Outside Serviced Mortgage Loan, or as master servicer or special servicer as expressly provided for under the applicable
Other Pooling and Servicing Agreement governing the securitization of a Serviced Companion Loan. For the avoidance of doubt, the
foregoing is not intended to act as a prohibition on the right of any entity acting in the capacities of both Master Servicer and
Special Servicer from receiving or retaining any fees, compensation or other remuneration it is entitled to in its capacity as
Master Servicer pursuant to this Agreement.

 

(i)            
If a Servicing Shift Mortgage Loan becomes a Specially Serviced Mortgage Loan prior to the related Servicing Shift Date,
the Special Servicer shall service and administer the related Loan Combination and any related REO Property in the same manner
as any other Specially Serviced Loan or REO Property and shall be entitled to all rights and compensation earned with respect to
the related Loan Combination during the period for which it acts as Special Servicer of the related Loan Combination. With respect
to a Servicing Shift Mortgage Loan, prior to the related Servicing Shift Date, no other special servicer will be entitled to any
such compensation or have such rights and obligations. If a Servicing Shift Mortgage Loan is still a Specially Serviced Mortgage
Loan on the related Servicing Shift Date, the related Outside Special Servicer and the Special Servicer shall be entitled to compensation
with respect to the related Loan Combination as if the Special Servicer were being terminated as Special Servicer and the related
Outside Special Servicer were replacing it as the successor special servicer. Upon receipt of notice of its termination as Special
Servicer with respect to a Servicing Shift Mortgage Loan, the Special Servicer shall reasonably cooperate with the related Outside
Special Servicer in connection with the servicing transition of such Servicing Shift Mortgage Loan on and after the related Servicing
Shift Date.

 

Section 3.13              
Compensating Interest Payments. The Master Servicer shall deliver to the Certificate Administrator for deposit in
the Lower-Tier REMIC Distribution Account (other than the portion of any Compensating Interest Payment described below that is
allocable to a Serviced Companion Loan which shall be remitted by the Master Servicer to the related Serviced Companion Loan Holder
or, in the case of the Trust Subordinate Companion Loan, delivered to the Certificate Administrator for deposit in the 360 Spear
REMIC Distribution Account) on each Master Servicer Remittance Date, without any right of reimbursement therefor, an amount, with
respect to each Mortgage Loan (other than an Outside Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan,
equal to the lesser of:

 

(i)            
the aggregate of all Prepayment Interest Shortfalls incurred in connection with voluntary Principal Prepayments received
in respect of the Mortgage Loans (other than the Outside Serviced Mortgage Loans), any related Serviced Pari Passu Companion Loan(s)
and the Trust Subordinate Companion Loan (in each case other than a Specially Serviced Loan or a Mortgage Loan, any related Serviced
Pari Passu Companion Loan or the Trust Subordinate Companion Loan on which the Special Servicer allowed a prepayment on a date
other than the applicable Due Date) for the related Distribution Date; and

 

(ii)          
the aggregate of (A) that portion of the Master Servicer’s Servicing Fees for the related Distribution Date that
is, in the case of each Mortgage Loan,

 

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Serviced Pari Passu Companion Loan, Trust Subordinate Companion Loan and REO Loan for which
such Servicing Fees are being paid in such Collection Period, calculated at a rate of 0.00125% per annum, and (B) all
Prepayment Interest Excesses received by the Master Servicer during such Collection Period with respect to the Mortgage Loans and
the Trust Subordinate Companion Loan (and, so long as a Loan Combination is serviced under this Agreement and the related Co-Lender
Agreement so permits, any related Serviced Companion Loan) and net investment earnings on such Prepayment Interest Excesses. In
no event will the rights of the Certificateholders and the Uncertificated VRR Interest Owner to the offset of the aggregate Prepayment
Interest Shortfalls be cumulative.

 

If a Prepayment Interest
Shortfall occurs with respect to a Trust Loan as a result of the Master Servicer allowing the related Mortgagor to deviate from
the terms of the related Loan Documents regarding Principal Prepayments (other than (w) if the Trust Loan is an Outside Serviced
Mortgage Loan, (x) subsequent to a default under the related Loan Documents or if the Trust Loan is a Specially Serviced Loan,
(y) pursuant to applicable law or a court order or otherwise in such circumstances where the Master Servicer is required to
accept such principal prepayment in accordance with the Servicing Standard, or (z) in connection with the payment of any Insurance
Proceeds or Condemnation Proceeds) (a “Prohibited Prepayment”), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) of the preceding
paragraph, the amount of the Prepayment Interest Shortfall with respect to such Trust Loan otherwise described in clause (i)
of the preceding paragraph in connection with such Prohibited Prepayment.

 

Compensating Interest
Payments with respect to a Serviced Loan Combination shall be allocated: first, between the related Mortgage Loan and the
related Serviced Pari Passu Companion Loan(s) in accordance with their respective principal amounts until the respective Prepayment
Interest Shortfalls with respect thereto are fully covered, and the Master Servicer shall pay the portion of such Compensating
Interest Payments allocable to a related Serviced Pari Passu Companion Loan to the holder thereof; and then, if applicable,
to the Trust Subordinate Companion Loan.

 

Section 3.14              
Application of Penalty Charges and Modification Fees.

 

(a)           
On or prior to the second Business Day before each Master Servicer Remittance Date, the Master Servicer shall apply all
Penalty Charges and Modification Fees (to the extent permitted under any related Co-Lender Agreement (in the case of a Serviced
Loan Combination) and not applied pursuant to Section 3.06A(a)(ii) or Section 3.06(a)(ii), as applicable,
of this Agreement) received by it with respect to any Mortgage Loan or Serviced Loan Combination, including an Outside Serviced
Mortgage Loan (to the extent allocable to such Outside Serviced Mortgage Loan pursuant to the related Co-Lender Agreement and remitted
to the Master Servicer by the related Outside Servicer) during the related Collection Period, as follows:

 

(i)            
first, to the extent of all Penalty Charges and Modification Fees (in such order), to pay or reimburse the Master
Servicer, the Special Servicer and/or the Trustee, as applicable, for all outstanding Advances (including unreimbursed

 

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Advances
that have been determined to be Nonrecoverable Advances) and the related Advance Interest Amounts and other outstanding Additional
Trust Fund Expenses (including, in the case of the application of Penalty Charges, Special Servicing Fees, Workout Fees and Liquidation
Fees) other than Borrower Delayed Reimbursements, in each case, with respect to such Mortgage Loan or Serviced Loan Combination;

 

(ii)          
second, to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement
to the Trust of all Advances (and related Advance Interest Amounts) with respect to such Mortgage Loan or Serviced Loan Combination
previously determined to be Nonrecoverable Advances and previously reimbursed to the Master Servicer, the Special Servicer and/or
the Trustee, as applicable, from amounts on deposit in the Collection Account (and such amounts will be retained or deposited in
the Collection Account as recoveries of such Nonrecoverable Advances and related Advance Interest Amounts) other than Borrower
Delayed Reimbursements;

 

(iii)         
third, to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to
the Trust of all other Additional Trust Fund Expenses (including, in the case of the application of Penalty Charges, Special Servicing
Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or Serviced Loan Combination previously paid from the
Collection Account or related Loan Combination Custodial Account (and such amounts will be retained or deposited in the Collection
Account or related Loan Combination Custodial Account as recoveries of such Additional Trust Fund Expenses) other than Borrower
Delayed Reimbursements; and

 

(iv)         
fourth, to the extent of any remaining Penalty Charges and any remaining Modification Fees, to the Master Servicer
or the Special Servicer, as applicable, as servicing compensation, pro rata, based on their entitlement set forth in Section 3.12
of this Agreement prior to the applications set forth in clauses (i) through (iii) above;

 

provided that, notwithstanding the
foregoing, in the case of a Loan Combination, Penalty Charges shall be allocated for the purposes and in the order set forth in
the related Co-Lender Agreement.

 

(b)          
In connection with the operation of the provisions of this Section 3.14, not later than the 25th day of the
month in which each Distribution Date occurs (beginning with the 25th day of the month following the first Collection Period in
which an Additional Trust Fund Expense, Advance or Advance Interest Amount is incurred), the Master Servicer shall deliver to the
Special Servicer a report in the form reasonably agreed to by both the Master Servicer and the Special Servicer setting forth information
regarding (1) the amount of Penalty Charges, Modification Fees and Assumption Fees collected by the Master Servicer and the
Special Servicer, as applicable, and (2) the related loan expenses and other amounts paid to the Trust from such Penalty Charges,
Modification Fees and Assumption Fees, in each case for the related Collection Period or other reporting period as agreed to by
the Master Servicer and the Special Servicer. The Master Servicer

 

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shall respond promptly to any inquiries of the Special Servicer
with respect to the contents of any such report and shall provide any supporting information with respect thereto that is reasonably
requested by the Special Servicer.

 

Section 3.15              
Access to Certain Documentation. The Master Servicer and Special Servicer shall provide to the Trustee, the Certificate
Administrator, the Controlling Class Representative (but only prior to the occurrence and continuance of any Consultation
Termination Event), the Operating Advisor, the Underwriters, the Initial Purchasers, the Depositor and any Certificateholders and
Serviced Companion Loan Holders that are, in the case of any Certificateholder or Serviced Companion Loan Holder, federally insured
financial institutions, the Federal Reserve Board, the FDIC and the OCC and the supervisory agents and examiners of such boards
and such corporations, and any other governmental or regulatory body to the jurisdiction of which any Certificateholder or Serviced
Companion Loan Holder is subject, access to the documentation regarding the Trust Loans required by applicable regulations of the
Federal Reserve Board, FDIC, OCC or any such governmental or regulatory body, such access being afforded without charge but only
upon reasonable request and during normal business hours at the offices of the Master Servicer or Special Servicer (which access
shall be limited, in the case of the Serviced Companion Loan Holders or any regulatory authority seeking such access in respect
of the Serviced Companion Loan Holders, to records relating to the Serviced Companion Loans). Nothing in this Section 3.15
shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure
of information with respect to the Mortgagors, and the failure of the Master Servicer and Special Servicer to provide access as
provided in this Section 3.15 as a result of such obligation shall not constitute a breach of this Section 3.15.

 

In connection with providing
or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Serviced Companion Loan Holder
or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan Holder, the Master
Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion Loan Holder of a sum
sufficient to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable
fees for employee time and for space; provided that no charge may be made if such information or access was required to
be given or made available without charge under applicable law. In connection with providing Certificateholders or beneficial owners
of Certificates access to the information described in the preceding paragraph, the Master Servicer and the Special Servicer shall
require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form
as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that
such Person is a Holder of Certificates or a beneficial holder of book entry Certificates and will keep such information confidential.

 

In addition, in connection
with providing access to information pursuant to this Section 3.15, each of the Master Servicer and the Special Servicer
may (i) affix a reasonable disclaimer to any information provided by it for which it is not the original source (without suggesting
liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable statement regarding
securities law restrictions on such information and/or condition access to information on the execution of a reasonable confidentiality
agreement; (iii) withhold access to confidential information or any intellectual property; and (iv) withhold access to
items

 

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of information contained in the Servicing File for any Mortgage Loan or Serviced Companion Loan if the disclosure of such
items would constitute a waiver of the attorney-client privilege.

 

Each of the Master Servicer
and the Special Servicer, as applicable, shall, without charge, make a knowledgeable Servicing Officer available via telephone
to verbally answer questions from any applicable Directing Holder and Consulting Party (to the extent such Consulting Party has
consultation rights pursuant to any related Co-Lender Agreement or pursuant to Section 3.21, Section 3.29 or Section
6.09, as applicable), on a monthly basis, during regular business hours at such time and for such duration as the Master Servicer
or the Special Servicer, as applicable, on the one hand, and such applicable Directing Holder or Consulting Party, as applicable,
on the other hand, shall reasonably agree, regarding the performance and servicing of the applicable Serviced Trust Loans and/or
related REO Properties for which the Master Servicer or the Special Servicer, as applicable, is responsible. In any event, each
applicable Directing Holder or applicable Consulting Party, as applicable, agrees to identify for the Master Servicer and
the Special Servicer in advance (but at least two (2) Business Days prior to the related monthly conference) the applicable Mortgage
Loans (or Serviced Loan Combination) and/or REO Properties it intends to discuss. As a condition to such disclosure, the related
Directing Holder shall execute a confidentiality agreement substantially in the form of Exhibit M-4 to this Agreement
and an Investor Certification.

 

The Master Servicer may
(but shall not be required to), in accordance with such rules and procedures as it may adopt in its sole discretion, make available
through the Master Servicer’s website or otherwise, any additional information relating to the Mortgage Loans, the Serviced
Companion Loans, the related Mortgaged Properties and/or the related Mortgagors that is not Privileged Information, for review
by the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.

 

The Special Servicer
shall deliver (to the extent available to the Special Servicer) to the Operating Advisor such reports and other information produced
or otherwise available to any Outside Controlling Note Holder, the Controlling Class Representative, the Uncertificated VRR
Interest Owner or Certificateholders generally, as requested by the Operating Advisor in support of the performance of the Operating
Advisor’s obligations under this Agreement in electronic format.

 

The Operating Advisor
hereby agrees that it shall use the information provided to it by the Special Servicer solely for purposes of performing its duties
as Operating Advisor under this Agreement and shall not disclose such information to any other Person or entity except (i) with
respect to Privileged Information, pursuant to Section 3.29(i) of this Agreement, or (ii) with respect to any
information other than Privileged Information, to the extent necessary to support its conclusions in its Operating Advisor Annual
Report required under Section 3.29 of this Agreement or to discharge its other duties under this Agreement.

 

Section 3.16              
Title and Management of REO Properties.

 

(a)           
In the event that title to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Mortgage
Loan) is acquired for the benefit of the Certificateholders and the Uncertificated VRR Interest Owner (or, with respect to a

 

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Serviced
Loan Combination, for the benefit of the Certificateholders, the Uncertificated VRR Interest Owner and the related Serviced Companion
Loan Holder(s)) (as a collective whole as if such Certificateholders, the Uncertificated VRR Interest Owner and, if applicable,
such Serviced Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability
company established for that purpose) in foreclosure, by deed-in-lieu of foreclosure or upon abandonment or reclamation from
bankruptcy, the deed or certificate of sale shall be taken in the name of a nominee of the Trustee (which shall not include the
Master Servicer), or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders.
The Special Servicer, on behalf of the Trust Fund, shall sell any REO Property prior to the close of the third calendar year following
the year in which the Lower-Tier REMIC or the 360 Spear REMIC, as applicable, acquires ownership of such REO Property, within
the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the
IRS grants (or does not deny) an extension of time (an “REO Extension”) to sell such REO Property or (ii) the
Special Servicer obtains an Opinion of Counsel for the Special Servicer, the Certificate Administrator and the Trustee, addressed
to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Lower-Tier REMIC
or the 360 Spear REMIC, as applicable, of such REO Property subsequent to the close of the third calendar year following the year
in which such acquisition occurred will not result in the imposition of taxes on “prohibited transactions” (as defined
in Code Section 860F) of any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC under the Code at any time
that any of the Lower-Tier Regular Interests, the 360 Spear Regular Interests, the Regular Certificates or the Class VRR Upper-Tier
Regular Interest is outstanding. If the Special Servicer is granted (or is not denied) the REO Extension contemplated by clause (i)
of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding
sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or
such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection with its receiving the
REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated
by clause (ii) of the second preceding sentence shall be an expense of the Trust Fund payable out of the Collection Account
pursuant to Section 3.06(a) of this Agreement. The Special Servicer, on behalf of the Trust Fund and any related Serviced
Companion Loan Holder, in accordance with the Servicing Standard, shall dispose of any REO Property held by the Trust Fund (i) prior
to the last day of such period (taking into account extensions) by which such REO Property is required to be disposed of pursuant
to the provisions of the immediately preceding sentence in a manner provided under Section 3.17 of this Agreement and
(ii) on the same terms and conditions as if it were the owner of such REO Property. The Special Servicer shall manage, conserve,
protect and operate each REO Property for the Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, the
related Serviced Companion Loan Holder, solely for the purpose of its prompt disposition and sale in a manner which does not cause
such REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) or
result in the receipt by the Trust Fund of any “income from non-permitted assets” within the meaning of Code Section 860F(a)(2)(B) or
(i) endanger

 

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the status of any Trust REMIC as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC
or the Trust Fund.

 

(b)          
The Special Servicer shall have full power and authority, subject only to the specific requirements and prohibitions of
this Agreement, to do any and all things in connection with any REO Property (other than an REO Property related to an Outside
Serviced Mortgage Loan) as are consistent with the Servicing Standard and the terms of this Agreement, all on such terms and for
such period as the Special Servicer deems to be in the best interests of Certificateholders, the Uncertificated VRR Interest Owner
and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders, the Uncertificated
VRR Interest Owner and, if applicable, the related Serviced Companion Loan Holder(s) constituted a single lender (and, in the case
of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan(s))), and,
in connection therewith, the Special Servicer shall only agree to the payment of management fees that are consistent with general
market standards or to terms that are more favorable. Consistent with the foregoing, the Special Servicer shall cause or permit
to be earned with respect to such REO Property any “net income from foreclosure property,” within the meaning of Code
Section 860G(c), which is subject to tax under the REMIC Provisions only if it has determined, and has so advised the Certificate
Administrator in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a
greater recovery on behalf of Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, the related Companion
Loan Holder(s) (as a collective whole as if such Certificateholders, the Uncertificated VRR Interest Owner and, if applicable,
the related Companion Loan Holder(s), constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into
account the subordinate nature of any related Subordinate Companion Loan(s))) than an alternative method of operation or rental
of such REO Property that would not be subject to such a tax. The Special Servicer shall segregate and hold all revenues received
by it with respect to any REO Property separate and apart from its own funds and general assets and shall establish and maintain
with respect to any REO Property a segregated custodial account (each, an “REO Account”), each of which shall
be an Eligible Account and (subject to any changes in the identities of the Special Servicer and/or the Trustee) shall be entitled
(a) with respect to each of the Mortgage Loans (other than any Outside Serviced Mortgage Loan) and any Serviced Loan Combinations
(other than the 360 Spear Loan Combination and the Pittock Block Loan Combination), “CWCapital Asset Management LLC, as Special
Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23,and the Uncertificated VRR Interest
Owner [IN THE CASE OF AN REO PROPERTY RELATED TO A SERVICED LOAN COMBINATION: and the related Serviced Companion Loan Holder(s)],
as their interests may appear--REO Account”; (b) with respect to the 360 Spear Loan Combination, “KeyBank National
Association, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass Through Certificates, Series 2021-B23, and the Uncertificated
VRR Interest Owner, as their interests may appear--REO Account”; and (c) with respect to the Pittock Block Loan Combination,
“Situs Holdings, LLC, as Special Servicer, on behalf of Wilmington

 

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Trust, National Association, as Trustee, for the benefit
of the registered Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass Through Certificates, Series 2021-B23,
the Uncertificated VRR Interest Owner, and the related Serviced Companion Loan Holders, as their interests may appear--REO Account”.
The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited
in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or
cause to be deposited in the REO Account, within two (2) Business Days after receipt of properly identified funds, all revenues
and proceeds received by it with respect to any REO Property, and shall withdraw therefrom funds necessary for the proper operation,
management and maintenance of such REO Property and for other Property Protection Expenses with respect to such REO Property, including:

 

(i)            
all insurance premiums due and payable in respect of any REO Property;

 

(ii)          
all real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;

 

(iii)         
all costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property
including, if applicable, the payments of any ground rents in respect of such REO Property; and

 

(iv)         
any taxes imposed on any Trust REMIC in respect of net income from foreclosure property in accordance with Section 4.05
of this Agreement.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iv) above and the Special Servicer has provided
written notice of such shortfall to the Master Servicer at least five (5) Business Days (or, in an emergency situation or on an
urgent basis, two (2) Business Days, provided that the written notice sets forth the nature of the emergency or the basis
of the urgency) prior to the date that such amounts are due, the Master Servicer shall advance the amount of such shortfall unless
the Master Servicer determines, in accordance with the Servicing Standard, that such Advance would be a Nonrecoverable Advance
(in which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account).
If the Master Servicer does not make any such Advance in violation of the immediately preceding sentence, the Trustee shall make
such Advance unless the Trustee determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to
rely, conclusively, on any determination by the Master Servicer that an Advance, if made, would be a Nonrecoverable Advance. The
Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business
judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with interest
at the Advance Rate) made pursuant to the preceding sentence, to the extent set forth in Section 3.06 and/or,
if applicable, Section 3.06A of this Agreement. The Special Servicer shall withdraw from each REO Account and remit
to the Master Servicer for deposit into the Collection Account, or, for a Serviced Loan Combination, the related Loan Combination
Custodial Account, on a monthly basis prior to the related Master Servicer Remittance Date the Net REO Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds received or

 

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collected from each REO Property during the related
Collection Period, except that in determining the amount of any such Net REO Proceeds, the Special Servicer may retain in each
REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses. Notwithstanding
the foregoing, the Special Servicer shall not:

 

(i)            
permit the Trust Fund to enter into, renew or extend any New Lease, if the New Lease by its terms will give rise to any
income that does not constitute Rents from Real Property;

 

(ii)          
permit any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real
Property;

 

(iii)         
authorize or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion
of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other
improvement was completed before default on the related Mortgage Loan or Serviced Loan Combination became imminent, all within
the meaning of Code Section 856(e)(4)(B); or

 

(iv)         
Directly Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date
of acquisition by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, any related Serviced Companion Loan Holder,
the Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and, if any related Serviced
Companion Loan is part of a REMIC, the related Serviced Companion Loan Holder) to the effect that such action will not cause such
REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) (determined
without regard to the exception applicable for purposes of Code Section 860D(a)) at any time that it is held by the Trust
Fund, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

The Special Servicer shall be required
to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund and payable out
of REO Proceeds, for the operation and management of any REO Property, within 90 days of the Trust Fund’s acquisition
thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel
that the operation and management of any REO Property other than through an Independent Contractor shall not cause such REO Property
to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8)) (which opinion
shall be an expense of the Trust Fund), provided that:

 

(i)            
the terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall
not be inconsistent herewith;

 

(ii)          
any such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and
expenses incurred in connection with the operation and management of such REO Property, including those listed

 

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above, and remit
all related revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than
thirty days following the receipt thereof by such Independent Contractor;

 

(iii)         
none of the provisions of this Section 3.16(b) relating to any such contract or to actions taken through any
such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund
or the Trustee on behalf of the Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, any related Serviced
Companion Loan Holder with respect to the operation and management of any such REO Property; and

 

(iv)         
the Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties
and obligations in connection with the operation and management of such REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(c)           
When and as necessary, the Special Servicer shall send to the Trustee and the Certificate Administrator and the related
Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other Securitization Trust on its behalf)
a statement prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income
tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary
service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO
Property in accordance with Section 3.16(a) and Section 3.16(b) of this Agreement.

 

(d)          
Notwithstanding anything to the contrary, this Section 3.16 shall not apply to any REO Property related to an
Outside Serviced Mortgage Loan.

 

Section 3.17          Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Mortgage Loans.

 

(a)           
The parties hereto may sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding an Outside Serviced
Mortgage Loan) only (i) on the terms and subject to the conditions set forth in this Section 3.17, (ii) as
otherwise expressly provided in or contemplated by Sections 2.03 and 9.01 of this Agreement, or (iii) (A) in
the case of a Mortgage Loan related to a Serviced Loan Combination in accordance with and subject to the provisions of the related
Co-Lender Agreement and Section 3.28 of this Agreement and (B) in the case of a Mortgage Loan with a related mezzanine
loan or subordinate mortgage loan, in accordance with and subject to the provisions of the related intercreditor agreement.

 

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(b)          
Promptly upon a Serviced Loan or Serviced Loan Combination becoming a Defaulted Loan and if the Special Servicer determines
in accordance with the Servicing Standard that it would be in the best interests of the Pooled Certificateholders (and, in the
case of the 360 Spear Loan Combination, the holders of any Loan-Specific Certificates), the Uncertificated VRR Interest Owner and,
in the case of a Serviced Loan Combination, any related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and the Uncertificated VRR Interest Owner and, in the case of a Serviced Loan Combination, any related Serviced Companion Loan
Holder(s), constituted a single lender) to attempt to sell such Defaulted Loan (including the Trust Subordinate Companion Loan,
if applicable), the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Loan on behalf of the Certificateholders,
the Uncertificated VRR Interest Owner and, if applicable, any related Serviced Companion Loan Holder(s) in such manner as will
be reasonably likely to realize a fair price. Subject to the other subsections of this Section 3.17, the Special Servicer
shall accept the first (and, if multiple offers are contemporaneously received, the highest) cash offer received from any Person
that constitutes a fair price for such Defaulted Loan. The Special Servicer shall notify any applicable Directing Holder and Consulting
Party of any written offers (excluding, for the sake of clarity, any unsuccessful bids received during an auction, whether live
or on-line, that were lower than the accepted offer) received regarding the sale of any Defaulted Loan, in each case to the extent
requested by any such party. Any Serviced Companion Loan that is part of a Defaulted Serviced Loan Combination is to be sold together
with the related Mortgage Loan, subject to the other subsections of this Section 3.17 and any additional requirements
set forth in the related Co-Lender Agreement.

 

(c)           
The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion
Loan Holder (in the case of a Serviced Loan Combination), any applicable Directing Holder and Consulting Party not less than five (5) Business
Days’ prior written notice of its intention to sell any Defaulted Loan. No Interested Person shall be obligated to submit
an offer to purchase any Defaulted Loan, and notwithstanding anything to the contrary contained herein, neither the Trustee, in
its individual capacity, nor any of its Affiliates may offer to purchase, or purchase any Defaulted Loan pursuant hereto.

 

(d)          
Whether any cash offer constitutes a fair price for any Defaulted Loan for purposes of Section 3.17(b) of this
Agreement shall be determined by the Special Servicer, if the offeror is a Person other than an Interested Person, and by the Trustee,
if the offeror is an Interested Person (provided that the Trustee may not be an offeror); provided, however,
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at
least two other offers are received from independent third parties; and provided, further, notwithstanding the immediately
preceding proviso, the Purchase Price for any Defaulted Loan (and any equivalent amount for any related Serviced Companion Loan)
shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In all cases under this
Agreement (except to the extent the Trustee is not required to determine whether any cash offer constitutes a fair price for any
Defaulted Loan pursuant to the immediately preceding sentence), in determining whether any offer received from an Interested Person
represents a fair price for any Defaulted Loan, the Trustee shall (at the expense of the Interested Person) designate

 

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an independent
third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing
or investing in mortgage loans similar to such Defaulted Loan that has been selected with reasonable care by the Trustee to determine
if such cash offer constitutes a fair price for such Defaulted Loan; provided that the Trustee will not engage a third party
expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The reasonable costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party pursuant to this Section 3.17(d) will be
covered by, and will be reimbursable by the Interested Person. The Trustee will be entitled to rely conclusively upon such third
party’s determination. In determining whether any such offer from a Person other than an Interested Person constitutes a
fair price for any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal,
updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), among
other factors, the period and amount of any delinquency on such Defaulted Loan, the occupancy level and physical condition of the
related Mortgaged Property and the state of the local economy. The appraiser conducting any new Appraisal for determining whether
any offer from a Person other than an Interested Person represents a fair price for any Defaulted Loan shall be an Appraiser selected
by the Special Servicer. The cost of any such Appraisal shall be covered by, and shall be reimbursable to, the Master Servicer
as a Property Advance if no Interested Person is offering to purchase such Defaulted Loan.

 

(e)           
Subject to Section 3.17(a) through Section 3.17(d), Section 3.17(f), Section 3.17(g)
and Section 3.17(m), the Special Servicer shall act on behalf of the Trust Fund and any affected Serviced Companion
Loan Holder in negotiating and taking any other action necessary or appropriate in connection with the sale of any Defaulted Loan,
and the collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, if applicable,
the Loan Combination Custodial Account. Any sale of any Defaulted Loan shall be final and without recourse to the Trustee, the
Certificate Administrator or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties
typically given in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is
consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the
Certificate Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder or the Uncertificated
VRR Interest Owner with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(f)           
Subject to (x) the rights of a holder of a mezzanine loan, under the respective intercreditor agreement, and (y) the rights
of a Subordinate Companion Loan Holder, under the respective Co-Lender Agreement, to purchase a Mortgage Loan or Serviced Loan
Combination (or senior portion thereof), unless and until a Defaulted Loan is sold pursuant to this Section , the Special
Servicer shall continue to service and administer such Defaulted Loan in accordance with the Servicing Standard and this Agreement
and shall pursue such other resolutions or recovery strategies including workout, foreclosure or sale of such Defaulted Loan, as
is consistent with this Agreement and the Servicing Standard.

 

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(g)          
Any sale of a Defaulted Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any
Defaulted Loan purchased under this Section 3.17 or any Outside Serviced Mortgage Loan sold in accordance with the
related Co-Lender Agreement or Outside Servicing Agreement, shall be deposited into the Collection Account or the related Loan
Combination Custodial Account, as applicable, and the Certificate Administrator (or a Custodian appointed by it), upon receipt
of (i) an Officer’s Certificate from the Master Servicer to the effect that such deposit has been made and (ii) a Request
for Release, shall release or cause to be released to the purchaser of the Defaulted Loan the related Mortgage File, and the Trustee,
the Master Servicer or the Special Servicer, as applicable, shall execute and deliver such instruments of transfer or assignment,
in each case without recourse, as shall be necessary to vest in such purchaser ownership of such Defaulted Loan. In connection
with any such purchase, the Special Servicer and the Master Servicer shall deliver the related Servicing File (to the extent either
has possession of such file) to such purchaser.

 

(h)          
The parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property (other than an REO Property
related to an Outside Serviced Mortgage Loan) only on the terms and subject to the conditions set forth in this Section 3.17.

 

(i)            
The Special Servicer shall use reasonable efforts to solicit offers for each REO Property (other than an REO Property related
to an Outside Serviced Mortgage Loan) on behalf of the Certificateholders, the Uncertificated VRR Interest Owner and the related
Serviced Companion Loan Holder in such manner as will be reasonably likely to realize a fair price within the time period specified
by Section 3.16 of this Agreement. Subject to Section 3.17(m) of this Agreement, the Special Servicer shall
accept the first (and, if multiple offers are contemporaneously received, highest) cash offer received from any Person that
constitutes a fair price for such REO Property. If the Special Servicer determines, in its good faith and reasonable judgment,
that it will be unable to realize a fair price for any REO Property (other than an REO Property related to an Outside Serviced
Mortgage Loan) within the time constraints imposed by Section 3.16 of this Agreement, then the Special Servicer shall
dispose of such REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize
the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless
from whom received. The Liquidation Proceeds (net of related Liquidation Expenses) for any REO Property sold hereunder shall
be deposited in the Collection Account or, if applicable, the related Loan Combination Custodial Account.

 

(j)            
The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion
Loan Holder, any applicable Directing Holder and any applicable Consulting Party not less than three (3) Business Days’ prior
written notice of its intention to sell any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan)
hereunder. No Interested Person shall be obligated to submit an offer to purchase any REO Property, and notwithstanding anything
to the contrary contained herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase,
or purchase, any REO Property pursuant hereto.

 

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(k)          
Whether any cash offer constitutes a fair price for any REO Property (other than an REO Property related to an Outside Serviced
Mortgage Loan) for purposes of Section 3.17(i) of this Agreement shall be determined by the Special Servicer,
if the offeror is a Person other than an Interested Person, and by the Trustee, if the offeror is an Interested Person (provided
that the Trustee may not be an offeror); provided, however, that no offer from an Interested Person shall constitute
a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent
third parties; and provided, further, notwithstanding the immediately preceding proviso, the Purchase Price for any such
REO Property shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In determining
whether any offer received from an Interested Person represents a fair price for any such REO Property, the Trustee shall (at the
expense of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters
with at least five (5) years’ experience in valuing or investing in properties similar to such REO Property that has been
selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such REO Property; provided
that the Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.
The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant
to this Section 3.17(k) will be covered by, and will be reimbursable by the Interested Person. The Trustee will be
entitled to rely conclusively upon such third party’s determination. In determining whether any such offer from a Person
other than an Interested Person constitutes a fair price for any such REO Property, the Special Servicer shall take into account
(in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained pursuant to this
Agreement within the prior 9 months), among other factors, the period and amount of any delinquency on the related Mortgage Loan
or Serviced Loan Combination, the occupancy level and physical condition of such REO Property, the state of the local economy and
the obligation to dispose of such REO Property within the time period specified in Section 3.16 of this Agreement.
The appraiser conducting any new Appraisal for determining whether any offer from a Person other than an Interested Person represents
a fair price for any REO Property shall be an Appraiser selected by the Special Servicer. The cost of any such Appraisal shall
be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance if no Interested Person is offering to purchase
such REO Property.

 

(l)            
Subject to Section 3.17(a) through Section 3.17(k) and Section 3.17(m) of this Agreement,
the Special Servicer shall act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking
any other action necessary or appropriate in connection with the sale of any Defaulted Loan or REO Property (other than an REO
Property related to an Outside Serviced Mortgage Loan), and the collection of all amounts payable in connection therewith. In connection
therewith, the Special Servicer may charge prospective offerors, and may retain, fees that approximate the Special Servicer’s
actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to
deposit such amounts into the Collection Account or, if applicable, the related Loan Combination Custodial Account. Any sale of
any Defaulted Loan or REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) shall be final and
without recourse to the Trustee, the Certificate Administrator or the Trust Fund or any related Serviced Companion Loan Holder
(except

 

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such recourse to the Trust Fund and the related Serviced Companion Loan Holder imposed by those representations and warranties
typically given in such transactions, any appropriations applied thereto and any customary closing matters), and if such sale is
consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the
Certificate Administrator, the Operating Advisor or the Trustee shall have any liability to any Certificateholder or the Uncertificated
VRR Interest Owner with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(m)         
Notwithstanding any of the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated
to accept the highest cash offer for a Defaulted Loan if the Special Servicer determines (in consultation with any applicable Directing
Holder and Consulting Parties), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests
of the applicable Certificateholders, the Uncertificated VRR Interest Owner and, in the case of a sale of a Serviced Loan Combination
(or applicable portion thereof), the related affected Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders,
the Uncertificated VRR Interest Owner and, if applicable, any such related Serviced Companion Loan Holder(s) constituted a single
lender), and the Special Servicer may accept a lower cash offer (from any Person other than itself or an Affiliate) if it
determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the applicable
Certificateholders, the Uncertificated VRR Interest Owner and, in the case of a Serviced Loan Combination, any related affected
Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders, the Uncertificated VRR Interest Owner and,
if applicable, any such related Serviced Companion Loan Holder(s) constituted a single lender) (for example, if the prospective
buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the
lower offer are more favorable).

 

Notwithstanding any of
the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest cash
offer for an REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) if the Special Servicer determines
(in consultation with any applicable Directing Holder and Consulting Parties), in accordance with the Servicing Standard, that
rejection of such offer would be in the best interests of the applicable Certificateholders, the Uncertificated VRR Interest Owner
and, in the case of a sale of an REO Property that corresponds to a Serviced Loan Combination, the related Serviced Companion Loan
Holder(s) (as a collective whole as if such Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, any Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the
subordinate nature of the related Subordinate Companion Loan(s))), and the Special Servicer may accept a lower cash offer (from
any Person other than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance
of such offer would be in the best interests of the applicable Certificateholders, the Uncertificated VRR Interest Owner and, in
the case of an REO Property that corresponds to a Serviced Loan Combination, any related Serviced Companion Loan Holder(s) (as
a collective whole as if such Certificateholders, the Uncertificated VRR Interest Owner and, if applicable, any related Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the
subordinate nature of the related Serviced Subordinate Companion Loan(s))) (for example, if the prospective

 

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buyer making the lower
offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable).

 

(n)          
In no event shall the Trust Fund or the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer
on the Trust’s behalf purchase, or pay or advance costs to purchase, any Outside Serviced Mortgage Loan, or any Companion
Loan or any Mortgage Loan.

 

(o)          
Notwithstanding anything herein to the contrary, any party identified in the related Co-Lender Agreement or Outside Servicing
Agreement (which, if the identified party is the holder of an Outside Serviced Mortgage Loan, shall mean the Controlling Class Representative
for so long as no Control Termination Event has occurred and is continuing), in its individual capacity and not on behalf of the
Trust, shall be entitled to purchase an Outside Serviced Mortgage Loan in accordance with the terms and conditions set forth in
the related Co-Lender Agreement and Outside Servicing Agreement. In no event shall the Trust Fund or the Trustee, the Master Servicer
or the Special Servicer on its behalf purchase, or pay or advance costs to purchase, any Outside Serviced Mortgage Loan or the
related Companion Loan(s) or any other Mortgage Loan.

 

(p)          
Notwithstanding anything to the contrary herein, any purchase or sale of a Specially Serviced Loan pursuant to this Section 3.17
will remain subject to the cure, purchase and other rights of, in each case if applicable, any related Subordinate Companion Loan
Holder as set forth in the related Co-Lender Agreement and any holder of a related mezzanine loan as set forth in the related intercreditor
agreement. The Special Servicer shall determine the price to be paid in accordance with the terms of the related Co-Lender Agreement
or the related mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of any related Subordinate
Companion Loan Holder or mezzanine loan holder and shall provide such notices to the related Subordinate Companion Loan Holder
or the holder of a related mezzanine loan as are required by the related Co-Lender Agreement or the related mezzanine loan intercreditor
agreement in connection with each such holders’ purchase rights.

 

(q)          
With respect to any Serviced Loan Combination (other than any such Loan Combination that is a Serviced Outside Controlled
Loan Combination) that, pursuant to terms of the related Co-Lender Agreement, becomes a Defaulted Serviced Loan Combination, if
the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then
the Special Servicer shall sell each related Serviced Pari Passu Companion Loan (and the Trust Subordinate Companion Loan, in the
case of the 360 Spear Loan Combination) together with such Serviced Mortgage Loan as a single whole loan in accordance with this
Agreement and subject to any rights of the applicable Directing Holder and the holder of any related non-controlling Serviced Pari
Passu Companion Loan hereunder or under the related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special
Servicer shall not sell any such Serviced Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written
consent of each related Serviced Pari Passu Companion Loan Holder (provided that such consent is not required if the consenting
party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered (which

 

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delivery
may be by electronic mail to the extent it would not be prohibited under the terms of the related Co-Lender Agreement) to such
related Serviced Pari Passu Companion Loan Holder (at the expense of such Serviced Pari Passu Companion Loan Holder to the extent
permitted under the terms of the related Co-Lender Agreement; provided, that to the extent an Other Securitization Trust
is the related Serviced Pari Passu Companion Loan Holder, no such expense shall be payable out of such Other Securitization Trust
or by the parties to the related Other Pooling and Servicing Agreement): (a) at least 15 Business Days’ prior written
notice of any decision to attempt to sell such Defaulted Serviced Loan Combination; (b) at least 10 days prior to the
proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special
Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the
most recent appraisal for the subject Serviced Loan Combination, and any documents in the Servicing File reasonably requested by
such related Serviced Pari Passu Companion Loan Holder that are material to the price of the subject Serviced Loan Combination;
and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, that a related
Serviced Pari Passu Companion Loan Holder may waive as to itself any of the delivery or timing requirements set forth in this sentence.
The applicable Directing Holder and each related Serviced Pari Passu Companion Loan Holder may submit an offer to purchase, and
any such party is permitted to be the purchaser at any sale of, the subject Defaulted Serviced Loan Combination unless such Person
is the related Mortgagor or an agent or Affiliate of the related Mortgagor.

 

(r)            
With respect to any Serviced Loan Combination that is a Serviced Outside Controlled Loan Combination that, pursuant to the
terms of the related Co-Lender Agreement, becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines
to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then the Special Servicer shall sell
each related Serviced Pari Passu Companion Loan together with such Serviced Mortgage Loan as a single whole loan in accordance
with this Agreement and subject to any rights of any related Outside Controlling Note Holder, the Controlling Class Representative
and/or the holder of any related non-controlling Serviced Pari Passu Companion Loan hereunder or under the related Co-Lender Agreement.
Notwithstanding anything to the contrary herein, the Special Servicer shall not sell any such Serviced Loan Combination if it becomes
a Defaulted Serviced Loan Combination without the written consent of the Controlling Class Representative (unless a Consultation
Termination Event exists), the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced
Pari Passu Companion Loan (provided that such consent is not required if the consenting party is the related Mortgagor or an Affiliate
of the related Mortgagor) unless the Special Servicer has delivered (which delivery may be by electronic mail to the extent it
would not be prohibited under the terms of the related Co-Lender Agreement) to the Controlling Class Representative, the related
Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan (at the expense
of such Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan, to the
extent permitted under the terms of the related Co-Lender Agreement): (a) at least 15 Business

 

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Days’ prior written notice
of any decision to attempt to sell such Serviced Loan Combination; (b) at least 10 days prior to the proposed sale date, a
copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection
with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for
the subject Serviced Loan Combination, and any documents in the Servicing File reasonably requested by the Controlling Class Representative,
the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan that
are material to the price of the subject Serviced Loan Combination; 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) prior to the proposed
sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved
by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, that the Controlling Class Representative,
the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan may
each waive as to itself any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative,
the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari Passu Companion Loan shall
be permitted to submit an offer to purchase, and any such party is permitted to be the purchaser at any sale of, the subject Serviced
Loan Combination unless such Person is the related Mortgagor or an agent or Affiliate of the related Mortgagor.

 

Notwithstanding the prior
paragraph, with respect to each Serviced AB Loan Combination (other than the 360 Spear Loan Combination), if such Serviced AB Loan
Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced
Mortgage Loan in accordance with this Section 3.17, then the Special Servicer shall not be permitted or required to
sell the related Serviced Subordinate Companion Loan(s) together with such Serviced Mortgage Loan and any related Serviced Pari
Passu Companion Loan(s) as a single whole loan except as required by the related Co-Lender Agreement.

 

With respect to the 360
Spear Loan Combination, if such Serviced AB Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special
Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then the Special
Servicer shall sell the Trust Subordinate Companion Loan together with such Serviced Mortgage Loan and any related Serviced Pari
Passu Companion Loan(s) as one whole loan in accordance with this Agreement and the related Co-Lender Agreement.

 

(s)           
With respect to any Outside Serviced Mortgage Loan upon becoming a “Defaulted Mortgage Loan” (as such
term or any analogous term is defined pursuant to the terms of the applicable Outside Servicing Agreement), and with respect to
any REO Property related to an Outside Serviced Mortgage Loan, the liquidation of such Outside Serviced Mortgage Loan or such REO
Property shall be administered by the related Outside Special Servicer in accordance with the applicable Outside Servicing Agreement
and the related Co-Lender Agreement. Any such sale of an Outside Serviced Mortgage Loan or any related REO Property pursuant to
the applicable Outside Servicing Agreement

 

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and/or the related Co-Lender Agreement shall be final and without recourse to the Trustee
or the Trust, and none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any
liability to any Certificateholder or the Uncertificated VRR Interest Owner with respect to the purchase price for such Outside
Serviced Mortgage Loan or such REO Property accepted on behalf of the Trust. Any proceeds of such a sale received by the Trust
Fund shall be promptly deposited in the Collection Account.

 

Section 3.18              
Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain
Reports to the Serviced Companion Loan Holder.

 

(a)           
The Master Servicer (or, with respect to Specially Serviced Loans and REO Properties, the Special Servicer) shall inspect
or cause to be inspected each Mortgaged Property that secures a Serviced Loan at such times and in such manner as are consistent
with the Servicing Standard, but in any event at least once every calendar year with respect to such Mortgaged Property relating
to Serviced Mortgage Loans with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year
with respect to such Mortgaged Property relating to Serviced Mortgage Loans with an outstanding principal balance of less than
$2,000,000, in each case commencing in 2022; provided that the Master Servicer is not required to inspect any Mortgaged
Property that has been inspected by the Special Servicer during the preceding 12 months. If any Serviced Mortgage Loan or Serviced
Loan Combination becomes a Specially Serviced Loan, the related Mortgaged Property shall be inspected by the Special Servicer as
soon as practicable and thereafter at least every calendar year for so long as such condition exists. The cost of any annual inspection,
or bi-annual inspection, as the case may be, shall be borne by the Master Servicer unless the related Serviced Mortgage Loan or
Serviced Loan Combination is a Specially Serviced Loan. The Master Servicer shall reimburse the Special Servicer for the cost of
any inspection of a Specially Serviced Loan as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer
out of the Collection Account if such Property Advance would be a Nonrecoverable Advance) and any out-of-pocket costs incurred
with respect to such inspection shall be borne by the Trust Fund. The Special Servicer or the Master Servicer, as applicable, shall
prepare or cause to be prepared a written report of each such inspection performed by it pursuant to this Section 3.18(a),
and shall, as soon as reasonably practicable following completion, deliver or make available a copy (in electronic format) of each
such report to the Certificate Administrator (who shall post such report to the Certificate Administrator’s Website for review
by Privileged Persons in accordance with Section 4.02(a)).

 

(b)          
The Master Servicer shall, as to each Mortgage Loan (excluding an Outside Serviced Mortgage Loan) which is secured by the
interest of the related Mortgagor under a Ground Lease, even if the corresponding fee interest is encumbered, promptly (and in
any event within 60 days following the later of the Closing Date or its receipt of a copy of the Ground Lease) notify the
related ground lessor of the transfer of such Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such ground
lessor that any notices of default under the related Ground Lease should thereafter be forwarded to the

 

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Master Servicer. The Master
Servicer shall forward to the Special Servicer any written notice of default under a ground lease.

 

(c)           
The Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each Serviced
Companion Loan Holder a written report, prepared in the manner set forth in Section 4.02, of each inspection performed
by it with respect to the related Mortgaged Property and Serviced Companion Loan related thereto.

 

(d)          
The Master Servicer is hereby authorized to exercise any rights granted under the applicable Outside Servicing Agreement
in favor of the Trust (or a party on its behalf) as the holder of each Outside Serviced Mortgage Loan to obtain information
from the related Outside Servicer (or other similar parties with an obligation to make advances) in connection with making
nonrecoverability determinations. The Master Servicer shall promptly deliver to any related Outside Servicer, upon request, such
information in the Master Servicer’s possession as the related Outside Servicer reasonably requests in order to determine
whether an advance similar to a P&I Advance would be “nonrecoverable.”

 

(e)           
If required under the related Co-Lender Agreement, the Master Servicer shall promptly deliver to each Serviced Companion
Loan Holder or provide electronically: (i) copies of operating statements and rent rolls; (ii) annual CREFC®
NOI Adjustment Worksheets (with annual operating statements as exhibits); and (iii) annual CREFC® Operating
Statement Analysis Reports, in each case prepared, received or obtained by it pursuant to this Agreement with respect to the Mortgaged
Properties securing the related Serviced Companion Loan.

 

Section 3.19              
Lock-Box Accounts, Escrow Accounts.

 

Except with respect to
the Outside Serviced Mortgage Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account in accordance
with the related Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit pursuant to the
related letter of credit agreement and the Loan Documents.

 

Notwithstanding the foregoing,
to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee under the
related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or Serviced Loan
Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage Loan (or Serviced
Loan Combination) until after the occurrence of an event of default under the Mortgage Loan (or Serviced Loan Combination) that
may result in the Mortgage Loan (or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.

 

Section 3.20              
Property Advances.

 

(a)           
Except with respect to an Outside Serviced Mortgage Loan, the Master Servicer (or, to the extent provided in Section 3.20(b)
of this Agreement, the Trustee) shall make any Property Advances as and to the extent incidental to the performance of its
duties

 

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under this Agreement or otherwise required pursuant to the terms hereof; provided that no Property Advances shall
be made with regard to a Subordinate Companion Loan held outside the Trust if the related Mortgage Loan is no longer held by the
Trust. The Special Servicer shall give the Master Servicer, the Trustee and any affected Serviced Companion Loan Holder not less
than five (or, in the case of Emergency Advances pursuant to Section 3.20(e) of this Agreement, two) Business Days’
written notice before the date on which the Master Servicer is requested to make any Property Advance with respect to a given
Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan). In addition,
the Special Servicer shall provide the Master Servicer, the Trustee and any affected Serviced Companion Loan Holder with such information
in its possession as the Master Servicer, the Trustee or such Serviced Companion Loan Holder, as applicable, may reasonably request
to enable the Master Servicer or the Trustee, as applicable, to determine whether a requested Property Advance would constitute
a Nonrecoverable Advance. Any such notice by the Special Servicer to the Master Servicer of a required Property Advance shall be
deemed to be a determination by the Special Servicer that such requested Property Advance is not a Nonrecoverable Advance, and
the Master Servicer shall be entitled to conclusively rely on such determination. In the absence of a determination by the Special
Servicer that a Property Advance is a Nonrecoverable Advance, all determinations of recoverability with respect to Property Advances
to be made (or contemplated to be made) by the Master Servicer or the Trustee will remain with the Master Servicer or the Trustee,
as applicable. On the fourth Business Day before each Distribution Date, the Special Servicer shall report to the Master Servicer
the Special Servicer’s determination as to whether any Property Advance previously made with respect to a Specially Serviced
Loan is a Nonrecoverable Advance promptly after making such determination. The Master Servicer and the Trustee shall be entitled
to conclusively rely on and shall be bound by such a determination and shall be bound by a determination by the Special Servicer
that a Property Advance previously made or contemplated to be made with respect to a Specially Serviced Loan is or would be a Nonrecoverable
Advance. Although the Special Servicer may determine whether a Property Advance is a Nonrecoverable Advance, the Special Servicer
will have no right to (i) make an affirmative determination that any Property Advance previously made or to be made (or contemplated
to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have
been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that
any Property Advance constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed
to limit the Special Servicer’s right to make a determination that a Property Advance to be made (or contemplated to be made)
would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this Section 3.20. The Master
Servicer and the Special Servicer shall consider Unliquidated Advances in respect of prior Property Advances for the purposes of
non-recoverability determinations as if such amounts were unreimbursed Property Advances.

 

For purposes of distributions
to Certificateholders, the Uncertificated VRR Interest Owner and Serviced Companion Loan Holders and compensation to the Master
Servicer or the Trustee, Property Advances shall not be considered to increase the principal balance of any

 

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Mortgage Loan or Serviced
Loan Combination, notwithstanding that the terms of such Mortgage Loan or Serviced Loan Combination so provide.

 

(b)          
The Master Servicer shall notify the Trustee, the Special Servicer and any related Serviced Companion Loan Holder in writing
promptly upon, and in any event within one (1) Business Day after, becoming aware that it will be unable to make any Property Advance
required to be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such
Property Advance, the Person to whom it will be paid, and the circumstances and purpose of such Property Advance, and shall set
forth therein information and instructions for the payment of such Property Advance, and, on the date specified in such notice
for the payment of such Property Advance, or, if the date for payment has passed or if no such date is specified, then within five
(5) Business Days following such notice, the Trustee, subject to the provisions of Section 3.20(c) of this Agreement,
shall pay the amount of such Property Advance in accordance with such information and instructions. Any notice to the Trustee pursuant
to this Section shall be deemed to be given to a Responsible Officer of the Trustee if made in accordance with Section 12.04
of this Agreement.

 

(c)           
None of the Master Servicer, the Special Servicer or the Trustee shall be obligated to make a Property Advance as to any
Mortgage Loan or Serviced Loan Combination or REO Property if the Master Servicer, the Special Servicer or the Trustee, as applicable,
determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an obligation hereunder to
make Property Advances that it has made a Nonrecoverable Advance or that any proposed Property Advance, if made, would constitute
a Nonrecoverable Advance or a determination by the Special Servicer that a Property Advance previously made or proposed to be made
is or would, if made, constitute a Nonrecoverable Advance, shall be made by such Person (i) in the case of the Master Servicer
or the Special Servicer, in accordance with the Servicing Standard and (ii) in the case of the Trustee, in accordance with
its good faith business judgment and shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master
Servicer Remittance Date to (1) the affected Serviced Companion Loan Holders or their Companion Loan Holder representatives
(and the related master servicer and special servicer under any related Other Pooling and Servicing Agreement, if applicable),
in the case of any Serviced Loan Combination, (2) the Trustee (unless it is the Person making the determination), (3) any
applicable Directing Holder, (4) the Master Servicer (unless it is the Person making the determination), (5) the Special
Servicer (unless it is the Person making the determination), and (6) the Depositor (if the Trustee is making the determination),
setting forth the basis for such determination, together with any other information that supports such determination together with
a copy of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense
of the Trust Fund, shall take into account any material change in circumstances of which such Person is aware or such Person has
received new information, either of which has a material effect on the value and shall have been conducted in accordance with the
standards of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied
by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to
the extent available and/or in such Person’s possession) and any engineers’ reports,

 

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environmental surveys or similar
reports that such Person may have obtained and that support such determination. In connection with a determination by the Special
Servicer, the Master Servicer or the Trustee as to whether a Property Advance previously made or to be made constitutes or would
constitute a Nonrecoverable Advance:

 

(A)         
any such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms
of the related Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the
related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s
assumptions regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate
and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)          
any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s
determination that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals
or market value estimates or other information as reasonably may be required for such purposes;

 

(C)          
the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed
Property Advance, if made, would be a Nonrecoverable Advance or that any outstanding Property Advance is a Nonrecoverable Advance
and may deliver to the Master Servicer, the Trustee, any applicable Directing Holder and the Controlling Class Representative
if it is an applicable Consulting Party and, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan
Combination, the related Outside Controlling Note Holder notice of such determination, which determination shall be conclusive
and binding on the Master Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to
reverse any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination,
that a Property Advance constitutes or would constitute a Nonrecoverable Advance);

 

(D)         
the Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that
a Property Advance is or, if made, would be a Nonrecoverable Advance, and the Master Servicer shall be entitled to rely, conclusively,
on any determination by the Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance;

 

(E)          
any non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 3.20
with respect to the non-recoverability of Property Advances shall be conclusive and binding

 

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on the Master Servicer (in the case
of such a determination by the Special Servicer) and the Trustee; and

 

(F)          
notwithstanding the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special
Servicer that any Property Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer
in accordance with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any
determination by the Special Servicer that any Property Advance would be recoverable.

 

(d)          
The Master Servicer, the Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property
Advances made by any of them to the extent permitted pursuant to Section 3.06(a)(ii) or Section 3.06A(a)(ii)
of this Agreement, together with any related Advance Interest Amount in respect of such Property Advances, and the Master Servicer
and the Special Servicer, as applicable, hereby covenant and agree to use efforts consistent with the Servicing Standard to obtain
the reimbursement of such Property Advances from the related Mortgagors to the extent permitted by applicable law and the related
Loan Documents.

 

(e)           
Notwithstanding anything to the contrary contained in this Agreement, if a Property Advance is required to be made under
this Agreement with respect to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced
Mortgage Loan), the Special Servicer shall request that the Master Servicer make such Property Advance, such request to be made,
in writing, at least five (5) Business Days (or, in the case of an Emergency Advance, two (2) Business Days, provided
that the written request sets forth the nature of the emergency or the basis of the urgency) in advance of the date on which
such Property Advance is required to be made hereunder and to be accompanied by such information and documentation regarding the
subject Property Advance as the Master Servicer may reasonably request, subject to the Master Servicer’s right to determine
that such Property Advance does not constitute or would not constitute a Nonrecoverable Advance. The Master Servicer shall have
the obligation to make any such Property Advance that it is so requested by the Special Servicer to make, within five (5) Business
Days (or, in the case of an Emergency Advance, two (2) Business Days) of the Master Servicer’s receipt of such request.
The Special Servicer shall have no obligation to make any Property Advance; provided that the Special Servicer may in its
sole discretion elect to make an Emergency Advance, and the Master Servicer shall reimburse the Special Servicer for such Property
Advance (with interest thereon), provided that such Advance is not determined by the Master Servicer, in accordance with the Servicing
Standard, to be nonrecoverable. The Master Servicer shall be entitled to reimbursement for any Advance made by it at the direction
of the Special Servicer, together with interest thereon at the same time, in the same manner and to the same extent as the Master
Servicer is entitled with respect to any other Advances made thereby.

 

(f)           
Within five (5) Business Days of making an Emergency Advance pursuant to the proviso to the penultimate sentence of Section 3.20(e),
the Special Servicer shall

 

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deliver to the Master Servicer a request for reimbursement for such Emergency Advance, along with all
information and documentation regarding the subject Emergency Advance as the Master Servicer may reasonably request, and the Master
Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer for any such unreimbursed
Emergency Advances (other than any Emergency Advance determined by the Master Servicer, in accordance with Section 3.20(c)
of this Agreement, to be a Nonrecoverable Property Advance) made by the Special Servicer pursuant to the proviso to the penultimate
sentence of Section 3.20(e), together with interest thereon at the Advance Rate from the date made to, but not including,
the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made within five (5) Business
Days of the written request therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an account
designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer of any Emergency
Advance and payment to the Special Servicer of interest thereon, all in accordance with this Section 3.20(f), the Master
Servicer shall for all purposes of this Agreement be deemed to have made such Emergency Advance at the same time as the Special
Servicer actually made such Emergency Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such
Emergency Advance, together with interest thereon at the Advance Rate, at the same time, in the same manner and to the same extent
as the Master Servicer would otherwise have been entitled if it had actually made such Emergency Advance at the time the Special
Servicer did. Notwithstanding the foregoing provisions of this Section 3.20(f), the Master Servicer shall not be required
to reimburse the Special Servicer for any Emergency Advance if the Master Servicer determines in accordance with Section 3.20(c)
of this Agreement that such Emergency Advance, although not characterized by the Special Servicer as a Nonrecoverable Property
Advance, is in fact a Nonrecoverable Property Advance. The Master Servicer shall notify the Special Servicer in writing of such
determination and, if applicable, such Nonrecoverable Property Advance shall be reimbursed to the Special Servicer pursuant to
Section 3.06(a) of this Agreement.

 

Section 3.21              
Appointment of Special Servicer; Asset Status Reports.

 

(a)           
CWCapital Asset Management LLC is hereby appointed as the initial Special Servicer to specially service each of the Mortgage
Loans and each Serviced Loan Combination (other than the 360 Spear Loan Combination, the Pittock Block Loan Combination and the
Outside Serviced Mortgage Loans). KeyBank National Association is hereby appointed as the initial Special Servicer to specially
service the 360 Spear Mortgage Loan. Situs Holdings, LLC is hereby appointed as the initial Special Servicer to specially service
the Pittock Block Mortgage Loan.

 

(b)          
The Special Servicer, at the earlier of (x) within 60 days after a Servicing Transfer Event occurs and (y) prior
to taking action with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision)
with respect to a Specially Serviced Loan, shall prepare a report (the “Asset Status Report”) for the related
Mortgage Loan or Serviced Loan Combination. Each Asset Status Report shall be delivered in electronic format to the Operating Advisor
(subject to Section 3.21(e) of this Agreement), any applicable Directing Holder, any applicable Consulting Parties
and, for

 

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posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider; provided, however, the Special Servicer shall not be required to deliver
an Asset Status Report to the related Directing Holder if they are the same entity. Prior to the occurrence and continuance of
a Control Termination Event, the Special Servicer shall deliver to the Operating Advisor each Final Asset Status Report promptly
after such Final Asset Status Report has been approved or deemed approved. The Special Servicer shall notify the Operating Advisor
of whether any Asset Status Report delivered to the Operating Advisor is a Final Asset Status Report, which notification may be
satisfied by (i) delivery of an Asset Status Report that is either signed by the applicable Directing Holder or that otherwise
includes an indication that such Asset Status Report is deemed approved due to the passage of any required consent or consultation
time period or (ii) such other method as reasonably agreed to by the Operating Advisor and the Special Servicer. The Special Servicer
shall deliver a summary of each Final Asset Status Report to the Certificate Administrator. Such Asset Status Report shall be consistent
with the Servicing Standard and set forth the following information to the extent reasonably determinable:

 

(i)            
summary of the status of the related Mortgage Loan or Serviced Loan Combination and any negotiations with the Mortgagors;

 

(ii)          
if a Servicing Transfer Event has occurred and is continuing:

 

(A)         
a discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent
with the Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related
guaranties or other collateral for the Mortgage Loan or Serviced Loan Combination and whether outside legal counsel has been retained;

 

(B)          
the most current rent roll and income or operating statement available for the related Mortgaged Properties;

 

(C)          
the Special Servicer’s recommendations on how the related Mortgage Loan might be returned to performing status or
otherwise realized upon;

 

(D)         
a copy of the last obtained Appraisal of the Mortgaged Property;

 

(E)          
the status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect
thereto and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Loan Combination;

 

(F)          
a description of any amendment, modification or waiver of a material term of any ground lease; and

 

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(G)         
if the Special Servicer elects to proceed with a non-judicial foreclosure, then a statement as to (i) whether there
was a violation of a non-recourse carve-out under the related Mortgage Loan or Serviced Loan Combination and (ii) any determination
not to pursue a deficiency judgment against the related Mortgagor or guarantor;

 

(iii)         
a description of any such proposed or taken actions;

 

(iv)         
the alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed
or taken actions;

 

(v)          
the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth
the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(vi)         
an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present
value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination
and (y) the net present value calculation (including the applicable Calculation Rate used) and all related assumptions; and

 

(vii)              
such other information as the Special Servicer deems relevant in light of the proposed or taken action and the Servicing
Standard.

 

If any applicable Directing
Holder does not disapprove an Asset Status Report in writing within 10 Business Days of receiving such Asset Status Report, then
such Directing Holder shall be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action
that is contrary to applicable law, the Servicing Standard or the terms of the applicable Loan Documents. If the applicable Directing
Holder disapproves such Asset Status Report within 10 Business Days of receipt and the Special Servicer has not made the affirmative
determination contemplated below, the Special Servicer shall revise such Asset Status Report and deliver to the Operating Advisor
(subject to Section 3.21(e) of this Agreement), any applicable Directing Holder, any applicable Consulting Party, any related
Serviced Companion Loan Holder(s) (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider a new Asset Status Report as soon
as practicable, but in no event later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status
Report as described above until the applicable Directing Holder shall fail to disapprove such revised Asset Status Report in writing
within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination, consistent
with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders, the Uncertificated
VRR Interest Owner and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders,
the Uncertificated VRR Interest Owner and/or Serviced Companion Loan Holder(s), if applicable, constitute a single lender (and,
in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate Companion
Loan(s))). The Special Servicer may, from time to time, modify

 

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any Asset Status Report it has previously delivered and implement
such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section
3.21(b). If the applicable Directing Holder does not approve an Asset Status Report within 60 Business Days from the first
submission thereof, the Special Servicer shall take such action as directed by such Directing Holder, provided such action
does not violate the Servicing Standard (or, if such action would violate the Servicing Standard, the Special Servicer shall take
such action as was reflected in the most recent Asset Status Report prepared by the Special Servicer with respect to the subject
Serviced Loan that is consistent with the Servicing Standard and such Asset Status Report shall be deemed a Final Asset Status
Report). Notwithstanding the foregoing, if the Special Servicer determines that emergency action is necessary to protect the related
Mortgaged Property or the interests of the Certificateholders, the Uncertificated VRR Interest Owner and any related Serviced Companion
Loan Holder(s), or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Special
Servicer may take actions with respect to the related Mortgaged Property before the expiration of a 10 Business Day period if the
Special Servicer reasonably determines in accordance with the Servicing Standard that failure to take such actions before the expiration
of a 10 Business Day period would materially and adversely affect the interest of the Certificateholders, the Uncertificated VRR
Interest Owner and any related Serviced Companion Loan Holder(s) (if applicable) and the Special Servicer has made a reasonable
effort to contact the applicable Directing Holder (during the period that such Directing Holder has approval rights); provided
that the foregoing shall not relieve the Special Servicer of its duties to comply with the Servicing Standard. If the Special Servicer
acts or intends to act in accordance with either of the prior two sentences, then the Special Servicer shall act in accordance
with the most recent Asset Status Report provided by the Special Servicer with respect to the subject Serviced Loan that is consistent
with the Servicing Standard and such Asset Status Report shall be deemed a Final Asset Status Report. To the extent that the Special
Servicer received notice of an Excluded Controlling Class Mortgage Loan (in the form of Exhibit M-1C or M-1F), any
Asset Status Report or Excluded Information delivered with respect to an Excluded Controlling Class Mortgage Loan shall be labeled
by the Special Servicer with “Excluded Information” followed by the loan number and loan name.

 

The Special Servicer
shall consult on a non-binding basis with any applicable Consulting Party in connection with each Asset Status Report prior to
finalizing and executing such Asset Status Report and any applicable Consulting Party shall be permitted to propose alternative
courses of action and provide other feedback within 10 Business Days of receipt of each Asset Status Report. The Special Servicer
shall consider any such proposals and other feedback from any such applicable Consulting Party and determine whether any changes
to its proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and
the other terms of this Agreement, but the Special Servicer will be under no obligation to revise such Asset Status Report based
on the input or comments of any applicable Consulting Party. In the event no applicable Consulting Party proposes alternative courses
of action within 10 Business Days after receipt of such Asset Status Report, the Special Servicer shall (subject to the approval
rights of any applicable Directing Holder) implement the Asset Status Report as proposed by the Special Servicer.

 

The Special Servicer
may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take
into account any input and/or recommendations of any applicable Consulting Party, but is under no obligation to follow

 

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any particular
recommendation of any applicable Consulting Party. From and after the Closing Date, the Controlling Class Representative shall
have no right to receive any Asset Status Report related to an Excluded Mortgage Loan or otherwise to consent or object thereto
under this Section 3.21(b) or consult with the Special Servicer with respect to any matter set forth therein. Notwithstanding
anything herein to the contrary, a Risk Retention Consultation Party shall have no right to receive any Asset Status Report with
respect to any related Excluded RRCP Mortgage Loan.

 

With respect to a Servicing
Shift Loan Combination that is a Serviced Outside Controlled Loan Combination, prior to the related Servicing Shift Date, no request
for approval of the Controlling Class Representative shall be made on any matter related to such Servicing Shift Loan Combination,
nor shall the Controlling Class Representative have the right to approve Asset Status Reports related to such Servicing Shift Loan
Combination, except that the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination
Event and only if the related Servicing Shift Mortgage Loan is not an Excluded Mortgage Loan) may exercise the consultation rights,
if any, of the holder of the related Servicing Shift Mortgage Loan with respect to Asset Status Reports, Major Decisions and any
proposed sale of such Servicing Shift Mortgage Loan set forth in the applicable Co-Lender Agreement. With respect to a Servicing
Shift Loan Combination that is a Serviced Outside Controlled Loan Combination and any related REO Property, prior to the related
Servicing Shift Date, the Outside Controlling Note Holder with respect to such Servicing Shift Loan Combination shall exercise
all approval rights regarding any Asset Status Report in respect of such Servicing Shift Loan Combination or REO Property set forth
in the second paragraph of this Section 3.21(b) without regard to the occurrence of any Control Termination Event or Consultation
Termination Event. Notwithstanding the foregoing, after the occurrence and during the continuance of a Control Termination Event,
the Operating Advisor will be entitled to consult on a non-binding basis with the Special Servicer and propose alternative courses
of action and provide other feedback in respect of any Asset Status Report, Major Decisions and any proposed sale of such Servicing
Shift Mortgage Loan while it is serviced hereunder. The Special Servicer may choose to revise the Asset Status Report as it deems
reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the Operating
Advisor after the occurrence and during the continuance of a Control Termination Event or the Controlling Class Representative
after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination
Event, but is under no obligation to follow any particular recommendation of the Operating Advisor or Controlling Class Representative.

 

(c)           
Subject to Section 3.21(b) of this Agreement, during the continuance of a Servicing Transfer Event, the Special
Servicer shall have the authority to meet with the related Mortgagors and take any actions consistent with the Servicing Standard
and the most recent Asset Status Report for the related Mortgage Loan.

 

(d)          
Upon request of any Certificateholder (or any Certificate Owner, if applicable, which shall have provided the Certificate
Administrator with an Investor Certification), the Certificate Administrator shall mail, without charge, to the address specified
in such request a copy of the summary of the Final Asset Status Report for each Specially Serviced Loan; provided that an
Excluded Controlling Class Holder shall not be provided with any Final Asset Status Report (or copy thereof) or the summary
of any Final Asset Status Report (or copy thereof) with respect to any Excluded Controlling

 

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Class Mortgage Loan with respect
to which such Excluded Controlling Class Holder is a Borrower Party.

 

(e)           
Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer shall deliver to the Operating
Advisor only each related Final Asset Status Report.

 

(f)           
With respect to any Asset Status Report provided to the Operating Advisor pursuant to this Section 3.21, the
Special Servicer shall make available to the Operating Advisor one or more Servicing Officers with relevant knowledge regarding
the applicable Trust Loan and such Asset Status Report in order to address reasonable questions that the Operating Advisor may
have relating to, among other things, such Asset Status Report and potential conflicts of interest and compensation with respect
to such Asset Status Report.

 

(g)          
Notwithstanding the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by a
Directing Holder or Consulting Party that would require or cause the Special Servicer to violate any applicable law, be inconsistent
with the Servicing Standard, require or cause the Special Servicer to violate provisions of this Agreement or the REMIC Provisions,
require or cause the Special Servicer to violate the terms of any Mortgage Loan or Serviced Loan Combination, any related Loan
Documents, any related Co-Lender Agreement or any intercreditor agreement, expose any Certificateholder, the Uncertificated VRR
Interest Owner, the Trust Fund, any Mortgage Loan Seller (other than with respect to enforcing the rights and remedies against
such Mortgage Loan Seller pursuant to this Agreement or the related Mortgage Loan Purchase Agreement with respect to any Material
Defect) or any party to this Agreement or their respective Affiliates, officers, directors, employees or agents to any claim, suit
or liability, cause any Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for
federal income tax purposes, result in the imposition of a “prohibited transaction” or “prohibited contribution”
tax under the REMIC Provisions, materially expand the scope of any Special Servicer’s responsibilities under this Agreement
or any Co-Lender Agreement, or cause the Special Servicer to act, or fail to act, in a manner that in the reasonable judgment of
the Special Servicer is not in the best interests of the Certificateholders, the Uncertificated VRR Interest Owner and/or the Serviced
Companion Loan Holders. In addition, the Special Servicer is under no obligation to act upon any recommendation of the Operating
Advisor.

 

(h)          
In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (for the purposes of this clause (l),
“Applicable Laws”), the Special Servicer may be required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Special Servicer. Accordingly, each of the parties
hereto agrees to provide to the Special Servicer, upon its reasonable request, from time to time such identifying information and
documentation as may be readily available to such party in order to enable the Special Servicer to comply with Applicable Laws;
provided that the Special Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party
in connection therewith.

 

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Section 3.22              
Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping.

 

(a)           
Upon determining that any Serviced Loan has become a Specially Serviced Loan, the Master Servicer shall promptly give written
notice thereof to the Special Servicer, any related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination),
the Operating Advisor, the Certificate Administrator, the Trustee, any applicable Directing Holder, any applicable Consulting Party
and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider and shall promptly deliver a copy of the Servicing File to the Special Servicer and concurrently
provide a copy of such Servicing File to the Operating Advisor and shall use its reasonable efforts to provide the Special Servicer
with all information, documents (but excluding the original documents constituting the Mortgage File, but including copies thereof)
and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Serviced
Loan and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without
acting through a Sub-Servicer. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within
five (5) Business Days of the date such Serviced Loan became a Specially Serviced Loan and in any event shall continue
to act as Master Servicer and administrator of such Serviced Loan until the Special Servicer has commenced the servicing of such
Serviced Loan, which shall occur upon the receipt by the Special Servicer of the Servicing File. With respect to each such Serviced
Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related Mortgagor to continue to remit all
payments in respect of such Serviced Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise
send to the Mortgagor of such a Specially Serviced Loan to the Special Servicer who shall send such notice to the related Mortgagor.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall promptly give written notice thereof to the Master
Servicer, the Trustee, the Operating Advisor, the Certificate Administrator, any related Serviced Companion Loan Holder, the related
Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect to the related Mortgage
Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this
Agreement, the Rule 17g-5 Information Provider and, upon giving such notice and the return of the Servicing File to the Master
Servicer, such Serviced Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the definition
of Specially Serviced Loans, the Special Servicer’s obligation to service such Serviced Loan shall terminate and the obligations
of the Master Servicer to service and administer such Serviced Loan as a Serviced Loan that is not a Specially Serviced Loan shall
resume. In addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to make payments to the
Special Servicer, upon such determination, the Special Servicer shall instruct the related Mortgagor to remit all payments in respect
of such Specially Serviced Loan directly to the Master Servicer.

 

(b)          
In servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included
within the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are
in the

 

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possession of the Special Servicer) and copies of any additional related Serviced Loan information, including written or
electronic correspondence with the related Mortgagor, and the Special Servicer shall promptly provide copies of all of the foregoing
to the Master Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)           
Notwithstanding the provisions of subsections (a) and (b) of this Section 3.22, the Master Servicer
shall maintain ongoing payment records with respect to each of the Specially Serviced Loans and, upon request, shall provide the
Special Servicer and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor
to perform its duties under this Agreement to the extent such information is within the Master Servicer’s possession. Upon
request, the Special Servicer shall provide the Master Servicer and the Operating Advisor with any information reasonably required
by the Master Servicer or the Operating Advisor to perform its duties under this Agreement to the extent such information is within
the Special Servicer’s possession.

 

Section 3.23              
Interest Reserve Account. The Certificate Administrator shall establish and maintain the Interest Reserve Account
in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest
Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance
Date occurring in January (except during a leap year) or February (commencing in 2022) (unless, in either such case, the related
Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit
into the Interest Reserve Account, in respect of all the Trust Loans that accrue interest on the basis of a 360-day year and the
actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on
the Stated Principal Balance of each such Trust Loan as of the close of business on the Distribution Date in the month preceding
the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect
thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”).
On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of
each calendar year (commencing in 2022), the Certificate Administrator shall transfer (1) to the Lower-Tier REMIC Distribution
Account the aggregate of all Withheld Amounts with respect to the Mortgage Loans on deposit in the Interest Reserve Account and
(2) to the 360 Spear REMIC Distribution Account the aggregate of all Withheld Amounts with respect to the Trust Subordinate Companion
Loan on deposit in the Interest Reserve Account.

 

Section 3.24              
Modifications, Waivers, Amendments and Other Actions.

 

(a)           
(i) With respect to any Performing Serviced Loan, the Master Servicer (if the related modification, waiver or amendment
(A) does not constitute a Special Servicer Decision or Major Decision or (B) constitutes a Special Servicer Decision
or Major Decision and the Master Servicer is processing such modification, waiver or amendment subject to the consent of the Special
Servicer as provided in the immediately succeeding paragraph), or (ii) with respect to any Specially Serviced Loan or (if
the related modification, waiver or amendment constitutes a Special Servicer Decision or Major

 

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Decision unless the Master Servicer
is processing such modification, waiver or amendment as provided in the immediately succeeding paragraph) any Performing Serviced
Loan, the Special Servicer, in each case subject to any consent rights of any applicable Directing Holder and/or the consultation
rights of any applicable Consulting Party (to the extent any such Directing Holder or Consulting Party has consent or consultation
rights, as applicable, pursuant to Section 3.29, Section 6.09 or this Section 3.24, as applicable) and, to
the extent required in accordance with the related Co-Lender Agreement, any applicable consultation rights of any related Serviced
Companion Loan Holder (or its Companion Loan Holder Representative), may modify, waive or amend any term of any Serviced Loan if
such modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant
modification” of such Serviced Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise (1) cause
any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E,
part I of subchapter J of the Code for federal income tax purposes or (2) result in the imposition of a tax upon
any Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in
Code Section 860F(a)(2) and the tax on contributions to a REMIC set forth in Code Section 860G(d), but not including
the tax on “net income from foreclosure property” under Code Section 860G(c)). The Master Servicer and the Special
Servicer may rely on an Opinion of Counsel with respect to the determination described in clause (B) of the immediately preceding
sentence.

 

In addition, with respect
to Performing Serviced Loans, to the extent any modification, waiver, amendment or other action constitutes (i) a Major Decision
or (ii) a Special Servicer Decision, the Master Servicer (if (1) the Master Servicer and the Special Servicer have mutually agreed
that the Master Servicer shall process such modification, waiver, amendment or other action, (2) such modification, waiver, amendment
or other action constitutes a Major Decision described in subclause (i) or (ii) of clause (r) of the definition of “Major
Decision” or (3) such modification, waiver, amendment or other action constitutes a Special Servicer Decision described in
clause (b), clause (c) or subclause (i) or (ii) of clause (e) of the definition of “Special Servicer
Decision”) shall obtain the consent of the Special Servicer, and, in each case, to the extent any modification, waiver, amendment
or other action constitutes a Major Decision, the Special Servicer shall obtain the consent of any applicable Directing Holder
in accordance with Section 6.09(a) of this Agreement, and shall consult with any applicable Consulting Parties (to
the extent required pursuant to any related Co-Lender Agreement or pursuant to Section 3.21, Section 3.29, Section
6.09 or this Section 3.24, as applicable). With respect to any modification, waiver, amendment, consent or other action
that constitutes a Major Decision with regard to any Serviced Loan, the Special Servicer shall also obtain the consent of any applicable
Directing Holder in accordance with Section 6.09(a) of this Agreement and shall consult with any applicable Consulting
Parties (to the extent required pursuant to any related Co-Lender Agreement or pursuant to Section 3.21, Section 3.29,
Section 6.09 or this Section 3.24).

 

No modification, waiver
or amendment of any Co-Lender Agreement related to a Serviced Loan, or any action to enforce rights with respect thereto, in each
case, in a manner that materially and adversely affects the rights, duties and obligations of the Special Servicer or the Master
Servicer, as applicable, shall be permitted without the prior written consent of the Special Servicer or the Master Servicer, as
applicable.

 

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The Special Servicer
shall process any modification, waiver, amendment or other action that constitutes a Major Decision or Special Servicer Decision
with respect to: (a) any Specially Serviced Loan; and (b) any Performing Serviced Loan unless the Special Servicer and the Master
Servicer have mutually agreed that the Master Servicer shall process such Major Decision or Special Servicer Decision with respect
to such Performing Serviced Loan (provided that, the Master Servicer shall, without the need for any such mutual agreement, process
(1) any Major Decision described in subclause (i) or (ii) of clause (r) of the definition of “Major Decision” and (2)
any Special Servicer Decision described in clause (b), clause (c) or subclause (i) or (ii) of clause (e) of
the definition of “Special Servicer Decision”) subject, in each case, to the consent of the Special Servicer as set
forth below.

 

With respect to Performing
Serviced Loans, the Master Servicer, prior to taking (or making a determination not to take) any action with respect to any modification,
waiver, amendment, consent or other action that constitutes a Major Decision or a Special Servicer Decision, shall refer the request
to the Special Servicer, and the Special Servicer shall process the request directly or, if mutually agreed to by the Special Servicer
and the Master Servicer, the Master Servicer shall process such request (provided that, the Master Servicer shall, without the
need for any such mutual agreement, process (1) any Major Decision described in subclause (i) or (ii) of clause (r) of the definition
of “Major Decision” with respect to any Performing Serviced Loan and (2) any Special Servicer Decision described in
clause (b), clause (c) or subclause (i) or (ii) of clause (e) of the definition of “Special Servicer
Decision” with respect to any Performing Serviced Loan) subject to the consent of the Special Servicer as set forth below.

 

When the Special Servicer’s
consent is required with respect to any modification, waiver, amendment, consent or other action that is a Major Decision or a
Special Servicer Decision with respect to a Performing Serviced Loan (i.e., when (1) the Master Servicer and Special Servicer have
mutually agreed that the Master Servicer shall process such modification, waiver or amendment with respect to a Performing Serviced
Loan, (2) the Master Servicer is processing any Major Decision described in subclause (i) or (ii) of clause (r) of the definition
of “Major Decision” with respect to any Performing Serviced Loan or (3) the Master Servicer is processing any Special
Servicer Decision described in clause (b), clause (c) or subclause (i) or (ii) of clause (e) of the definition
of “Special Servicer Decision” with respect to any Performing Serviced Loan, in each case, as set forth in the preceding
paragraphs), the Master Servicer shall, in a manner consistent with the Servicing Standard, provide the Special Servicer with written
notice of any request for such modification, waiver, amendment, consent or other action, accompanied by the Master Servicer’s
written recommendation and analysis and any and all information in the Master Servicer’s possession or reasonably available
to it that the Special Servicer or, with respect to a Major Decision, the related Directing Holder may reasonably request in order
to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to, with respect to Major Decision,
in each case if applicable, the consultation rights of any applicable Consulting Parties (to the extent required pursuant to any
related Co-Lender Agreement or pursuant to Section 3.21, Section 3.29, Section 6.09 or this Section 3.24),
the consent rights of the applicable Directing Holder (to the extent required pursuant to any related Co-Lender Agreement or pursuant
to Section 6.09 or this Section 3.24) and/or the consultation rights of any related Serviced Companion Loan Holder
or its Companion Loan Holder Representative) to approve or disapprove such modification, waiver, amendment, consent or other action.
The Special Servicer shall have 15 Business Days (or, with respect to a Serviced Loan Combination, such longer period as required
by the related

 

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Co-Lender Agreement, but in no event less than 5 Business Days after the time period set forth in such Co-Lender
Agreement for review by any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) (or 60 days
with respect to an Acceptable Insurance Default), from the date that the Special Servicer receives the Master Servicer’s
written analysis and recommendation and any supporting information it requested from the Master Servicer, to analyze and approve
such modification, waiver, amendment, consent or other action and, prior to the end of such 15 Business Day period or such longer
period if required by the applicable Co-Lender Agreement or 60-day period (with respect to an Acceptable Insurance Default), as
applicable, the Special Servicer shall notify any applicable Directing Holder of such request for approval of each such modification,
waiver, amendment, consent or other action that constitutes a Major Decision and provide its written analysis and recommendation
(or, in the case of any action that constitutes a Major Decision, the Major Decision Reporting Package) with respect thereto. Following
such notice, the applicable Directing Holder shall have 10 Business Days (or, in the case of a determination of an Acceptable Insurance
Default, 20 days) from the date it receives from the Special Servicer the recommendation and analysis of the Master Servicer
or the Special Servicer (or, in the case of any action that constitutes a Major Decision, the related Major Decision Reporting
Package), as applicable, and any other information it may reasonably request (or, with respect to a Serviced Loan Combination,
such longer time period as may be provided in the related Co-Lender Agreement) to approve any recommendation of the Special Servicer
or the Master Servicer relating to any such request for approval of modification, waiver, amendment, consent or other action that
constitutes a Major Decision. In any such event, if the applicable Directing Holder does not respond to a request for approval
by 5:00 p.m. on the 10th Business Day (or, with respect to a Serviced Loan Combination, such longer time period as may be
provided in the related Co-Lender Agreement) or 20th day, as applicable, after receipt of the applicable recommendation and analysis
(or, in the case of any action that constitutes a Major Decision, the related Major Decision Reporting Package) and other requested
information as set forth in the preceding sentence, the Special Servicer or the Master Servicer, as applicable, may deem its recommendation
approved by the applicable Directing Holder, and if the Special Servicer does not respond to a request for approval within the
required 15 Business Days (or, with respect to a Serviced Loan Combination, such longer period as required by the related Co-Lender
Agreement, but in no event less than 5 Business Days after the time period set forth in such Co-Lender Agreement for review by
any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) or 60 days (with respect to an Acceptable
Insurance Default), as applicable, the Master Servicer may deem its recommendation approved by the Special Servicer.

 

With respect to any Performing
Serviced Loan, the Master Servicer, without the consent or consultation of the Special Servicer, any applicable Consulting Parties
and/or any applicable Directing Holder, shall process and determine whether to consent to or approve any request by the related
Mortgagor with respect to any action that is not (1) a Major Decision, (2) a Special Servicer Decision or (3) an action with
respect to which the Special Servicer’s consent is required pursuant to Section 3.09 of this Agreement.

 

In addition to the foregoing,
the Master Servicer or the Special Servicer, as applicable, shall be allowed to grant a forbearance on a Mortgage Loan related
to the global COVID-19 emergency if (i) prior to October 1, 2021, the period of forbearance granted, when added to any prior periods
of forbearance granted before or after the Trust acquired such Mortgage Loan (whether or not such prior grants of forbearance were
covered by Section 5.02(2) of Revenue

 

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Procedure 2020-26 (as amplified by Revenue Procedure 2021-12), does not exceed six months
(or such longer period of time as may be allowed by guidance that is binding on federal income tax authorities) and such forbearance
is otherwise covered by Section 5.02(2) of Revenue Procedure 2020-26 (as amplified by Revenue Procedure 2021-12), (ii) such forbearance
is permitted under any other provision of this Agreement and the requirements under such provision are satisfied, or (iii) an Opinion
of Counsel obtained by the Master Servicer or the Special Servicer, as applicable, is delivered to the effect that such forbearance
shall not (A) cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust
under subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding
or (B) result in the imposition of a tax upon any Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited
transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code).

 

(b)          
All modifications, waivers or amendments of any Serviced Loan shall be in writing and shall be effected in a manner consistent
with the Servicing Standard. The Master Servicer or the Special Servicer, as applicable (in each case, if it is the party processing
the related modification, waiver or amendment pursuant to Section 3.24(a)), shall notify in writing the other such
party, the Trustee, the Certificate Administrator, the Depositor, any related Serviced Companion Loan Holder, any applicable Directing
Holder, any applicable Consulting Parties and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider, in writing, of any modification, waiver
or amendment of any term of any Serviced Loan and the date thereof, and shall deliver a copy to the Trustee, any related Serviced
Companion Loan Holder (which, in the case of a Serviced Companion Loan that has been included in an Other Securitization Trust,
shall be deemed to be the related master servicer under the related Other Pooling and Servicing Agreement, unless the notifying
party has received written notice otherwise), any applicable Directing Holder and any applicable Consulting Parties, and the original
to the Certificate Administrator (or any Custodian appointed by it) of the recorded agreement relating to such modification, waiver
or amendment within 15 Business Days following the execution and recordation thereof. For the avoidance of doubt, the requirement
with respect to the delivery of assumption or substitution agreements shall be governed by Section 3.09.

 

(c)           
Subject to Section 3.30 of this Agreement, any modification of any Loan Documents that requires obtaining a
Rating Agency Confirmation pursuant to such Loan Documents, or any modification that would eliminate, modify or alter the requirement
of obtaining a Rating Agency Confirmation in such Loan Documents, shall not be made without obtaining a Rating Agency Confirmation.
The Rating Agency Confirmation shall be obtained at the related Mortgagor’s expense in accordance with the related Loan Agreement
or, if not so provided in such Loan Agreement or if such Mortgagor does not pay, at the expense of the Trust Fund.

 

(d)          
Promptly after any Mortgage Loan, Trust Subordinate Companion Loan or Serviced Loan Combination becomes a Specially Serviced
Loan, the Special Servicer shall request from the Certificate Administrator the name of the current Controlling Class Representative
(or, in the case of the 360 Spear Loan Combination, so long as no Control Appraisal Period exists with respect to such Loan Combination,
the current Loan-

 

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Specific Controlling Class Representative, as applicable) and, if applicable, shall request from the Master Servicer
the name of the current related Serviced Companion Loan Holder(s). Upon receipt of the name of such current Controlling Class Representative
(or, if applicable, such current Loan-Specific Controlling Class Representative) from the Certificate Administrator, the Special
Servicer shall notify the Controlling Class Representative (or, if applicable, such current Loan-Specific Controlling Class
Representative) that such Trust Loan became a Specially Serviced Loan. Upon receipt of the name of such current related Serviced
Companion Loan Holder(s) from the Master Servicer, the Special Servicer shall notify the related Serviced Companion Loan Holder(s)
that the related Serviced Loan Combination became a Specially Serviced Loan. The Certificate Administrator shall be responsible
for providing the name of the current Controlling Class Representative or a current Loan-Specific Controlling Class Representative
only to the extent the Controlling Class Representative or such Loan-Specific Controlling Class Representative, as applicable,
has identified itself as such to the Certificate Administrator; provided that (i) if the Controlling Class Representative
is determined pursuant to the proviso in the definition of “Controlling Class Representative”, then (A) the
Certificate Administrator shall determine which Class is the Controlling Class and (B) the Special Servicer shall
request from the Certificate Administrator, and the Certificate Administrator shall request from the Depository at the expense
of the Trust, the list of Beneficial Holders of the Controlling Class, and the Certificate Administrator shall provide such list
to the Special Servicer and the Master Servicer at the expense of the Trust Fund; and (ii) if the Loan-Specific Controlling Class Representative
is determined pursuant to the proviso in the definition of “Loan-Specific Controlling Class Representative”, then
(A) the Certificate Administrator shall determine which Class is the Loan-Specific Controlling Class and (B) the
Special Servicer shall request from the Certificate Administrator, and the Certificate Administrator shall request from the Depository
at the expense of the Trust, the list of Beneficial Holders of the Loan-Specific Controlling Class, and the Certificate Administrator
shall provide such list to the Special Servicer and the Master Servicer at the expense of the Trust Fund.

 

(e)           
Neither the Master Servicer nor the Special Servicer shall enter into, or structure (including, without limitation, by way
of the application of credits, discounts, forgiveness or otherwise), any modification, waiver, amendment, work-out, consent or
approval with respect to any Serviced Loan or Serviced Loan Combination in a manner that would have the effect of placing amounts
payable as compensation, or otherwise directly or indirectly reimbursable, to the Master Servicer or the Special Servicer in a
higher priority than that which is set forth in Sections 1.02(d), 1.02(e), 1.02(g) and/or 1.02(h) hereof
or in the related Co-Lender Agreement.

 

(f)           
The Special Servicer or Master Servicer may, as a condition to granting any request by a Mortgagor for consent to a modification,
extension, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms
of the instruments evidencing or securing the related Mortgage Loan or Serviced Loan Combination and, further, pursuant to the
terms of this Agreement and applicable law, require that such Mortgagor pay to it a reasonable or customary fee for the additional
services performed in connection with such request and any related costs and expenses incurred by it; provided that the
charging of such fee would not be a “significant

 

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modification” of the Mortgage Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

 

(g)          
Notwithstanding anything set forth in this Agreement, in no event shall the Special Servicer be permitted to:

 

(i)            
extend the Maturity Date of a Serviced Loan (other than the Trust Subordinate Companion Loan) beyond a date that is 5 years
prior to the Rated Final Distribution Date of the rated Pooled Certificates, or extend the maturity date of the Trust Subordinate
Companion Loan beyond a date that is 7 years prior to the applicable Rated Final Distribution Date of the rated Loan-Specific Certificates;
or

 

(ii)          
if the Serviced Loan is secured by a ground lease, extend the Maturity Date of such Serviced Loan beyond a date which is
20 years or, to the extent consistent with the Servicing Standard, giving due consideration to the remaining term of the ground
lease, 10 years prior to the end of the current term of such ground lease, plus any options to extend exercisable unilaterally
by the related Mortgagor.

 

(h)          
In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of
the related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the
power of eminent domain or condemnation, if the related Loan Documents require the Master Servicer or the Special Servicer, as
applicable, to calculate (or require the Mortgagor to provide such calculation to the Master Servicer or the Special Servicer,
as applicable) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of
the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of
the related Serviced Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value
of personal property and going concern value, if any. In connection with approving any such release or taking, the Master Servicer
or Special Servicer, as applicable, shall calculate the loan-to-value ratio in a manner consistent with the prior sentence, and
if such calculation is greater than 125%, the Master Servicer or Special Servicer, as applicable, will require a payment of principal
in an amount equal to or greater than a “qualified amount” as determined under Revenue Procedure 2010-30 or successor
provisions unless the related Mortgagor provides an Opinion of Counsel that if such amount is not paid the related Trust Loan will
not fail to be a Qualified Mortgage.

 

(i)            
If and to the extent that the Trust, as holder of an Outside Serviced Mortgage Loan, is entitled to exercise any consent
and/or consultation rights with respect to modifications, waivers and amendments or certain other major decisions under the applicable
Outside Servicing Agreement, (a) any such consent rights shall be exercised by the Controlling Class Representative (unless
a Control Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan) or by the Special Servicer
(if a Control Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan), in each case in accordance
with Section 3.01(i), and (b) any such consultation rights shall be exercised by the Controlling Class Representative
(unless a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an

 

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Excluded Mortgage Loan) or by the
Special Servicer (if a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan),
in each case in accordance with Section 3.01(i). The Master Servicer shall only be obligated to forward any requests
received from the related Outside Servicer or the related Outside Special Servicer, as applicable, for such consent and/or consultation
to the Special Servicer (who shall forward any such request to the Controlling Class Representative except if a Control Termination
Event or Consultation Termination Event, as applicable, has occurred and is continuing or if such Outside Serviced Mortgage Loan
is an Excluded Mortgage Loan), and the Master Servicer shall have no right or obligation to exercise any such consent or consultation
rights.

 

Section 3.25              
Additional Obligations With Respect to Certain Mortgage Loans.

 

(a)           
With respect to each Mortgage Loan (other than an Outside Serviced Mortgage Loan) with a Stated Principal Balance in excess
of $35,000,000, in connection with any replacement of the Manager for the related Mortgaged Property, the Master Servicer or Special
Servicer, as applicable, to the extent permitted by the related Loan Documents, shall require a Rating Agency Confirmation and
shall condition its consent to such replacement on the Mortgagor paying for such Rating Agency Confirmation.

 

(b)          
With respect to any Mortgage Loan (other than an Outside Serviced Mortgage Loan), if any mezzanine loan is directly or indirectly
secured by any equity interest of the related Mortgagor, the Master Servicer (if (i) the related Mortgage Loan is a Performing
Serviced Loan and (ii) the performance of the particular obligation would not constitute a Special Servicer Decision or a Major
Decision) or the Special Servicer (if (i) the related Mortgage Loan is a Specially Serviced Loan or (ii) the performance of
the particular obligation would constitute a Special Servicer Decision or a Major Decision) shall perform the obligations of the
Trust, as holder of the related Mortgage Loan, or its servicer or agent under the related mezzanine loan intercreditor agreement.

 

Section 3.26              
Certain Matters Relating to the Outside Serviced Mortgage Loans.

 

(a)           
With respect to each Outside Serviced Mortgage Loan, in the event that any of the related Outside Trustee, the related Outside
Servicer or the related Outside Special Servicer shall be replaced in accordance with the terms of the applicable Outside Servicing
Agreement, the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the related Outside
Trustee, the related Outside Servicer or the related Outside Special Servicer, as the case may be, in each case with reasonable
promptness following request therefor by a party to the applicable Outside Servicing Agreement. In addition to the foregoing, with
respect to each Servicing Shift Loan Combination, after the related Servicing Shift Date the related Mortgage Loan shall be an
Outside Serviced Mortgage Loan, and the rights, duties and obligations of the Trust and the parties to this Agreement shall be
as set forth herein with respect to Outside Serviced Mortgage Loans.

 

(b)          
With respect to each Servicing Shift Loan Combination, prior to the related Servicing Shift Date, the Custodian shall hold
the Mortgage File with respect to such Servicing Shift Loan Combination. Following the related Servicing Shift Date and upon

 

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the
transfer of servicing of the related Servicing Shift Mortgage Loan to the related Outside Servicing Agreement in accordance with
the related Co-Lender Agreement, (i) the Certificate Administrator shall transfer (or cause any Custodian appointed by it to transfer)
the Mortgage File (other than the Note(s) evidencing the related Servicing Shift Mortgage Loan and corresponding allonges, the
originals of which shall be retained by the Custodian) for such Servicing Shift Loan Combination to the related Outside Trustee
(provided that the Custodian shall retain a photocopy of the Mortgage File) in accordance with the provisions and conditions set
forth in clause (B) of the second paragraph of Section 2.01(c) and (ii) the Master Servicer shall, upon written
request, if the Master Servicer is not the related Outside Servicer, transfer the Servicing File, any original letter of credit
and any escrows or reserve funds held for such Servicing Shift Loan Combination to the related Outside Servicer.

 

Section 3.27              
Additional Matters Regarding Advance Reimbursement.

 

(a)           
Upon the determination that a previously made Advance (other than a P&I Advance on the Trust Subordinate Companion Loan)
is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full amount of the principal portion
of general collections on the Mortgage Loans deposited in the Collection Account, the Master Servicer, the Special Servicer or
the Trustee, at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a)(ii)(B) of this Agreement immediately, may elect to
defer reimbursement for some or all such portion of the Nonrecoverable Advance during the one-month Collection Period ending on
the then-current Determination Date, for successive one-month periods for a total not to exceed 12 months; provided
that any deferral in excess of 6 months shall be subject to the consent of the applicable Directing Holder; and provided further
that, if it is an applicable Consulting Party, the Controlling Class Representative must be consulted with. If the Master
Servicer, the Special Servicer or the Trustee makes such an election in its sole discretion to defer reimbursement with respect
to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable Advance (together with
interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent Collection Period (subject, again,
to the same sole discretion option to defer; it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance
shall again be reimbursable pursuant to Section 3.06(a)(ii)(B) of this Agreement). In connection with a potential election
by the Master Servicer, the Special Servicer or the Trustee to defer reimbursement of a particular Nonrecoverable Advance or portion
thereof during the one-month Collection Period ending on the related Determination Date for any Distribution Date, the Master Servicer,
the Special Servicer or the Trustee shall further be authorized to wait for principal collections to be received before making
its determination of whether to defer reimbursement of a particular Nonrecoverable Advance or portion thereof) until the end
of such Collection Period; provided, however, if, at any time the Master Servicer, the Special Servicer or the Trustee,
as applicable, determines that the reimbursement of a Nonrecoverable Advance during any Collection Period will exceed the full
amount of the principal portion of general collections deposited in the Collection Account for the related Distribution Date, then
the Master Servicer, the Special Servicer or the Trustee, as applicable, shall, through a posting to the Rule 17g-5 Information
Provider’s Website

 

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pursuant to Section 12.13 of this Agreement, give the Rating Agencies at least 15 days’
notice prior to any reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest
on the Mortgage Loans unless (1) the Master Servicer, the Special Servicer or the Trustee, as applicable, determines in its
sole discretion that waiting 15 days after such a notice could jeopardize the Master Servicer’s, the Special Servicer’s
or the Trustee’s, as applicable, ability to recover such Nonrecoverable Advances, (2) changed circumstances or new or
different information becomes known to the Master Servicer, the Special Servicer or the Trustee, as applicable, that could affect
or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) the Master Servicer or the Special Servicer, as applicable, has not
timely received from the Trustee information requested by the Master Servicer or the Special Servicer, as applicable, to consider
in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3)
apply, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall, through a posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement, give Rating Agencies notice of an
anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the
Mortgage Loans as soon as reasonably practicable in such circumstances. Subject to Section 12.13 of this Agreement,
the Master Servicer, the Special Servicer or the Trustee, as applicable, shall have no liability for any loss, liability or expense
resulting from any notice provided to Rating Agencies contemplated by the immediately preceding sentence. Any election by the Master
Servicer, the Special Servicer or the Trustee to defer reimbursing itself for any Nonrecoverable Advance (together with interest
thereon) or portion thereof with respect to any Collection Period shall not be construed to impose on the other such parties any
obligation to make such an election (or any entitlement in favor of any Certificateholder, the Uncertificated VRR Interest Owner
or any other Person to such an election) with respect to any subsequent Collection Period or to constitute a waiver or limitation
on the right of the Master Servicer, the Special Servicer or the Trustee to otherwise be reimbursed for such Nonrecoverable Advance
immediately (together with interest thereon). Any such election by the Master Servicer, the Special Servicer or the Trustee shall
not be construed to impose any duty on any other such party to make such an election (or any entitlement in favor of any Certificateholder,
the Uncertificated VRR Interest Owner or any other Person to such an election). Any such election by any such party to defer reimbursing
itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection
Periods shall not limit the accrual of interest on such Nonrecoverable Advance for the period prior to the actual reimbursement
of such Nonrecoverable Advance. None of the Master Servicer, the Special Servicer, the Trustee or the other parties to this Agreement
will have any liability to one another or to any of the Certificateholders or the Uncertificated VRR Interest Owner for any such
election that such party makes to defer or not to defer reimbursing itself as contemplated by this paragraph or for any losses,
damages or other adverse economic or other effects that may arise from such an election nor will such election constitute a violation
of the Servicing Standard or any duty under this Agreement. The Master Servicer’s, the Special Servicer’s or the Trustee’s,
as applicable, election, if any, to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation
to the Certificateholders and the

 

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Uncertificated VRR Interest Owner and shall not be construed as an obligation on the part of
the Master Servicer, the Special Servicer or the Trustee, as applicable, or a right of the Certificateholders or the Uncertificated
VRR Interest Owner. Nothing herein shall give the Master Servicer, the Special Servicer or the Trustee the right to defer reimbursement
of a Nonrecoverable Advance if there are principal collections then available in the Collection Account pursuant to Section 3.06
of this Agreement or to defer reimbursement of a Nonrecoverable Advance for an aggregate period exceeding 12 months.

 

(b)          
If the Master Servicer is required to make a Property Advance, but does not do so within 15 days after the Property
Advance is required to be made, then the Trustee will be required: (i) if a Responsible Officer of the Trustee has actual
knowledge of the failure, to give the Master Servicer notice of its failure; and (ii) if the failure continues for three more
Business Days, to make the Advance unless the Trustee determines such advance to be a Nonrecoverable Advance.

 

Section 3.28              
Serviced Companion Loan Intercreditor Matters.

 

(a)           
If, pursuant to Section 2.03, Section 3.17 or Section 9.01 of this Agreement, any Mortgage
Loan that relates to a Serviced Loan Combination is purchased from, repurchased from or substituted out of, the Trust Fund, the
subsequent holder thereof shall be bound by the terms of the related Co-Lender Agreement and shall assume the rights and obligations
of the holder of the Note that represents the related Mortgage Loan under such Co-Lender Agreement. Subject to the provisions of
the related Co-Lender Agreement regarding servicing and custodial responsibilities: (i) all portions of the related Mortgage File
and (to the extent provided under the related Mortgage Loan Purchase Agreement) other documents pertaining to such Mortgage Loan
shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of such Mortgage Loan in its capacity as
the holder of the Note that represents the related Mortgage Loan (as a result of such purchase, repurchase or substitution) and
(except for the actual Note) on behalf of the holder of the Note(s) that represents the Serviced Companion Loan(s); (ii) thereafter,
such Mortgage File shall be held by the holder of the Note that represents the related Mortgage Loan or a custodian appointed thereby
for the benefit thereof, on behalf of itself and the holder of the related Serviced Companion Loan(s) as their interests appear
under the related Co-Lender Agreement; and (iii) if the related Servicing File is not already in the possession of such party,
it shall be delivered to the master servicer or special servicer, as the case may be, under any separate servicing agreement for
the Serviced Loan Combinations.

 

(b)          
With respect to each Serviced Companion Loan held outside the Trust, notwithstanding any rights the Operating Advisor, a
Risk Retention Consultation Party or the Controlling Class Representative hereunder may have to consult with respect to any action
or other matter with respect to the servicing of such Serviced Companion Loan, to the extent the related Co-Lender Agreement provides
that such right is exercisable by the related Serviced Companion Loan Holder or its Companion Loan Holder Representative or is
exercisable in conjunction with any related Serviced Companion Loan Holder, then (i) neither the Operating Advisor nor the
Controlling Class Representative shall be permitted to exercise such right or (ii) to the extent provided in the related
Co-Lender Agreement, the Operating Advisor or the Controlling Class Representative, as applicable,

 

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shall be required to exercise
such right in conjunction with any related Serviced Companion Loan Holder or its Companion Loan Holder Representative, as applicable.
Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or Special Servicer, as applicable,
shall consult with, seek the approval of, or obtain the consent of the holder of any Serviced Companion Loan or its Companion Loan
Holder Representative with respect to any matters with respect to the servicing of such Serviced Companion Loan to the extent required
under related Co-Lender Agreement and shall not take such actions requiring consent of or consultation with the Serviced Companion
Loan Holder or its Companion Loan Holder Representative without such consent or consultation. In addition, notwithstanding anything
to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices to the Serviced Companion
Loan Holder or its Companion Loan Holder Representative (or the master servicer or special servicer for the related Other Securitization
Trust on behalf of the Serviced Companion Loan Holder) as required under the Co-Lender Agreement.

 

(c)           
With respect to each Serviced Loan Combination, the Master Servicer shall prepare, or cause to be prepared, on an ongoing
basis a statement setting forth, to the extent applicable to such Serviced Loan Combination:

 

(i)            
(A) the amount of the distribution from the related Loan Combination Custodial Account allocable to principal and (B) separately
identifying the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgagor
or other principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein
and information on distributions made with respect to the related Serviced Loan Combination;

 

(ii)          
the amount of the distribution from the related Loan Combination Custodial Account allocable to interest and the amount
of Default Interest allocable to the related Serviced Loan Combination;

 

(iii)         
the amount of the distribution to the related Serviced Companion Loan Holder, separately identifying the non-default interest,
principal and other amounts included therein, and if the distribution to a Serviced Companion Loan Holder is less than the full
amount that would be distributable to such Serviced Companion Loan Holder if there were sufficient amounts available therefor,
the amount of the shortfall and the allocation thereof between interest and principal and the amount of the shortfall, if any,
under the related Serviced Loan Combination;

 

(iv)         
the principal balance of each of the related Serviced Loan Combination and related Serviced Companion Loan after giving
effect to the distribution of principal on the most recent Distribution Date; and

 

(v)          
the amount of the servicing fees paid to the Master Servicer and the Special Servicer with respect to the most recent Distribution
Date, showing separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

 

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Not later than each Distribution
Date, the Master Servicer shall make the foregoing statement available to the Serviced Companion Loan Holder (or the master servicer
or special servicer for the related Other Securitization Trust on its behalf) by electronic means (which may include posting such
information pursuant to the applicable CREFC® reports on the Master Servicer’s website) and by such other means of delivery
as required under the related Co-Lender Agreement.

 

(d)          
If any Serviced Companion Loan becomes the subject of an Other PSA Asset Review pursuant to the related Other Pooling and
Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall reasonably
cooperate (and the Certificate Administrator shall cause any Custodian appointed by it to reasonably cooperate) with the related
Other Asset Representations Reviewer in connection with such Other PSA Asset Review by providing the related Other Asset Representations
Reviewer with any documents reasonably requested by the related Other Asset Representations Reviewer, but only to the extent that
(i) the Other Asset Representations Reviewer has not been able to obtain such documents from the related Mortgage Loan Seller and
(ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or any Custodian appointed by the Certificate Administrator, as the case may be. For the avoidance of doubt, none of the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian shall have other obligations with respect
to any such Other PSA Asset Review nor shall any such party be bound by the results of any such asset review.

 

(e)           
With respect to any Other Pooling and Servicing Agreement that satisfies Regulation RR in whole or in part through the purchase
by a third party purchaser of an eligible horizontal residual interest pursuant to Rule 7 of Regulation RR (a “Regulation
RR Other PSA”), at any time that the Special Servicer has received written notice of such Regulation RR Other PSA and
that an Other Operating Advisor Consultation Trigger Event has occurred under such Regulation RR Other PSA because such eligible
horizontal residual interest has been reduced as set forth under Rule 7(b)(6)(iv) of Regulation RR, the Special Servicer shall
consult with the related Other Operating Advisor under such Other Pooling and Servicing Agreement with respect to any decisions
that are Major Decisions with respect to the related Serviced Companion Loan. Such consultation shall be on a non-binding basis
and shall be performed in accordance with the same process for consultations between the Special Servicer and Operating Advisor
with respect to Major Decisions under this Agreement.

 

(f)           
With respect to each Serviced AB Loan Combination with respect to which the holder of any related Serviced Subordinate Companion
Loan is entitled under the related Co-Lender Agreement to avoid its applicable “control appraisal period” (or analogous
concept) by posting cash or letter of credit as collateral (a “Threshold Event Collateral”), the Special Servicer
shall administer any such Threshold Event Collateral in accordance with the terms of the related Co-Lender Agreement. Any Threshold
Event Collateral posted by a Serviced Subordinate Companion Loan Holder shall be held in an outside reserve fund which shall not
be an asset of any Trust REMIC, and the party that posted such Threshold Event Collateral shall be the owner of such outside reserve
fund, all within the meaning of Treasury Regulations Section 1.860G-2(h). Upon a Final Recovery

 

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Determination with respect
to any such Serviced AB Loan Combination, the Special Servicer shall transfer any related Threshold Event Collateral held in the
form of cash (or, if the related Threshold Event Collateral is a letter of credit, the proceeds of such Threshold Event Collateral)
to the related Loan Combination Custodial Account, which such transferred amount shall be treated as Liquidation Proceeds and applied
in accordance with the terms of the related Co-Lender Agreement and Section 3.06A of this Agreement.

 

(g)          
The Master Servicer shall maintain a register (the “Serviced Companion Loan Holder Register”) with respect
to each Serviced Companion Loan on which the Master Servicer shall record the names and addresses of, and wire transfer instructions
for, the Serviced Companion Loan Holders from time to time, to the extent such information is provided in writing to the Master
Servicer by a Serviced Companion Loan Holder. The name and address of each initial Serviced Companion Loan Holder as of the Closing
Date is set forth on Exhibit NN hereto. The Master Servicer shall be entitled to conclusively rely upon the information
delivered by any Serviced Companion Loan Holder until it receives notice of transfer or of any change in information.

 

In the event
that a Serviced Companion Loan Holder transfers the related Serviced Companion Loan without notice to the Master Servicer, the
Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have no
obligation to recover and redirect such payment.

 

The Master
Servicer shall promptly provide the names and addresses of any Serviced Companion Loan Holder to any party hereto, any related
Companion Loan Note Holder or any successor thereto upon written request, and any such Person may, without further investigation,
conclusively rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such
names and addresses.

 

For the avoidance
of doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Serviced Companion
Loan Holder with respect to a Serviced Companion Loan that has been included in an Other Securitization Trust shall be provided
to the Other Servicer under the related Other Pooling and Servicing Agreement.

 

Section 3.29              
Appointment and Duties of the Operating Advisor.

 

(a)           
Park Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor. The Operating Advisor shall
at all times be an Eligible Operating Advisor. The Operating Advisor shall at all times act in accordance with the Operating Advisor
Standard in fulfilling its responsibilities and obligations under this Agreement.

 

(b)          
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor, as an independent
contractor, shall review the Special Servicer’s actions and decisions in respect of Specially Serviced Loans and, solely
in connection with Major Decisions as to which the Operating Advisor has consultation rights following the occurrence and during
the continuance of a Control Termination Event, Performing Serviced Loans (in light of the Servicing Standard and the requirements
of this Agreement), consult with the Special Servicer regarding the Major Decisions and Asset

 

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Status Reports as contemplated by
Section 3.29(h) and perform each other obligation of the Operating Advisor as set forth in this Agreement, in each
such case solely on behalf of the Trust Fund and in the best interest of, and for the benefit of, the Certificateholders and the
Uncertificated VRR Interest Owner (as a collective whole), and not any particular Class of Certificateholders or the Uncertificated
VRR Interest Owner, as determined by the Operating Advisor in the exercise of its good faith and reasonable judgment, but without
regard to any conflict of interest arising from any relationship that the Operating Advisor or any of its Affiliates may have with
any of the Mortgagors, any Sponsor, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset
Representations Reviewer, the Directing Holder, any Risk Retention Consultation Party or any of their respective Affiliates (the
“Operating Advisor Standard”). The Operating Advisor shall act solely as a contracting party to the extent set
forth in this Agreement and shall not owe any fiduciary duty to any party to this Agreement or any other Person in connection with
this Agreement. The Operating Advisor’s duties shall be limited to its specific obligations under this Agreement, and the
Operating Advisor shall have no duty or liability to any particular Class of Certificates or the Uncertificated VRR Interest or
any Certificateholder or the Uncertificated VRR Interest Owner. The Operating Advisor is not a servicer or a sub-servicer and will
not be charged with changing the outcome on any particular Specially Serviced Loan or with respect to any Major Decision on which
it consults for a Performing Serviced Loan. The Uncertificated VRR Interest Owner and, by its acceptance of a Certificate, each
Certificateholder acknowledges and agrees that there could be multiple strategies to resolve any Specially Serviced Loan and a
variety of actions or decisions made with respect to any Major Decision and that the goal of the Operating Advisor’s participation
is to provide additional input relating to the Special Servicer’s compliance with the Servicing Standard in making its determinations
as to which strategy to execute. The Operating Advisor shall not owe any fiduciary duty to the Master Servicer, the Special Servicer
or any other Person in connection with this Agreement.

 

(c)           
The Operating Advisor shall promptly review (i) all information available to Privileged Persons on the Certificate
Administrator’s Website with respect to the Special Servicer, assets on the CREFC® Servicer Watch List, Specially
Serviced Loans and, if a Control Termination Event exists, Major Decisions on Performing Serviced Loans, (ii) each Final Asset
Status Report delivered by the Special Servicer to the Operating Advisor, (iii) if a Control Termination Event exists, each other
Asset Status Report delivered by the Special Servicer to the Operating Advisor, (iv) each Major Decision Reporting Package delivered
by the Special Servicer to the Operating Advisor pursuant to Section 6.09(a) (A) in connection with the Operating Advisor’s
consultation rights with respect to the subject Major Decision regarding each Serviced Loan if a Control Termination Event exists,
and (B) with respect to the subject Major Decision regarding each Specially Serviced Loan when a Control Termination Event does
not exist, after the Special Servicer receives the Directing Holder’s approval or deemed approval of such Major Decision
Reporting Package, and (v) if specifically required to be delivered to the Operating Advisor under this Agreement, such other reports,
documents, certificates and other information prepared by the Special Servicer and received by the Operating Advisor, as relate
to the actions and decisions of the Special Servicer in respect of Specially Serviced Loans and, solely in connection with Major
Decisions as to which the Operating Advisor has consultation rights, Performing Serviced Loans. To the extent not otherwise

 

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deliverable
by the Special Servicer to the Operating Advisor hereunder or available to the Operating Advisor on the Certificate Administrator’s
Website, the Special Servicer shall: (i) concurrently deliver to the Operating Advisor any and all reports provided by the
Special Servicer to any of the other parties to this Agreement or to the Uncertificated VRR Interest Owner or any Certificateholder
or Certificate Owner, in each case, to the extent that such reports relate to any Specially Serviced Loan or any Major Decision
with respect to which the Operating Advisor has consultation rights pursuant to Section 3.29(h) of this Agreement (provided,
that, for so long as a Control Termination Event does not exist, such reports shall exclude any Major Decision Reporting Package
that does not relate to a Specially Serviced Loan and any Asset Status Report that is not a Final Asset Status Report); and (ii)
grant the Operating Advisor adequate and timely access to information and reports prepared by or otherwise in the possession of
the Special Servicer necessary for the Operating Advisor to fulfill its duties under this Agreement.

 

(d)          
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall review the Special
Servicer’s actions and decisions in light of the Servicing Standard and the requirements of this Agreement, with respect
to the applicable Specially Serviced Loan(s) and, solely in connection with Major Decisions as to which the Operating Advisor has
consultation rights pursuant to Section 3.29(h) of this Agreement, the applicable Performing Serviced Loans.

 

(e)           
Following the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s
review of the following information (to the extent delivered to the Operating Advisor or made available to the Operating Advisor
on the Certificate Administrator’s Website): any annual compliance statement and any assessment of compliance delivered to
the Operating Advisor pursuant to Section 10.08 and Section 10.09 of this Agreement, as applicable; any
attestation report delivered to the Operating Advisor pursuant to Section 10.10 of this Agreement; any Major Decision
Reporting Package; any Final Asset Status Report and, during the continuance of a Control Termination Event, any other Asset Status
Report; any other reports made available to Privileged Persons on the Certificate Administrator’s Website during the prior
calendar year that the Operating Advisor is required to review pursuant to Section 3.29(c); and any other information
(other than any communications between the applicable Directing Holder, any Risk Retention Consultation Party or any Serviced Companion
Loan Holder (or its Companion Loan Holder Representative), as applicable, and the Special Servicer that would be Privileged Information)
prepared by the Special Servicer and delivered to the Operating Advisor under this Agreement, the Operating Advisor shall (if,
during the prior calendar year, any Mortgage Loan was a Specially Serviced Mortgage Loan and there existed a Control Termination
Event) prepare and deliver to the Depositor, the Rule 17g-5 Information Provider (who shall promptly post such Operating Advisor
Annual Report on the Rule 17g-5 Information Provider’s Website), the Trustee and the Certificate Administrator (who
shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website), within 120 days
of the end of the prior calendar year an annual report (the “Operating Advisor Annual Report”). The Operating
Advisor Annual Report shall be substantially in the form of Exhibit R of this Agreement (which form may be modified
or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms
and provisions of

 

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this Agreement; provided, that in no event shall the information or any other content included in the
Operating Advisor Annual Report contravene any provision of this Agreement). The Operating Advisor Annual Report shall set forth
the Operating Advisor’s assessment of the Special Servicer’s performance of its duties under this Agreement during
the prior calendar year. Subject to the restrictions in this Agreement, including, without limitation, Section 3.29(b)
of this Agreement, each such Operating Advisor Annual Report shall (A) state whether the Operating Advisor believes, in its
sole discretion exercised in good faith, that the Special Servicer is performing its duties in compliance with (1) the Servicing
Standard and (2) the Special Servicer’s obligations under this Agreement, and (B) identify any material deviations
with respect to such matters from (i) the Servicing Standard or (ii) the Special Servicer’s obligations under this Agreement,
and (C) comply with all of the confidentiality requirements applicable to the Operating Advisor with respect to Privileged
Information provided for in this Agreement (subject to any permitted exceptions set forth in this Agreement). In the event a lack
of access to Privileged Information limits the Operating Advisor from performing its duties under this Agreement, the Operating
Advisor shall not be subject to any liability arising from its lack of access to Privileged Information. Such Operating Advisor
Annual Report shall be delivered to the Trustee, the Certificate Administrator, the Rule 17g-5 Information Provider and the
Depositor, and the Certificate Administrator and the Rule 17g-5 Information Provider shall promptly, upon receipt, post such
Operating Advisor Annual Report on the Certificate Administrator’s Website and the Rule 17g-5 Information Provider’s
Website, respectively; provided, however, that the Operating Advisor shall deliver to the Special Servicer, the applicable
Directing Holder and the Controlling Class Representative (at any time that it is an applicable Directing Holder or Consulting
Party), any annual report produced by the Operating Advisor at least ten (10) calendar days prior to its delivery to the Depositor,
the Trustee and the Certificate Administrator. The Operating Advisor may, but shall not be obligated to, revise the Operating Advisor
Annual Report based on any comments received from the Special Servicer or the Controlling Class Representative. Notwithstanding
the foregoing, no Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer
if during the prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced
Loan or REO Property or was otherwise in the process of being implemented in connection with a Specially Serviced Loan or REO Property.
In the event the Special Servicer is replaced during the prior calendar year, the Operating Advisor shall only be required to prepare
an Operating Advisor Annual Report relating to each entity that was acting as Special Servicer as of December 31 of the prior
calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report. In preparing an Operating
Advisor Annual Report, the Operator Advisor is not required to report on instances of non-compliance with, or deviations from,
the Servicing Standard or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines,
in accordance the Operating Advisor Standard, to be immaterial. In connection with the Operating Advisor Annual Report and the
reviews provided for above in this Section 3.29, following the occurrence and continuance of a Control Termination
Event, the Operating Advisor shall perform its review on the basis of the Special Servicer’s performance of its duties with
respect to (i) Specially Serviced Loans and (ii) Major Decisions on Performing Serviced Loans, as well as the extent to which those
duties were performed in accordance

 

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with the Servicing Standard, with reasonable consideration by the Operating Advisor of any
annual compliance statement, any assessment of compliance and any attestation report delivered to the Operating Advisor pursuant
to Section 10.08, Section 10.09 and Section 10.10 of this Agreement, as applicable, or made
available to the Operating Advisor on the Certificate Administrator’s Website, any Asset Status Report, any Major Decision
Reporting Package and other information (other than any communications between the applicable Directing Holder, any Risk Retention
Consultation Party or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable, and the
Special Servicer that would be Privileged Information) that the Operating Advisor is required to review on the Certificate Administrator’s
Website or that is prepared by the Special Servicer and delivered or made available to the Operating Advisor pursuant to this Agreement.

 

(f)           
Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer shall forward any Appraisal
Reduction Amount, Collateral Deficiency Amount and net present value calculations used in the Special Servicer’s determination
of the course of action to be taken in connection with the workout or liquidation of a Specially Serviced Loan to the Operating
Advisor. Prior to the occurrence and continuance of a Control Termination Event, the Operating Advisor shall review such calculations
but may not opine on, or otherwise call into question such Appraisal Reduction Amount, Collateral Deficiency Amount and/or net
present value calculations; provided, however, if the Operating Advisor discovers a mathematical error contained in such calculations,
then the Operating Advisor shall notify the Special Servicer of such error.

 

(g)          
After the occurrence and during the continuance of a Control Termination Event, after the calculation but prior to the utilization
by the Special Servicer of any of the calculations with respect to an applicable Specially Serviced Loan related to (i) Appraisal
Reduction Amounts, (ii) Collateral Deficiency Amounts or (iii) net present value used in the Special Servicer’s determination
of the course of action to be taken in connection with the workout or liquidation of such Specially Serviced Loan, the Special
Servicer shall forward such calculations, together with any supporting material or additional information in the Special Servicer’s
possession or reasonably obtainable by the Special Servicer necessary in support thereof (including such additional information
reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any
Privileged Information), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing
such calculations, and the Operating Advisor shall promptly, but no later than five (5) Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this
Section 3.29(g), in the event the Operating Advisor does not agree with the mathematical calculations in any material
respect or does not agree with the application of the non-discretionary portions of the applicable formulas required to be utilized
for such calculation, the Operating Advisor and the Special Servicer shall consult with each other in order to resolve any inaccuracy
in the mathematical calculations or the application of the

 

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non-discretionary portions of the applicable formulas in arriving at
those mathematical calculations or any disagreement within five (5) Business Days of delivery of such calculations to
the Operating Advisor. In the event the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement
prior to the end of such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator
of such disagreement and the Certificate Administrator shall determine which calculation is to apply. In making such determination,
the Certificate Administrator may hire an independent third-party to assist with any such calculation at the expense of the Trust
Fund.

 

(h)          
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall consult (on
a non-binding basis) with the Special Servicer in connection with (i) any Major Decision with respect to a Serviced Loan in accordance
with Section 3.24, Section 6.09 and this Section 3.29, (ii) each Asset Status Report in accordance with Section
3.21, and (iii) the matters set forth in, and in accordance with, Section 3.09 and Section 3.17(m), and in each
case, the Special Servicer or the Trustee, as applicable, shall consider any alternative courses of action and any other feedback
provided by the Operating Advisor. In connection with the Operating Advisor’s obligation to consult (on a non-binding basis)
with the Special Servicer with respect to Asset Status Report in accordance with Section 3.21, the Operating Advisor shall
propose, by written notice, alternative courses of action within 10 Business Days of receipt of each Asset Status Report to
the extent the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders (including any
Certificateholders that were previously included in the Control Eligible Classes) and the Uncertificated VRR Interest Owner, as
a collective whole as if such Certificateholders and the Uncertificated VRR Interest Owner constituted a single lender. After the
occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall consult with the Trustee in connection
with the matter set forth in, and in accordance with, Section 7.02.

 

(i)            
Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in
respect of Privileged Information), the Operating Advisor shall respond to Inquiries relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Report and made by Privileged Persons from time to time in accordance with the terms
of Section 4.02(a) of this Agreement.

 

(j)            
Subject to the Privileged Information Exception, the Operating Advisor will be obligated to keep confidential any Privileged
Information received from the Special Servicer, the applicable Directing Holder, any Risk Retention Consultation Party or any related
Serviced Companion Loan Holder (or its Companion Loan Holder Representative) in connection with the exercise of the rights of the
applicable Directing Holder, such Risk Retention Consultation Party or such related Serviced Companion Loan Holder under this Agreement
(including, without limitation, in connection with the review and/or approval of any Asset Status Report), subject to any law,
rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information.

 

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(k)          
The Operating Advisor shall keep all Privileged Information confidential and shall not disclose such Privileged Information
to any Person (including Certificateholders and the Uncertificated VRR Interest Owner, other than the Controlling Class Representative
or the Loan-Specific Controlling Class Representative), other than (1) to the extent expressly required by this Agreement, to the
other parties to this Agreement with a notice indicating that such information is Privileged Information, (2) pursuant to a Privileged
Information Exception or (3) when necessary to support, and directly related to, specific findings or conclusions (i) in the Operating
Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor for the replacement of the Special Servicer.
Notwithstanding the foregoing, the Operating Advisor, solely to the extent required in connection with its duties under this Agreement,
will be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor provided
such Affiliates and subcontractors of the Operating Advisor agree in writing prior to their receipt of such Privileged Information
to be bound by the same confidentiality provisions applicable to the Operating Advisor described in this Agreement and a copy of
such agreement is provided to the parties hereto. Each party to this Agreement that receives Privileged Information from the Operating
Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to
any Person without the prior written consent of the Special Servicer and, as applicable, any related Outside Controlling Note Holder
(if a Serviced Outside Controlled Loan Combination is involved), the Risk Retention Consultation Parties and/or, unless a Consultation
Termination Event has occurred and is continuing, the Controlling Class Representative other than pursuant to a Privileged
Information Exception.

 

(l)            
On each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee accrued
on the Mortgage Loans from amounts on deposit in the Collection Account, pursuant to Section 3.06 of this Agreement,
and the applicable Operating Advisor Fee accrued on a Mortgage Loan that is part of a Loan Combination from collections on such
Mortgage Loan on deposit in the related Loan Combination Custodial Account, pursuant to Section 3.06(A) of this Agreement.
In addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor (but only to the extent such fee is
actually received from the related Mortgagor as a separately identifiable fee) with respect to each Major Decision for which the
Operating Advisor has consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be
payable from funds on deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect
to the Operating Advisor Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the
related Mortgagor. If the Operating Advisor has consultation rights with respect to a Major Decision under this Agreement, the
Master Servicer or the Special Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing
Standard to collect the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision,
but only to the extent not prohibited by the related Loan Documents, and shall deposit any Operating Advisor Consulting Fee so
collected from the related Mortgagor into the Collection Account. The Master Servicer or Special Servicer, as applicable, may waive
or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that

 

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such full or
partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer
take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection;
provided that the Master Servicer or the Special Servicer, as applicable, shall consult (on a non-binding basis) with the
Operating Advisor prior to any such waiver or reduction.

 

(m)         
In no event shall the Operating Advisor have the power to compel any transaction party to take or refrain from taking any
action.

 

Section 3.30              
Rating Agency Confirmation.

 

(a)           
Notwithstanding the terms of any related Loan Documents or other provisions of this Agreement, if any action under any Loan
Documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency
for such Rating Agency Confirmation and if, within 10 Business Days of the Rating Agency Confirmation request being posted to the
Rule 17g-5 Information Provider’s Website, any Rating Agency has not granted such request, rejected such request or
provided a Rating Agency Declination, then (i) such Requesting Party shall promptly request the related Rating Agency Confirmation
again, and (ii) if there is no response to such second Rating Agency Confirmation request from the applicable Rating Agency
within five (5) Business Days of such second request, whether in the form of granting or rejecting such Rating Agency Confirmation
request or providing a Rating Agency Declination, then: (x) with respect to any condition in any Loan Document or related
intercreditor agreement or Co-Lender Agreement requiring a Rating Agency Confirmation or any other matter under this Agreement
relating to the servicing of the Serviced Mortgage Loans and the Trust Subordinate Companion Loan (other than as set forth in clause (y)
or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect
to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer
is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans
and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer
Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder
(but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special
Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request
from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement
and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would
be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor,
then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating
Agency Confirmation shall not apply; (y) with respect to a replacement of the Master Servicer or the Special Servicer, such
condition shall be considered satisfied if: (1) the applicable

 

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replacement master servicer or special servicer, as applicable,
is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer,
as applicable, if S&P is the non-responding Rating Agency; (2) the applicable replacement master servicer has a master
servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a special servicer
rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS Morningstar
has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor
in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade
or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time
of determination, if DBRS Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of
the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as
such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating
advisor prior to the time of determination.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable,
pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating
Agency Confirmation request, and shall contain all back-up material reasonably necessary for the Rating Agency to process such
request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided in electronic
format in accordance with Section 12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating
Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance
with Section 12.13(b).

 

Promptly following the
Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special
Servicer’s, as applicable) determination to take any action discussed in this Section 3.30(a) without receiving
any required Rating Agency Confirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable)
shall provide electronic written notice in accordance with Section 12.13(b) of the action taken for the particular
item at such time and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required
to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b).

 

(b)          
For the purposes of clause (ii) of Section 3.30(a), and notwithstanding anything to the contrary in Section 3.30(a),
with respect to the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral
acceptable for use as defeasance collateral), release or substitution of any collateral, any applicable Rating Agency Confirmation
requirement in the Loan Documents shall not apply, even without the determination pursuant to Section 3.30(a)(ii)(x)
by the Requesting Party (or, if the Requesting Party is the related Mortgagor, by the Master Servicer (with respect to Performing
Serviced Loans if the subject action is not a Major Decision or a

 

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Special Servicer Decision or the Master Servicer is processing
a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties
and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed
by the Special Servicer), as applicable); provided, that the Master Servicer (with respect to Performing Serviced Loans
if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision
or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect
to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special
Servicer), as applicable, shall in any event review the other conditions required under the related Loan Documents with respect
to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such
conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)           
For all other matters or actions (i) not specifically discussed in clause (ii) (x), (ii) (y) or (ii) (z) of Section 3.30(a)
above and (ii) that are not the subject of a Rating Agency Declination, the proposed action shall not be permitted to proceed
unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)          
With respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating
to the servicing and administration of any or all of the related Serviced Loans or any related REO Property (including, but not
limited to, the replacement of the Master Servicer, the Special Servicer or a sub-servicer) (the “Relevant Action”)
requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except
as set forth below in this paragraph, such action will also require delivery of a Companion Loan Rating Agency Confirmation as
a condition precedent to such action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall
be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding
Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Companion Loan Rating Agency
Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the Master
Servicer and the Special Servicer on, and will be deemed satisfied or not to apply on, the same terms and conditions applicable
to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the Master Servicer or Special
Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to
one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the Rule 17g-5 Information
Provider’s counterpart for the related Other Securitization Trust, or such other party or parties (as are agreed to by the
Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust),
at the expense of the related Other Securitization Trust to the extent not borne by the related Mortgagor, and in such format as
the sender and recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at least
two (2) Business Days before it is sent to the applicable Companion Loan Rating

 

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Agency, (ii) all materials forwarded
to the Rule 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for
the applicable Relevant Action at approximately the same time that such materials are forwarded to the Rule 17g-5 Information
Provider, and (iii) any other materials that the applicable Companion Loan Rating Agency may reasonably request in connection
with such Companion Loan Rating Agency Confirmation promptly following such request.

 

(e)           
Each of the Master Servicer and the Certificate Administrator shall, promptly following receipt of written request from
the Special Servicer, provide to the Special Servicer the contact information for the master servicer, the special servicer, the
trustee, the certificate administrator and the Rule 17g-5 Information Provider’s counterpart for an Other Securitization
Trust, in each case to the extent known to it.

 

Section 3.31              
General Acknowledgement Regarding Companion Loan Holders. Each Certificateholder and the Uncertificated VRR Interest
Owner acknowledges and agrees, by its acceptance of its Certificates or the Uncertificated VRR Interest, as applicable, that: (i) each
Companion Loan Holder may have special relationships and interests that conflict with those of the Uncertificated VRR Interest
Owner and/or Holders of one or more Classes of Certificates; (ii) each Companion Loan Holder may act solely in its own interests;
(iii) no Companion Loan Holder has any duty to the Uncertificated VRR Interest Owner or the Holders of any Class of Certificates;
and (iv) no Companion Loan Holder shall have any liability whatsoever for having so acted in its own interests, and neither
the Uncertificated VRR Interest Owner nor any Certificateholder may take any action whatsoever against any Companion Loan Holder
or any director, officer, employee, agent or principal thereof for such Companion Loan Holder’s having so acted in its own
interests.

 

Section 3.32              
Delivery of Excluded Information to the Certificate Administrator. Any Excluded Information that the Master Servicer,
the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate
Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as
is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the
applicable loan name and loan file to loandata@citi.com. For the avoidance of doubt, any information that is not appropriately
labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded Information on
the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate Administrator
pursuant to this Section 3.32 shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 4.02 (unless a loan-by-loan segregation is later performed by
the Certificate Administrator in which case any information appropriately labeled and delivered to the Certificate Administrator
pursuant to this Section 3.32 shall be posted on the Certificate Administrator’s Website in such a manner that
an Excluded Controlling Class Holder will only be prohibited from accessing Excluded Information with respect to those Excluded
Controlling Class Mortgage Loan(s) for which such Excluded Controlling Class Holder is a Borrower Party; provided
that the foregoing shall not be construed as an affirmative obligation for the Certificate Administrator to perform such segregation).
When so posted, the Excluded Controlling Class Holders shall be prohibited from accessing Excluded Information with respect
to any Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s Website. None of the Master Servicer,
the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded Information
in

 

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accordance with this Section 3.32 until such party has received written notice with respect to the related Excluded
Controlling Class Mortgage Loan in the form of Exhibit M-1C to this Agreement. Nothing set forth in this Agreement
shall prohibit the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting
or reviewing any Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling
Class Representative or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information
is not available on the Certificate Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder
that is not a Borrower Party with respect to the related Excluded Controlling Class Mortgage Loan shall be entitled to obtain
(upon reasonable request) such information in accordance with Section 4.02(e) of this Agreement.

 

Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01              
Distributions.

 

(a)           
(i) On each Master Servicer Remittance Date, the Master Servicer shall make the remittances and deposits specified
in the first paragraph of Section 4.06(a) of this Agreement. On or prior to the Master Servicer Remittance Date in
March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2022), pursuant to
Section 3.23, the Certificate Administrator shall withdraw from the Interest Reserve Account the aggregate of all Withheld
Amounts on deposit therein and shall deposit any such amounts in the Lower-Tier REMIC Distribution Account (to the extent such
Withheld Amounts relate to the Mortgage Loans) and the 360 Spear REMIC Distribution Account (to the extent such Withheld Amounts
relate to the Trust Subordinate Companion Loan), as applicable. On each Master Servicer Remittance Date, the Certificate Administrator
shall withdraw from the Excess Liquidation Proceeds Reserve Account and deposit in the Lower-Tier REMIC Distribution Account any
Excess Liquidation Proceeds required to be so transferred pursuant to Section 4.01(e) of this Agreement. On each Distribution
Date, the amounts that have been transferred to the Lower-Tier REMIC Distribution Account from the Collection Account or as P&I
Advances or Compensating Interest Payments or as otherwise contemplated by the preceding sentences of this Section 4.01(a)
shall be deemed distributed on the Lower-Tier Regular Interests to the Upper-Tier REMIC, in accordance with Section 4.01(a)(ii)
and the last paragraph of Section 4.01(d). On each Distribution Date, the amounts that have been transferred to the
360 Spear REMIC Distribution Account from the Collection Account or as P&I Advances or Compensating Interest Payments or as
otherwise contemplated by the preceding sentences of this Section 4.01(a) shall be deemed distributed on the 360 Spear
Regular Interests to the Upper-Tier REMIC, in accordance with Section 4.01(a)(iii) and the last paragraph of Section 4.01(d).
Thereafter, such amounts shall be considered to be held in the Upper-Tier REMIC Distribution Account until distributed to the Certificateholders
and the Uncertificated VRR Interest Owner.

 

(ii)          
All distributions made in respect of interest on any Class of Non-Vertically Retained Pooled Principal Balance Certificates
or in respect of

 

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interest of the Class VRR Upper Tier Regular Interest on each Distribution Date pursuant to Section 4.01(b),
Section 4.01(c) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC
to the Upper-Tier REMIC as interest in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement
hereto. All distributions made in respect of interest on any Class of the Class X Certificates on each Distribution Date
pursuant to Section 4.01(b) or Section 9.01, and allocable to any particular Component of such Class of
Certificates in accordance with the last paragraph of Section 4.01(b), shall be deemed to have first been distributed
from the Lower-Tier REMIC to the Upper-Tier REMIC as interest in respect of such Component’s Corresponding Lower-Tier Regular
Interest. All distributions made in respect of principal of any Class of Non-Vertically Retained Pooled Principal Balance
Certificates or in respect of principal of the Class VRR Upper-Tier Regular Interest on each Distribution Date pursuant to
Section 4.01(b), Section 4.01(c) or Section 9.01 shall be deemed to have first been distributed
from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of principal of its Corresponding Lower-Tier Regular Interest set
forth in the Preliminary Statement hereto. All reimbursements (with interest) of applicable Realized Losses made in respect of
any Class of Non-Vertically Retained Pooled Principal Balance Certificates or in respect of the Class VRR Upper-Tier
Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(c) or Section 9.01
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC as reimbursements (with interest)
of applicable Realized Losses, in respect of its Corresponding Lower-Tier Regular Interest.

 

(iii)         
All distributions made in respect of interest on any Class of Loan-Specific Certificates on each Distribution Date
pursuant to Section 4.01(m) or Section 9.01 shall be deemed to have first been distributed from the 360
Spear REMIC to the Upper-Tier REMIC as interest in respect of its Corresponding 360 Spear Regular Interest set forth in the Preliminary
Statement hereto. All distributions made in respect of principal of any Class of Loan-Specific Certificates on each Distribution
Date pursuant to Section 4.01(m) or Section 9.01 shall be deemed to have first been distributed from the
360 Spear REMIC to the Upper-Tier REMIC in respect of principal of its Corresponding 360 Spear Regular Interest set forth in the
Preliminary Statement hereto. All reimbursements (with interest, if applicable) of applicable Realized Losses made in respect of
any Class of Loan-Specific Certificates on each Distribution Date pursuant to Section 4.01(m) or Section 9.01
shall be deemed to have first been distributed from the 360 Spear REMIC to the Upper-Tier REMIC as reimbursements (with interest,
if applicable) of applicable Realized Losses in respect of its Corresponding 360 Spear Regular Interest.

 

(iv)         
On each Distribution Date, Holders of the Class R Certificates shall receive distributions of any Aggregate Pooled
Available Funds and Yield Maintenance Charges remaining in the Lower-Tier REMIC Distribution Account in respect of the Lower-Tier
Residual Interest after all payments have been made to the Certificate Administrator as the holder of the Lower-Tier Regular Interests

 

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in accordance with Section 4.01(a)(ii) and the last paragraph of Section 4.01(d). On each Distribution
Date, Holders of the Class R Certificates shall receive distributions of any 360 Spear Available Funds and Yield Maintenance
Charges remaining in the 360 Spear REMIC Distribution Account in respect of the 360 Spear Residual Interest after all payments
have been made to the Certificate Administrator as the holder of the 360 Spear Regular Interests in accordance with Section 4.01(a)(iii)
and the last paragraph of Section 4.01(d).

 

(b)          
On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier REMIC Distribution Account the
amounts on deposit in the Upper-Tier REMIC Distribution Account in respect of interest, principal and reimbursement of applicable
Realized Losses, to the extent of Non-Vertically Retained Pooled Available Funds on deposit therein, and distribute such amounts
to the Holders of each Class of Non-Vertically Retained Pooled Regular Certificates and to the Holders of the Class R
Certificates in the amounts and in the order of priority set forth below:

 

(i)            
First, to the respective Holders of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates, in respect of
interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts of those
Classes;

 

(ii)          
Second, to the respective Holders of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5
and Class A-AB Certificates in reduction of the respective Certificate Balances thereof in the following priority (subject
to the penultimate paragraph of this Section 4.01(b)):

 

(A)         
to the Holders of the Class A-AB Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, until the related Certificate Balance is reduced to the Class A-AB
Scheduled Principal Balance with respect to such Distribution Date;

 

(B)          
to the Holders of the Class A-1 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclause (A) above, until the related Certificate Balance is reduced to zero;

 

(C)          
to the Holders of the Class A-2 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) and (B) above, until the related Certificate Balance is reduced to zero;

 

(D)         
to the Holders of the Class A-4A1 and Class A-4A2 Certificates, pro rata based on their respective Certificate Balances,
in

 

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reduction of their related Certificate Balances, up to an amount equal to the Principal Distribution Amount for such Distribution
Date, less the portion of such Principal Distribution Amount distributed pursuant to subclauses (A) through (C) above, until
the related Certificate Balance is reduced to zero;

 

(E)          
to the Holders of the Class A-5 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) through (D) above, until the related Certificate Balance is reduced to zero; and

 

(F)          
to the Holders of the Class A-AB Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) through (E) above, until the related Certificate Balance is reduced to zero;

 

(iii)         
Third, to the respective Holders of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5
and Class A-AB Certificates, up to an amount equal to, and pro rata based upon, the aggregate unreimbursed Realized
Losses previously allocated to each such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date each related Realized Loss was allocated to such Class;

 

(iv)         
Fourth, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount of that Class;

 

(v)          
Fifth, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5
and Class A-AB Certificates have been reduced to zero, to the Holders of the Class A-S Certificates, in reduction of
the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution Date, less the
portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the related Certificate Balance
is reduced to zero;

 

(vi)         
Sixth, to the Holders of the Class A-S Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date each related Realized Loss was allocated to such Class;

 

(vii)         Seventh, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount of that Class;

 

(viii)        Eighth, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB and Class A-S Certificates

 

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have been reduced to zero, to the Holders of the Class B Certificates, in
reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution
Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the related Certificate
Balance is reduced to zero;

 

(ix)         
Ninth, to the Holders of the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized
Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date each related Realized Loss was allocated to such Class;

 

(x)          
Tenth, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount of that Class;

 

(xi)         
Eleventh, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S and Class B Certificates have been reduced to zero, to the Holders of the Class C Certificates,
in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution
Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the related Certificate
Balance is reduced to zero;

 

(xii)          Twelfth, to the Holders of the Class C Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date each related Realized Loss was allocated to such Class;

 

(xiii)         Thirteenth, to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount of that Class;

 

(xiv)         Fourteenth, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B and Class C Certificates have been reduced to zero, to the Holders of the Class D
Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such
Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the
related Certificate Balance is reduced to zero;

 

(xv)          Fifteenth, to the Holders of the Class D Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date each related Realized Loss was allocated to such Class;

 

(xvi)         Sixteenth, to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount of that Class;

 

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(xvii)      
Seventeenth, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B, Class C and Class D Certificates have been reduced to zero, to the Holders
of the Class E Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution
Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses,
until the related Certificate Balance is reduced to zero;

 

(xviii)    
Eighteenth, to the Holders of the Class E Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date each related Realized Loss was allocated to such Class;

 

(xix)         Nineteenth, to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount of that Class;

 

(xx)          Twentieth, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates have been reduced to zero,
to the Holders of the Class F Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
all prior clauses, until the related Certificate Balance is reduced to zero;

 

(xxi)         Twenty-First, to the Holders of the Class F Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date each related Realized Loss was allocated to such Class;

 

(xxii)      
Twenty-Second, to the Holders of the Class G Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount of that Class;

 

(xxiii)    
Twenty-Third, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B, Class C, Class D, Class E and Class F Certificates have been reduced
to zero, to the Holders of the Class G Certificates, in reduction of the related Certificate Balance, up to an amount equal to
the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;

 

(xxiv)    
Twenty-Fourth, to the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such

 

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Class compounded
monthly from the date each related Realized Loss was allocated to such Class;

 

(xxv)      
Twenty-Fifth, to the Holders of the Class H Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount of that Class;

 

(xxvi)    
Twenty-Sixth, after the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates have
been reduced to zero, to the Holders of the Class H Certificates, in reduction of the related Certificate Balance, up to an amount
equal to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to all prior clauses, until the related Certificate Balance is reduced to zero;

 

(xxvii)  
 Twenty-Seventh, to the Holders of the Class H Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded
monthly from the date each related Realized Loss was allocated to such Class; and

 

(xxviii)    Last,
to the Holders of the Class R Certificates in respect of the Upper-Tier Residual Interest, in the amount of any remaining
portion of the Non-Vertically Retained Pooled Available Funds for such Distribution Date on deposit in the Upper-Tier REMIC Distribution
Account.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Cross-Over Date, in place of the allocation of principal payments described
in clause (ii) above, remaining Non-Vertically Retained Pooled Available Funds at such level shall be distributed up to an
amount equal to the Principal Distribution Amount for such Distribution Date to the respective Holders of Class A-1, Class A-2,
Class A-4A1, Class A-4A2, Class A-5 and Class A-AB Certificates, pro rata, based on their respective Certificate
Balances, in reduction of their respective Certificate Balances (and the schedule for the Class A-AB principal distributions
shall be disregarded). Any remaining Non-Vertically Retained Pooled Available Funds will then be allocated as provided in clauses (iii)
through (xxviii) above.

 

All distributions of
interest made in respect of a Class of the Class X Certificates on any Distribution Date pursuant to this Section 4.01(b),
shall be deemed to have been made: (x) if there is only one Component of such Class, in respect of such Component; and (y) if
there are multiple Components of such Class, in respect of all such Components, pro rata in accordance with the respective
amounts of interest that would be payable on such Components on such Distribution Date based on one-twelfth of the Class X
Strip Rate of each such Component multiplied by its respective Component Notional Amount, reduced by its share of any Excess Prepayment
Interest Shortfall with respect to the Mortgage Pool for such Distribution Date, together with any amounts thereof remaining unpaid
from previous Distribution Dates.

 

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(c)           
On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier REMIC Distribution Account the
amounts on deposit therein, to the extent of the Combined VRR Available Funds for such Distribution Date, and shall distribute
such amounts to the Uncertificated VRR Interest Owner, the Holders of the Class VRR Certificates and the Class R Certificates in
accordance with the following paragraph. In connection therewith, for federal income tax purposes, the amounts distributed with
respect to the Uncertificated VRR Interest and the Class VRR Certificates on any Distribution Date in accordance with the following
paragraph shall be deemed to have first been transferred to the Grantor Trust in respect of the Class VRR Upper-Tier Regular Interest
for the following purposes and in the following order of priority:

 

(i)            
First, to make distributions of interest on the Class VRR Upper-Tier Regular Interest, up to an amount equal
to the VRR Interest Distribution Amount for such Distribution Date;

 

(ii)          
Second, to make distributions in reduction of the Certificate Balance of the Class VRR Upper-Tier Regular Interest,
up to an amount equal to the VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance
of the Class VRR Upper-Tier Regular Interest has been reduced to zero; and

 

(iii)         
Third, to reimburse (with interest) prior write-offs of the Certificate Balance of the Class VRR Upper-Tier
Regular Interest, up to an amount equal to the unreimbursed Realized Losses previously allocated to the Class VRR Upper-Tier
Regular Interest, plus interest in an amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution
Date.

 

On each Distribution
Date, the Certificate Administrator shall apply the Combined VRR Available Funds for such Distribution Date to make distributions
to the Uncertificated VRR Interest Owner and the Holders of the Class VRR Certificates for the following purposes and in the
following order of priority:

 

(i)          
First, distributions of interest to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest
Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance,
respectively, up to an aggregate amount equal to the VRR Interest Distribution Amount for such Distribution Date;

 

(ii)          
Second, distributions of principal to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest
Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance,
respectively, in reduction of such Certificate Balance and Uncertificated VRR Interest Balance, up to an aggregate amount equal
to the VRR Principal Distribution Amount for such Distribution Date, until the Combined VRR Interest Balance has been reduced to
zero; and

 

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(iii)         
Third, reimbursements (with interest) of prior write-offs of the Combined VRR Interest Balance to the Holders of
the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class
VRR Certificates and the Uncertificated VRR Interest Balance, respectively, up to an aggregate amount equal to the unreimbursed
Realized Losses previously allocated to the Combined VRR Interest, plus interest in an aggregate amount equal to the VRR Realized
Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date,
to the extent that the Combined VRR Available Funds for such Distribution Date exceeds the distributions to the Uncertificated
VRR Interest Owner and the Holders of the Class VRR Certificates on such Distribution Date pursuant to the immediately preceding
clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the Class R Certificates
in respect of the Upper-Tier Residual Interest.

 

The right to payment
of Holders of the Class VRR Certificates is pro rata and pari passu with the right to payment of the Uncertificated VRR Interest
Owner. On each Distribution Date, any Combined VRR Available Funds, any Appraisal Reduction Amounts, Yield Maintenance Charges,
Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined VRR Interest shall be allocated to the Class VRR
Certificates and the Uncertificated VRR Interest pro rata (based on the Certificate Balance of the Class VRR Certificates and the
Uncertificated VRR Interest Balance, respectively). In addition, any applicable Realized Losses allocated to the Combined VRR Interest
shall be allocated between the Class VRR Certificates, on the one hand, and the Uncertificated VRR Interest, on the other hand,
pro rata in accordance with the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance,
respectively.

 

(d)          
On each Distribution Date, until the Notional Amounts of the Class X-A, Class X-B and Class X-D Certificates
and the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB,
Class A-S, Class B, Class C, Class D and Class E Certificates have been reduced to zero, amounts on deposit
in the Upper-Tier REMIC Distribution Account that represent the Non-Vertically Retained Percentage of each Yield Maintenance Charge
(such portion of any Yield Maintenance Charge, a “Non-Vertically Retained Yield Maintenance Charge”) collected
on the Mortgage Loans during the related Collection Period (or, in the case of any Outside Serviced Mortgage Loan(s), that accompanied
a Principal Prepayment included in the Aggregate Pooled Available Funds for such Distribution Date) shall be distributed by the
Certificate Administrator to the Holders of the respective Classes of Non-Vertically Retained Pooled Regular Certificates (excluding
the Class X-F, Class X-G, Class X-H, Class F, Class G and Class H Certificates) as follows: (A) first such Non-Vertically Retained
Yield Maintenance Charge shall be allocated between (i) the group (the “YM Group A”) of the Class A-1,
Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB, Class X-A and Class A-S Certificates, (ii) the
group (the “YM Group BC”) of the Class X-B, Class B and Class C Certificates and (iii) the group
(the “YM Group DE” and, collectively with the YM Group A and the YM Group BC, the “YM Groups”)
of the

 

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Class X-D, Class D and Class E Certificates, pro rata based on the aggregate amount of principal distributed
with respect to the Class or Classes of Non-Vertically Retained Pooled Principal Balance Certificates in each YM Group on
such Distribution Date, and (B) then, the portion of such Non-Vertically Retained Yield Maintenance Charge allocated to each
YM Group shall be further allocated as among the Classes of Non-Vertically Retained Pooled Regular Certificates in such YM Group,
in the following manner: (1) each Class of Non-Vertically Retained Pooled Principal Balance Certificates in such YM Group
shall entitle the applicable Certificateholders to receive on the applicable Distribution Date that portion of such Non-Vertically
Retained Yield Maintenance Charge equal to the product of (x) a fraction, the numerator of which is the amount distributed
as principal to such Class of Non-Vertically Retained Pooled Principal Balance Certificates on such Distribution Date, and
the denominator of which is the total amount of principal distributed to all of the Non-Vertically Retained Pooled Principal Balance
Certificates in such YM Group on such Distribution Date, (y) the Base Interest Fraction for the related Principal Prepayment
and such Class of Non-Vertically Retained Pooled Principal Balance Certificates and (z) the portion of such Non-Vertically
Retained Yield Maintenance Charge allocated to such YM Group; and (2) the portion of such Non-Vertically Retained Yield Maintenance
Charge allocated to such YM Group on any Distribution Date and remaining after such distributions with respect to the Non-Vertically
Retained Pooled Principal Balance Certificates contemplated by the preceding clause (1) shall be distributed to the Class of
Class X Certificates in such YM Group. If there is more than one Class of Non-Vertically Retained Pooled Principal Balance
Certificates in any YM Group entitled to distributions of principal on any particular Distribution Date on which Non-Vertically
Retained Yield Maintenance Charges collected on the Mortgage Loans are distributable to such Classes, then the aggregate portion
of such Non-Vertically Retained Yield Maintenance Charges allocated to such YM Group shall be allocated among all such Classes
of Non-Vertically Retained Pooled Principal Balance Certificates up to, and on a pro rata basis in accordance with, their
respective entitlements in those Non-Vertically Retained Yield Maintenance Charges in accordance with the preceding sentence.

 

Notwithstanding the foregoing
provisions of this Section 4.01(d), on each Distribution Date after the Class X-A Notional Amount, the Class X-B
Notional Amount and the Class X-D Notional Amount and the Certificate Balances of the Class A-1, Class A-2, Class
A-4A1, Class A-4A2, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E
Certificates have been reduced to zero, all amounts on deposit in the Upper-Tier REMIC Distribution Account that represent Non-Vertically
Retained Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period (or, in the case of any
Outside Serviced Mortgage Loan(s), that accompanied a Principal Prepayment included in the Aggregate Pooled Available Funds for
such Distribution Date) shall be distributed by the Certificate Administrator to the Holders of the Class F, Class G and Class
H Certificates (collectively, the “Subordinate YM Certificates”) as follows: each such Class of Subordinate
YM Certificates shall entitle the applicable Certificateholders to receive on the applicable Distribution Date that portion of
such Non-Vertically Retained Yield Maintenance Charge equal to the product of (x) a fraction, the numerator of which is the
amount distributed as principal to such Class of Subordinate YM Certificates on such Distribution Date, and the denominator
of which is the total amount of principal distributed to all of the Subordinate YM Certificates on such Distribution Date, multiplied
by (y) the total amount of Non-Vertically Retained Yield Maintenance Charges to be

 

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distributed on such Distribution Date.
If there is more than one Class of Subordinate YM Certificates entitled to distributions of principal on any particular Distribution
Date on which the Non-Vertically Retained Yield Maintenance Charges are distributable to such Classes, then the aggregate amount
of such Non-Vertically Retained Yield Maintenance Charges shall be allocated among all such Classes of Subordinate YM Certificates
entitled to distributions of principal up to, and on a pro rata basis in accordance with, their respective entitlements
in those Non-Vertically Retained Yield Maintenance Charges in accordance with the preceding sentence of this paragraph.

 

On each Distribution
Date, amounts on deposit in the Upper-Tier REMIC Distribution Account that represent the Vertically Retained Percentage of each
Yield Maintenance Charge collected on the Mortgage Loans during the related Collection Period (or, in the case of any Outside Serviced
Mortgage Loan(s), that accompanied a Principal Prepayment included in the Aggregate Pooled Available Funds for such Distribution
Date) shall be distributed by the Certificate Administrator to the Holders of the Class VRR Certificates and the Uncertificated
VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest
Balance, respectively, with such distribution to be deemed made through the Grantor Trust.

 

On any Distribution Date,
any Yield Maintenance Charges collected in respect of the Trust Subordinate Companion Loan during the related Collection Period
will be required to be distributed by the Certificate Administrator to the Holders of the Loan-Specific Certificates in the following
manner: (a) to the Holders of each Class of the 360 Spear Non-VRR Certificates, on a pro rata and pari passu basis, in an
amount equal to the product of (i) a fraction, not greater than one, the numerator of which is the amount of principal distributed
to such Class of the 360 Spear Non-VRR Certificates on such Distribution Date and the denominator of which is the total amount
of principal distributed to the Holders of all the 360 Spear Non-VRR Certificates on such Distribution Date, (ii) the 360 Spear
Base Interest Fraction for the related Principal Prepayment and such Class of 360 Spear Non-VRR Certificates and (iii) the 360-Non-VRR
Percentage of such Yield Maintenance Charge; and (b) to the Holders of the 360RR Interest, the 360-VRR Percentage of such Yield
Maintenance Charges.

 

Any portion of a Yield
Maintenance Charge that is distributed to Holders of the Non-Vertically Retained Pooled Regular Certificates on any Distribution
Date shall (i) in the case of a Yield Maintenance Charge with respect to the MGM Grand & Mandalay Bay Mortgage Loan, be deemed
to have first been distributed from the MGM Grand & Mandalay Bay REMICs to the Lower-Tier REMIC in respect of the MGM Grand
& Mandalay Bay Trust REMIC Regular Interests, and then from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the
Lower-Tier Regular Interests (exclusive of the Class LVRR Lower-Tier Regular Interest) then receiving a principal distribution,
pro rata, based on the respective amounts of those principal distributions, and (ii) in the case of a Yield Maintenance
Charge with respect to a Mortgage Loan other than the MGM Grand & Mandalay Bay Mortgage Loan, be deemed to have first been
distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests (exclusive of the
Class LVRR Lower-Tier Regular Interest) then receiving a principal distribution, pro rata, based on the respective
amounts of those principal distributions. Any portion of a Yield Maintenance Charge that is distributed to the Holders of the Class
VRR Certificates and the Uncertificated VRR Interest Owner on any Distribution Date shall (i) in the case of a Yield Maintenance
Charge with respect to the MGM Grand & Mandalay Bay Mortgage

 

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Loan, be deemed to have first been distributed from the related
MGM Grand & Mandalay Bay REMICs to the Lower-Tier REMIC in respect of the MGM Grand & Mandalay Bay Trust REMIC Regular
Interests, and then from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Lower-Tier Regular Interest,
and then from the Upper-Tier REMIC to the Grantor Trust in respect of the Class VRR Upper-Tier Regular Interest, and (ii)
in the case of a Yield Maintenance Charge with respect to a Mortgage Loan other than the MGM Grand & Mandalay Bay Mortgage
Loan, be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR
Lower-Tier Regular Interest, and then from the Upper-Tier REMIC to the Grantor Trust in respect of the Class VRR Upper-Tier
Regular Interest. Any portion of a Yield Maintenance Charge that is distributed to Holders of any Class of Loan-Specific Certificates
on any Distribution Date shall be deemed to have first been distributed from the 360 Spear REMIC to the Upper-Tier REMIC in respect
of its Corresponding 360 Spear Regular Interest set forth in the Preliminary Statement hereto.

 

(e)           
On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Non-Vertically Retained Pooled
Available Funds for such Distribution Date (determined without regard to the inclusion of any Excess Liquidation Proceeds therein)
would be sufficient to pay all interest and principal due and owing to, and to reimburse (with interest thereon) all previously
allocated applicable Realized Losses reimbursable to, the Holders of the Non-Vertically Retained Pooled Regular Certificates on
such Distribution Date pursuant to Section 4.01(b). If the Certificate Administrator determines that such Non-Vertically
Retained Pooled Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate
Administrator shall withdraw from the Excess Liquidation Proceeds Reserve Account and deposit in the Lower-Tier REMIC Distribution
Account on the applicable Master Servicer Remittance Date an amount (to be included in the Aggregate Pooled Available Funds for
the related Distribution Date for allocation between the Combined VRR Interest and the Non-Vertically Retained Pooled Regular Certificates)
equal to the lesser of (i) all amounts then on deposit in the Excess Liquidation Proceeds Reserve Account and (ii) the sum of (A)
the amount of the applicable insufficiency in such Non-Vertically Retained Pooled Available Funds and (B) the Vertical Risk Retention
Allocation Percentage of the amount described in the immediately preceding sub-clause (A). The Certificate Administrator may
also withdraw funds from the Excess Liquidation Proceeds Reserve Account in order to make distributions to the Holders of the Class R
Certificates in accordance with the last sentence of Section 3.05(c) of this Agreement.

 

(f)           
On each Distribution Date, following all distributions to be made on such date, the Certificate Balance of each Class of
Non-Vertically Retained Pooled Principal Balance Certificates shall be reduced without distribution, as a write-off, to the extent
of any applicable Realized Loss allocated to such Class of Certificates, on such Distribution Date. On each Distribution Date,
any applicable Realized Loss with respect to the Non-Vertically Retained Pooled Principal Balance Certificates for such Distribution
Date shall be allocated to the following Classes of Non-Vertically Retained Pooled Principal Balance Certificates in the following
order, until the Certificate Balance of each such Class of Certificates is reduced to zero: first, to the Class H Certificates;
second, to the Class G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates;
fifth, to the Class D Certificates; sixth, to the Class C Certificates; seventh, to the Class B

 

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Certificates; eighth, to the Class A-S Certificates; and, finally, pro rata to the (i) Class A-1 Certificates,
(ii) Class A-2 Certificates, (iii) Class A-4A1 Certificates, (iv) Class A-4A2 Certificates; (iv) Class A-5
Certificates and (v) Class A-AB Certificates based on their respective Certificate Balances.

 

On each Distribution
Date, following all distributions to be made on such date, any applicable Realized Loss for such Distribution Date shall be allocated
to the Class VRR Upper-Tier Regular Interest; and, in connection therewith, the Certificate Balance of the Class VRR Upper-Tier
Regular Interest will be reduced without distribution, as a write-off, to the extent of such applicable Realized Loss. If any applicable
Realized Loss is so allocated to the Class VRR Upper-Tier Regular Interest on any Distribution Date, then such applicable Realized
Loss shall, in turn, be allocated to the Combined VRR Interest in reduction of the Certificate Balance of the Class VRR Certificates
and the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest (pro rata based on the relative sizes thereof)
without distribution, as a write-off, to the extent of such applicable Realized Loss until the Combined VRR Interest Balance is
reduced to zero.

 

On each Distribution
Date, following the deemed distributions of principal or in reimbursement (with interest) of previously allocated applicable Realized
Losses deemed made in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)(ii), the Lower-Tier Principal
Balance of each Lower-Tier Regular Interest (after taking account of such deemed distributions) shall be deemed reduced as
a result of applicable Realized Losses, to equal the Certificate Balance of its Corresponding Certificates (or, in the case of
the Class LVRR Lower Tier Regular Interest, the Certificate Balance of the Class VRR Upper Tier Regular Interest) that will be
outstanding immediately following such Distribution Date.

 

The Notional Amount of
the Class X-A Certificates and the Component Notional Amounts of the Class X-A Components will be reduced to reflect
reductions of the Certificate Balances of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5, Class A-AB
and Class A-S Certificates and of the Lower-Tier Principal Balances of the Class LA-1, Class LA-2, Class LA-4A1,
Class LA-4A2, Class LA-5, Class LA-AB and Class LA-S Lower-Tier Regular Interests, in any event resulting from
allocations of applicable Realized Losses. The Notional Amount of the Class X-B Certificates and the Component Notional Amounts
of the Class X-B Components will be reduced to reflect reductions of the Certificate Balances of the Class B and Class C
Certificates and of the Lower-Tier Principal Balances of the Class LB and Class LC Lower-Tier Regular Interests, in any
event resulting from allocations of applicable Realized Losses. The Notional Amount of the Class X-D Certificates and the
Component Notional Amounts of the Class X-D Components will be reduced to reflect reductions of the Certificate Balances of
the Class D and Class E Certificates and of the Lower-Tier Principal Balances of the Class LD and Class LE
Lower-Tier Regular Interests, in any event resulting from allocations of applicable Realized Losses. The Notional Amount of the
Class X-F Certificates and the Component Notional Amount of the Class X-F Component will be reduced to reflect reductions of the
Certificate Balance of the Class F Certificates and of the Lower Tier Principal Balance of the Class LF Lower Tier Regular Interest,
in any event resulting from allocations of applicable Realized Losses. The Notional Amount of the Class X-G Certificates and the
Component Notional Amount of the Class X-G Component will be reduced to reflect reductions of the Certificate Balance of the Class
G Certificates and of the Lower Tier Principal Balance of the Class

 

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LG Lower Tier Regular Interest, in any event resulting from
allocations of applicable Realized Losses. The Notional Amount of the Class X-H Certificates and the Component Notional Amount
of the Class X-H Component will be reduced to reflect reductions of the Certificate Balance of the Class H Certificates and of
the Lower Tier Principal Balance of the Class LH Lower Tier Regular Interest, in any event resulting from allocations of applicable
Realized Losses.

 

The Certificate Balance
of each Class of 360 Spear Non-VRR Certificates shall be reduced without distribution on any Distribution Date, as a write off,
to the extent of any applicable 360 Spear Realized Loss allocated to such Class of Certificates, on such Distribution Date. On
each Distribution Date, any 360 Spear Realized Loss with respect to the 360 Spear Non-VRR Certificates for such Distribution Date
shall be allocated to the respective Classes of 360 Spear Non-VRR Certificates in the following order, until the Certificate Balance
of each such Class of Certificates is reduced to zero: first, to the Class 360D Certificates; second, to the
Class 360C Certificates; third, to the Class 360B Certificates; and fourth, to the Class 360A Certificates.

 

On each Distribution
Date, any 360RR Realized Loss with respect to the 360RR Interest for such Distribution Date shall be allocated to the 360RR Interest;
and, in connection therewith, the Certificate Balance of the 360RR Interest shall be reduced without distribution, as a write off,
to the extent of such 360RR Realized Loss.

 

On each Distribution
Date, following the deemed distributions of principal or in reimbursement (with interest) of previously allocated applicable Realized
Losses deemed made in respect of the 360 Spear Regular Interests pursuant to Section 4.01(a)(iii), the 360 Spear Principal
Balance of each 360 Spear Regular Interest (after taking account of such deemed distributions) shall be deemed reduced as a result
of applicable Realized Losses allocated to its Corresponding Certificates, to equal the Certificate Balance of its Corresponding
Certificates that will be outstanding immediately following such Distribution Date.

 

(g)          
Distributions in reimbursement of applicable Realized Losses previously allocated to the respective Classes of the Non-Vertically
Retained Pooled Principal Balance Certificates and deemed distributions in reimbursement of applicable Realized Losses previously
allocated to the Class VRR Upper-Tier Regular Interest shall be made in the amounts and manner specified in Section 4.01(b)
or Section 4.01(c), as applicable. If and to the extent that any Nonrecoverable Advances (plus interest thereon) that
were reimbursed from principal collections on the Mortgage Loans (including REO Mortgage Loans) and previously resulted in a reduction
of the Aggregate Principal Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on
the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Non-Vertically Retained Percentage
of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Non-Vertically
Retained Pooled Principal Balance Certificates that previously were allocated applicable Realized Losses, in the same sequential
order as distributions pursuant to Section 4.01(b) of this Agreement, in each case up to the lesser of (A) the unallocated
portion of the Non-Vertically Retained Percentage of the amount of such recovery and (B) the amount of the unreimbursed Realized
Losses previously allocated to the subject Class of Non-Vertically Retained Pooled Principal Balance Certificates, and the
Interest Shortfall with respect to each affected Class of Non-Vertically Retained Pooled Regular Certificates

 

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for the next
Distribution Date will be increased by the aggregate amount of interest that would have accrued through the then current Distribution
Date if the restored write-down for such reimbursed Class of Non-Vertically Retained Pooled Principal Balance Certificates
had never been written down; and (ii) the Vertically Retained Percentage of the amount of such recovery will be added to the Certificate
Balance of the Class VRR Upper-Tier Regular Interest (and, accordingly, to the Combined VRR Interest Balance of the Combined
VRR Interest, with such increase allocable between the Certificate Balance of the Class VRR Certificates and the Uncertificated
VRR Interest Balance, pro rata based on the relative sizes thereof) up to the lesser of (A) the Vertically Retained Percentage
of the amount of such recovery and (B) the amount of the unreimbursed applicable Realized Losses previously allocated to the Class VRR
Upper-Tier Regular Interest (and, accordingly, the Combined VRR Interest), and the interest payable on the Class VRR Upper-Tier
Regular Interest (and, accordingly, the Combined VRR Interest) will be deemed increased by the Vertical Risk Retention Allocation
Percentage of any contemporaneous increases in interest payable on the Non-Vertically Retained Pooled Regular Certificates pursuant
to clause (i) of this sentence (which such increase shall accordingly be allocated to the Class VRR Certificates and the Uncertificated
VRR Interest pro rata, based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest
Balance, respectively). To the extent that the Certificate Balance of, and/or any interest payable on, any Class of Non-Vertically
Retained Pooled Regular Certificates or any Component thereof or the Class VRR Upper-Tier Regular Interest is so increased
or deemed increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable
on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of the Class VRR Upper-Tier Regular Interest is increased
as contemplated above in this paragraph, then the Combined VRR Interest Balance of the Combined VRR Interest shall be increased
by such increase in the Certificate Balance of the Class VRR Upper-Tier Regular Interest (which such increase shall accordingly
be allocated to the Class VRR Certificates and the Uncertificated VRR Interest pro rata, based on the Certificate Balance
of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively). If the Certificate Balance of any Class
of Non-Vertically Retained Pooled Principal Balance Certificates or the Class VRR Upper-Tier Regular Interest (or the Combined
VRR Interest Balance of the Combined VRR Interest or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so
increased, the amount of unreimbursed applicable Realized Losses in respect of such Class of Non-Vertically Retained Pooled Principal
Balance Certificates or the Class VRR Upper-Tier Regular Interest (or the Combined VRR Interest or such Lower-Tier Regular Interest),
as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed applicable Realized
Losses so decreased shall be deemed not to exist.

 

Distributions in reimbursement
of 360 Spear Realized Losses previously allocated to the respective Classes of the 360 Spear Non-VRR Certificates and distributions
in reimbursement of 360RR Realized Losses previously allocated to the 360RR Interest shall be made in the amounts and manner specified
in Section 4.01(m) or Section 4.01(n), as applicable. If and to the extent that any Nonrecoverable Advances (plus
interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan and previously resulted
in a reduction of the 360 Spear Principal Distribution Amount are subsequently recovered on the Trust

 

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Subordinate Companion Loan
or related REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i)
the 360-Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of
360 Spear Non-VRR Certificates that previously were allocated 360 Spear Realized Losses, in the same sequential order as distributions
pursuant to Section 4.01(m) of this Agreement, in each case up to the lesser of (A) the unallocated portion of the 360-Non-VRR
Percentage of the amount of such recovery and (B) the amount of the unreimbursed 360 Spear Realized Losses previously allocated
to the subject Class of 360 Spear Non-VRR Certificates, and the 360 Spear Interest Shortfall with respect to each affected Class
of 360 Spear Non-VRR Certificates for the next Distribution Date shall be increased by the aggregate amount of interest that would
have accrued through the then current Distribution Date if the restored write down for such reimbursed Class of 360 Spear Non-VRR
Certificates had never been written down; and (ii) the 360-VRR Percentage of the amount of such recovery will be added to the Certificate
Balance of the Class 360V Upper Tier Regular Interest (and, accordingly, the 360RR Interest) up to the lesser of (A) the 360-VRR
Percentage of the amount of such recovery and (B) the amount of the unreimbursed 360RR Realized Losses previously allocated to
the 360RR Interest and the interest payable on the 360RR Interest will be deemed increased by the 360RR Allocation Percentage of
any contemporaneous increases in interest payable on the 360 Spear Non-VRR Certificates pursuant to clause (i) of this sentence.
To the extent that the Certificate Balance of, and/or any interest payable on, any Class of 360 Spear Non-VRR Certificates or the
360RR Interest is so increased or deemed increased, an identical increase shall be deemed made to the 360 Spear Principal Balance
of, and any interest payable on, the Corresponding 360 Spear Regular Interest. If the Certificate Balance of any Class of 360 Spear
Non-VRR Certificates or the 360RR Interest (or the 360 Spear Principal Balance of any 360 Spear Regular Interest) is so increased,
the amount of unreimbursed applicable Realized Losses in respect of such Class of 360 Spear Non-VRR Certificates or the 360RR Interest
(or such 360 Spear Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount
of such unreimbursed applicable Realized Losses so decreased shall be deemed not to exist.

 

(h)          
All amounts distributable, or reductions allocable on account of applicable Realized Losses, to a Class of Certificates
pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates
in each such Class based on their respective Percentage Interests. All distributions on each Class of Certificates or the Uncertificated
VRR Interest pursuant to this Section 4.01 shall be made by the Certificate Administrator on each Distribution Date other
than the Termination Date to each Certificateholder or Uncertificated VRR Interest Owner of record at the close of business on
the related Record Date by wire transfer of immediately available funds to the account of such Certificateholder or Uncertificated
VRR Interest Owner at a bank or other entity located in the United States and having appropriate facilities to accept such funds,
if such Certificateholder or Uncertificated VRR Interest Owner has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder or the Uncertificated
VRR Interest Owner. The final distribution on each Certificate or the Uncertificated VRR Interest shall be made in like manner,
but in the case of a Certificate, only upon presentation and surrender of such Certificate, and in the case of the Uncertificated
VRR Interest, only upon delivery of a written instrument

 

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acknowledging surrender of and final distribution on the Uncertificated
VRR Interest, at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution. The Certificate
Administrator shall be responsible for making all distributions on the Certificates and the Uncertificated VRR Interest contemplated
hereunder.

 

(i)            
Except as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate
Administrator shall, no later than the fifteenth day of the month preceding the month in which the final distribution with respect
to any Class of Certificates or the Uncertificated VRR Interest is expected to be made (or, if the Certificate Administrator
has not received notice of such Anticipated Termination Date by such time, promptly following the Certificate Administrator’s
receipt of such notice), mail to each Holder of such Class of Certificates and the Uncertificated VRR Interest Owner, on such
date a notice to the effect that:

 

(i)            
the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution
with respect to such Class of Certificates and the Uncertificated VRR Interest will be made on such Distribution Date, but
in the case of Certificates only upon presentation and surrender of such Certificates, and in the case of the Uncertificated VRR
Interest, only upon delivery of a written instrument acknowledging surrender of and final distribution on the Uncertificated VRR
Interest, at the office of the Certificate Administrator therein specified, and

 

(ii)          
if such final distribution is made on such Distribution Date, no interest shall accrue on such Class of Certificates,
the Uncertificated VRR Interest or the Class VRR Upper-Tier Regular Interest, or on the Corresponding Lower-Tier Regular Interest
or Corresponding 360 Spear Regular Interest, as applicable, from and after such Distribution Date; provided, however,
that the Class R Certificates shall remain outstanding until there is no other Class of Certificates outstanding.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class or to the Uncertificated VRR Interest Owner on such Distribution Date because
of the failure of such Holder or Holders to tender their Certificates or the failure of the Uncertificated VRR Interest Owner to
deliver the instrument contemplated in clause (i) of the first paragraph of this Section 4.01(i) shall, on such date, be
set aside and held in trust for the benefit of the appropriate non-tendering Holder or Holders or Uncertificated VRR Interest Owner.
If any Certificates or Uncertificated VRR Interest as to which notice has been given pursuant to this Section 4.01(i) shall
not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining non-tendering Certificateholders or Uncertificated VRR Interest Owner to surrender
their Certificates or Uncertificated VRR Interest for cancellation to receive the final distribution with respect thereto. If within
one year after the second notice not all of such Certificates and Uncertificated VRR Interest shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders or Uncertificated VRR Interest Owner concerning surrender of their Certificates

 

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or Uncertificated VRR Interest.
The costs and expenses of holding such funds in trust and of contacting such Certificateholders or Uncertificated VRR Interest
Owner shall be paid out of such funds. Subject to applicable state law with respect to escheatment of funds, if within two years
after the second notice any such Certificates or Uncertificated VRR Interest shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof or the Uncertificated
VRR Interest Owner, as applicable, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such
Holders or Uncertificated VRR Interest Owner until the earlier of (i) its termination as Certificate Administrator hereunder
and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution
of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder or the
Uncertificated VRR Interest Owner on any amount held in trust hereunder or by the Certificate Administrator as a result of such
Certificateholder’s failure to surrender its Certificate(s) or the Uncertificated VRR Interest Owner’s failure to surrender
the Uncertificated VRR Interest, as applicable, for final payment thereof in accordance with this Section 4.01(i).
Any funds not distributed on such Distribution Date shall be set aside and held uninvested in trust for the benefit of Certificateholders
or Uncertificated VRR Interest Owner not presenting and surrendering their Certificates or Uncertificated VRR Interest, as applicable,
in the aforesaid manner.

 

(j)            
The Non-Vertically Retained Percentage of the Excess Prepayment Interest Shortfall, if any, with respect to the Mortgage
Pool for each Distribution Date will be allocated among the various Classes of Non-Vertically Retained Pooled Regular Certificates,
pro rata, based upon the respective Interest Accrual Amounts with respect to such Classes of Non-Vertically Retained Pooled
Regular Certificates for such Distribution Date, and the Vertically Retained Percentage of the Excess Prepayment Interest Shortfall,
if any, for each Distribution Date will be deemed allocated to the Class VRR Upper-Tier Regular Interest (and, accordingly,
the Combined VRR Interest; and will, in turn, be deemed allocated to the Class VRR Certificates and the Uncertificated VRR Interest,
pro rata, based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively).
The portion of any Excess Prepayment Interest Shortfall for any Distribution Date so allocable to a Class of Class X
Certificates shall, in turn, be allocated among the various Components of such Class of Class X Certificates, pro
rata, based upon the respective amounts of Accrued Component Interest with respect to such Components for such Distribution
Date. The portion of any Excess Prepayment Interest Shortfall for any Distribution Date so allocated to any Class of Non-Vertically
Retained Pooled Principal Balance Certificates, the Class VRR Upper-Tier Regular Interest or any Component of a Class of
Class X Certificates shall be deemed to have first been allocated to the Corresponding Lower-Tier Regular Interest for such
Class of Non-Vertically Retained Pooled Principal Balance Certificates, the Class VRR Upper-Tier Regular Interest or
such Component, as applicable.

 

The 360-Non-VRR Percentage
of the Excess Prepayment Interest Shortfall, if any, with respect to the Trust Subordinate Companion Loan for each Distribution
Date will be allocated among the various Classes of 360 Spear Non-VRR Certificates, pro rata, based upon the respective
360 Spear Interest Accrual Amounts with respect to such Classes of 360 Spear Non-VRR Certificates for such Distribution Date, and
the 360 VRR Percentage of any such Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be deemed allocated
to the

 

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360RR Interest. The portion of any Excess Prepayment Interest Shortfall with respect to the Trust Subordinate Companion
Loan for any Distribution Date so allocated to any Class of 360 Spear Non-VRR Certificates or the 360RR Interest shall be deemed
to have first been allocated to the Corresponding 360 Spear Regular Interest for such Class of 360 Spear Non-VRR Certificates or
the 360RR Interest, as applicable.

 

(k)          
On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any
amounts on deposit therein that represent Excess Interest received during the related Collection Period (or, in the case of an
ARD Mortgage Loan that is an Outside Serviced Mortgage Loan, received as of the close of business on the Business Day immediately
preceding the related Master Servicer Remittance Date and not previously distributed) with respect to the ARD Mortgage Loans and
shall distribute such Excess Interest: (i) to the Holders of the Class S Certificates in an amount equal to the Non-Vertically
Retained Percentage of such Excess Interest; and (ii) to the Holders of the Class VRR Certificates and the Uncertificated
VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest
Balance, respectively, in an amount equal to the Vertically Retained Percentage of such Excess Interest.

 

(l)            
The various amounts distributable on any Class of Certificates on any Distribution Date pursuant to multiple subsections
of, or multiple clauses of any subsection of, this Section 4.01 shall be so distributed in a single, aggregate distribution
to the Holders of such Class of Certificates on such Distribution Date.

 

(m)         
On each Distribution Date, the Certificate Administrator will apply amounts on deposit in the Upper-Tier REMIC Distribution
Account equal to the product of (i) the 360 Spear Available Funds and (ii) the 360-Non-VRR Percentage, in the following order of
priority:

 

(i)            
First, to the Holders of the Class 360A Certificates, in respect of interest, up to an amount equal to the 360 Spear
Interest Distribution Amount for such Class;

 

(ii)          
Second, to the Holders of the Class 360A Certificates, in reduction of the Certificate Balance thereof, in an amount
up to the 360 Spear Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class 360A Certificates
has been reduced to zero;

 

(iii)         
Third, to the Holders of the 360A Certificates, up to an amount equal to the aggregate of unreimbursed 360 Spear
Realized Losses previously allocated to such Class;

 

(iv)         
Fourth, to the Holders of the Class 360B Certificates, in respect of interest, up to an amount equal to the 360 Spear
Interest Distribution Amount of such Class;

 

(v)          
Fifth, to the Holders of the Class 360B Certificates, in reduction of the Certificate Balance thereof, in an amount
up to the 360 Spear Principal

 

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Distribution Amount for such Distribution Date less amounts of such 360 Spear Principal Distribution
Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)         
Sixth, to the Holders of the Class 360B Certificates, up to an amount equal to the aggregate of unreimbursed 360
Spear Realized Losses previously allocated to such Class;

 

(vii)              
Seventh, to the Holders of the Class 360C Certificates, in respect of interest, up to an amount equal to the 360
Spear Interest Distribution Amount of such Class;

 

(viii)            
Eighth, to the Holders of the Class 360C Certificates, in reduction of the Certificate Balance thereof, in an amount
up to the 360 Spear Principal Distribution Amount for such Distribution Date less amounts of such 360 Spear Principal Distribution
Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)         
Ninth, to the Holders of the Class 360C Certificates, up to an amount equal to the aggregate of unreimbursed 360
Spear Realized Losses previously allocated to such Class;

 

(x)          
tenth, to the Holders of the Class 360D Certificates, in respect of interest, up to an amount equal to the 360 Spear
Interest Distribution Amount of such Class;

 

(xi)         
eleventh, to the Holders of the Class 360D Certificates, in reduction of the Certificate Balance thereof, in an amount
up to the 360 Spear Principal Distribution Amount for such Distribution Date less amounts of such 360 Spear Principal Distribution
Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xii)              
Twelfth, to the Holders of the Class 360D Certificates, up to an amount equal to the aggregate of unreimbursed 360
Spear Realized Losses previously allocated to such Class; and

 

(xiii)            
Thirteenth, to the Holders of the Class R Certificates in respect of the Upper-Tier Residual Interest, in the
amount of any remaining portion of the 360 Spear Available Funds for such Distribution Date on deposit in the Upper-Tier REMIC
Distribution Account.

 

(n)          
On each Distribution Date, for so long as the Certificate Balance of the 360RR Interest has not been reduced to zero, the
Certificate Administrator shall apply amounts on deposit in the Upper-Tier REMIC Distribution Account for distribution to the 360RR
Interest, to the extent of the 360RR Available Funds, in the following order of priority:

 

    - 360 -

     

    

 

(i)            
First, to the 360RR Interest, in respect of interest, up to an amount equal to the 360RR Interest Distribution Amount
for such Distribution Date;

 

(ii)          
Second, to the 360RR Interest, in reduction of the Certificate Balance thereof, up to an amount equal to the 360RR
Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the 360RR Interest has been reduced
to zero; and

 

(iii)         
Third, to reimburse (with interest) prior write-offs of the Certificate Balance of the 360RR Interest, up to an amount
equal to the unreimbursed Applied 360RR Realized Loss Amounts previously allocated to the 360RR Interest, plus interest in an amount
equal to the 360RR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided, however, that to the extent
any 360RR Available Funds remain in the Distribution Account after applying amounts as set forth in clauses First through
Third above, any such amounts shall be disbursed to the Class R Certificates in compliance with the Code and applicable
REMIC Regulations.

 

(o)          
Each MGM Grand & Mandalay Bay Trust REMIC Regular Interest’s share of all payments made on the related Mortgage
Loan Portion (other than any Excess Interest, Default Interest and amounts distributable to the related MGM Grand & Mandalay
Bay REMIC Residual Interest in accordance with the related REMIC Declaration) shall be deemed to be paid at the time payments are
made under the related MGM Grand & Mandalay Bay Mortgage Loan Portion (in the case of interest, at the Mortgage Rate of such
MGM Grand & Mandalay Bay Mortgage Loan Portion) and then deposited in the Lower-Tier REMIC before payments are made to the
Trustee as Holder of the Lower-Tier Regular Interests, and shall be treated as principal, interest and Yield Maintenance Charges,
as the case may be, based on these characterizations with respect to such Mortgage Loan (or related REO Property), except where
expressly noted and, in addition, any payment of principal on or reduction in the Stated Principal Balance of such MGM Grand &
Mandalay Bay Mortgage Loan Portion shall reduce the principal balance of the related MGM Grand & Mandalay Bay Trust REMIC Regular
Interest. Any portion of the Aggregate Pooled Available Funds attributable to such MGM Grand & Mandalay Bay Mortgage Loan Portions
on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(i) through
Section 3.06(a)(xi) (other than any referenced deposit to the MGM Grand & Mandalay Bay REMIC Residual Distribution Account)
shall be distributable to the Class R Certificates in respect of amounts distributed on the related MGM Grand & Mandalay
Bay REMIC Residual Interest from the MGM Grand & Mandalay Bay REMIC Residual Distribution Account. Servicing Fees, Trustee/Certificate
Administrator Fees and Operating Advisor Fees with respect to these MGM Grand & Mandalay Bay Mortgage Loan Portions shall be
deemed paid by the Lower-Tier REMIC in determining the Net Mortgage Rate of the related MGM Grand & Mandalay Bay Trust REMIC
Regular Interest, and all other servicing compensation or unanticipated expenses with respect to such MGM Grand & Mandalay
Bay Mortgage Loan Portions payable to the Master Servicer, the Special Servicer, the

 

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Certificate Administrator, the Trustee or
the Operating Advisor shall be deemed payable by the related MGM Grand & Mandalay Bay REMIC.

 

Section 4.02          Statements to Certificateholders and the Uncertificated VRR Interest Owner; Certain Reports by the Master Servicer and
the Special Servicer.

 

(a)           
Based on loan-level information received from the Master Servicer and any other applicable Persons, on each Distribution
Date, the Certificate Administrator shall provide or make available a report, including reports in substantially the form attached
hereto as Exhibit D (the “Distribution Date Statement”), setting forth, among other things, the
following information:

 

(A)         
the amount of distributions, if any, made on such Distribution Date to the holders of each Class of Principal Balance Certificates
and the Uncertificated VRR Interest Owner and applied to reduce the respective Certificate Balance thereof or the Uncertificated
VRR Interest Balance, as applicable;

 

(B)          
the amount of distributions, if any, made on such Distribution Date to the Holders of each Class of Certificates and the
Uncertificated VRR Interest Owner allocable to (A) an Interest Distribution Amount (or, if applicable, a portion of the VRR
Interest Distribution Amount), (B) Yield Maintenance Charges and (C) Excess Interest;

 

(C)          
the amount of any distributions made on such Distribution Date to the Holders of the Class R Certificates;

 

(D)         
the aggregate amount of outstanding P&I Advances with respect to each Mortgage Loan as of the related Determination
Date, and the total outstanding other or miscellaneous advances (excluding P&I Advances and tax and insurance advances) with
respect to each Mortgage Loan as of the related Determination Date;

 

(E)          
the aggregate amount of Servicing Fees retained by or paid to the Master Servicer and Special Servicing Compensation retained
by or paid to the Special Servicer in respect of the related Due Period, Collection Period or Interest Accrual Period, as applicable;

 

(F)          
the aggregate Stated Principal Balance of the Mortgage Loans immediately before and after such Distribution Date and the
percentage of the Cut-Off Date Balance of the Mortgage Loans which remains outstanding immediately after such Distribution Date;

 

(G)         
the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate
of the outstanding Mortgage Loans, at the close of business on the related Determination Date;

 

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(H)         
as of the Determination Date, the number and aggregate unpaid principal balance of Mortgage Loans (A) delinquent one month,
(B) delinquent two months, (C) delinquent three months, (D) delinquent four months or more, (E) that are Specially Serviced Loans
but are not delinquent or (F) as to which foreclosure proceedings have been commenced;

 

(I)           
the aggregate Stated Principal Balance of Mortgage Loans as to which the related Mortgagor is subject or is expected to
be subject to a bankruptcy proceeding;

 

(J)           
with respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property (including with respect
to the Outside Serviced Mortgage Loans) during the related Collection Period, the Stated Principal Balance and unpaid principal
balance of such Mortgage Loan as of the date such Mortgaged Property became an REO Property and the most recently determined Appraised
Value and date upon which the Appraisal was performed;

 

(K)         
as to any Mortgage Loan repurchased, substituted for or otherwise liquidated or disposed of during the related Collection
Period, the Loan Number thereof and the amount of any Liquidation Proceeds and/or other amounts, if any, received thereon during
the related Collection Period and the portion thereof included in the Aggregate Pooled Available Funds for such Distribution Date;

 

(L)          
with respect to any REO Property (including with respect to the Outside Serviced Mortgage Loans) included in the Trust Fund
as of the close of business on the last day of the related Collection Period, the Loan Number of the related Mortgage Loan, the
book value of such REO Property and the amount of any income collected with respect to such REO Property (net of related expenses)
and other amounts, if any, received on such REO Property during the related Collection Period and the portion thereof included
in the Aggregate Pooled Available Funds for such Distribution Date and the most recently determined Appraised Value and date upon
which the Appraisal was performed;

 

(M)               
with respect to any REO Property (including with respect to the Outside Serviced Mortgage Loans) sold or otherwise disposed
of during the related Collection Period, the Loan Number of the related Mortgage Loan, and the amount of Liquidation Proceeds and
other amounts, if any, received in respect of such REO Property during the related Collection Period, the portion thereof included
in the Aggregate Pooled Available Funds for such Distribution Date and the balance of the Excess Liquidation Proceeds Reserve Account
for such Distribution Date;

 

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(N)         
the Interest Distribution Amount in respect of each Class of Non-Vertically Retained Pooled Regular Certificates for
such Distribution Date, and the VRR Interest Distribution Amount for such Distribution Date;

 

(O)         
any unpaid Interest Distribution Amount in respect of each Class of Non-Vertically Retained Pooled Regular Certificates
after giving effect to the distributions made on such Distribution Date;

 

(P)          
the Pass-Through Rate for each Class of Non-Vertically Retained Pooled Regular Certificates for such Distribution Date;

 

(Q)         
the original Certificate Balance, Notional Amount or Uncertificated VRR Interest Balance as of the Closing Date and the
Certificate Balance, Notional Amount or Uncertificated VRR Interest Balance, as the case may be, of each Class of Non-Vertically
Retained Pooled Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest immediately before and immediately
after such Distribution Date, separately identifying any reduction in the Certificate Balance, Notional Amount or Uncertificated
VRR Interest Balance, as the case may be, of each such Class of Certificates and the Uncertificated VRR Interest due to applicable
Realized Losses;

 

(R)          
the Certificate Factor for each Class of Principal Balance Certificates and Class X Certificates immediately following
such Distribution Date;

 

(S)          
the Principal Distribution Amount, VRR Principal Distribution Amount and Aggregate Principal Distribution Amount for such
Distribution Date;

 

(T)          
the aggregate amount of Principal Prepayments made during the related Collection Period, and the aggregate amount of any
Prepayment Interest Excesses received and Prepayment Interest Shortfalls incurred in connection therewith;

 

(U)         
the aggregate amount of losses on Mortgage Loans and Additional Trust Fund Expenses, if any, incurred with respect to the
Trust Fund during the related Collection Period, and any Realized Losses for the Non-Vertically Retained Pooled Principal Balance
Certificates and the Combined VRR Interest, respectively, for such Distribution Date;

 

(V)         
any Appraisal Reduction Amounts and any Collateral Deficiency Amount on a loan-by-loan basis, and the total Appraisal Reduction
Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amount as of the related Determination Date;

 

(W)         identification of any material modification, extension or waiver of a Mortgage Loan;

 

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(X)         
identification of any material breach of the representations and warranties given with respect to a Mortgage Loan by the
applicable Mortgage Loan Seller;

 

(Y)         
the identity of the Operating Advisor;

 

(Z)          
the amount of the Operating Advisor Fee, the Trustee/Certificate Administrator Fee and the CREFC® Intellectual
Property Royalty License Fee paid with respect to such Distribution Date;

 

(AA)      
an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during
the related Collection Period;

 

(BB)         the identity of the Controlling Class;

 

(CC)         the identity of the Controlling Class Representative;

 

(DD)      
 such additional information as contemplated by Exhibit D to this Agreement; and

 

(EE)          the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act, concerning all assets of the Trust
Fund that were subject of a demand to repurchase or replace for breach of the representations and warranties in any of the Mortgage
Loan Purchase Agreements.

 

In the case of information furnished pursuant
to subclauses (A), (B), (C) and (Q) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates
of each applicable Class and per single Certificate of a specified minimum denomination. The form of any Distribution Date
Statement may change over time.

 

On each Distribution
Date, the Certificate Administrator shall make available via the Certificate Administrator’s Website to each Holder of a
Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution Date and a statement
setting forth the amounts, if any, actually distributed with respect to the Class R Certificates in respect of the related
Trust REMIC on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have been satisfied
to the extent that it provided substantially comparable information pursuant to any requirements of the Code as from time to time
in force. Subject to any potential liability for willful misconduct, bad faith or negligence under Sections 6.01, 6.03,
8.01 or 8.05, as applicable, none of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator
shall be responsible for the accuracy or completeness of any information supplied to it by or on behalf of a Mortgagor (or a third
party on its behalf), any Mortgage Loan Seller (including the information in the Prospectus), another party to this Agreement or
a party to an Outside Servicing Agreement that is included in any reports, statements, materials or information prepared or provided
by it.

 

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The Certificate Administrator
shall make available each month via the Certificate Administrator’s Website, to any Privileged Person (or, in the case of
item (vii) below, solely to Certificateholders, Certificate Owners and the Uncertificated VRR Interest Owner, and provided
that the Prospectus, Distribution Date Statements, this Agreement, the Mortgage Loan Purchase Agreements and the Commission EDGAR
filings referred to below (collectively, the “Public Documents”) will be available to the general public, and
provided further that any Privileged Person that is a Borrower Party shall only be entitled to access the Public Documents,
except as otherwise provided herein with respect to the Special Servicer, any Controlling Class Certificateholder and the
Controlling Class Representative), the following items:

 

(i)            
the following “deal documents”:

 

(A)         
the Prospectus;

 

(B)          
this Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any),
the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)          
the following “Commission EDGAR filings”:

 

(A)         
any reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the Certificate Administrator with respect to the
Trust through the EDGAR system;

 

(iii)         
the following documents, which shall initially be made available under a tab or heading designated “periodic reports”:

 

(A)         
the Distribution Date Statements;

 

(B)          
the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (IRP)” (other than the CREFC® Loan Setup File), to the extent the Certificate Administrator
has received such report or file; and

 

(C)          
all Operating Advisor Annual Reports;

 

(iv)         
the following documents, which shall be made available under a tab or heading designated “additional documents”:

 

(A)         
the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format pursuant to
Section 3.21 of this Agreement;

 

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(B)          
any inspection reports prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator pursuant to Section 3.18 of this Agreement;

 

(C)          
any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(D)         
any notice of the determination of an Appraisal Reduction Amount or Collateral Deficiency Amount with respect to any Mortgage
Loan, including the related CREFC® Appraisal Reduction Template;

 

(v)          
the following documents, which shall be made available under a tab or heading designated “special notices”:

 

(A)         
notice of any release based on an environmental release under this Agreement;

 

(B)          
notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(C)          
notice of final payment on the Certificates or the Uncertificated VRR Interest;

 

(D)         
all notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator or any notice
to Certificateholders and the Uncertificated VRR Interest Owner of the termination of the Master Servicer or the Special Servicer;

 

(E)          
notice of termination or resignation of the Master Servicer or the Special Servicer;

 

(F)          
notice of resignation of the Trustee or the Certificate Administrator, and notice of the acceptance of appointment by the
successor Trustee or the successor Certificate Administrator, as applicable;

 

(G)         
any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant
to Section 6.08(a) of this Agreement, the Operating Advisor pursuant to Section 7.06(b) of this Agreement
or the Asset Representations Reviewer pursuant to Section 11.05(b) of this Agreement;

 

(H)         
any notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the
related report prepared by the Operating Advisor in connection with such recommendation;

 

(I)           
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and notice of the acceptance
of

 

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appointment by the successor Operating Advisor or the successor Asset Representations Reviewer, as applicable;

 

(J)           
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and a copy of any
Final Asset Review Report received by the Certificate Administrator;

 

(K)         
any notice of the termination of a sub-servicer with respect to Mortgage Loans representing 10% or more of the aggregate
principal balance of all the Mortgage Loans;

 

(L)          
any and all officer’s certificates and other evidence delivered to or by the Certificate Administrator to support
its or the Master Servicer’s, the Special Servicer’s, or the Trustee’s as the case may be, determination that
any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(M)               
notice of the termination of the Trust;

 

(N)         
any notice that a Control Termination Event or a 360 Spear Control Appraisal Period has occurred or is terminated or that
a Consultation Termination Event has occurred;

 

(O)         
any notice of the occurrence of an Operating Advisor Termination Event;

 

(P)          
any notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(Q)         
any assessments of compliance delivered to the Certificate Administrator;

 

(R)          
any attestation reports delivered to the Certificate Administrator;

 

(S)          
any “special notices” required by a Certificateholder or the Uncertificated VRR Interest Owner to be posted
on the Certificate Administrator’s Website pursuant to Section 5.07; and

 

(T)          
any Proposed Course of Action Notice;

 

(vi)         
the Investor Q&A Forum;

 

(vii)              
solely to Certificateholders, Certificate Owners and Uncertificated VRR Interest Owner that are Privileged Persons, the
Investor Registry; and

 

(viii)            
the “Risk Retention” tab (which shall include, without limitation, any notice from the Depositor or from the
Retaining Sponsor or the 360 Spear Retaining

 

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Sponsor regarding non-compliance by JPMCB, GS Bank or DBNY with, or any other matter
related to, Regulation RR);

 

provided that, with respect to a
Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of an Excluded Mortgage
Loan, the Certificate Administrator will only be required to make available such notice of the occurrence and continuance of a
Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event to the extent the
Certificate Administrator has been notified of such Excluded Mortgage Loan.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under one separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not any of the headings described in items (i) through (viii)
above) and made available to Privileged Persons other than any Excluded Controlling Class Holder (unless a loan-by-loan segregation
is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Controlling Class Mortgage Loan(s)). Notwithstanding the foregoing, nothing set forth in this Agreement shall prohibit
the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing
any Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available to
such Controlling Class Representative or Controlling Class Certificateholder via the Certificate Administrator’s
Website, such Controlling Class Representative or Controlling Class Certificateholder that is not a Borrower Party with
respect to the related Excluded Controlling Class Mortgage Loan shall be entitled to obtain (upon reasonable request) such
information in accordance with Section 4.02(e) of this Agreement.

 

Notwithstanding any of
the foregoing to the contrary, if the Special Servicer is a Borrower Party with respect to any Mortgage Loan or Serviced Loan Combination,
the Special Servicer shall nevertheless have access to the Certificate Administrator’s Website; provided, that the
Special Servicer hereby agrees not to access, and is not permitted to access, Excluded Special Servicer Information with respect
to any Excluded Special Servicer Mortgage Loan (but shall be permitted to access any information with respect to any Mortgage Loan
other than any related Excluded Special Servicer Mortgage Loan) made available on the Certificate Administrator’s Website
or otherwise pursuant to this Agreement. If the Special Servicer is a Borrower Party with respect to any Excluded Special Servicer
Mortgage Loan, the Special Servicer (i) shall not, directly or indirectly provide any information related to any Excluded Special
Servicer Mortgage Loan (which shall include, without limitation, any Excluded Information related to such Excluded Special Servicer
Mortgage Loan) to (A) any related Borrower Party, (B) any employees or personnel of the Special Servicer or any of its Affiliates
involved in the management of any investment in any related Borrower Party or the related Mortgaged Property or (C) to the extent
known to the Special Servicer, any non-Affiliate that holds a direct or indirect ownership interest in any related Borrower Party
or the related Mortgaged Property, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures
in place in order to comply with the obligations described in clause (i) above. Notwithstanding any provision to the contrary
herein, the Certificate Administrator shall not have any obligation to restrict access by the Special Servicer

 

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or any Excluded
Mortgage Loan Special Servicer to any information on the Certificate Administrator’s Website related to any Excluded Special
Servicer Mortgage Loan.

 

Any Person that is a
Borrower Party shall be entitled to access (a) the Public Documents, and (b) in the case of the Controlling Class Representative
or a Controlling Class Certificateholder, if any such Person is an Excluded Controlling Class Holder, upon delivery to
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form
of an Investor Certification substantially in the form of Exhibit M-1C and a notice in the form of Exhibit M-1F
hereto certifying to the effect that it is an Excluded Controlling Class Holder and upon delivery to the Certificate Administrator
in physical form of an investor certification substantially in the form of Exhibit M-1G, which shall include each of
the CitiDirect Login User ID associated with such Excluded Controlling Class Holder, all information (other than Excluded
Information related to the Excluded Controlling Class Mortgage Loan(s) (unless a loan-by-loan segregation is later performed
by the Certificate Administrator in which case such access shall only be prohibited with respect to the Excluded Controlling Class Mortgage
Loan(s) for which such Person is a Borrower Party)) available on the Certificate Administrator’s Website.

 

In the case of the Controlling
Class Representative or Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon
delivery of an investor certification substantially in the form of Exhibit M-1B hereto certifying to the effect that
it is not an Excluded Controlling Class Holder, such Controlling Class Representative or a Controlling Class Certificateholder
shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, Special Servicer,
Operating Advisor, Certificate Administrator and Trustee may each rely on (i) an Investor Certification in the form of Exhibit M-1B
hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is not an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Mortgage Loan or (ii) an Investor
Certification in the form of Exhibit M-1C hereto from the Controlling Class Representative or a Controlling Class Certificateholder
to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage
Loan(s). In the event the Controlling Class Representative or a Controlling Class Certificateholder, as the case may
be, becomes an Excluded Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit M-1F
to the effect that such party is an Excluded Controlling Class Holder with respect to the Excluded Controlling Class Mortgage
Loan(s) listed in such notice and shall also provide the Certificate Administrator a notice substantially in the form of Exhibit M-1G
listing the CitiDirect Login User ID associated with such Excluded Controlling Class Holder and directing the Certificate
Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website
as and to the extent provided in this Agreement. Upon confirmation from the Certificate Administrator that such access has been
restricted, such Excluded Controlling Class Holder shall submit a new investor certification substantially in the form of
Exhibit M-1C (which certification shall include, among other things, an acknowledgement and agreement by such Excluded
Controlling Class Holder that it is prohibited from accessing and reviewing (and it agrees not to access and review) any Excluded
Information with respect to any Excluded Controlling Class Mortgage Loans for which it is a Borrower Party) to access the
information on the Certificate Administrator’s Website, except that

 

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such Excluded Controlling Class Holder shall not
be entitled to access any Excluded Information related to any Excluded Controlling Class Mortgage Loan(s) (unless a loan-by-loan
segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect
to the Excluded Controlling Class Mortgage Loan(s) for which such Person is a Borrower Party) made available on the Certificate
Administrator’s Website. Any Excluded Information relating to an Excluded Controlling Class Mortgage Loan that the Master
Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to
the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via email to loandata@citi.com
in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan number,
and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information on
a separate excluded loan tab on the Certificate Administrator’s Website (and, if possible at a later time, on a loan-by-loan
basis). Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor
and the Certificate Administrator shall be entitled to conclusively assume that the Controlling Class Representative and all
Controlling Class Certificateholders are not Excluded Controlling Class Holders except to the extent that the Master
Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, has received notice from
the Controlling Class Representative or a Controlling Class Certificateholder that it has become an Excluded Controlling
Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall
be liable for any communication to the Controlling Class Representative or Controlling Class Certificateholder or disclosure
of Excluded Information if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as
applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Mortgage
Loan (including, in the case of the summary of any Asset Status Report or the summary of any Final Asset Status Report delivered
to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such
information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on any certification
delivered by the Controlling Class Representative or a Controlling Class Certificateholder, as applicable, substantially
in the form of Exhibit M-1B to the effect that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant
to this Agreement to any Excluded Information with respect to a related Excluded Controlling Class Mortgage Loan on the Certificate
Administrator’s Website or otherwise receives access to such Excluded Information, such Controlling Class Representative
or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide
any information related to the Excluded Controlling Class Mortgage Loan to (A) any related Borrower Party, (B) any Excluded
Controlling Class Holder, (C) any employees or personnel of such Controlling Class Representative or Controlling Class Certificateholder,
(D) any Affiliate involved in the management of any investment in any related Borrower Party or the related Mortgaged Property
or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any related Borrower Party,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

 

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To the extent a Risk
Retention Consultation Party or a Combined VRR Interest Owner receives access pursuant to this Agreement to any information relating
to an Excluded RRCP Mortgage Loan (or a Mortgage Loan with respect to which such Holder or owner is a Borrower Party) and/or the
related Mortgaged Property (which shall include any Major Decision Reporting Package, Asset Status Reports, Final Asset Status
Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any
Excluded Mortgage Loan Special Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator
regarding the Special Servicer’s net present value determination, Collateral Deficiency Amount determination or any Appraisal
Reduction Amount calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special
Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case
other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool
level), whether on the Certificate Administrator’s Website or otherwise, such Risk Retention Consultation Party or such Combined
VRR Interest Owner, as applicable, shall be deemed to have agreed that it (i) will not provide any such information to (A)
the related Borrower Party, (B) any employees or personnel of such Risk Retention Consultation Party or such Combined VRR Interest
Owner or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged
Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower
Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in order to comply with the
limitations described in clause (i) above. For the avoidance of doubt, any file or report contained in the CREFC®
Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating
to any such Excluded Mortgage Loan) shall be considered information that is aggregated with information of other Mortgage Loans
at a pool level. Notwithstanding anything to the contrary in this Agreement, a Risk Retention Consultation Party will be permitted
to share with any Combined VRR Interest Owner any Major Decision Reporting Package that such Risk Retention Consultation Party
has received in connection with the exercise of its consultation rights pursuant to Section 6.09(a).

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of information provided pursuant to this Section and
assumes no responsibility therefor. In addition, the Certificate Administrator disclaims responsibility for any information distributed
by the Certificate Administrator for which it is not the original source. In connection with providing access to the Certificate
Administrator’s Website, the Certificate Administrator may require registration and acceptance of a disclaimer and may require
a recipient of any of the information set forth above (other than the Public Documents) to execute a confidentiality agreement
(which may be in the form of a web page “click-through”). The Certificate Administrator shall not be liable for the
dissemination of information in accordance with this Agreement. Notwithstanding anything herein to the contrary, the Certificate
Administrator shall not be liable for any disclosure of Excluded Information relating to an Excluded Controlling Class Mortgage
Loan to the extent such information was included in the summary of any Asset Status Report or the summary of any Final Asset Status
Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly
identified as relating to an Excluded Controlling Class Mortgage Loan.

 

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The Certificate Administrator
shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website
of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this
Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower
Party.

 

The Certificate Administrator
shall provide assistance in using the Certificate Administrator’s Website through the Certificate Administrator’s customer
service desk at telephone number 1-888-855-9695.

 

The Certificate Administrator
may provide such information through means other than (and in lieu of) the Certificate Administrator’s Website; provided
that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders, the Uncertificated
VRR Interest Owner and each of the Serviced Companion Loan Holders shall have received notice of such alternative means (which
notice may be given via the Certificate Administrator’s Website).

 

The Master Servicer and
the Certificate Administrator shall prepare a separate set of reports, in the same manner and containing substantially similar
types of information as described in this Section 4.02, for the Holders of the Loan-Specific Certificates with respect to
the Trust Subordinate Companion Loan and the Loan-Specific Certificates. The Holders of the Loan-Specific Certificates shall be
entitled to obtain access to reports and other information in a manner substantially similar to the procedures described in this
Agreement.

 

Any Person that is a
Mortgagor, a Manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Mortgagor shall be entitled to
access only the Prospectus, Distribution Date Statements, this Agreement, the Mortgage Loan Purchase Agreements and the Commission
EDGAR filings on the Certificate Administrator’s Website which are being made available to the general public. The provisions
in this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Trust
Loans at a website maintained by the Master Servicer.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Holder of a Certificate or Uncertificated VRR Interest Owner and requests in writing, a statement containing
the information as to the applicable Class or the Uncertificated VRR Interest set forth in clauses (A), (B) and (C) of the
description of Distribution Date Statements above, aggregated for such calendar year or applicable portion thereof during which
such person was a Certificateholder or Uncertificated VRR Interest Owner, together with such other information as the Certificate
Administrator deems necessary or desirable, or that a Certificateholder, Certificate Owner or Uncertificated VRR Interest Owner
reasonably requests, to enable Certificateholders and the Uncertificated VRR Interest Owner to prepare their tax returns for such
calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time
to time are in force.

 

The Certificate Administrator
shall make the Investor Q&A Forum available only to Privileged Persons. The “Investor Q&A Forum” shall
be a service available on the Certificate

 

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Administrator’s Website, where Certificateholders and Certificate Owners that are
Privileged Persons may submit questions to (a) the Certificate Administrator relating to the Distribution Date Statements, (b) the
Master Servicer or the Special Servicer, as applicable, relating to the servicing reports prepared by that party and being made
available pursuant to this Section 4.02(a), the Mortgage Loans (excluding the Outside Serviced Mortgage Loans), the
Trust Subordinate Companion Loan or the related Mortgaged Properties or (c) the Operating Advisor relating to the Operating
Advisor Annual Reports or other reports prepared by the Operating Advisor or actions by the Special Servicer referenced in such
reports (collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously
submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Operating Advisor, the Master Servicer
or the Special Servicer, as applicable, the Certificate Administrator shall forward the Inquiry to the appropriate Person and,
in the case of an inquiry relating to an Outside Serviced Mortgage Loan, to the applicable party under the related Outside Servicing
Agreement, in each case within a commercially reasonable period following receipt thereof.

 

Within a commercially
reasonable time following receipt of an Inquiry, the Certificate Administrator, the Operating Advisor, the Master Servicer or the
Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry,
which reply of the Operating Advisor, the Master Servicer or Special Servicer shall be by e-mail to the Certificate Administrator.
In the case of an Inquiry relating to an Outside Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts
to obtain an answer from the related Outside Servicer or the related Outside Special Servicer, as applicable; provided that
the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.
The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt of such answer,
as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) any
Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry would not be in the best interests of
the Trust and/or the Certificateholders and the Uncertificated VRR Interest Owner, (iii) answering any Inquiry would be in
violation of applicable law, this Agreement (including requirements in respect of non-disclosure of Privileged Information) or
the applicable Loan Documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant
additional cost or expense to, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer,
as applicable, (v) answering any Inquiry would require the disclosure of Privileged Information (subject to the Privileged
Information Exception) or (vi) answering any Inquiry is otherwise, for any reason, not advisable, then it shall not be required
to answer such Inquiry and, in the case of the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify
the Certificate Administrator of such determination. In addition, no party shall post or otherwise disclose any direct communications
with any Directing Holder or Consulting Party as part of its response to any Inquiries. The Certificate Administrator shall notify
the Person who submitted such Inquiry in the event that the Inquiry will not be answered. The Certificate Administrator shall not
be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator
determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions,
answers and other communications which are not submitted via the Certificate Administrator’s Website. Answers posted on the
Investor Q&A Forum shall be attributable only to the respondent,

 

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and shall not be deemed to be answers from any of the Depositor,
the Underwriters, the Initial Purchasers or any of their respective Affiliates. None of the Underwriters, Initial Purchasers, Depositor,
any of their respective affiliates or any other person will certify as to the accuracy of any of the information posted in the
Investor Q&A Forum and no such person will have any responsibility or liability for the content of any such information. No
party to this Agreement shall disclose Privileged Information in the Investor Q&A Forum.

 

The Certificate Administrator
shall make the Investor Registry available to any Certificateholder, Certificate Owner or Uncertificated VRR Interest Owner that
is a Privileged Person. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s
Website, where Certificateholders, Certificate Owners and the Uncertificated VRR Interest Owner can register and thereafter obtain
information with respect to any other Certificateholder, Certificate Owner or Uncertificated VRR Interest Owner that has so registered.
Any person registering to use the Investor Registry will be required to certify that (a) it is a Certificateholder, a Certificate
Owner or the Uncertificated VRR Interest Owner and (b) it grants authorization to the Certificate Administrator to make its
name and contact information available on the Investor Registry for at least 45 days from the date of such certification to
other registered Certificateholders, registered Certificate Owners and the registered Uncertificated VRR Interest Owner. Such Person
shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and e-mail address,
as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder, any Certificate
Owner or the Uncertificated VRR Interest Owner notifies the Certificate Administrator that it wishes to be removed from the Investor
Registry (which notice may not be within 45 days of its registration), the Certificate Administrator shall promptly remove
it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

Upon filing with the
IRS, the Certificate Administrator shall furnish to the Holders of the Class R Certificates the IRS Form 1066 for each
Trust REMIC and shall furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and shall provide
from time to time such information and computations with respect to the entries on such forms as any Holder of the Class R
Certificates may reasonably request.

 

The specification of
information to be furnished by the Certificate Administrator in this Section 4.02 (and any other terms of this Agreement
requiring or calling for delivery or reporting of information by the Certificate Administrator to Certificateholders, Certificate
Owners and the Uncertificated VRR Interest Owner) shall not limit the Certificate Administrator in furnishing, and the Certificate
Administrator is hereby authorized to furnish, to any Privileged Person any other information (such other information, collectively,
“Additional Information”) with respect to the Mortgage Loans or Serviced Loan Combinations, the Mortgaged
Properties or the Trust Fund as may be provided to it by the Depositor, the Master Servicer or the Special Servicer or gathered
by it in any investigation or other manner from time to time, provided that (A) while there exists any Servicer Termination
Event, any such Additional Information shall only be furnished with the consent or at the request of the Depositor (except pursuant
to clause (E) below or to the extent such information is requested by a Certifying Certificateholder),

 

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(B) the Certificate
Administrator shall be entitled to indicate the source of all information furnished by it, and the Certificate Administrator may
affix thereto any disclaimer it deems appropriate in its sole discretion (together with any warnings as to the confidential nature
and/or the uses of such information as it may, in its sole discretion, determine appropriate), (C) the Certificate Administrator
may notify any Privileged Person of the availability of any such information in any manner as it, in its sole discretion, may determine,
(D) the Certificate Administrator shall be entitled (but not obligated) to require payment from each recipient of a reasonable
fee for, and its out-of-pocket expenses incurred in connection with, the collection, assembly, reproduction or delivery of any
such Additional Information, and (E) the Certificate Administrator shall be entitled to distribute or make available such
Additional Information in accordance with such reasonable rules and procedures as it may deem necessary or appropriate (which may
include the requirement that an agreement that provides such information shall be used solely for purposes of evaluating the investment
characteristics or valuation of the Certificates be executed by the recipient, if and to the extent the Certificate Administrator
deems the same to be necessary or appropriate). Nothing herein shall be construed to impose upon the Certificate Administrator
any obligation or duty to furnish or distribute any Additional Information to any Person in any instance, and the Certificate Administrator
shall neither have any liability for furnishing nor for refraining from furnishing Additional Information in any instance. The
Certificate Administrator shall be entitled (but not required) to request and receive direction from the Depositor as to the manner
of delivery of any such Additional Information, if and to the extent the Certificate Administrator deems necessary or advisable,
and to require that any consent, direction or request given to it pursuant to this Section be made in writing.

 

The Depositor hereby
authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg, L.P., Trepp,
LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Markit Group Limited,
RealINSIGHT, Thompson Reuters Corporation, Intercontinental Exchange | ICE Data Services, KBRA Analytics, LLC or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification in the form of Exhibit M-3 to
this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made
available pursuant to this Section 4.02(a) to Privileged Persons.

 

(b)          
No later than the Business Day prior to each Distribution Date, subject to the third from last paragraph of this subsection (b),
the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor and the Special
Servicer in electronic form mutually acceptable to the Certificate Administrator, the Operating Advisor, the Special Servicer and
the Master Servicer the following reports or information (and any other files as may be, or have been, adopted and promulgated
by CREFC® as part of the CREFC® Investor Reporting Package (IRP) from time to time): (1) a CREFC®
REO Status Report, (2) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report,
(3) CREFC® Total Loan Report, (4) the CREFC® Servicer Watch List/Portfolio Review Guidelines,
(5) the CREFC® Financial File, (6) the CREFC® Property File, (7) except for the first
two Distribution Dates, the CREFC® Comparative Financial Status Report, (8) the CREFC®
Loan Level Reserve/LOC Report, (9) the CREFC® Advance Recovery Report and (10) the CREFC®
Delinquent Loan Status Report.

 

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With respect to each
Serviced Companion Loan that is held by an Other Securitization Trust, the Master Servicer shall deliver or cause to be delivered
to the related Other Servicer all reports required to be delivered by the Master Servicer to the Certificate Administrator pursuant
to this Section 4.02(b) (which shall include all loan-level reports constituting the CREFC® Investor Reporting
Package (IRP)), to the extent related to such Serviced Companion Loan, the related Mortgaged Property or the related Mortgage Note,
no later than the earlier of (x) the Master Servicer Remittance Date and (y) the Business Day immediately following the “determination
date” (or analogous concept) set forth in the related Other Pooling and Servicing Agreement.

 

No later than the Business
Day prior to each Distribution Date except for the first two Distribution Dates, the Master Servicer shall deliver to the Certificate
Administrator and the Operating Advisor (by electronic means) the CREFC® Comparative Financial Status Report
for each Trust Loan or related Mortgaged Property as of the Determination Date immediately preceding the preparation of such report
for each of the following three periods (but only to the extent the related Mortgagor is required by the Mortgage to deliver and
does deliver, or otherwise agrees to provide and does provide, such information): (a) the most current available year-to-date;
(b) each of the previous two full fiscal years stated separately (to the extent such information is in the Master Servicer’s
possession); and (c) the “base year” (representing the original analysis of information used as of the Cut-Off
Date).

 

The Master Servicer shall
provide to the Certificate Administrator the CREFC® Loan Setup File no later than 4:00 p.m. on the third Business
Day before the first Distribution Date to the extent it has received from the Mortgage Loan Sellers one or more spreadsheets (with
the data fields filled) containing the data necessary for the completion of the aggregate pool-wide CREFC®
Loan Setup File.

 

No later than 2:00 p.m.,
New York City time, on the second Business Day prior to each Distribution Date, the Master Servicer shall deliver to the Certificate
Administrator (i) a CREFC® Loan Periodic Update File setting forth certain information with respect to the
Trust Loans and Mortgaged Properties and (ii) the CREFC® Appraisal Reduction Template, to the extent received, or prepared
pursuant to Section 3.10(a) of this Agreement, by the Master Servicer.

 

The Master Servicer shall
prepare the initial CREFC® Financial File and the initial CREFC® Loan Periodic Update File based
on the initial data with respect to each Mortgage Loan provided by the Mortgage Loan Sellers pursuant to the respective Mortgage
Loan Purchase Agreements.

 

Not later than 5:00 p.m.
(New York City time) on each Distribution Date beginning March 2021, the Master Servicer shall deliver to the Certificate Administrator
and the Depositor (in the case of the Depositor, to the Depositor’s email addresses set forth in Section 12.04
together with the name, phone number and email address of the servicing officer of the Master Servicer to contact with any questions
related to the CREFC® Schedule AL File and the Schedule AL Additional File) a single CREFC® Schedule
AL File (with respect to each Mortgage Loan that was part of the Mortgage Pool during any portion of the related reporting period
covered by the Form 10-D required to be filed with respect to the subject Distribution Date pursuant to Section 10.04)
and the related Schedule AL Additional File, in each case, in EDGAR-Compatible Format and

 

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Excel format; provided, however,
that the Master Servicer shall have no obligation to prepare or deliver the CREFC® Schedule AL File or the Schedule
AL Additional File unless and until the Master Servicer receives the Initial Schedule AL File and the Initial Schedule AL Additional
File from the Depositor in EDGAR-Compatible Format and Excel format; and provided, further, that, if the Master Servicer
has not received the Initial Schedule AL File and the Initial Schedule AL Additional File from the Depositor prior to the time
it would need the Initial Schedule AL File and the Initial Schedule AL Additional File in order for the Master Servicer to prepare
the CREFC® Schedule AL File with respect to the first Distribution Date, the Master Servicer shall request the Initial
Schedule AL File and the Initial Schedule AL Additional File from the Depositor, including by email to the email addresses for
the Depositor set forth in Section 12.04. If the CREFC® Schedule AL File is not provided by the Master
Servicer to the Certificate Administrator by 5:00 p.m. (New York City time) on any Distribution Date, the Certificate Administrator
shall notify the Depositor in writing and also request such CREFC® Schedule AL File from the Master Servicer via
email to NoticeAdmin@midlandls.com. The Master Servicer shall be entitled to conclusively rely, absent manifest error, without
any due diligence, investigation or verification, on the content, completeness and accuracy of the Initial Schedule AL File and
the Initial Schedule AL Additional File, in each case, as of the Closing Date. Any Schedule AL Additional File that the Master
Servicer determines, in accordance with the Servicing Standard, to deliver in connection with any CREFC® Schedule
AL File prepared by the Master Servicer pursuant to this paragraph shall be delivered in EDGAR-Compatible Format and in Excel format
to the Certificate Administrator concurrently with the delivery of the related CREFC® Schedule AL File. With respect
to each Outside Serviced Mortgage Loan, the Master Servicer shall include the analogous CREFC® Schedule AL File
and/or Schedule AL Additional File, as applicable, information that it receives from the related Outside Servicer under the applicable
Outside Servicing Agreement in the single CREFC® Schedule AL File and/or Schedule AL Additional File, as applicable,
that it delivers to the Certificate Administrator for the subject Distribution Date.

 

In addition, the Master
Servicer (with respect to Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans and REO Properties),
as applicable, shall prepare the following with respect to each Mortgaged Property and REO Property, in each case other than with
respect to any Outside Serviced Mortgage Loan:

 

(i)            
Within 30 days after receipt of a quarterly operating statement, if any, for each calendar quarter, commencing with
respect to the calendar quarter ending June 30, 2021, a CREFC® Operating Statement Analysis Report (but only to
the extent the related Mortgagor is required by the related Loan Documents to deliver and does deliver, or otherwise agrees to
provide and does provide, such information) for such Mortgaged Property or REO Property as of the end of such calendar quarter;
provided, however, that any analysis or report with respect to the first calendar quarter of each year shall not
be required to the extent provided in the then current applicable CREFC® guidelines (it being understood that as of the Closing
Date, the applicable CREFC® guidelines provide that such analysis or report with respect to the first calendar quarter (in
each year) is not required for a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12-month basis, or
if the related Serviced Trust Loan is on the CREFC® Servicer Watch List). The Master Servicer (with respect to Performing Serviced
Loans) or Special Servicer (with respect to Specially Serviced Loans and REO Properties), as

 

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applicable, shall deliver to the Certificate
Administrator, the Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer
for the related Other Securitization Trust on its behalf) by electronic means the CREFC® Operating Statement Analysis
Report upon request; and

 

(ii)          
Within 30 days after receipt by the Special Servicer (with respect to Specially Serviced Loans and REO Properties)
or the Master Servicer (with respect to Performing Serviced Loans) of any annual operating statement or rent rolls, commencing
with respect to the calendar year ending December 31, 2021, a CREFC® NOI Adjustment Worksheet (but only to
the extent the related Mortgagor is required by the related Loan Documents to deliver and does deliver, or otherwise agrees to
provide and does provide, such information), presenting the computation to “normalize” the full year net operating
income and debt service coverage numbers used by the Master Servicer in preparing the CREFC® Comparative Financial
Status Report above. The Special Servicer or the Master Servicer shall deliver to the Certificate Administrator, the Operating
Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other Securitization
Trust on its behalf) by electronic means the CREFC® NOI Adjustment Worksheet upon request.

 

Notwithstanding anything to the contrary
contained herein, with respect to any Serviced Loan related to any Significant Obligor, the Master Servicer (with respect to Performing
Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties) shall be required to complete
(and, in the case of the Special Servicer, to deliver to the Master Servicer) any CREFC files, reports and/or templates necessary
in order to comply with (or, in the case of the Special Servicer, to facilitate compliance with) the Master Servicer’s obligations
under Section 10.11 of this Agreement and the Exchange Act filing obligations of the Depositor and/or any Other Depositor,
as applicable, with respect to such Significant Obligor.

 

The Certificate Administrator
shall deliver or shall cause to be delivered, upon request, to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement), to each Certificateholder, to each
party hereto, to any Underwriter and/or to any Initial Purchaser and to each Person that provides the Certificate Administrator
with an Investor Certification a copy of the CREFC® Operating Statement Analysis Report and CREFC®
NOI Adjustment Worksheet most recently performed by the Master Servicer with respect to any Mortgage Loan or Serviced Loan Combination
and delivered to the Certificate Administrator.

 

Upon request (and in
any event, not more frequently than once per month), the Master Servicer shall forward to the Certificate Administrator (as to
the Collection Account), the Operating Advisor, any related Serviced Companion Loan Holder or the master servicer or special servicer
for the related Other Securitization Trust on its behalf (as to the related Loan Combination Custodial Account) and, for posting
to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5
Information Provider a statement, setting forth the status of the Collection Account and each Loan Combination Custodial Account
as of the close of business on such Master Servicer Remittance Date, stating that all remittances to the Certificate Administrator
required by this Agreement to be made by the Master Servicer have been made (or,

 

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in the case of any such required remittance that
has not been made by the Master Servicer, specifying the nature and status thereof) and showing, for the period from the preceding
Master Servicer Remittance Date (or, in the case of the first Master Servicer Remittance Date, from the Cut-Off Date) to such Master
Servicer Remittance Date, the aggregate of deposits into and withdrawals from the Collection Account and each Loan Combination
Custodial Account for each category of deposit specified in Section 3.05(a) of this Agreement and each category of
withdrawal specified in Section 3.06 of this Agreement. The Master Servicer shall also deliver to the Certificate Administrator
and (solely as to a Serviced Loan Combination) the related Serviced Companion Loan Holder, upon reasonable request of the Certificate
Administrator or any Serviced Companion Loan Holder, any and all additional information relating to the Mortgage Loans or Serviced
Loan Combinations in the possession of the Master Servicer (which information shall be based upon reports delivered to the Master
Servicer by the Special Servicer with respect to Specially Serviced Loans and REO Properties).

 

Further, the Master Servicer
shall cooperate with the Special Servicer and provide the Special Servicer with the information in the possession of the Master
Servicer reasonably requested by the Special Servicer, in writing, to the extent required to allow the Special Servicer to perform
its obligations under this Agreement with respect to those Trust Loans serviced by the Master Servicer.

 

The obligation of the
Master Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject to the Master Servicer
having received from the Special Servicer in a timely manner the related reports and information in the possession of the Special
Servicer necessary or required to enable the Master Servicer to prepare and deliver such reports. The Master Servicer shall not
be responsible for the accuracy or content of any report, document or information furnished by the Special Servicer to the Master
Servicer pursuant to this Agreement and accepted by the Master Servicer in good faith pursuant to this Agreement.

 

The obligation of the
Special Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject to the Special Servicer
having received from the Master Servicer in a timely manner the related reports and information in the possession of the Master
Servicer necessary or required to enable the Special Servicer to prepare and deliver such reports. The Special Servicer shall not
be responsible for the accuracy or content of any report, document or information furnished by the Master Servicer to the Special
Servicer pursuant to this Agreement and accepted by the Special Servicer in good faith pursuant to this Agreement.

 

With respect to an Outside
Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described information to the same
Persons as described above in this Section 4.02(b) and according to the same time frames as described above in this
Section 4.02(b), with reasonable promptness following such Master Servicer’s receipt of such information from
the related Outside Servicer under the applicable Outside Servicing Agreement.

 

(c)           
Not later than 5:00 p.m. New York time on each Determination Date, the Special Servicer shall forward to the Master
Servicer, for each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside Serviced Mortgage
Loan), a CREFC® Special Servicer Loan File and CREFC® Special Servicer Property File.

 

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The Special
Servicer shall also deliver to the Certificate Administrator, upon the reasonable written request of the Certificate Administrator,
any and all additional information in the possession of the Special Servicer relating to the Specially Serviced Loans and the REO
Properties (other than an REO Property related to an Outside Serviced Mortgage Loan).

 

The Special Servicer
shall cooperate with the Master Servicer and provide the Master Servicer with the information in the possession of the Special
Servicer reasonably requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer to perform
its obligations under this Agreement with respect to the Specially Serviced Loans and REO Properties (other than an REO Property
related to an Outside Serviced Mortgage Loan).

 

The Master Servicer may
make available to Privileged Persons copies of any reports or files prepared by the Master Servicer pursuant to this Agreement.
The Master Servicer may make information concerning the Mortgage Loans or Serviced Loan Combinations available on any website that
it has established.

 

With respect to an Outside
Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described information to the extent
received from the related Outside Servicer or the related Outside Special Servicer, as applicable, to the same Persons as described
above in this Section 4.02(c) and according to the same time frames as described above in this Section 4.02(c),
with reasonable promptness following such Master Servicer’s receipt of such information from the related Outside Servicer
under the related Outside Servicing Agreement.

 

Upon the reasonable request
of (i) any Certificateholder, Certificate Owner or the Uncertificated VRR Interest Owner that has delivered an appropriate Investor
Certification or (ii) any other Privileged Person so identified by a Certificate Owner, the Uncertificated VRR Interest Owner or
an Underwriter, the Master Servicer shall provide (or forward electronically) at the expense of such Privileged Person, Certificateholder,
Certificate Owner or the Uncertificated VRR Interest Owner, as applicable, copies of any appraisals, operating statements, rent
rolls and financial statements obtained by the Master Servicer; provided that in no event shall an Excluded Controlling Class Holder
be entitled to Excluded Information with respect to an Excluded Controlling Class Mortgage Loan with respect to which it is a Borrower
Party; and provided, further, that no Certificateholders, Certificate Owners or Uncertificated VRR Interest Owner shall be given
access to or be provided copies of, any Mortgage Files or Diligence Files except, solely with respect to Mortgage Files, as otherwise
provided in Section 8.11(b) of this Agreement. In connection with such request, the Master Servicer may require (1)
a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master
Servicer, generally to the effect that (a) such Person will keep such information confidential and will use such information only
for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder, Certificate Owner or
Uncertificated VRR Interest Owner may have under this Agreement and (b) if the requesting party is neither a Certificateholder
nor a Certificate Owner and is not the Uncertificated VRR Interest Owner, such Person is Privileged Person, and (2) payment of
a sum sufficient to cover the reasonable costs and expenses of providing copies of such reports or information (which amounts in
any event are not reimbursable as Additional Trust Fund Expenses), except that, other than for extraordinary or duplicate requests,
any Directing Holder or Consulting Party (other than the holder of a Serviced Companion Loan

 

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held outside the Trust or its representative)
will be entitled to reports and information free of charge. For the avoidance of doubt, the Master Servicer shall not make any
Asset Status Reports or Final Asset Status Reports available to any Certificateholders, any Certificate Owners or the Uncertificated
VRR Interest Owner on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final Asset
Status Report to the Certificate Administrator (provided that the Special Servicer shall provide a summary of each Final
Asset Status Report to the Certificate Administrator pursuant to Section 3.21(b)). If the Certificate Administrator receives
any Asset Status Report or any Final Asset Status Report, the Certificate Administrator shall not provide any such Asset Status
Report or any Final Asset Status Report to any Certificateholder, any Certificate Owner or the Uncertificated VRR Interest Owner
and shall not post any such Asset Status Report or any Final Asset Status Report to the Certificate Administrator’s Website.
As an alternative to providing copies of any information as contemplated by this paragraph, the Master Servicer may, consistent
with the terms above and the other terms of this Agreement, provide access to such information on its website at no expense to
the requesting party.

 

(d)          
The Master Servicer shall withdraw from the Collection Account and pay the CREFC® Intellectual Property Royalty
License Fee to CREFC® in accordance with Section 3.06(a)(vi) on a monthly basis, from funds on deposit
in the Collection Account. Any payments of the CREFC® Intellectual Property Royalty License Fee shall be made to “CRE
Finance Council” and delivered by wire transfer pursuant to instructions provided by CREFC® to the Master
Servicer.

 

(e)           
Upon the reasonable request of the Controlling Class Representative or any Controlling Class Certificateholder
that, in either case, is an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Mortgage
Loan identified to the Master Servicer’s (in the case of a Performing Serviced Loan) or the Special Servicer’s (in
the case of a Specially Serviced Loan) reasonable satisfaction (at the expense of the Controlling Class Representative or
such Controlling Class Certificateholder) and if such information is in the Master Servicer’s or Special Servicer’s
possession, as applicable, the Master Servicer or Special Servicer, shall provide or make available (or forward electronically)
to the Controlling Class Representative or such Controlling Class Certificateholder, as applicable, (at the expense of
the Controlling Class Representative or such Controlling Class Certificateholder, as applicable) any Excluded Information
(available to Privileged Persons through the Certificate Administrator’s Website but not accessible to the Controlling Class Representative
or such Controlling Class Certificateholder, as applicable, through the Certificate Administrator’s Website because
the Controlling Class Representative or such Controlling Class Certificateholder, as applicable, is an Excluded Controlling
Class Holder with respect to another Excluded Controlling Class Mortgage Loan) relating to any Excluded Controlling Class Mortgage
Loan with respect to which the Controlling Class Representative or such Controlling Class Certificateholder, as applicable,
is not a Borrower Party; provided that, in connection therewith, the Master Servicer or Special Servicer may require a written
confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer
or Special Servicer, generally to the effect that such Person is the Controlling Class Representative or a Controlling Class Certificateholder,
will keep such Excluded

 

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Information confidential and is not a Borrower Party, upon which the Master Servicer or Special Servicer
may conclusively rely. In addition, the Master Servicer and the Special Servicer shall be entitled to conclusively rely on delivery
from the Controlling Class Representative or a Controlling Class Certificateholder, as applicable, of an Investor Certification
substantially in the form of Exhibit M-1C that such Controlling Class Representative or Controlling Class Certificateholder
is not an Excluded Controlling Class Holder with respect to a particular Mortgage Loan. For the avoidance of doubt, the Special
Servicer referenced in this Section 4.02(e) shall include any applicable Excluded Mortgage Loan Special Servicer with
respect to the related Excluded Special Servicer Mortgage Loan(s).

 

Section 4.03              
Compliance With Withholding Requirements.

 

(a)           
Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements
with respect to payments to Certificateholders and the Uncertificated VRR Interest Owner of interest or original issue discount
that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders and/or the Uncertificated
VRR Interest Owner shall not be required for any such withholding. In the event the Paying Agent or its agent withholds any amount
from interest or original issue discount payments or advances thereof to any Certificateholder or the Uncertificated VRR Interest
Owner pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder
or the Uncertificated VRR Interest Owner. Any amount so withheld shall be treated as having been distributed to such Certificateholder
or the Uncertificated VRR Interest Owner for all purposes of this Agreement.

 

(b)          
Each Certificate Owner and Certificateholder and the Uncertificated VRR Interest Owner, by the purchase of a Certificate
or the Uncertificated VRR Interest or its acceptance of a beneficial interest therein, acknowledges that interest on the Certificates
and the Uncertificated VRR Interest will be treated as United States source interest, and, as such, United States withholding tax
may apply. Each such Certificate Owner, each such Certificateholder and the Uncertificated VRR Interest Owner further agrees, upon
request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence its status
for United States withholding tax purposes and understands that if it ceases to satisfy the foregoing requirements or provide requested
documentation, payments to it under the Certificates may be subject to United States withholding tax (without any corresponding
gross-up). Without limiting the foregoing, if a payment made under this Agreement would be subject to United States federal withholding
tax imposed by FATCA if the recipient of such payment were to fail to comply with FATCA (including the requirements of Code Sections
1471(b) or 1472(b), as applicable), such recipient shall deliver to the Paying Agent, with a copy to each of the Trustee and the
Certificate Administrator, at the time or times prescribed by the Code and at such time or times reasonably requested by the Paying
Agent or the Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i))
and such additional documentation reasonably requested by the Paying Agent, the Trustee or the Certificate Administrator to comply
with their respective obligations under FATCA, to determine that such recipient has complied with such

 

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recipient’s obligations
under FATCA, or to determine the amount to deduct and withhold from such payment. For these purposes, “FATCA”
means Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue
ruling, revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition
to relief or exemption from taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to
Code Section 1471(b)(1), and including any amendments made to FATCA after the date of this Agreement.

 

Section 4.04              
REMIC Compliance.

 

(a)           
The parties intend that each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so
as to qualify it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions,
and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate
Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each
Trust REMIC and shall on behalf of each Trust REMIC: (i) prepare, timely deliver to the Trustee for execution (and the Trustee
shall timely execute) and file, or cause to be prepared and filed, all required Tax Returns for each Trust REMIC, using a calendar
year as the taxable year for each Trust REMIC when and as required by the REMIC Provisions and other applicable federal, state
or local income tax laws; (ii) make an election, on behalf of each Trust REMIC, to be treated as a REMIC on IRS Form 1066
for its first taxable year ending December 31, 2021, in accordance with the REMIC Provisions; (iii) prepare and forward,
or cause to be prepared and forwarded, to the Certificateholders (other than the Holders of the Class S Certificates), the
Uncertificated VRR Interest Owner and the IRS and applicable state and local tax authorities all information reports as and when
required to be provided to them in accordance with the REMIC Provisions of the Code; (iv) if the filing or distribution of
any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section 4.04(a) is
then required by the REMIC Provisions in order to maintain the status of each Trust REMIC as a REMIC or is otherwise required by
the Code, prepare, sign and file or distribute, or cause to be prepared and signed and filed or distributed, such documents with
or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions of state and local law; (v) obtain
a taxpayer identification number for the Upper-Tier REMIC, each MGM Grand & Mandalay Bay REMIC, the 360 Spear REMIC and the
Lower-Tier REMIC on IRS Form SS-4, and, within thirty days of the Closing Date (or in the case of each MGM Grand & Mandalay
Bay REMIC, within thirty days of February 12, 2021), furnish or cause to be furnished to the IRS, on IRS Form 8811 or as otherwise
may be required by the Code, the name, title and address of the Person that the holders of the Certificates and the Uncertificated
VRR Interest Owner may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative
of each Trust REMIC for this purpose), together with such additional information as may be required by such IRS Form, and shall
update such information at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business
Days of the Closing Date to provide any information reasonably requested by the Master Servicer or the Certificate Administrator
and necessary to make such filing); and (vi) maintain such records relating to each Trust

 

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REMIC as may be necessary to prepare
the foregoing returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained on
a calendar year and on an accrual basis.

 

The Certificate Administrator
shall be the “partnership representative” of each Trust REMIC (within the meaning of Code Section 6223, to the
extent such provision is applicable to the Trust REMICs). The Certificate Administrator shall make any elections allowed under
the Code (i) to avoid the application of Section 6221 of the Code (or successor provision) to any Trust REMIC and (ii) to
avoid payment by any Trust REMIC under Section 6225 of the Code of any tax, penalty, interest or other amount imposed under
the Code that would otherwise be imposed on any holder of any residual interest of any Trust REMIC, past or present. Each Holder
of a Percentage Interest in the Class R Certificates, by acceptance thereof, is deemed to agree to any such elections and
to the Certificate Administrator’s acting as “partnership representative” of each Trust REMIC that can be designated
under the Code.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action within its control and the scope of its duties
if, in taking or omitting to take such action, the Certificate Administrator knows that such action or omission (as the case may
be) would cause the termination of the REMIC status of a Trust REMIC or the imposition of tax on a Trust REMIC (other than
a tax on income expressly permitted or contemplated to be received by the terms of this Agreement).

 

Notwithstanding any provision
of this paragraph or the three preceding paragraphs to the contrary, the Certificate Administrator shall not be required to take
any action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or authorized
by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability with respect
to any act or omission of the Depositor or the Master Servicer which does not enable the Certificate Administrator to comply with
any of clauses (i) through (vi) of the third preceding paragraph or which results in any action contemplated by clauses (i)
through (iii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) not allow the occurrence
of any “prohibited transactions” within the meaning of Code Section 860F(a), unless the party seeking such action
shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such occurrence
would not (a) result in a taxable gain, (b) otherwise subject a Trust REMIC to tax (other than a tax at the corporate
tax rate on net income from foreclosure property), or (c) cause any Trust REMIC to fail to qualify as a REMIC for federal
income tax purposes; (ii) not allow a Trust REMIC to receive income from the performance of services or from assets not permitted
under the REMIC Provisions to be held by such Trust REMIC (provided, however, that the receipt of any income expressly
permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause); and (iii) not permit
the creation of any “interests,” within the meaning of the REMIC Provisions, (A) in the Upper-Tier REMIC other than
the Non-Vertically Retained Pooled Regular Certificates, the Class VRR Upper-Tier Regular Interest, the Loan-Specific Certificates
and the Upper-Tier Residual Interest, (B) in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Lower-Tier
Residual Interest, (C) in any MGM Grand & Mandalay Bay REMIC other than the related MGM Grand & Mandalay Bay Trust REMIC
Regular Interest and the related MGM Grand & Mandalay Bay REMIC Residual

 

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Interest or (D) in the 360 Spear REMIC other than
the 360 Spear Regular Interests and the 360 Spear Residual Interest. None of the Trustee, the Master Servicer, the Special Servicer
or the Depositor shall be responsible or liable for any failure by the Certificate Administrator to comply with the provisions
of this Section 4.04. The Depositor, the Master Servicer and the Special Servicer shall cooperate in a timely manner
with the Certificate Administrator in supplying any information within the Depositor’s, the Master Servicer’s or the
Special Servicer’s control (other than any confidential information) that is reasonably necessary to enable the Certificate
Administrator to perform its duties under this Section 4.04.

 

(b)          
The following assumptions are to be used for purposes of determining the anticipated payments of principal and interest
for calculating the original yield to maturity and original issue discount with respect to the Non-Vertically Retained Pooled Regular
Certificates and the Class VRR Upper-Tier Regular Interest: (i) each Mortgage Loan will pay principal and interest in
accordance with its terms and scheduled payments will be timely received on their Due Dates, provided that the Mortgage
Loans in the aggregate will prepay in accordance with the Prepayment Assumption; (ii) none of the Master Servicer, the Special
Servicer, the Depositor and the Class R Certificateholder will exercise the right described in Section 9.01 of
this Agreement to cause early termination of the Trust Fund; and (iii) no Mortgage Loan is repurchased or substituted for
by the applicable Mortgage Loan Seller pursuant to Article II of this Agreement.

 

(c)           
The CREFI MGM Grand & Mandalay Bay REMIC Declaration designates the CREFI MGM Grand & Mandalay Bay REMIC Regular
Interest as a “regular interest” in such MGM Grand & Mandalay Bay REMIC within the meaning of Section 860(G)(a)(1)
of the Code and the CREFI MGM Grand & Mandalay Bay REMIC Residual Interest as the sole class of “residual interests”
in such MGM Grand & Mandalay Bay REMIC within the meaning of Section 860G(a)(2) of the Code. The GACC MGM Grand &
Mandalay Bay REMIC Declaration designates the GACC MGM Grand & Mandalay Bay REMIC Regular Interest as a “regular interest”
in such MGM Grand & Mandalay Bay REMIC within the meaning of Section 860(G)(a)(1) of the Code and the GACC MGM Grand &
Mandalay Bay REMIC Residual Interest as the sole class of “residual interests” in such MGM Grand & Mandalay Bay
REMIC within the meaning of Section 860G(a)(2) of the Code.

 

Section 4.05              
Imposition of Tax on the Trust REMICs. In the event that any tax, including interest, penalties or assessments, additional
amounts or additions to tax, is imposed on a Trust REMIC, such tax shall be charged against amounts otherwise distributable with
respect to the Non-Vertically Retained Pooled Regular Certificates, the Class VRR Upper-Tier Regular Interest, the Loan-Specific
Certificates and the Class R Certificates, as applicable; provided that any taxes imposed on any net income from foreclosure
property pursuant to Code Section 860G(d) or any similar tax imposed by a state or local jurisdiction shall instead be
treated as an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until such
taxes are paid, the Special Servicer from time to time shall withdraw from the REO Account and transfer to the Certificate Administrator
for deposit into the Distribution Accounts, as applicable, amounts reasonably determined by the Certificate Administrator to be
necessary to pay such taxes, and the Certificate Administrator shall return to the Special Servicer the excess

 

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determined by the
Certificate Administrator from time to time of the amount in excess of the amount necessary to pay such taxes); provided that any
such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained from Aggregate
Pooled Available Funds or 360 Spear Available Funds, as applicable, as provided in Section 3.06(a)(vii) of this Agreement
and the next sentence. Except as provided in the preceding sentence, the Certificate Administrator is hereby authorized to and
shall retain or cause to be retained from the Distribution Account in determining the amount of Aggregate Pooled Available Funds
and 360 Spear Available Funds, as applicable, sufficient funds to pay or provide for the payment of, and to actually pay, such
tax as is legally owed by the applicable Trust REMIC (but such authorization shall not prevent the Certificate Administrator from
contesting, at the expense of the Trust Fund, any such tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings). The Certificate Administrator is hereby authorized to and shall segregate
or cause to be segregated, into a separate non-interest bearing account, (i) the net income from any “prohibited transaction”
under Code Section 860F(a) or (ii) the amount of any contribution to a Trust REMIC after the Startup Day that is
subject to tax under Code Section 860G(d) and use such income or amount, to the extent necessary, to pay such tax (and return
the balance thereof, if any, to the related Distribution Account). To the extent that any such tax is paid to the IRS, the Certificate
Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of the Class R Certificates
in respect of the related residual interest and shall distribute such retained amounts to the Holders of Non-Vertically Retained
Pooled Regular Certificates in respect of such Certificates, to the Holders of the Class VRR Certificates and the Uncertificated
VRR Interest Owner in respect of the Class VRR Upper-Tier Regular Interest, to the Holders of the Loan-Specific Certificates
in respect of such Certificates or to the Certificate Administrator in respect of the Lower-Tier Regular Interests, the MGM Grand
& Mandalay Bay Trust REMIC Regular Interests or the 360 Spear Regular Interests, as applicable, until they are fully reimbursed
and then to the Holders of the Class R Certificates in respect of the related residual interest. None of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any taxes imposed on a Trust REMIC
except to the extent such tax is attributable to a breach of a representation or warranty of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee in contravention of this Agreement in both cases, provided, further, that such breach,
act or omission could result in liability under Section 6.03, in the case of the Master Servicer or the Special Servicer,
as applicable, or Section 4.04 or Section 8.01, in the case of the Certificate Administrator or the Trustee.
Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall
not be responsible for the Certificate Administrator’s, the Authenticating Agent’s, the Certificate Registrar’s,
the Paying Agent’s or the Trustee’s breaches, acts or omissions, and the Trustee shall not be responsible for the breaches,
acts or omissions of the Certificate Administrator, the Master Servicer, the Special Servicer, the Authenticating Agent, the Certificate
Registrar or the Paying Agent, and the Certificate Administrator shall not be responsible for the breaches, acts or omissions of
the Trustee, the Master Servicer, the Special Servicer and, in

 

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each case if a different entity than the Certificate Administrator,
the Authenticating Agent, the Certificate Registrar or the Paying Agent.

 

Section 4.06              
Remittances; P&I Advances.

 

(a)           
On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:

 

(i)            
remit to the Certificate Administrator (A) for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the
Yield Maintenance Charges applicable to the Mortgage Loans (but not a Companion Loan) received by the Master Servicer during the
Collection Period relating to such Distribution Date (or, in the case of an Outside Serviced Mortgage Loan, received by the Master
Servicer as of the close of business on the Business Day immediately preceding the applicable Master Servicer Remittance Date and
not previously so remitted to the Certificate Administrator) and (B) for deposit in the 360 Spear REMIC Distribution Account an
amount equal to the Yield Maintenance Charges applicable to the Trust Subordinate Companion Loan received by the Master Servicer
during the Collection period relating to such Distribution Date;

 

(ii)          
remit to the Certificate Administrator (A) for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the
Aggregate Pooled Available Funds applicable to the Mortgage Loans (other than the amounts referred to in clause (iv) below
and clause (e) of the definition of “Aggregate Pooled Available Funds”); and (B) for deposit in the 360
Spear REMIC Distribution Account an amount equal to the 360 Spear Available Funds applicable to the Trust Subordinate Companion
Loan (other than the amounts referred to in clause (iv) below and clause (d) of the definition of “360 Spear Available
Funds”);

 

(iii)         
remit to CREFC® the CREFC® Intellectual Property Royalty License Fee;

 

(iv)         
make a P&I Advance (A) with respect to the Pooled Certificates by remittance to the Certificate Administrator for deposit
into the Lower-Tier REMIC Distribution Account, in an amount equal to the sum of the Applicable Monthly Payments for each Mortgage
Loan (including any Outside Serviced Mortgage Loan, any REO Mortgage Loan and any Mortgage Loan related to a Loan Combination,
but not a Companion Loan) to the extent such amounts were not received by the Master Servicer on such Mortgage Loan as of the close
of business on the Determination Date (without regard to any grace period) in the same month as (or, in the case of an Outside
Serviced Mortgage Loan, was not received by the Master Servicer on such Mortgage Loan as of the close of business on the Business
Day immediately preceding) such Master Servicer Remittance Date) and (B) with respect to the Loan-Specific Certificates by remittance
to the Certificate Administrator for deposit into the 360 Spear REMIC Distribution Account, in an amount equal to the Applicable
Monthly Payment for the Trust Subordinate Companion Loan to the extent such amount was not received by the Master Servicer

 

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on the
Trust Subordinate Companion Loan as of the close of business on the Determination Date (without regard to any grace period) in
the same month as such Master Servicer Remittance Date, except that, in each case, the portion of any such P&I Advance equal
to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan or Trust Subordinate Companion
Loan, as applicable, shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC® and
the portion of such P&I Advance equal to the Asset Representations Reviewer Ongoing Fee (other than with respect to the Trust
Subordinate Companion Loan), the Operating Advisor Fee or the Trustee/Certificate Administrator Fee, to the extent the subject
fee remains unpaid to the applicable party hereunder, shall be deposited in the Collection Account or the applicable Loan Combination
Custodial Account, as applicable, for payment to such party;

 

(v)          
remit to the Certificate Administrator, as compensation for it and the Trustee, the Trustee/Certificate Administrator Fee
for the related Distribution Date out of the amounts from which it is payable;

 

(vi)         
remit to the Certificate Administrator for deposit in the Excess Liquidation Proceeds Reserve Account an amount equal to
the Excess Liquidation Proceeds received during the related Collection Period (or, in the case of an Outside Serviced Mortgage
Loan, received by the Master Servicer as of the close of business on the Business Day immediately preceding the applicable Master
Servicer Remittance Date and not previously so remitted to the Certificate Administrator), if any; and

 

(vii)              
remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account all Excess Interest for the
related Distribution Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(ii)
through Section 3.06(a)(ix) of this Agreement.

 

Neither the Master Servicer
nor the Trustee shall be required or permitted to make an advance for Balloon Payments, Default Interest, Excess Interest or Yield
Maintenance Charges, or delinquent Monthly Payments on the Companion Loans (other than the Trust Subordinate Companion Loan) or
any REO Companion Loans (other than any successor REO Companion Loan with respect to the Trust Subordinate Companion Loan). The
amount required to be advanced in respect of delinquent payments of interest on any Mortgage Loan or Trust Subordinate Companion
Loan as to which an Appraisal Reduction Amount exists will equal the product of (i) the amount otherwise required to be advanced
by the Master Servicer with respect to delinquent payments of interest without giving effect to such Appraisal Reduction Amounts,
and (ii) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan or Trust Subordinate Companion
Loan as of the last day of the related Collection Period, reduced by such Appraisal Reduction Amount, and the denominator of which
is the Stated Principal Balance of such Mortgage Loan or Trust Subordinate Companion Loan as of the last day of the related Collection
Period. Appraisal Reduction Amounts shall not affect the principal portion of any P&I Advances.

 

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Any amount advanced by
the Master Servicer pursuant to Section 4.06(a)(iv) of this Agreement shall constitute a P&I Advance for all purposes
of this Agreement and the Master Servicer shall be entitled to reimbursement (with interest at the Advance Rate). The Special Servicer
shall have no obligation to make any P&I Advance.

 

The Certificate Administrator
shall notify the Master Servicer and the Trustee by telephone if as of 3:00 p.m., New York City time, on the Master Servicer
Remittance Date, the Certificate Administrator has not received the amount of a required P&I Advance hereunder. If as of 11:00 a.m.,
New York City time, on any Distribution Date the Master Servicer shall not have made the P&I Advance required to have been
made on the related Master Servicer Remittance Date pursuant to Section 4.06(a)(iv) of this Agreement, the Certificate
Administrator shall notify the Trustee and the Trustee shall no later than 1:00 p.m., New York City time, on such Business
Day deposit into the Lower-Tier REMIC Distribution Account or the 360 Spear REMIC Distribution Account, as applicable, in immediately
available funds an amount equal to the P&I Advances otherwise required to have been made by the Master Servicer.

 

Neither the Master Servicer
nor the Trustee shall be obligated to make a P&I Advance as to any Monthly Payment on any date on which a P&I Advance is
otherwise required to be made by this Section 4.06 if the Master Servicer or the Trustee, as applicable, or the Special
Servicer determines that such Advance will be a Nonrecoverable Advance. The determination by any Person with an obligation hereunder
to make P&I Advances that it has made (or in the case of a determination by the Special Servicer, that the Master Servicer
or the Trustee has made) a Nonrecoverable Advance or the determination by the Special Servicer, the Master Servicer or the Trustee
that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be made by such Person (i) in
the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard or (ii) in the case of
the Trustee, in its good faith business judgment, and shall be evidenced by an Officer’s Certificate as set forth in Section 4.06(b).
In connection with a determination by the Special Servicer, the Master Servicer or the Trustee as to whether a P&I Advance
previously made or to be made constitutes or would constitute a Nonrecoverable Advance:

 

(A)         
any such Person will be entitled to consider (among other things) the obligations of the Mortgagor under the terms
of the related Mortgage Loan or Serviced Loan Combination as it may have been modified, to consider (among other things) the
related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s
assumptions regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate
and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)          
any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s
determination that an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals
or market value estimates or other information for such purposes;

 

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(C)          
the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed
P&I Advance, if made, would be a Nonrecoverable Advance or that any outstanding P&I Advance is a Nonrecoverable Advance
and may deliver to the Master Servicer, the Trustee, any applicable Directing Holder and the Controlling Class Representative
if it is an applicable Consulting Party, notice of such determination, which determination shall be conclusive and binding on the
Master Servicer and the Trustee;

 

(D)         
although the Special Servicer may determine whether a P&I Advance is a Nonrecoverable Advance, the Special Servicer
will have no right to (i) make an affirmative determination that any P&I Advance previously made or to be made (or contemplated
to be made) by the Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have
been made by the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that
a P&I Advance constitutes or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed to
limit the Special Servicer’s right to make a determination that a P&I Advance to be made (or contemplated to be made)
would be, or a previously made Advance is, a Nonrecoverable Advance, as described in this Section 4.06;

 

(E)          
any non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06
with respect to the recoverability of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such
a determination by the Special Servicer) and the Trustee;

 

(F)          
the Master Servicer shall provide notice to the Trustee on or prior to the Master Servicer Remittance Date of any such non-recoverability
determination made by the Master Servicer on or prior to such date;

 

(G)         
the Trustee shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that
a P&I Advance, if made, would be a Nonrecoverable Advance; provided, however, that if the Master Servicer has
failed to make a P&I Advance for reasons other than a determination by the Master Servicer or Special Servicer that such Advance
would be a Nonrecoverable Advance, the Trustee shall make such advance within the time periods required by this Section 4.06
unless the Trustee, in its good faith business judgment, or the Special Servicer, in accordance with the Servicing Standard, makes
a determination prior to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance;

 

(H)         
the Special Servicer shall report, promptly upon making a determination contemplated in this paragraph, to the Master Servicer
the

 

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Special Servicer’s determination as to whether any P&I Advance made with respect to any previous Distribution Date
or required to be made with respect to a future Distribution Date with respect to any Specially Serviced Loan is a Nonrecoverable
P&I Advance, and if the Special Servicer determines that such P&I Advance is a Nonrecoverable P&I Advance, such determination
shall be conclusive and binding on the Master Servicer and the Trustee, and the Master Servicer and the Trustee shall be entitled
to conclusively rely on such determination; and

 

(I)           
notwithstanding the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special
Servicer that any P&I Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer
in accordance with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any
determination by the Special Servicer that any P&I Advance would be recoverable.

 

The Master Servicer or
the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with interest thereon)
to the extent permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer and Special
Servicer hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Mortgagors
to the extent permitted by applicable law and the related Trust Loan.

 

Within 2 Business Days
of making a P&I Advance on any Mortgage Loan that is part of a Loan Combination, the Master Servicer or the Trustee, as applicable,
shall provide written notice of the amount of such P&I Advance to (i) if such Mortgage Loan is part of a Serviced Loan Combination,
the related Other Servicer, Other Special Servicer and Other Trustee of each Other Securitization Trust that holds a related Serviced
Companion Loan, if any, or (ii) if such Mortgage Loan is part of an Outside Serviced Loan Combination, the related Outside
Servicer, Outside Special Servicer and Outside Trustee of the related Outside Securitization Trust.

 

With respect to P&I
Advances and each Outside Serviced Mortgage Loan, the Master Servicer and the Trustee shall be entitled to rely on the “appraisal
reduction amount” calculated by the related Outside Special Servicer or the related Outside Servicer in accordance with the
terms of the applicable Outside Servicing Agreement.

 

(b)          
The determination by the Master Servicer, the Trustee or the Special Servicer that a P&I Advance has become a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made pursuant to this Section 4.06 with respect to any Mortgage
Loan (or with respect to any successor REO Mortgage Loan with respect to any of the foregoing), would constitute a Nonrecoverable
P&I Advance, shall be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance
Date to the Trustee (unless it is the Person making the determination), any applicable Directing Holder and Consulting Party, the
holder of any related Pari Passu Companion Loan or its Companion Loan Holder Representative (in the case of a Pari Passu Loan Combination),
the Master Servicer (unless it is the Person making the determination), the Special Servicer

 

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(unless it is the Person making the
determination) and, if the Trustee is making the determination, the Depositor, setting forth the basis for such determination,
together with any other information that supports such determination together with a copy of any Appraisal of the related Mortgaged
Property or REO Property, as the case may be (which Appraisal shall be an expense of the Trust, shall take into account any material
change in circumstances of which such Person is aware or such Person has received new information, either of which has a material
effect on the value and shall have been conducted in accordance with the standards of the Appraisal Institute within the twelve
months preceding such determination of nonrecoverability), and further accompanied by related Mortgagor operating statements and
financial statements, budgets and rent rolls of the related Mortgaged Property (to the extent available and/or in such Person’s
possession) and any engineers’ reports, environmental surveys or similar reports that such Person may have obtained and that
support such determination. The Master Servicer and the Special Servicer shall consider Unliquidated Advances with respect to prior
P&I Advances for the purpose of nonrecoverability determinations as if such amounts were unreimbursed P&I Advances.

 

(c)           
With respect to each Outside Serviced Mortgage Loan, the Master Servicer, the Special Servicer or the Trustee shall make
its determination (based on information provided by the applicable Outside Servicer and Outside Special Servicer) that a P&I
Advance that has been made on such Outside Serviced Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) is
a Nonrecoverable Advance or that any proposed P&I Advance would, if made, constitute a Nonrecoverable Advance with respect
to such Outside Serviced Mortgage Loan independently of any determination made by the applicable Outside Servicer, the applicable
Outside Special Servicer or the Outside Trustee, as the case may be, under the applicable Outside Servicing Agreement in respect
of the related Outside Serviced Companion Loan. If the Master Servicer, the Special Servicer or the Trustee determines that a proposed
P&I Advance with respect to an Outside Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to
an Outside Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer,
the Special Servicer or the Trustee, as applicable, shall provide the applicable Outside Servicer and Outside Special Servicer
written notice of such determination within two (2) Business Days of the date of such determination. If the Master Servicer receives
written notice from the related Outside Servicer or the related Outside Special Servicer, as the case may be, that either has determined,
or the Outside Trustee has determined, in accordance with the applicable Outside Servicing Agreement with respect to an Outside
Serviced Companion Loan, that any proposed advance under the applicable Outside Servicing Agreement that is similar to a P&I
Advance would be, or any outstanding advance under such Outside Servicing Agreement that is similar to a P&I Advance is, a
nonrecoverable advance, then the Master Servicer, the Special Servicer or the Trustee may, based upon such determination, determine
that any P&I Advance previously made or proposed to be made with respect to the related Outside Serviced Mortgage Loan will
be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer and the Trustee shall not be required to make
any additional P&I Advances with respect to the related Outside Serviced Mortgage Loan unless and until the Master Servicer
or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related Outside Serviced
Mortgage Loan would not be a

 

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Nonrecoverable P&I Advance, which determination may be as a result of consultation with the related
Outside Servicer or the related Outside Special Servicer, as the case may be, or otherwise. For the avoidance of doubt, the Master
Servicer, the Special Servicer or the Trustee, as the case may be, shall have the sole discretion provided in this Agreement to
determine that any future P&I Advance or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable Advance.
Any non-recoverability determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06 with
respect to the recoverability of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such a
determination by the Special Servicer) and the Trustee.

 

(d)          
If the Trustee, the Master Servicer or the Special Servicer has received written notice from S&P, Fitch or DBRS Morningstar
to the effect that continuation of the Master Servicer or the Special Servicer in such capacity would result in the downgrade,
qualification or withdrawal of any rating then assigned by S&P, Fitch or DBRS Morningstar, as applicable, to any Class of
Certificates and citing servicing concerns with such Master Servicer or Special Servicer, as applicable, as the sole or material
factor in such rating action, and such notice is not rescinded within 60 days, then the Trustee, the Master Servicer or the
Special Servicer, as applicable, shall promptly notify the other such parties and the Certificate Administrator, and the Certificate
Administrator shall promptly notify the Serviced Companion Loan Holder and the applicable master servicer of any Serviced Companion
Loan.

 

(e)           
Notwithstanding any other terms of this Agreement, none of the Master Servicer, the Special Servicer nor the Trustee shall
be entitled to recover: (1) from any collections on the Trust Subordinate Companion Loan, any Nonrecoverable Advance made, or interest
on any Nonrecoverable Advance made, in respect of a Mortgage Loan (other than the Mortgage Loan related to such Trust Subordinate
Companion Loan); or (2) from any collections or amounts allocable to the Mortgage Loans (other than the Mortgage Loan related
to the Trust Subordinate Companion Loan), any Nonrecoverable Advance that is a P&I Advance made in respect of the Trust Subordinate
Companion Loan or any interest due on such Advance. With respect to the Trust Subordinate Companion Loan, the Master Servicer,
the Special Servicer or the Trustee shall only be entitled to reimbursement for a P&I Advance from the amounts that would have
been allocable to such Trust Subordinate Companion Loan or, if such P&I Advance is a Nonrecoverable Advance, allocable to the
related Mortgage Loan and any related Pari Passu Companion Loan.

 

(f)           
Notwithstanding any other terms of this Agreement, none of the Master Servicer, the Special Servicer nor the Trustee shall
be entitled to recover: (1) from collections on the Trust Subordinate Companion Loan any Workout-Delayed Reimbursement Amounts
in respect of a Mortgage Loan (other than the Mortgage Loan related to the Trust Subordinate Companion Loan); or (2) from any collections
on or allocable to the Mortgage Loans (other than the Mortgage Loan related to the Trust Subordinate Companion Loan) any Workout-Delayed
Reimbursement Amounts in respect of the Trust Subordinate Companion Loan. However, if the Workout-Delayed Reimbursement Amount
relates to a Property Advance for the 360 Spear Loan

 

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Combination, the Master Servicer shall be entitled to recover such Workout-Delayed
Reimbursement Amount from general collections on deposit in the Collection Account for the Mortgage Pool and the Trust Subordinate
Companion Loan.

 

Section 4.07              
Grantor Trust Reporting.

 

(a)           
The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the
Grantor Trust.

 

(b)          
The parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions
thereof shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to
take advantage of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates or the Uncertificated
VRR Interest, and shall otherwise comply with Treasury Regulations Section 301.7701-4(c). The Certificate Administrator shall
timely file or cause to be timely filed with the IRS Form 1041, Form 1099 or such other form as may be applicable and shall furnish
or cause to be furnished to the Holders of the respective Classes of the Grantor Trust Certificates and the Uncertificated VRR
Interest Owner, their allocable share of income and expense with respect to the VRR Specific Grantor Trust Assets, the Class S
Specific Grantor Trust Assets and proceeds thereof as such amounts are received or accrue, as applicable.

 

(c)           
(i) The Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT
Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided
to the Certificate Administrator on a timely basis. The Certificate Administrator will not be liable for any tax reporting penalties
that may arise under the WHFIT Regulations in the event that the IRS makes a determination that is contrary to the first sentence
of this paragraph.

 

(ii)          
The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual
method, except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall
make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders and the Uncertificated
VRR Interest Owner annually. In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently
amended, revised or updated information to any Certificateholder or Uncertificated VRR Interest Owner, unless requested by such
Certificateholder or Uncertificated VRR Interest Owner.

 

(iii)         
The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information that is not in
its possession being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being
provided to the Certificate Administrator. Each owner of a class of securities representing, in

 

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whole or in part, beneficial ownership
of an interest in a WHFIT, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide
the Certificate Administrator with information regarding any sale of such securities, including the price, amount of proceeds and
date of sale. Absent receipt of information regarding any sale of Certificates, including the price, amount of proceeds and date
of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market
trading of WHFIT interests.

 

(d)          
To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on
the Certificate Administrator’s Website the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The CUSIP
Number so published will represent the Rule 144A CUSIP Numbers. The Certificate Administrator shall make reasonable good faith
efforts to keep the website accurate and updated to the extent CUSIP Numbers have been received. Absent the receipt of a CUSIP
Number, the Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP Number. The Certificate Administrator
shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP Number information.

 

Section 4.08              
Calculations.

 

Provided that the Certificate
Administrator receives the necessary loan-level information from the Master Servicer and/or the Special Servicer, the Certificate
Administrator shall be responsible for performing all calculations necessary in connection with the actual and deemed distributions
to be made pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant to Section 4.02(a)
and the actual and deemed allocations of Realized Losses to be made pursuant to Section 4.01. The Certificate Administrator
shall calculate the Principal Distribution Amount, the VRR Principal Distribution Amount, the Aggregate Principal Distribution
Amount, the 360 Spear Principal Distribution Amount, the 360RR Principal Distribution Amount, the Aggregate 360 Spear Principal
Distribution Amount, the Interest Distribution Amounts, the VRR Interest Distribution Amount, the 360 Spear Interest Distribution
Amounts, the 360RR Interest Distribution Amount, the 360RR Realized Loss Interest Distribution Amount and the VRR Realized Loss
Interest Distribution Amount for each Distribution Date and shall allocate such amounts among Certificateholders and the Uncertificated
VRR Interest Owner in accordance with this Agreement. Absent actual knowledge of an error therein, the Certificate Administrator
shall have no obligation to recompute, recalculate or otherwise verify any loan-level information provided to it by the Master
Servicer. The calculations by the Certificate Administrator contemplated by this Section 4.08 shall, in the absence
of manifest error, be deemed to be correct for all purposes hereunder.

 

Section 4.09              
Secure Data Room. (a) Within 60 days of the Closing Date, the Certificate Administrator shall create a Secure
Data Room, and the Depositor shall, upon the earlier of (i) receipt of all the Mortgage Loan Sellers’ Diligence File Certifications
and (ii) the 120th day following the Closing Date (but, in any event, no earlier than the date on which the Depositor has received
a written notice from the Certificate Administrator that the Secure Data Room has been created), deliver to the Certificate Administrator
(but solely with respect to any Diligence File(s)

 

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received by the Depositor as to which it has received the related Mortgage Loan
Seller’s Diligence File Certification) an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded
by the Mortgage Loan Sellers to the Designated Site. After the 120th day following the Closing Date, the Depositor may deliver
any Mortgage Loan Seller’s Diligence Files to the Certificate Administrator if it has not previously delivered such Mortgage
Loan Seller’s Diligence Files to the Certificate Administrator. Upon receipt thereof, the Certificate Administrator shall
promptly upload the contents of each Diligence File to the Secure Data Room. Access to the Secure Data Room shall be granted by
the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of
the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator
of a certification substantially in the form of Exhibit KK hereto. In no case whatsoever shall Certificateholders or
the Uncertificated VRR Interest Owner be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate
Administrator shall be under no obligation to post any documents to the Secure Data Room other than the contents of the Diligence
Files initially delivered to it by the Depositor with respect to each Mortgage Loan Seller.

 

(b)          
The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates
to the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure
Data Room. In the event that any document is posted in error, the Certificate Administrator may remove such document from the Secure
Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any document
provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible or held liable for any
other Person’s use or dissemination of the documents contained on the Secure Data Room; provided that such event or
occurrence is not also a result of its own negligence, bad faith or willful misconduct. The Certificate Administrator shall not
be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person with access to the Secure Data Room
shall covenant to access only the documents necessary to perform its duties and responsibilities under this Agreement.

 

(c)           
Upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator
shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor
or the Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part
of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the Certificate
Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated,
repurchased or otherwise removed from the Trust, the Special Servicer may (but shall not be obligated to) direct the Certificate
Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided
that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data
Room. Following the termination of the

 

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Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted
to delete all files from the Secure Data Room. Upon deletion, in no event shall the Certificate Administrator be obligated to reproduce
or retrieve such deleted files.

 

Article
V

THE CERTIFICATES

 

Section 5.01              
The Certificates. (a) The Certificates consist of the Pooled Certificates, the Loan-Specific Certificates and the
Class R Certificates. The Pooled Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the
Class A-4A1 Certificates, the Class A-4A2, the Class A-5 Certificates, the Class A-AB Certificates, the Class X-A
Certificates, the Class A-S Certificates, the Class B Certificates, the Class C Certificates, the Class X-B
Certificates, the Class X-D Certificates, the Class X-F Certificates, the Class X-G Certificates, the Class X-H Certificates,
the Class D Certificates, the Class E Certificates, the Class F Certificates, the Class G Certificates, the Class H Certificates,
the Class VRR Certificates and the Class S Certificates. The Loan-Specific Certificates consist of the Class 360A, 360B,
Class 360C, Class 360D and Class 360V Certificates.

 

Each Class of Certificates
will be substantially in the forms annexed hereto as Exhibits A-1 through A-28, respectively, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable
judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable
laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may
be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by
their execution thereof. The Public Certificates (other than the Class X-A Certificates) shall be issued in minimum denominations
of $10,000 and integral multiples of $1 in excess thereof. The Private Certificates (other than the Class X-B, Class X-D,
Class X-F, Class X-G, Class X-H, Class VRR, Class S and Class R Certificates) shall be issued in minimum denominations
of $100,000 and integral multiples of $1 in excess thereof. The Class VRR Certificates shall be issued in minimum denominations
of $100,000 and integral multiples of $0.01 in excess thereof. The Class X-A, Class X-B, Class X-D, Class X-F, Class
X-G and Class X-H Certificates shall be issued, maintained and transferred only in minimum denominations of authorized initial
notional amounts of not less than $1,000,000 and in integral multiples of $1 in excess thereof. If the initial Certificate Balance
or initial Notional Amount, as applicable, of any Class of Certificates (exclusive of the Class VRR, Class S and Class R
Certificates) does not equal an integral multiple of $1, then a single Certificate of such Class may be issued in a minimum
denomination of authorized initial principal balance or initial notional amount, as applicable, that includes the excess of (i) the
initial Certificate Balance or initial Notional Amount, as applicable, of such Class over (ii) the largest integral multiple
of $1 that does not exceed such amount. The Class R Certificates shall be issued, maintained and transferred in minimum percentage
interests of 10% of such Class R Certificates and in integral multiples of 1% in excess thereof. The Class S Certificates
shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class S Certificates and in integral
multiples of 1% in excess thereof.

 

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(b)          
One authorized signatory shall sign the Certificates for the Certificate Administrator by manual or facsimile signature.
If an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Administrator
countersigns the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized
signatory of the Certificate Administrator (who may be the same officer who executed the Certificate) manually countersigns the
Certificate. The signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section 5.02              
Form and Registration.

 

(a)           
Each Class of Public Certificates shall be represented by a single, global certificate in definitive, fully registered
form without interest coupons, substantially in the applicable form set forth as an exhibit hereto, which shall be deposited with
the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the name
of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Global Certificate may from time to time
be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as
hereinafter provided.

 

(b)          
Unless and until Definitive Certificates are issued in respect of a Class of Global Certificates, beneficial ownership
interests in such Certificates will be maintained and transferred on the book-entry records of the Depository and Depository Participants,
and all references to actions by Holders of such Class of Certificates will refer to action taken by the Depository upon instructions
received from the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s
procedures and, except as otherwise set forth herein, all references herein to payments, notices, reports and statements to Holders
of such Class of Certificates will refer to payments, notices, reports and statements to the Depository or its nominee as
the registered Holder thereof, for distribution to the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures.

 

(c)           
No transfer of any Private Certificate shall be made unless that transfer is made pursuant to an effective registration
statement under the Securities Act, and effective registration or qualification under applicable state securities laws, or is made
in a transaction which does not require such registration or qualification. If a transfer is to be made in reliance upon an exemption
from the Securities Act, and under the applicable state securities laws, then:

 

(i)            
The Certificates of each Class of the Private Certificates (other than the Risk Retention Certificates, the Class S
Certificates and the Class R Certificates) sold in offshore transactions in reliance on Regulation S under the Act shall initially
be represented by a temporary global certificate in definitive, fully registered form without interest coupons, substantially in
the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”), which
shall be deposited on the Closing Date on behalf of the purchasers of the Private Certificates represented thereby with the Certificate
Registrar, at its

 

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principal trust office, as custodian, for the Depository, and registered in the name of the Depository or the
nominee of the Depository for the account of designated agents holding on behalf of Euroclear and/or Clearstream. Prior to the
expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date (the “Restricted
Period”), beneficial interests in each Temporary Regulation S Global Certificate may be held only through Euroclear or
Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S Global Certificate
may be exchanged for an interest in the related permanent global certificate of the same Class of Private Certificates (a
“Regulation S Global Certificate”) in the applicable form set forth as an exhibit hereto in accordance with
the procedures set forth in Section 5.03(f) of this Agreement. During the Restricted Period, distributions due in respect
of a beneficial interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate Registrar
by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of the Restricted
Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global Certificate shall not be made
to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Global Certificate of
the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S Global Certificate
or a Regulation S Global Certificate may from time to time be increased or decreased by adjustments made on the records of the
Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate Registrar for
purposes of effecting the exchanges contemplated by the preceding paragraph. Citibank, N.A. is hereby initially appointed the Authenticating
Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery of the Certificates in connection
with transfers and exchanges as herein provided. If Citibank, N.A. is removed as Certificate Administrator, then Citibank, N.A.
shall be terminated as Authenticating Agent. If the Authenticating Agent is terminated, the Certificate Administrator (or, if the
same entity is acting as both the Authenticating Agent and the Certificate Administrator and such entity is being removed from
both capacities, a successor Certificate Administrator) shall appoint a successor authenticating agent, which may be the Certificate
Administrator or an Affiliate thereof, in accordance with Section 5.09 of this Agreement.

 

(ii)          
The Certificates of each Class of Private Certificates (other than the Risk Retention Certificates, the Class S
Certificates and the Class R Certificates) offered and sold to Qualified Institutional Buyers in reliance on Rule 144A
shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate”), which shall
be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered
in the name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Global Certificate
may from time to time be increased or decreased by adjustments made on the

 

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records of the Certificate Registrar, as custodian for
the Depository, as hereinafter provided.

 

(iii)         
The Certificates of each Class of Private Certificates offered and sold in the United States to investors that are
Institutional Accredited Investors that are not Qualified Institutional Buyers, the Risk Retention Certificates (during the RR
Interest Transfer Restriction Period), the Class S Certificates and the Class R Certificates (collectively, the “Non-Book
Entry Certificates”) shall be in the form of Definitive Certificates, in each case substantially in the applicable form
set forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees by the Certificate Registrar
who shall deliver the certificates for such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

(d)          
Owners of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery
of certificated Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is
no longer willing or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such
Class or ceases to be a Clearing Agency, and the Certificate Administrator and the Depositor are unable to locate a qualified
successor within 90 days of such notice; (ii) the Trustee has instituted or has been directed to institute any judicial
proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection
with such proceeding it is necessary or appropriate for the Trustee to obtain possession of the Certificates of such Class; or
(iii) in the case of a Private Certificate, all of the applicable requirements of Section 5.03 of this Agreement
are satisfied; provided, however, that under no circumstances will certificated Private Certificates be issued to
beneficial owners of a Temporary Regulation S Global Certificate. Upon notice of the occurrence of any of the events described
in clause (i) or (ii) above with respect to any Certificates of a Class that are in the form of Global Certificates
and upon surrender by the Depository of any Global Certificate of such Class and receipt from the Depository of instructions
for reregistration, the Certificate Registrar shall issue Certificates of such Class in the form of Definitive Certificates
(bearing, in the case of a Definitive Certificate issued for a Rule 144A Global Certificate, the same legends regarding transfer
restrictions borne by such Global Certificate), and thereafter the Certificate Registrar shall recognize the holders of such Definitive
Certificates as Certificateholders under this Agreement.

 

(e)           
If any Certificate Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited
Investor that is not a Qualified Institutional Buyer, or wishes to transfer its interest in a Regulation S Global Certificate to
a “U.S. person” (as that term is defined in Rule 902(k) under the Securities Act) that is an Institutional Accredited
Investor but not a Qualified Institutional Buyer, then the transferee shall take delivery in the form of a Non-Book Entry Certificate,
subject to the restrictions on the transfer of such Non-Book Entry Certificate in Section 5.03(h) of this Agreement.
No such transfer shall be made and the Certificate Registrar shall not register any such transfer unless such transfer complies
with the provisions of Section 5.03(h) of this Agreement applicable to transfers of Non-Book Entry Certificates. Upon
acceptance for exchange or transfer of a beneficial interest in a Global Certificate for a Non-Book Entry

 

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Certificate, as provided
herein, the Certificate Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation
of such schedule affixed to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such
exchange or transfer and a decrease in the denomination of such Global Certificate equal to the denomination of such Non-Book Entry
Certificate issued in exchange therefor or upon transfer thereof.

 

(f)           
During the RR Interest Transfer Restriction Period, any Risk Retention Certificate shall only be held as a Definitive Certificate
in the Retained Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s respective interest
shall be tracked in the form of an entry in the Certificate Administrator’s trust accounting system under the Retained Interest
Safekeeping Account), for the benefit of the Holder of the related Certificate. The Certificate Administrator shall hold each Risk
Retention Certificate in safekeeping and shall release the same only upon receipt of a written direction signed by each of the
Depositor, the Retaining Sponsor (in the case of a Class VRR Certificate), the 360 Spear Retaining Sponsor (in the case of a Class
360V Certificate) and the Holder of such Certificate, and in accordance with any authentication procedures as may be utilized by
the Certificate Administrator and in accordance with this Agreement. There shall be, and hereby is, established by the Certificate
Administrator an account which will be designated the “Retained Interest Safekeeping Account” and into which each Risk
Retention Certificate shall be held and which shall be governed by and subject to this Agreement. In addition, on and after the
date hereof, the Certificate Administrator may establish any number of subaccounts to the Retained Interest Safekeeping Account
for each Retaining Party. Each Risk Retention Certificate to be delivered in physical form to the Certificate Administrator shall
be delivered as set forth herein. Upon receipt by the Certificate Administrator of any Risk Retention Certificate in connection
with the initial issuance thereof and, for so long as the Risk Retention Certificates are held in the Retained Interest Safekeeping
Account by the Certificate Administrator pursuant to this Agreement, upon any transfer or exchange pursuant to this Article V
of any Risk Retention Certificate, the Certificate Administrator shall deliver to the related Retaining Party a receipt in the
form set forth in Exhibit MM. No amounts distributable with respect to any Risk Retention Certificate shall be remitted
to the Retained Interest Safekeeping Account, but instead shall be remitted directly to the applicable Retaining Party in accordance
with written instructions provided separately on the Closing Date (and any updates to such written instructions provided from time
to time) by such Retaining Party to the Certificate Administrator. Under no circumstances by virtue of safekeeping any Risk Retention
Certificate shall the Certificate Administrator be obligated to bring legal action or institute proceedings against any Person
on behalf of any Retaining Party. During the RR Interest Transfer Restriction Period and for such longer time as the related Retaining
Party may request, the Certificate Administrator shall hold each individual Risk Retention Certificate at the below location, or
any other location; provided the Certificate Administrator has given notice to the Depositor, the Retaining Sponsor and
each Retaining Party of such new location:

 

Citibank, N.A.

Vault Operations Level B

 

    - 402 -

     

    

 

399 Park Avenue

New York, New York 10022

 

The Certificate Administrator shall make
available to each Retaining Party its account information as mutually agreed upon by the Certificate Administrator and each respective
Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer of a Risk Retention
Certificate shall be subject to this Article V. During the RR Interest Transfer Restriction Period, unless the Retaining
Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any Person to copy (other
than for internal purposes), and shall not itself provide to any Person copies of, the executed Risk Retention Certificates held
by it in the Retained Interest Safekeeping Account.

 

(g)          
To the extent that the aggregate principal amount of the 360RR Interest or the Combined VRR Interest is in excess of the
amount of risk retention required pursuant to Regulation RR, such excess portion of the 360RR Interest or the Combined VRR Interest,
as applicable, shall nevertheless be deemed to be subject to the requirements of Regulation RR and any Risk Retention Certificate
or Uncertificated VRR Interest evidencing or constituting such excess portion of the 360RR Interest and/or the Combined VRR Interest
shall be subject to all of the provisions in this Agreement applicable to the 360RR Interest or the Combined VRR Interest, as applicable,
including, without limitation, the provisions of this Article V.

 

Section 5.03              
Registration of Transfer and Exchange of Certificates.

 

(a)           
The Certificate Administrator shall keep or cause to be kept at its principal offices books (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration
of Certificates and the Uncertificated VRR Interest and of transfers and exchanges of Certificates and the Uncertificated VRR Interest
as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”). In
such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate
Register and a record of the aggregate holdings of Certificates of each Class of Private Certificates represented by a Temporary
Regulation S Global Certificate, a Regulation S Global Certificate and a Rule 144A Global Certificate and accepting Certificates
for exchange and registration of transfer, (ii) registering transfers and pledges of Uncertificated VRR Interest and (iii) transmitting
to the Depositor, the Master Servicer and the Special Servicer any notices from the Certificateholders and the Uncertificated VRR
Interest Owner. In its capacity as Certificate Registrar, the Certificate Administrator shall be responsible for, among other things,
holding the Risk Retention Certificates as Definitive Certificates on behalf of each Holder of such Certificates in accordance
with Section 5.02(f).

 

(b)          
Subject to the restrictions on transfer set forth in this Article V, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

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(c)           
Rule 144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest
in the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any
time during the Restricted Period to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary
Regulation S Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an
institution that is required to take delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate
of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such
interest for an equivalent beneficial interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate
Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of (1) instructions given
in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit,
or cause to be credited, a beneficial interest in the Temporary Regulation S Global Certificate in an amount equal to the beneficial
interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s
procedures containing information regarding the Euroclear or Clearstream account to be credited with such increase and the name
of such account and (3) a certificate in the form of Exhibit E to this Agreement given by the holder of such beneficial
interest stating that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the
Global Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall instruct the Depository
to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase, or cause to
be increased, the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate Certificate Balance of
the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account
of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial
interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A
Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial
interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(d)          
Rule 144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the
Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time following
the Restricted Period to exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global
Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an institution that is
required to take delivery thereof in the form of an interest in a Regulation S Global Certificate, such holder may, subject to
the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial interest
in such Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.11
of this Agreement, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant
directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Certificate
in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given
in accordance with the Depository’s procedures containing information regarding

 

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the participant account of the Depository
to be credited with such increase and (3) a certificate in the form of Exhibit F to this Agreement given by the holder
of such beneficial interest, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the
Certificate Balance of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance
of the Regulation S Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global
Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global
Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial
interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(e)           
Temporary Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate.
If a holder of a beneficial interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited
with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation
S Global Certificate or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class,
or to transfer its interest in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who
is required to take delivery thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject
to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange
of such interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt
by the Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of (1) instructions
from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as registrar, to credit
or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the beneficial interest in the
Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, such instructions to contain information
regarding the participant account with the Depository to be credited with such increase, (2) with respect to a transfer of an interest
in the Regulation S Global Certificate, information regarding the participant account of the Depository to be debited with such
decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S Global Certificate (but not the Regulation
S Global Certificate) for an interest in the Rule 144A Global Certificate at any time during the Restricted Period, a certificate
in the form of Exhibit G to this Agreement given by the holder of such beneficial interest and stating that the Person
transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person acquiring such
interest in the Rule 144A Global Certificate is a Qualified Institutional Buyer and is obtaining such beneficial interest
in a transaction meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce,
or cause to be reduced, the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate
and to increase, or cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate
Balance of the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged,
and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to

 

    - 405 -

     

    

 

credit, or cause to be credited,
to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal
to the reduction in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate
and to debit, or cause to be debited, from the account of the Person making such transfer the beneficial interest in the Temporary
Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)           
Temporary Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation
S Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate
(a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable,
has received a certificate substantially in the form of Exhibit H to this Agreement from the holder of a beneficial
interest in such Temporary Regulation S Global Certificate, shall be exchanged after the Restricted Period, for interests in the
Regulation S Global Certificate of the same Class of Private Certificates. The Certificate Registrar shall effect such exchange
by delivering to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation
S Global Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Global Certificate
initially exchanged for interests in the Regulation S Global Certificate. The delivery to the Certificate Registrar by Euroclear
or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar
as conclusive evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream
pursuant to the terms of this Agreement and the Temporary Regulation S Global Certificate. Upon any exchange of interests in the
Temporary Regulation S Global Certificate for interests in the Regulation S Global Certificate, the Certificate Registrar shall
endorse the Temporary Regulation S Global Certificate to reflect the reduction in the Certificate Balance represented thereby by
the amount so exchanged and shall endorse the Regulation S Global Certificate to reflect the corresponding increase in the amount
represented thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S Global Certificate,
and the Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation
S Global Certificate and Rule 144A Global Certificate authenticated and delivered hereunder.

 

(g)          
Non-Book Entry Certificate to Global Certificate. If a holder of a Non-Book Entry Certificate that is a Private Certificate
(other than any Risk Retention Certificate during the RR Interest Transfer Restriction Period, a Class S Certificate or a
Class R Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global
Certificate of the same Class, or to transfer all or part of such Non-Book Entry Certificate to an institution that is entitled
to take delivery thereof in the form of an interest in a Global Certificate, such holder may, subject to the rules and procedures
of Euroclear or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate
for an equivalent beneficial interest in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate
Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of (1) such Non-Book Entry Certificate,
duly endorsed as provided herein, (2) instructions

 

    - 406 -

     

    

 

from such holder directing the Certificate Registrar, as registrar, to
credit, or cause to be credited, a beneficial interest in the applicable Global Certificate equal to the portion of the Certificate
Balance of the Non-Book Entry Certificate to be exchanged, such instructions to contain information regarding the participant account
with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit I to this Agreement
(in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit J
to this Agreement (in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of
Exhibit K to this Agreement (in the event that the applicable Global Certificate is the Rule 144A Global Certificate),
then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate,
and shall, if applicable, direct the Certificate Administrator to execute, authenticate and deliver to the transferor a new Non-Book
Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor and shall instruct the
Depository to increase, or cause to be increased, such Global Certificate by the aggregate Certificate Balance of the portion of
the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account of the institution specified
in such instructions a beneficial interest in the applicable Global Certificate equal to the Certificate Balance of the portion
of the Non-Book Entry Certificate so canceled.

 

(h)          
Exchanges of Non-Book Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global
Certificate or Non-Book Entry Certificate (other than a Public Certificate) wishes at any time to transfer its interest in such
Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book Entry Certificate to a Person who is required to
take delivery thereof in the form of a Non-Book Entry Certificate, then (except in connection with the transfer or deemed transfer
thereof by the Depositor, an Initial Purchaser or, if occurring on the Closing Date, the Retaining Sponsor) the Certificate Registrar
shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon): (i) a certificate
from the proposed transferor substantially in the form attached as Exhibit L-2B to this Agreement, (ii) an investment
representation letter from the proposed transferee substantially in the form attached as Exhibit L-4 to this Agreement;
and (iii) if required by the Certificate Registrar, an opinion of counsel satisfactory to the Certificate Registrar to the
effect that such transfer shall be made without registration under the Securities Act, together with the written certification(s)
as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or the proposed transferee
on which such opinion of counsel is based (such opinion of counsel shall not be an expense of the Trust or of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee or the Certificate Registrar
in their respective capacities as such).

 

(i)            
Transfers of Risk Retention Certificates. At all times during the applicable RR Interest Transfer Restriction Period,
if a transfer of any Risk Retention Certificate is to be made (other than in connection with (1) the transfer to CREFI on the Closing
Date, pursuant to the CREFI Mortgage Loan Purchase Agreement, of the Certificates constituting the VRR1 Interest, (2) the transfer
to JPMCB on the Closing Date, pursuant to the JPMCB Mortgage Loan Purchase Agreement, of the Certificates constituting the VRR2
Interest and (3) the transfer to DBNY on the Closing Date of the 360RR Interest), then the Certificate

 

    - 407 -

     

    

 

Registrar shall refuse to
register such transfer unless it receives (and, upon receipt, the Certificate Registrar may conclusively rely upon) (i) a certification
from such Certificateholder’s prospective Transferee substantially in the form attached hereto as Exhibit L-5A
(in the case of a transfer of Class VRR Certificates) or Exhibit L-5C (in the case of a transfer of Class 360V Certificates),
which such certification must (x) be countersigned by the applicable Retaining Party, the Retaining Sponsor (if different than
the Retaining Party in the case of a transfer of Class VRR Certificates), the 360 Spear Retaining Sponsor (if different than
the Retaining Party in the case of a transfer of Class 360V Certificates) and the Depositor and (y) include a medallion stamp guarantee
of such Retaining Party, and (ii) a certification from the Certificateholder desiring to effect such transfer substantially in
the form attached hereto as Exhibit L-6A (in the case of a transfer of Class VRR Certificates) or Exhibit L-6C
(in the case of a transfer of Class 360V Certificates) which such certification must (x) be countersigned by the applicable Retaining
Party (if different than the transferor), the Retaining Sponsor (if different than the Retaining Party in the case of a transfer
of Class VRR Certificates), the 360 Spear Retaining Sponsor (if different than the Retaining Party in the case of a transfer
of Class 360V Certificates) and the Depositor and (y) include a medallion stamp guarantee of such Retaining Party. Upon receipt
of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.02(f), Section 5.03(a),
Section 5.03(h), the following provisions of this Section 5.03(i), and Section 5.03(n), reflect
such Risk Retention Certificate in the name of the prospective Transferee. In no event shall a Risk Retention Certificate be held
as a Global Certificate during the RR Interest Transfer Restriction Period. In connection with each transfer of a Risk Retention
Certificate after the Closing Date, the transferor of such Certificate shall pay to the Certificate Administrator a transfer fee
of $5,000 (together with any other expenses related to such transfer (including fees charged by the Depository, if applicable))
and such fee and expenses must be received by the Certificate Administrator prior to the transfer date or the Certificate Administrator
shall not be required to complete the requested transfer.

 

(j)            
Other Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate (other than as
otherwise set forth in Section 5.02(d) of this Agreement), such Certificates may be exchanged only in accordance with
such procedures as are substantially consistent with the provisions of clauses (c) through (f), (h) and (i) above (including
the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S under the Act,
at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(k)          
Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates,
transfers of interests in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited
to transfers made pursuant to the provisions of clause (e) above.

 

(l)            
If Private Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend
relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Private Certificates so
issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to
the Certificate Registrar such satisfactory evidence, which may

 

    - 408 -

     

    

 

include an Opinion of Counsel that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A,
Rule 144 or Regulation S under the Act, Regulation RR or, with respect to Non-Book Entry Certificates, that such Certificates
are not “restricted” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence,
the Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(m)         
All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the
Certificate Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(n)          
No Class VRR Certificate (if it is not an ERISA Restricted Certificate covered by the next sentence), Uncertificated
VRR Interest, Class 360V Certificate (if it is not an ERISA Restricted Certificate covered by the next sentence), Class S
Certificate or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or
will be (i) an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions
of ERISA or Code Section 4975 (each, a “Plan”), or (ii) any entity or collective investment fund the
assets of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42)
of ERISA, or Similar Law (as defined below), an insurance company that is using the assets of separate accounts or general accounts
which include Plan assets (or which are deemed to include assets of Plans) or other Person acting on behalf of any such Plan or
using the assets of a Plan (each, a “Plan Investor”) to purchase such Certificate or the Uncertificated VRR
Interest. In addition, no ERISA Restricted Certificate or interest therein may be purchased by or transferred to any prospective
purchaser or transferee that is or will be a Plan or Plan Investor, unless (i) such purchaser or transferee is an insurance company,
(ii) the source of funds used to acquire or hold such ERISA Restricted Certificate or interest therein is an “insurance company
general account,” as such term is defined in PTCE 95-60, and (iii) the conditions in Sections I and III of PTCE 95-60
have been satisfied. Furthermore, no ERISA Restricted Certificate, Class VRR Certificate (regardless of whether it is an ERISA
Restricted Certificate), Uncertificated VRR Interest, Class 360V Certificate (regardless of whether it is an ERISA Restricted Certificate),
Class S Certificate or Class R Certificate or interest therein may be purchased by or transferred to any prospective
purchaser or transferee that is or will be a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is
subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited
transaction provisions of ERISA or Code Section 4975 (“Similar Law”), or to any Person acting on behalf
of any such plan or using the assets of such plan to acquire such Certificate or interest therein unless, in the case of an ERISA
Restricted Certificate, its acquisition, holding and disposition of such Certificate or an interest therein would not constitute
or otherwise result in a non-exempt violation of Similar Law. Except in connection with the transfer or deemed transfer thereof
by the Depositor, an Initial Purchaser or, if occurring on the Closing Date, the Retaining Sponsor, each prospective transferee
of an ERISA Restricted Certificate, a Class VRR Certificate (regardless of whether it is an ERISA Restricted Certificate),
a Class 360V Certificate (regardless of whether it is an ERISA Restricted Certificate), a Class S Certificate or a Class R
Certificate in the form of a Non-Book Entry Certificate or the Uncertificated VRR

 

    - 409 -

     

    

 

Interest shall deliver to the transferor, the
Depositor, the Certificate Registrar, the Certificate Administrator and the Trustee representation letters, substantially in the
form of Exhibit L-3 and, except in the case of the Uncertificated VRR Interest, Exhibit L-4 to this Agreement.
Each beneficial owner of a Certificate (other than a Class S or Class R Certificate) or any interest therein will be
deemed to have represented, by virtue of its acquisition or holding of such Certificate or interest therein, that either (i) it
is not a Plan or Plan Investor, (ii) except in the case of an ERISA Restricted Certificate, a Class VRR Certificate (regardless
of whether it is an ERISA Restricted Certificate) or a Class 360V Certificate (regardless of whether it is an ERISA Restricted
Certificate), it has acquired and is holding the Certificates in reliance on the Underwriter Exemption, and that it understands
that there are certain conditions to the availability of the Underwriter Exemption, including that the Certificates must be rated,
at the time of purchase, not lower than “BBB-” (or its equivalent) by a rating agency that meets the requirements of
the Underwriter Exemption and that such Certificate is so rated and that it is an Institutional Accredited Investor or (iii) except
in the case of a Class VRR Certificate or Class 360V Certificate (in each case unless it is being sold or transferred through
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC or Goldman Sachs & Co. LLC ), (1)
it is an insurance company, (2) the source of funds used to acquire or hold the Certificate or interest therein is an “insurance
company general account,” as such term is defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60
have been satisfied. Each beneficial owner of a Certificate or an interest therein which is a governmental plan or other plan subject
to Similar Law shall be deemed to have represented, by virtue of its acquisition or holding of such Certificate or interest therein
that the acquisition, holding and disposition of such Certificate or an interest therein by the purchaser will not constitute or
otherwise result in a non-exempt violation of Similar Law. Any attempted or purported transfer in violation of these transfer restrictions
shall be null and void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any
obligations with respect to the applicable Certificates.

 

(o)          
(i) The Depositor hereby directs the Certificate Administrator to register the Uncertificated VRR Interest, upon issuance,
in the Certificate Register in the name of GS Bank. No Person shall be permitted to own, directly or indirectly, any interest in
the Uncertificated VRR Interest other than (i) GS Bank or one of its Majority Owned Affiliates that is not a Non-Exempt Person
or (ii) a Person that provides financing permitted under Regulation RR (a “Permitted Lender”) to GS Bank or
such Majority Owned Affiliate; provided, further, that if such financing is provided by the Permitted Lender in a
repurchase transaction, GS Bank or such Majority-Owned Affiliate of GS Bank may transfer its interest in the Uncertificated VRR
Interest to the Permitted Lender so long as GS Bank or such Majority-Owned Affiliate is obligated to repurchase such interest in
the Uncertificated VRR Interest pursuant to the terms of the related financing documents. The Uncertificated VRR Interest Owner,
if it wishes to transfer the Uncertificated VRR Interest, shall notify the Certificate Administrator in writing of such transfer
and identify the new Uncertificated VRR Interest Owner. The Certificate Administrator shall register the ownership of the Uncertificated
VRR Interest on the Certificate Register. Any transfer of the Uncertificated VRR Interest (including to a Majority Owned Affiliate)
shall be null and void ab initio to the extent permitted under applicable law unless all of the following is provided to
the Certificate Administrator: (i) a written instrument whereby the transferor of the

 

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Uncertificated VRR Interest assigns,
and the transferee of the Uncertificated VRR Interest assumes, all rights and obligations in connection with the Uncertificated
VRR Interest under this Agreement; (ii) the transferor of the Uncertificated VRR Interest has executed and delivered to the Certificate
Administrator a certification in the form of Exhibit L-7B hereto, which certification must (x) be countersigned by the applicable
Retaining Party (if different than the transferor), the Retaining Sponsor and the Depositor and (y) include a medallion stamp guarantee
of such Retaining Party; and (iii) the transferee of the Uncertificated VRR Interest has executed and delivered to the Certificate
Administrator a certification in the form of Exhibit L-7A hereto, which certification must (x) be countersigned by the applicable
Retaining Party, the Retaining Sponsor and the Depositor, (y) include a medallion stamp guarantee of such Retaining Party and (z)
include wiring instructions and contact information for such transferee. Notwithstanding anything else in this Agreement to the
contrary, no Person shall have any rights hereunder with respect to the Uncertificated VRR Interest unless (i) such Person
is GS Bank, or (ii) in the case of any Majority Owned Affiliate of GS Bank, such Person is identified in writing to the Certificate
Administrator as being the Uncertificated VRR Interest Owner, or (iii) in the case of any subsequent transferee, such Person
is identified as being the Uncertificated VRR Interest Owner on the ownership registry. The Certificate Administrator, the other
parties to this Agreement and the Certificateholders shall be entitled to treat the Uncertificated VRR Interest Owner (in the case
of any subsequent Uncertificated VRR Interest Owner, as recorded on such ownership registry) as the owner in fact thereof for all
purposes and shall not be bound to recognize any equitable or other claim to or interest in the Uncertificated VRR Interest on
the part of any other Person. Any transfer of an interest in the Uncertificated VRR Interest that is not in compliance with this
Section 5.03(o)(i) or Section 5.03(n) shall be null and void ab initio to the extent permitted under applicable
law.

 

(ii)          
GS Bank and any subsequent Uncertificated VRR Interest Owner shall be deemed by virtue of its acceptance of the Uncertificated
VRR Interest to represent to the Trust and the Certificate Administrator (for the benefit of the borrowers) that it is not a Non-Exempt
Person. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of the Agreement,
the Uncertificated VRR Interest Owner shall deliver to the Certificate Administrator evidence satisfactory to the Certificate Administrator
substantiating that it is not a Non-Exempt Person and that the Certificate Administrator is not obligated under applicable law
to withhold taxes on sums paid to it with respect to the Mortgage Loans or otherwise under this Agreement. Without limiting the
effect of the foregoing, (a) if the Uncertificated VRR Interest Owner 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 Certificate Administrator an Internal Revenue Service Form W-9 and (b) if the Uncertificated VRR Interest Owner 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 borrowers is treated for United States income tax purposes as derived in whole or part from
sources within the United States, the Uncertificated VRR Interest Owner shall satisfy the requirements of the preceding sentence
by furnishing to the Certificate 

 

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Administrator an Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments),
Form W-8BEN-E or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by the Uncertificated VRR
Interest Owner, as evidence of the Uncertificated VRR Interest Owner’s exemption from the withholding of United States tax
with respect thereto. The Certificate Administrator shall not be obligated to make any payment hereunder to the Uncertificated
VRR Interest Owner in respect of the Uncertificated VRR Interest or otherwise until the Uncertificated VRR Interest Owner shall
have furnished to the Certificate Administrator the forms, certificates, statements or documents required by this Section 5.03(o)(ii).

 

(p)          
Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such
Residual Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any
Residual Ownership Interest are expressly subject to the following provisions:

 

(i)            
Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or
hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is
not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in
its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
described in the first sentence of this Section 5.03(p) by a Person who is not a Permitted Transferee or by a Person
who is acting as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately
preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership
Interest as soon and as fully as possible.

 

(ii)          
No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer,
and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, other than in connection with the initial Transfer thereof to the Initial Purchasers, the Certificate
Registrar shall, as a condition to such consent, (x) require the proposed transferee to deliver, and the proposed transferee
shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached as Exhibit L-1
to this Agreement (a “Transferee Affidavit”) of the proposed transferee (A) that such proposed transferee
is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts as they have come
due and intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual Ownership
Interest, it may incur tax liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee
intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed

 

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transferee will
not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Tax Person, (5) the
proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit
or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent
(including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed transferee
expressly agrees to be bound by and to comply with the provisions of this Section 5.03(p) and (y) other than in
connection with the initial issuance of a Class R Certificate or the Transfer of any Class R Certificate by any Initial
Purchaser in connection with the initial offering of the Certificates, require a statement from the proposed transferor substantially
in the form attached as Exhibit L-2A to this Agreement (the “Transferor Letter”), that the proposed
transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason
to know that the proposed transferee’s statements in the preceding clauses (x)(B)(1) or (3) are false.

 

(iii)         
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (p)(ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided,
however, the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a
proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the
foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such
Residual Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the
IRS and the transferor of such Residual Ownership Interest or such agent such information necessary to the application of Code
Section 860E(e) as may be required by the Code, including, but not limited to, the present value of the total anticipated
excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election
of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information
to the transferor or to such agent referred to above; provided, however, such Persons shall in no event be excused
from furnishing such information.

 

(iv)         
The Class R Certificates may only be represented by Definitive Certificates and may only be transferred to and owned
by Qualified Institutional Buyers.

 

(v)          
The Class S Certificates may only be represented by Definitive Certificates and may only be transferred to and owned
by Qualified Institutional Buyers or Institutional Accredited Investors.

 

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(q)          
Any attempted or purported transfer in violation of the transfer restrictions set forth in this Article V shall be
null and void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations
with respect to the applicable Certificates.

 

Section 5.04              
Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate
and (b) there is delivered to the Certificate Registrar, the Trustee and the Certificate Administrator such security or indemnity
as may be required by it to save it harmless, then, in the absence of actual notice that such Certificate has been acquired by
a bona fide purchaser, the Certificate Registrar shall direct the Certificate Administrator to execute, authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest
in the Trust Fund. In connection with the issuance of any new Certificate under this Section 5.04, the Certificate
Registrar and the Certificate Administrator may require the payment of a sum sufficient to cover any expenses (including the fees
and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.04
shall constitute complete and indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.05              
Persons Deemed Owners. The Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate
Administrator and the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all
other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate
Administrator, the Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary; provided,
however, that to the extent that a party to this Agreement responsible for distributing any report, statement or other information
required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement shall
distribute such report, statement or other information to such Certificate Owner (or prospective transferee) under the same circumstances,
and subject to the same conditions, as such report, statement or other information would be provided to a Certificateholder.

 

Section 5.06              
Appointment of Paying Agent. The Certificate Administrator may appoint (and, if it does not so appoint, shall act
as) a paying agent for the purpose of making distributions to Certificateholders and the Uncertificated VRR Interest Owner pursuant
to Section 4.01 of this Agreement. The Certificate Administrator shall cause such Paying Agent, if other than the Certificate
Administrator or the Master Servicer, to execute and deliver to the Master Servicer and the Certificate Administrator an instrument
that is consistent in all material respects with this Agreement and in which such Paying Agent shall agree with the Master Servicer
and the Certificate Administrator that such Paying Agent will hold all sums held by it for the payment to Certificateholders and
the Uncertificated VRR Interest Owner in trust for the benefit of the Certificateholders and Uncertificated VRR Interest Owner
entitled thereto until such sums have been paid to the Certificateholders and the Uncertificated VRR Interest Owner or disposed
of as otherwise provided herein. The initial Paying Agent shall be the Certificate Administrator. The Paying Agent shall at all
times be an entity having a long-term unsecured debt

 

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rating of at least “A” by DBRS Morningstar and “BBB+”
from each of S&P and Fitch, or shall be otherwise acceptable to each Rating Agency.

 

Section 5.07              
Access to Certificateholders’ Names and Addresses; Special Notices.

 

(a)           
The Certificate Registrar shall maintain in as current form as is reasonably practicable the most recent list available
to it of the names and addresses of the Certificateholders. If any Certificateholder or Certificate Owner (a “Certifying
Certificateholder”) that has delivered an executed certification as contemplated by Section 5.07(c) reflecting
the appropriate information to the Certificate Administrator at 388 Greenwich Street, New York, New York 10013, Attention: Global
Transaction Services – Benchmark 2021-B23 (i) requests in writing from the Certificate Registrar a list of the names
and addresses of Certificateholders, (ii) states that such Certifying Certificateholder desires to communicate with other
Certificateholders and Certificate Owners with respect to its rights under this Agreement or under the Certificates and (iii) provides
a copy of the communication which Certifying Certificateholder proposes to transmit, then the Certificate Registrar shall, within
ten (10) Business Days after the receipt of such request (a “Communication Request”), furnish such Certifying
Certificateholder (at such Certifying Certificateholder’s sole cost and expense) a list of the names and addresses of the
Certificateholders as of the most recent Record Date as they appear in the Certificate Register. Every Certificateholder, by receiving
and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the disclosure of any
such information as to the list of the Certificateholders hereunder, regardless of the source from which information was derived.
The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Depositor
shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor.

 

(b)          
The Certificate Administrator shall include in any Form 10-D any written request received in accordance with Section 5.07(a)
prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date preceding such Distribution
Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or Certificate Owners related
to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing
such disclosure (a “Special Notice”) regarding the request to communicate shall include the following and no
more than the following (a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the
request was received, (c) a statement to the effect that the Certificate Administrator has received such request, stating
that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders or Certificate Owners
with regard to the possible exercise of rights under this Agreement, and (d) a description of the method other Certificateholders
or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

 

(c)           
In verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator

 

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shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following
documents confirming ownership of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer or
another document acceptable to the Certificate Administrator that is similar to any of the foregoing documents. The Certificate
Administrator shall not have any obligation to verify the information provided by any Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Any Certificateholder or Certificate Owner will be responsible
for its own expenses in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator.
Any expenses the Certificate Administrator incurs in connection with any request to communicate will be paid by the Trust.

 

Section 5.08              
Actions of Certificateholders.

 

(a)           
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be
given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator and, when
required, to the Depositor, the Master Servicer or the Special Servicer. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Trustee, the Certificate
Administrator, the Depositor, the Special Servicer and the Master Servicer, if made in the manner provided in this Section.

 

(b)          
The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator deems sufficient.

 

(c)           
Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every
Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Depositor, the Special Servicer or
the Master Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)          
The Certificate Administrator or Certificate Registrar may require such additional proof of any matter referred to in this
Section 5.08 as it shall deem necessary.

 

Section 5.09              
Authenticating Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate
Certificates. The Authenticating Agent must be acceptable to the Depositor and must be an entity organized and doing business under
the laws of the United States of America or any state, having a principal office and place of business

 

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in a state and city acceptable
to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business
and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial
Authenticating Agent and the Certificate Administrator hereby accepts such appointment.

 

Any entity into which
the Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Authenticating Agent shall be party, or any entity succeeding to the corporate agency
business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further
act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator
and the Depositor. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written
notice of termination to the Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a termination,
or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 5.09,
the Certificate Administrator promptly shall appoint a successor Authenticating Agent, which shall be acceptable to the Depositor,
and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 5.09.

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator. The appointment
of an Authenticating Agent shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate
Administrator shall remain responsible for all acts and omissions of the Authenticating Agent.

 

Section 5.10              
Appointment of Custodian. The Certificate Administrator shall be, and shall perform all the duties of, the Custodian
hereunder or may appoint one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Certificate Administrator,
by entering into a Custodial Agreement (in the event the Certificate Administrator is not the Custodian) that is consistent in
all material respects with this Agreement. The Certificate Administrator shall give prompt written notice to the Depositor of any
appointment of a Custodian. The Certificate Administrator agrees to comply with the terms of each Custodial Agreement, to enforce
the terms and provisions thereof against the Custodian for the benefit of the Certificateholders, the Uncertificated VRR Interest
Owner and the Serviced Companion Loan Holders and to cause any Custodian appointed by the Certificate Administrator to comply with
any provision of this Agreement that purports to require such Custodian to act or refrain from acting. Each Custodian shall be
a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at
least $15,000,000, shall have a long-term debt rating of at least “A (low)” from DBRS Morningstar (or, if not rated
by DBRS Morningstar, an equivalent rating by

 

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2 other NRSROs (which may include S&P, Fitch and Moody’s)) and “BBB”
from each of S&P and Fitch, and shall be qualified to do business in the jurisdiction in which it holds any Mortgage File.
Each Custodial Agreement may be amended only as provided in Section 12.07 of this Agreement. Any compensation paid
to the Custodian shall be an unreimbursable expense of the Certificate Administrator. The Certificate Administrator shall serve
as the initial Custodian and shall be deemed appointed as Custodian at all times that no other party is so appointed in accordance
with this Section 5.10. The Custodian, if the Custodian is not the Certificate Administrator, shall maintain a fidelity
bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement, with
the Certificate Administrator named as loss payee. The Custodian shall be deemed to have complied with this provision if one of
its respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder
extends to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies
of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations
hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement,
with the Certificate Administrator named as loss payee. All fidelity bonds and policies of errors and omissions insurance obtained
under this Section 5.10 shall be issued by a Qualified Insurer, or by any other insurer with respect to which the Rating
Agencies have provided to the Trustee a Rating Agency Confirmation. The Custodian shall be subject to the same obligations and
standard of care as would be imposed on the Certificate Administrator hereunder in connection with the retention of Mortgage Files
directly by the Certificate Administrator. Upon termination or resignation of any Custodian appointed by it, the Certificate Administrator
may appoint another Custodian meeting the foregoing requirements. The appointment of a Custodian shall not relieve the Certificate
Administrator from any of its obligations hereunder, and the Certificate Administrator shall remain responsible for all acts and
omissions of the Custodian. In the event the Certificate Administrator is the Custodian, the Custodian may self-insure.

 

Section 5.11              
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates its office at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention - Securities
Window, as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders and
the Uncertificated VRR Interest Owner of any change in the location of the Certificate Register or any such office or agency.

 

Section 5.12              
Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Global Certificates and directly with registered Holders by mail
with respect to Definitive Certificates. In each case, such vote shall be administered in accordance with the following procedures,
unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)           
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting

 

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deadline
which, unless otherwise specifically contemplated herein for any particular matter, shall be no less than thirty (30) days
and no later than sixty (60) days after the date such notice is distributed. The notice and related ballot shall be sent to
Holders of Global Certificates through the Depository and by mail to the registered Holders of Definitive Certificates. In addition,
the notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices delivered in this manner
shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice and ballot.

 

(b)          
In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance or Notional Amount, as applicable, greater than zero as of the record date of the vote shall be permitted to
vote. Once a Holder has cast its vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions
shall be communicated by the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline
has passed, votes may not be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a
sufficient portion of the Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject
to a vote without taking into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of
Certificates are subject to and shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such
Certificate.

 

(c)           
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.12(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)          
Unless otherwise specifically provided herein, any and all reasonable expenses incurred by the Certificate Administrator
in connection with administering any vote shall be borne by the Trust. The Certificate Administrator is under no obligation to
advise Holders about the matter being voted on or answer questions other than process-related questions regarding the administration
of the vote.

 

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(e)           
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, THE Asset Representations Reviewer and the Controlling
Class Representative

 

Section 6.01              
Liability of the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Operating
Advisor. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement. Each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer shall indemnify the
Depositor (and any employee, director or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders and
hold the Depositor (and any employee, director or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders
harmless against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and
expenses, which for the avoidance of doubt include reasonable attorneys’ fees and expenses related to the enforcement of
this indemnity) incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the
performance of duties of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as the case may be, or by reason of negligent disregard of such Person’s obligations or duties hereunder, or (ii) as
a result of the breach by the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as the case may be, of any of its representations or warranties contained herein. The Depositor shall indemnify the Trust Fund
and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset
Representations Reviewer, and any member, manager, employee, director or officer of the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer and hold the Trust Fund
and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset
Representations Reviewer and any member, manager, employee, director or officer of either the Master Servicer, the Special Servicer,
the Trustee, the Operating Advisor or the Asset Representations Reviewer harmless against any loss, liability or reasonable expense
(including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties (i) in connection
with any willful misconduct, bad faith, fraud and/or negligence in the performance of duties of the Depositor or by reason of negligent
disregard of the Depositor obligations or duties hereunder, or (ii) as a result of the breach by the Depositor of any of its
representations or warranties contained herein.

 

Section 6.02              
Merger or Consolidation of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer. Subject to the following paragraph, each of the Master Servicer, the Special Servicer, the Operating Advisor and
the Asset

 

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Representations Reviewer shall keep in full effect its existence, rights and good standing as a national banking association,
a corporation or a limited liability company, as applicable, under the laws of the state of its organization and shall not jeopardize
its ability to do business in each jurisdiction in which the Mortgaged Properties are located, to the extent necessary to perform
its obligations under this Agreement, or to protect the validity and enforceability of this Agreement, the Certificates or any
of the Trust Loans and to perform its respective duties under this Agreement.

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Asset Representations Reviewer may be merged or consolidated with or into any
Person, or transfer all or substantially all of its assets (which may be limited to all or substantially all of its assets related
to commercial mortgage loan servicing or, in the case of the Operating Advisor, may be limited to all or substantially all of its
assets related to acting as a trust advisor or operating advisor for commercial mortgage securitizations) to any Person, in which
case any Person resulting from any merger or consolidation to which it shall be a party, or any Person succeeding to its business,
shall be the successor of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies has provided
a Rating Agency Confirmation; provided that if the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer enters into a merger and the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, as applicable, is the surviving entity under applicable law, then the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, shall not, as a result of the merger, be required to
provide a Rating Agency Confirmation.

 

Section 6.03              
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer or any of the directors, members, managers, officers, employees or agents of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any liability
to the Trust Fund, the Certificateholders, the Uncertificated VRR Interest Owner, the Companion Loan Holders or any other Person
for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors
in judgment. However, none of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer or any such Person shall be protected against any liability which would otherwise be imposed by reason of (i) any
breach of warranty or representation by such respective party in this Agreement or (ii) any willful misconduct, bad faith,
fraud or negligence on the part of such respective party in the performance of its obligations and duties hereunder or by reason
of negligent disregard on the part of such respective party of its obligations or duties hereunder. The Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any director, member, manager, officer, employee
or agent of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person
respecting any matters arising hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer and any director, member, manager, officer, employee or agent of the Depositor, the Master Servicer,
the Special 

 

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Servicer, the Operating Advisor or the Asset Representations Reviewer shall be indemnified and held harmless by the
Trust Fund (which indemnification amounts shall be payable out of the Collection Account or the applicable Loan Combination Custodial
Account if and to the extent with respect to a Serviced Loan Combination and then out of the Collection Account, provided
that, to the extent that the amount relates to a Serviced Loan Combination, is required under the related Co-Lender Agreement to
be borne by the holder of a related Serviced Companion Loan and is paid from the Collection Account because funds on deposit in
the applicable Loan Combination Custodial Account are insufficient to pay such indemnification, then the Master Servicer shall
from time to time thereafter use amounts otherwise payable to the holder of such Serviced Companion Loan to deposit into the Collection
Account the amount so paid from the Collection Account) against any loss, liability, penalty, fine, forfeiture, claim, judgment
or expense (including reasonable legal fees and expenses, which for the avoidance of doubt include reasonable legal fees and expenses
related to the enforcement of this indemnity) incurred in connection with, or relating to, this Agreement, the Certificates
or the Uncertificated VRR Interest, other than any such loss, liability, penalty, fine, forfeiture, claim, judgment or expense
(including any such legal fees and expenses) (i) incurred by reason of willful misconduct, bad faith, fraud or negligence
in the performance of its obligations or duties hereunder or by reason of negligent disregard of its obligations or duties hereunder,
in each case by the Person being indemnified, (ii) with respect to any such party, resulting from the breach by such party
of any of its representations or warranties contained herein, (iii) specifically required to be borne by the party seeking
indemnification without right of reimbursement pursuant to the terms hereof or (iv) which constitutes an Advance that is otherwise
reimbursable hereunder. None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer shall be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its
respective duties under this Agreement and in its opinion does not expose it to any expense or liability for which reimbursement
is not reasonably assured, and neither the Operating Advisor nor the Asset Representations Reviewer may prosecute on behalf of
the Trust or in the interests of the Certificateholders or the Uncertificated VRR Interest Owner any legal action related to its
duties under this Agreement under any circumstances; provided, however, that each of the Depositor, the Master Servicer
and the Special Servicer may in its discretion undertake any such action related to its obligations hereunder which it may deem
necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the
Certificateholders and the Uncertificated VRR Interest Owner hereunder. In such event, the reasonable legal expenses and costs
of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (payable out of
the Collection Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan
Combination and then out of the Collection Account, provided that to the extent that the amount relates to a Serviced Loan Combination,
is required under the related Co-Lender Agreement to be borne by the holder of a related Serviced Companion Loan and is paid from
the Collection Account because funds on deposit in the applicable Loan Combination Custodial Account are insufficient to pay such
indemnification, then the Master Servicer shall from time to time thereafter use amounts otherwise payable to the holder of such
Serviced Companion Loan to deposit into the Collection Account the amount so paid from the Collection Account), and the Depositor,
the Master Servicer and the Special Servicer shall be entitled to be reimbursed therefor from the Collection Account or the

 

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applicable
Loan Combination Custodial Account, as applicable, as provided in Section 3.06 and Section 3.06A of this
Agreement.

 

Each of the related Outside
Servicer, the related Outside Special Servicer or the related Outside Trustee, as applicable, shall be entitled to reimbursement
out of general collections in the Collection Account for the Trust’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of an Outside Serviced Loan Combination as to which the securitization
trust created under the applicable Outside Servicing Agreement or any of the parties thereto are entitled to be reimbursed pursuant
to the terms of the applicable Outside Servicing Agreement and the related Co-Lender Agreement (to the extent amounts on deposit
in the related “Serviced Whole Loan Custodial Account” or “Loan Combination Custodial Account” (as each
such term or any analogous term is defined in the applicable Outside Servicing Agreement) are insufficient for reimbursement of
such amounts).

 

Section 6.04              
Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor.

 

(a)           
Each of the Master Servicer and the Special Servicer may resign, assign its respective rights and delegate its respective
duties and obligations under this Agreement by giving written notice thereof to the other such party, the Trustee, the Certificate
Administrator (who shall post such notice to the Certificate Administrator’s Website for review by Privileged Persons in
accordance with Section 4.02(a)), the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Serviced
Companion Loan Holders and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement, the Rule 17g-5 Information Provider; provided that, with respect to any of the Master Servicer or
the Special Servicer: (i) the successor accepting such assignment and delegation (A) shall be an established mortgage
finance entity, bank or other entity regularly engaged in the servicing of commercial mortgage loans, organized and doing business
under the laws of any state of the United States, the District of Columbia or the United States, authorized under such laws to
perform the duties of a servicer of mortgage loans or a Person resulting from a merger, consolidation or succession that is permitted
under Section 6.02 of this Agreement and, in the case of a Serviced Loan Combination, under the related Co-Lender Agreement
and (B) shall execute and deliver to the Trustee and the Certificate Administrator an agreement which contains an assumption
by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by
the Master Servicer or the Special Servicer, as the case may be, under this Agreement from and after the date of such agreement;
(ii) each Rating Agency has delivered to the Trustee a Rating Agency Confirmation; (iii) the Master Servicer or the Special
Servicer shall not be released from its obligations under this Agreement that arose prior to the effective date of such assignment
and delegation under this Section 6.04; (iv) the rate at which the Servicing Fee or Special Servicing Compensation,
as applicable (or any component thereof) is calculated shall not exceed the rate then in effect; (v) for so long as no
Control Termination Event has occurred and is continuing, the successor Special Servicer is acceptable to the Controlling Class Representative
(and, if a Serviced Outside Controlled Loan Combination is affected, the successor Special Servicer is acceptable to the related
Outside Controlling Note Holder); (vi) the resigning Master Servicer or Special Servicer, as applicable, shall be

 

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responsible
for the reasonable costs and expenses of each other party hereto, the Trust and the Rating Agencies in connection with such transfer;
and (vii) none of the Operating Advisor, the Asset Representations Reviewer nor any of their Affiliates shall in any event be appointed
as successor Master Servicer or Special Servicer. Upon acceptance of such assignment and delegation, the purchaser or transferee
shall be the successor Master Servicer or Special Servicer, as applicable, hereunder.

 

(b)          
Except as otherwise provided in this Section 6.04 and Section 6.08(j), the Master Servicer and the
Special Servicer shall not resign from their respective obligations and duties hereby imposed on them except upon determination
that such duties hereunder are no longer permissible under applicable law; provided that, on and after the time the Trustee
receives notice of resignation by the Master Servicer or the Special Servicer upon determination that such duties hereunder are
no longer permissible under applicable law, the Trustee (solely with respect to the Master Servicer or the Special Servicer) shall,
subject to the terms and provisions of Section 7.02 of this Agreement as if the resigning party was a Terminated Party,
be its successor in all respects in its capacity as Master Servicer or Special Servicer, as applicable, as though the Master Servicer
or the Special Servicer, as the case may be, had received a notice of termination. Any such determination permitting the resignation
of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s or Special Servicer’s expense) to such effect delivered to the Trustee and the Certificate Administrator.

 

Except as provided in
the immediately preceding paragraph, no resignation or removal of the Master Servicer, the Special Servicer as contemplated herein
shall become effective until the Trustee (solely with respect to the Master Servicer or the Special Servicer) or a successor Master
Servicer, Special Servicer shall have assumed the Master Servicer’s or the Special Servicer’s, as applicable, responsibilities,
duties, liabilities and obligations hereunder. Notwithstanding anything to the contrary herein, none of the Operating Advisor,
the Asset Representations Reviewer nor any of their Affiliates may be appointed as successor Master Servicer or Special Servicer.
If no successor Master Servicer or Special Servicer can be obtained to perform such obligations for the same compensation to which
the terminated Master Servicer or Special Servicer would have been entitled, additional amounts payable to such successor Master
Servicer or Special Servicer shall be payable out of the Trust; provided that, for so long as no Consultation Termination
Event has occurred and is continuing, the Trustee shall consult with the Controlling Class Representative prior to the appointment
of a successor Master Servicer, Special Servicer or Operating Advisor at a servicing or operating advisor compensation in excess
of that permitted to the terminated Master Servicer, Special Servicer or Operating Advisor, as applicable.

 

If the Trustee or an
Affiliate acts pursuant to this Section 6.04 as successor to the resigning Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning Master
Servicer other than itself or an Affiliate pursuant to this Section 6.04, it may reduce the Excess Servicing Fee Rate
to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 6.04.

 

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(c)           
The Operating Advisor may resign from its obligations and duties under this Agreement (a) upon thirty (30) days’
prior written notice to the parties to this Agreement, any applicable Directing Holder and any applicable Consulting Parties and
(b) upon the appointment of, and the acceptance of such appointment by, a successor operating advisor that is an Eligible
Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency. Except as provided in Section 6.04(d),
no such resignation by the Operating Advisor shall become effective until a replacement Operating Advisor shall have assumed the
resigning Operating Advisor’s responsibilities and obligations under this Agreement. The successor entity assuming the obligations
of the Operating Advisor under this Agreement shall be entitled to the compensation to which the Operating Advisor would have been
entitled hereunder after the date of assumption of such obligations. If no successor Operating Advisor can be obtained to perform
such obligations for such compensation, additional amounts payable to such successor Operating Advisor shall be payable out of
the Trust; provided that, for so long as no Consultation Termination Event has occurred and is continuing, the Trustee shall
consult with the Controlling Class Representative prior to the appointment of a successor Operating Advisor at an operating
advisor compensation in excess of that permitted to the terminated Operating Advisor. If no successor Operating Advisor has been
appointed and accepted such appointment within 60 days after the resigning Operating Advisor’s giving of notice of resignation,
the resigning Operating Advisor may petition any court of competent jurisdiction for appointment of a successor. The resigning
Operating Advisor shall pay all costs and expenses associated with its resignation and the transfer of its duties (including costs
and expenses incurred by each other party hereto, the Trust and the Rating Agencies) pursuant to this Section 6.04.

 

(d)          
In addition, in the event that, at any time there are no Classes of Certificates or Uncertificated VRR Interests outstanding
other than the Control Eligible Certificates, the Class S Certificates, the Combined VRR Interest and the Class R Certificates,
then all of the rights and obligations of the Operating Advisor under this Agreement shall terminate without payment of any penalty
or termination fee (other than any rights or obligations that accrued prior to the date of such termination (including the right
to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights arising out of events
occurring prior to such termination). If the Operating Advisor is terminated pursuant to the foregoing sentence, then no replacement
Operating Advisor shall be appointed.

 

Section 6.05              
Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special
Servicer. The Master Servicer and the Special Servicer shall afford the Depositor, the Trustee, the Certificate Administrator
and, subject to Section 12.13 of this Agreement, each Rating Agency, upon reasonable notice, during normal business
hours access to all records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible
for such obligations, if reasonably related to the performance of the obligations of such Person under this Agreement. Upon request,
if reasonably related to the performance of the obligations of such Person under this Agreement, the Master Servicer and the Special
Servicer shall furnish to the Depositor, each of the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer,
the Trustee and the Certificate Administrator its most recent publicly available annual financial statements or those of its public
parent. The

 

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Depositor is not obligated to monitor or supervise the performance of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee under this Agreement. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer hereunder which are in default
and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of such Person hereunder or
exercise its rights hereunder, provided that the Master Servicer and the Special Servicer shall not be relieved of any of
its obligations hereunder by virtue of such performance by the Depositor or its designee. In the event the Depositor or its designee
undertakes any such action it will be reimbursed by the Trust Fund from the Collection Account as provided in Section 3.06
and Section 6.03 of this Agreement to the extent not recoverable from the Master Servicer or the Special Servicer,
as applicable. None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer (with respect to the Special
Servicer) or the Special Servicer (with respect to the Master Servicer) shall have any responsibility or liability for any action
or failure to act by the Master Servicer or the Special Servicer, and no such Person is obligated to monitor or supervise the performance
of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer
shall have any responsibility or liability for any action or failure to act by the Depositor, the Trustee or the Certificate Administrator
and neither such Person is obligated to monitor or supervise the performance of the Depositor, the Trustee or the Certificate Administrator
under this Agreement or otherwise.

 

Each of the Trustee,
the Certificate Administrator, the Depositor, the Master Servicer, and the Special Servicer shall furnish such reports, certifications
and information as are reasonably requested by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer or
the Special Servicer, as applicable, in order to enable such requesting party to perform its duties hereunder, provided
that for the avoidance of doubt, this shall not require any Person to prepare any reports, Certificates and information not required
to be prepared hereunder.

 

Neither the Master Servicer
nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section 6.06              
Master Servicer, Special Servicer as Owner of a Certificate. The Master Servicer or an Affiliate of the Master Servicer
or the Special Servicer or an Affiliate of the Special Servicer may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof, except as otherwise expressly provided herein. If, at any time during which the Master Servicer or the
Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate,
the Master Servicer or the Special Servicer proposes to take action (including for this purpose, omitting to take action) that
(i) is not expressly prohibited by the terms hereof and would not, in the Master Servicer’s or the Special Servicer’s
good faith judgment, violate the Servicing Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s
or the Special Servicer’s good faith judgment, be considered by other Persons to violate the Servicing Standard, the Master
Servicer or the Special Servicer may seek the approval of the Certificateholders and any affected Serviced Companion Loan Holder
to such action by delivering to the Trustee and the Certificate Administrator a written notice that (i) states that it is
delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest in each Class of Certificates
beneficially owned by the Master Servicer or the Special Servicer or an

 

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Affiliate of the Master Servicer or the Special Servicer,
and (iii) describes in reasonable detail the action that the Master Servicer or the Special Servicer proposes to take. The
Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the Master Servicer
and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions for response as
the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding greater than 50% of the Voting
Rights of all Certificateholders (calculated without regard to the Certificates beneficially owned by the Master Servicer or its
Affiliates or the Special Servicer or its Affiliates) and any affected Serviced Companion Loan Holder shall have consented in writing
to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled
to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the Certificate
Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master Servicer or
the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder,
except in the case of unusual circumstances.

 

Section 6.07              
Rating Agency Fees. The Depositor shall pay (or cause to be paid) the annual fees of each Rating Agency including,
but not limited to, surveillance fees.

 

Section 6.08              
Termination of the Special Servicer.

 

(a)           
(i) With respect to any Serviced Loan or Serviced Loan Combination, the applicable Directing Holder shall be entitled
to terminate the rights (subject to Section 3.12, Section 6.03, Section 6.08(b) and Section 6.08(g)
of this Agreement) and obligations of the Special Servicer under this Agreement with respect to such Serviced Loan or Serviced
Loan Combination, as applicable, with or without cause, upon ten (10) Business Days’ notice to the applicable Special Servicer,
the Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the Special Servicer with
respect to a Serviced Loan Combination, the related Companion Loan Holder(s); provided that, if the Controlling Class Representative
is the applicable Directing Holder and it elects to effect such a termination, it shall do so with respect to all of the Serviced
Loans as to which it is the applicable Directing Holder.

 

Upon a termination (pursuant
to the first paragraph of this Section 6.08(a)) or a resignation (pursuant to Section 6.04(b) of this Agreement)
of the Special Servicer with respect to any Serviced Loan(s) or Serviced Loan Combination, the applicable Directing Holder shall
appoint a successor Special Servicer with respect to such Serviced Loan(s) or the related Serviced Loan Combination, as the case
may be; provided, however, that (A) such successor shall meet the requirements set forth in Section 7.02
of this Agreement, (B) the applicable Directing Holder shall (at no expense to the Trust) obtain and deliver to the Certificate
Administrator and the Trustee a Rating Agency Confirmation from each Rating Agency with respect to such proposed successor acting
as a Special Servicer and (C) in the case of the appointment of a successor Special Servicer with respect to a Serviced Loan Combination,
the applicable Directing Holder shall (at no expense to the Trust or any related Other Securitization Trust) obtain and deliver
to the certificate administrator (if any) and the trustee for each related Other Securitization Trust (with a copy to the Certificate
Administrator and the Trustee) a Companion Loan Rating Agency Confirmation

 

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with respect to such proposed successor acting as a
Special Servicer for each related Serviced Companion Loan.

 

(ii)          
The procedures for removing the Special Servicer (other than with respect to any Serviced Outside Controlled Loan Combination
and the 360 Spear Loan Combination) if a Control Termination Event has occurred and is continuing shall be as follows: Upon (A) the
written direction of Holders of Pooled Certificates evidencing not less than 25% of the Pooled Voting Rights of the Pooled Certificates
(other than the Class S Certificates) requesting a vote to terminate and replace the Special Servicer (with respect to all
of the Serviced Loans other than any Serviced Outside Controlled Loan Combination and the 360 Spear Loan Combination) with a proposed
successor Special Servicer, (B) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses
to be incurred by the Certificate Administrator in connection with administering such vote and (C) delivery by such Holders
to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency with respect to the termination
of the existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket
costs and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the Certificate
Administrator shall promptly provide written notice of the requested vote to all Pooled Certificateholders by posting such notice
on its internet website and by mailing at their addresses appearing in the Certificate Register. Upon the affirmative vote of (a) the
Holders of Pooled Certificates (other than the Class S Certificates) evidencing at least 66 2/3% of the Pooled Voting Rights
allocable to the Pooled Certificates of those Holders that voted on such matter (provided that Holders representing the
applicable Certificateholder Quorum vote on the matter) or (b) the Holders of Pooled Certificates that are Non-Reduced Certificates
evidencing more than 50% of the Voting Rights allocable to each such Class of Non-Reduced Certificates, the Trustee shall
terminate all of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g) of this
Agreement) and obligations of the Special Servicer under this Agreement with respect to the Serviced Loans (other than any Serviced
Outside Controlled Loan Combination and the 360 Spear Loan Combination) and appoint the proposed successor Special Servicer, and
the proposed successor Special Servicer shall succeed to the duties of the Special Servicer with respect to the Serviced Loans
(other than any Serviced Outside Controlled Loan Combination and the 360 Spear Loan Combination) all as if a removal and replacement
were occurring pursuant to Section 7.01 and Section 7.02 of this Agreement; provided that if such
affirmative vote is not achieved within 180 days of the initial request for a vote to terminate and replace the Special Servicer,
then such vote shall have no force and effect. The provisions set forth in the foregoing sentences of this paragraph shall be binding
upon and inure to the benefit of solely the Pooled Certificateholders and the Trustee as between each other. The Special Servicer
shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions. As between the Special
Servicer, on the one hand, and the Pooled Certificateholders, on the other, the Pooled Certificateholders shall be entitled in
their sole discretion to vote for the termination or not vote for the

 

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termination of the Special Servicer. The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Pooled Certificateholder and Certificate Owner of Pooled
Certificates may access such notices on the Certificate Administrator’s Website and each Certificateholder and Certificate
Owner of Pooled Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s
Website. Any such appointment of a successor Special Servicer with respect to the Serviced Loans (other than any Serviced Outside
Controlled Loan Combination and the 360 Spear Loan Combination) based on a Pooled Certificateholder vote shall be subject to the
receipt of a Rating Agency Confirmation. The Certificate Administrator shall be entitled to reimbursement from the requesting Pooled
Certificateholders for the reasonable expenses of posting notices of such requests.

 

(iii)         
The procedures for removing a Special Servicer to the 360 Spear Loan Combination if both a 360 Spear Control Appraisal Period
and an applicable Control Termination Event have occurred and are continuing, shall be as follows (with references to “Applicable
Certificates” in this paragraph meaning, collectively, in the aggregate, (1) the Pooled Certificates (other than the
Class S Certificates) and (2) the Loan-Specific Certificates): Upon (I) the written direction of Holders of Applicable Certificates
evidencing 25% of the Voting Rights of all of the Applicable Certificates requesting a vote to terminate and replace the Special
Servicer (with respect to the related Loan Combination) with a proposed successor Special Servicer, (II) payment by such Holders
to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection
with administering such vote and (III) delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency
Confirmation from each Rating Agency addressing the removal and replacement of the Special Servicer (which confirmations shall
be obtained at the expense of such Holders), the Certificate Administrator shall promptly provide written notice to all Certificateholders
of such request by posting such notice on its internet website and by mailing at their addresses appearing in the Certificate Register.
Upon the affirmative vote of (a) the Holders of Applicable Certificates evidencing at least 66-2/3% of the Voting Rights allocable
to the Applicable Certificates of those Holders that voted on such matter (provided that Holders representing the applicable Certificateholder
Quorum vote on the matter) or (b) the Holders of Applicable Certificates that are Non-Reduced Certificates evidencing more than
50% of the Voting Rights allocable to each Class of Applicable Certificates that are Non-Reduced Certificates, the Trustee
shall terminate all of the rights and obligations of the Special Servicer under this Agreement with respect to the related Loan
Combination and appoint the proposed successor Special Servicer; provided that if that affirmative vote is not achieved within
180 days of the initial request for a vote to so terminate and replace the Special Servicer, then that vote will have no force
and effect. The Certificate Administrator will include on each Distribution Date Statement a statement that each Certificateholder
and beneficial owner of Certificates may access such notices on the Certificate Administrator’s Website and each Certificateholder
and beneficial owner of Certificates may register to receive email notifications when such notices are posted on the website. Any
such

 

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appointment of a successor Special Servicer with respect to the related Loan Combination based on a Certificateholder vote
will be subject to the receipt of a Rating Agency Confirmation.

 

(b)          
(i) At any time after the occurrence and during the continuance of a Consultation Termination Event, if the Operating
Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer has failed to comply with the
Servicing Standard and (2) a replacement of the Special Servicer would be in the best interest of the Pooled Certificateholders
and the Uncertificated VRR Interest Owner (as a collective whole), the Operating Advisor shall deliver to the Trustee and the Certificate
Administrator, with a copy to the Special Servicer, a written recommendation in the form of Exhibit T attached hereto
(which form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional information,
subject to compliance of such form with the terms and provisions of this Agreement, provided that in no event shall the
information or any other content included in such written recommendation contravene any provision of this Agreement) detailing
the reasons supporting its position (along with relevant information justifying its recommendation), recommending a replacement
special servicer with respect to the applicable Serviced Loan(s) or Serviced Loan Combination(s), meeting the applicable requirements
of this Agreement, which recommended special servicer has agreed to succeed the then-current applicable Special Servicer if appointed
in accordance herewith, and requesting a vote on whether the existing Special Servicer should be replaced with respect to the applicable
Serviced Loan(s) or Serviced Loan Combination(s). In any such event, the Certificate Administrator shall promptly post a copy of
such recommendation on the Certificate Administrator’s Website and by mail send notice of such recommendation to all Pooled
Certificateholders, asking them to vote whether they wish to remove the Special Servicer with respect to the applicable Serviced
Loans or Serviced Loan Combination. Upon (A) the affirmative vote of the Holders of Pooled Certificates that are Non-Reduced
Certificates evidencing at least a majority of the Voting Rights allocable to each Class of such Non-Reduced Certificates and (B) receipt
of Rating Agency Confirmation from each Rating Agency by the Certificate Administrator following satisfaction of the foregoing
clause (A), the Trustee shall (x) terminate all of the rights (subject to Section 3.12, Section 6.03
and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under this Agreement with respect to
the applicable Serviced Loan(s) or Serviced Loan Combination(s), (y) appoint the recommended successor Special Servicer with respect
to the applicable Serviced Loan(s) or Serviced Loan Combination(s) and (z) promptly notify such outgoing Special Servicer
of the effective date of such termination. The reasonable fees and out-of-pocket costs and expenses associated with obtaining such
Rating Agency Confirmation and administering such vote shall be an Additional Trust Fund Expense payable out of collections on
the Mortgage Loans. If such affirmative vote of the Holders of the required Pooled Certificates contemplated by clause (A)
of the second preceding sentence is not achieved within 180 days of the initial request for such vote (which, for the avoidance
of doubt, is the date on the which the aforementioned notice was mailed to the Pooled Certificateholders), then the Trustee shall
have no obligation to remove the applicable Special Servicer and such recommendation shall lapse and have no force or effect. Prior
to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to succeed to the obligations
of the Special Servicer under

 

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this Agreement with respect to the applicable Serviced Loan(s) or Serviced Loan Combination(s), as
applicable, and to act as the applicable Special Servicer’s successor hereunder.

 

(ii)          
No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 6.08(b).
If the entity acting as Special Servicer is terminated pursuant to this Section 6.08(b), then (notwithstanding anything
herein to the contrary) the terminated party may not subsequently be re-appointed as the Special Servicer hereunder with respect
to the Serviced Loan(s) or Serviced Loan Combination(s), as applicable, as to which it was terminated pursuant to this Section 6.08(b),
any other section of this Agreement or any Co-Lender Agreement.

 

(c)           
In no event may a successor Special Servicer be a current or former Operating Advisor or Asset Representations Reviewer
or any Affiliate of such current or former Operating Advisor or Asset Representations Reviewer. Further, such successor must be
a Person that (i) satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement
and, in the case of a Serviced Loan Combination, in the related Co-Lender Agreement, (ii) is not obligated or allowed to pay
the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this
Agreement or (y) for the appointment of the successor Special Servicer or the recommendation by the Operating Advisor for
the replacement Special Servicer to become the Special Servicer, (iii) is not entitled to waive any compensation from the
Operating Advisor and (iv) is not entitled to receive any fee from the Operating Advisor for its appointment as successor
Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders.

 

(d)          
The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective
obligations to make Advances as set forth herein; provided, however, the initial Special Servicer specified in Section 3.21(a)
of this Agreement shall not be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable
to the terminated Special Servicer and any costs incurred by the Trust or the terminated Special Servicer in connection with the
replacement of a Special Servicer shall be paid by the Controlling Class Representative, the Certificateholders or the Serviced
Companion Loan Holder so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.

 

(e)           
No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the
successor Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which
contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Special Servicer under this Agreement from and after the date of such agreement, (ii) the Depositor and, if
applicable, each related Other Depositor shall have received the written notice and information with respect to the successor Special
Servicer as set forth in Section 10.02(a) and (iii) subject to Section 12.13 of this Agreement, each
Rating Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation and, if

 

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required pursuant
to Section 6.08(a), each Companion Loan Rating Agency has delivered to the Trustee and the Certificate Administrator
and their respective counterparts with respect to the Other Securitization Trust a Companion Loan Rating Agency Confirmation, in
each case with respect to such termination and appointment of a successor.

 

(f)           
Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.06(a)
of this Agreement mutatis mutandis as of the date of its succession.

 

(g)          
In the event that the Special Servicer is terminated pursuant to this Section 6.08, the Trustee shall, by notice
in writing to the Special Servicer, terminate all of its rights and obligations under this Agreement and in and to the applicable
Mortgage Loan(s) and/or Serviced Loan Combinations and the proceeds thereof, other than any rights the Special Servicer may have
hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination or that survive
termination (including, without limitation, the right to receive all amounts accrued or owing to it under this Agreement, plus
interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 of this
Agreement and the right to receive ongoing Workout Fees in accordance with the terms hereof).

 

(h)          
As of the Closing Date, there are separate Special Servicers for the 360 Spear Loan Combination, the Pittock Block Loan
Combination and the remaining Serviced Loans, respectively. In addition, if (1) a replacement special servicer is appointed with
respect to any other Serviced Loan Combination or any related REO Property in accordance with Article VII or this Section 6.08
or (2) an Excluded Mortgage Loan Special Servicer is appointed with respect to an Excluded Special Servicer Mortgage Loan, there
may be additional parties acting as Special Servicer hereunder. Accordingly, unless the context clearly requires otherwise: (i)
when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance of such duties
and obligations, the term “Special Servicer” shall mean (A) the applicable Loan Combination Special Servicer, insofar
as such duties and obligations relate to the subject Serviced Loan Combination or any related REO Property, (B) the applicable
Excluded Mortgage Loan Special Servicer, insofar as such duties and obligations relate to the subject Excluded Special Servicer
Mortgage Loan or any related REO Property and (C) the General Special Servicer, in all other cases (provided, that in Section 3.15
and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Loan Combination
Special Servicers, the Excluded Mortgage Loan Special Servicers (if any) and the General Special Servicer); (ii) when used
in the context of identifying the recipient of any information, funds, documents, instruments and/or other items, the term “Special
Servicer” shall mean (A) the applicable Loan Combination Special Servicer, insofar as such information, funds, documents,
instruments and/or other items relate to the subject Serviced Loan Combination or any related REO Property, (B) the applicable
Excluded Mortgage Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to
the subject Excluded Special Servicer Mortgage Loan or any related REO Property and (C) the General Special Servicer, in all
other cases; (iii) when used in the context of granting the

 

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Special Servicer the right to purchase all of the Trust Loans
and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer”
shall mean the General Special Servicer only; (iv) when used in the context of granting the Special Servicer the right to
purchase the Trust Subordinate Companion Loan and related property held by the Trust Fund pursuant to Section 9.01
of this Agreement, the term “Special Servicer” shall mean the Special Servicer of the 360 Spear Loan Combination only;
(v)  when used in the context of the Special Servicer being replaced pursuant to this Section 6.08 by the applicable
Directing Holder or the applicable Certificateholders, the term “Special Servicer” shall mean the General Special Servicer,
the applicable Loan Combination Special Servicer or the applicable Excluded Mortgage Loan Special Servicer, as applicable; (vi)
when used in the context of granting the Special Servicer any protections, limitations on liability, immunities and/or indemnities
hereunder, the term “Special Servicer” shall mean each of the Loan Combination Special Servicers, the Excluded Mortgage
Loan Special Servicers (if any) and the General Special Servicer; and (vii) when used in the context of requiring indemnification
from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty
or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder
or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the
foregoing, the term “Special Servicer” shall mean the applicable Loan Combination Special Servicer, the applicable
Excluded Mortgage Loan Special Servicer or the General Special Servicer, as applicable.

 

(i)            
References in this Agreement to “General Special Servicer” mean the Person performing the duties and obligations
of special servicer with respect to the Mortgage Pool (exclusive of (A) any Serviced Loan Combination or related REO Property as
to which a different Loan Combination Special Servicer has been appointed with respect thereto and (B) any Excluded Special
Servicer Mortgage Loan or any related REO Property as to which an Excluded Mortgage Loan Special Servicer has been appointed with
respect thereto).

 

(j)            
Notwithstanding anything to the contrary contained in this Section 6.08, if the Special Servicer obtains knowledge
that it is, or has become, a Borrower Party with respect to any Mortgage Loan or Loan Combination, then the Special Servicer shall
resign in such capacity with respect to such Excluded Special Servicer Mortgage Loan. The applicable Directing Holder shall appoint
(and replace with or without cause) the Excluded Mortgage Loan Special Servicer, as successor to the resigning Special Servicer,
for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If an Excluded Special Servicer Mortgage
Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder (by Certificate Balance) that is not an
Excluded Controlling Class Holder shall be entitled to appoint (and replace with or without cause) the Excluded Mortgage Loan Special
Servicer for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If a Control Termination Event
has occurred and is continuing, neither the Controlling Class Representative nor any other Controlling Class Certificateholder
shall be entitled to remove or replace the Special Servicer with respect to any Excluded Special Servicer Mortgage Loan. If a Control
Termination Event has occurred and is continuing but prior to the occurrence and

 

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continuance of a Consultation Termination Event,
the largest Controlling Class Certificateholder that is not an Excluded Controlling Class Holder shall have the right to appoint
the Excluded Mortgage Loan Special Servicer.

 

If there is no applicable
Directing Holder entitled to appoint an Excluded Mortgage Loan Special Servicer for an Excluded Special Servicer Mortgage Loan
(or if there is an applicable Directing Holder so entitled but it has not appointed a replacement special servicer for the related
Excluded Special Servicer Mortgage within 30 days), then the Certificate Administrator shall provide written notice to the
resigning Special Servicer that such Excluded Mortgage Loan Special Servicer has not been appointed and such resigning Special
Servicer shall use reasonable efforts to appoint such Excluded Mortgage Loan Special Servicer. In the event that the resigning
Special Servicer is required to appoint an Excluded Mortgage Loan Special Servicer, the resigning Special Servicer shall not have
any liability for the actions or inactions of the newly appointed Excluded Mortgage Loan Special Servicer or with respect to the
identity of the applicable Excluded Mortgage Loan Special Servicer (so long as, on the date of appointment, the appointment of
such Excluded Mortgage Loan Special Servicer meets the criteria set forth in this Agreement). It shall be a condition to the appointment
of any such Excluded Mortgage Loan Special Servicer that (i) such Excluded Mortgage Loan Special Servicer has delivered a
Rating Agency Confirmation with respect such appointment to the Certificate Administrator and the Trustee and, if the related Excluded
Special Servicer Mortgage Loan is part of a Serviced Loan Combination, a Companion Loan Rating Agency Confirmation with respect
to such appointment to the certificate administrator (if any) and the trustee for each related Other Securitization Trust (with
a copy to the Certificate Administrator and the Trustee), (ii) such Excluded Mortgage Loan Special Servicer satisfies all
of the eligibility requirements applicable to the Special Servicer set forth in this Agreement and (iii) such Excluded Mortgage
Loan Special Servicer delivers to the Depositor (and the Certificate Administrator) and any applicable Other Depositor (and any
applicable Other Exchange Act Reporting Party), the information, if any, required under Item 6.02 of Form 8-K pursuant to the Exchange
Act regarding itself in its role as Excluded Mortgage Loan Special Servicer.

 

If at any time the Person
that had acted as the Special Servicer for any Mortgage Loan or Loan Combination prior to such Mortgage Loan or Loan Combination,
as the case may be, becoming an Excluded Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation,
as a result of the related Mortgaged Property becoming REO Property or an assumption of the Excluded Special Servicer Mortgage
Loan) with respect to such Mortgage Loan or Loan Combination, as the case may be, (1) the related Excluded Mortgage Loan Special
Servicer shall resign, (2) such Mortgage Loan or Loan Combination, as the case may be, shall no longer be an Excluded Special Servicer
Mortgage Loan, (3) such original Special Servicer shall become the Special Servicer again for such Mortgage Loan or Loan Combination,
as the case may be, and (4) such original Special Servicer shall be entitled to all Special Servicing Compensation and Additional
Special Servicing Compensation with respect to such Mortgage Loan or Loan Combination, as the case may be, earned during such time
on and after such Mortgage Loan or Loan Combination, as the case may be, is no longer an Excluded Special Servicer Mortgage Loan.

 

The Excluded Mortgage
Loan Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage
Loan and will be

 

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entitled to all Special Servicing Compensation and Additional Special Servicing Compensation with respect to such
Excluded Special Servicer Mortgage Loan earned after its appointment as the Excluded Mortgage Loan Special Servicer and during
such time as the related Mortgage Loan or Loan Combination is an Excluded Special Servicer Mortgage Loan (provided that
the Special Servicer shall remain entitled to all Special Servicing Compensation and Additional Special Servicing Compensation
with respect to the Mortgage Loans and Serviced Loan Combinations that are not Excluded Special Servicer Mortgage Loans during
such time).

 

Notwithstanding anything
to the contrary in this Section 6.08(j), in the case of any Serviced Outside Controlled Loan Combination, the related
Outside Controlling Note Holder will have the right to appoint an Excluded Mortgage Loan Special Servicer.

 

(k)          
If a Servicing Officer of the Master Servicer, a related Excluded Mortgage Loan Special Servicer, or the Special Servicer,
as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class Mortgage
Loan or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Mortgage Loan Special
Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section 6.09              
The Directing Holder, the Controlling Class Representative and the Risk Retention Consultation Parties.

 

(a)           
The applicable Directing Holder shall be entitled to advise (1) the Special Servicer, with respect to the applicable
Serviced Loan(s) that are Specially Serviced Loan(s) and (2) the Special Servicer, with respect to the applicable Serviced Loan(s)
that are Performing Serviced Loan(s), as to all Major Decisions, in each case as set forth in this Section 6.09. With respect
to any Outside Serviced Mortgage Loan, the Controlling Class Representative shall be entitled to exercise consultation and, to
the extent provided in Section 3.01(i), consent rights (if any) and attend annual meetings with the related Outside Servicer
and the related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Mortgage Loan is entitled
to such rights pursuant to the related Co-Lender Agreement.

 

In addition, except as
set forth in, and in any event subject to, Section 6.09(b) and the subsequent paragraphs of this Section 6.09(a),
(1) the Master Servicer shall not be permitted to take any of the actions constituting a Major Decision unless the Master
Servicer and the Special Servicer mutually agree that the Master Servicer shall take such action, subject to the consent of the
Special Servicer, who shall have 15 Business Days (or 60 days with respect to the determination of an Acceptable Insurance
Default) (from the date that the Special Servicer receives the information from the Master Servicer) to analyze and make a recommendation
regarding such Major Decision (provided that if the Special Servicer does not consent, or notify the Master Servicer that
it will not consent, to such Major Decision within the required 15 Business Days or 60 days, as applicable, the Special Servicer
shall be deemed to have consented to such Major Decision), and (2) the Special Servicer shall not be permitted to take,
or to consent to the Master Servicer’s taking, any of the actions constituting a Major Decision as to which the applicable
Directing Holder has objected in writing within ten (10) Business Days (or in the case of a

 

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determination of an Acceptable Insurance
Default, twenty (20) days (or, in the case of a Serviced Outside Controlled Loan Combination, such other period contemplated
by the related Co-Lender Agreement)) after receipt of the related Major Decision Reporting Package from the Special Servicer (provided
that if such written objection has not been received by the Special Servicer within such ten (10) Business Day period or twenty (20)
day period (or, in the case of a Serviced Outside Controlled Loan Combination, such other period contemplated by the related Co-Lender
Agreement), as applicable, then such applicable Directing Holder will be deemed to have approved such action).

 

Furthermore, any applicable
Directing Holder (in the case of an Outside Controlling Note Holder, to the extent provided in the related Co-Lender Agreement)
may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to any Serviced Loan as such
party may reasonably deem advisable or as to which provision is otherwise made herein.

 

In addition, prior to
taking, or consenting to the Master Servicer’s taking of, any Major Decision, the Special Servicer shall consult (on a non-binding
basis) with any applicable Consulting Parties (including, with respect to the Operating Advisor when it is an applicable Consulting
Party under the circumstances set forth in Section 3.29 and, with respect to the Risk Retention Consultation Parties under
the circumstances set forth in the third following paragraph and, with respect to a Serviced Companion Loan Holder, under the circumstances
contemplated by the related Co-Lender Agreement) in connection with any Major Decision with respect to a Serviced Mortgage Loan
or Serviced Loan Combination and consider alternative actions recommended by such Consulting Parties, but, in the case of the Controlling
Class Representative when it is a Consulting Party, only to the extent such consultation with, or consent of, the Controlling Class
Representative would have been required prior to the occurrence and continuance of a Control Termination Event; provided that each
such consultation is not binding on the Special Servicer; and provided, further, that the Controlling Class Representative
(when it is an applicable Consulting Party) may consult regarding a Serviced Outside Controlled Loan Combination only if and to
the extent that the holder of the related Split Mortgage Loan is granted consultation rights under the related Co-Lender Agreement;
and provided, further, that, with respect to any matter for which consultation with the Controlling Class Representative
is required and no response from the Controlling Class Representative is received within ten (10) Business Days following the later
of (i) the Controlling Class Representative’s receipt of written request for input on such consultation and (ii) the Controlling
Class Representative’s receipt of all reasonably requested information and all information required to be delivered to the
Controlling Class Representative under this Agreement with respect to such consultation, the Master Servicer or the Special Servicer,
as applicable, shall not be obligated to consult with the Controlling Class Representative on the specific matter; provided,
however, that the failure of Controlling Class Representative to respond will not relieve the Master Servicer or the Special
Servicer, as applicable, from using reasonable efforts to consult with Controlling Class Representative on any future matters with
respect to the applicable Serviced Mortgage Loan or Serviced Loan Combination or any other Serviced Mortgage Loan. For the avoidance
of doubt, with respect to any Serviced Outside Controlled Loan Combination (which, for the avoidance of doubt, shall include, without
limitation, any Servicing Shift Loan Combination prior to the related Servicing Shift Date), the Special Servicer shall be responsible
for obtaining any consent or deemed consent of the related Outside Controlling Note Holder for “Major Decisions” (as
such term or any analogous term is defined in the related Co-Lender Agreement) to the extent such consent is

 

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required under this
Agreement or under the terms of the related Co-Lender Agreement. The Special Servicer shall provide all information reasonably
requested by any applicable Consulting Party and in the Special Servicer’s possession that is necessary in order for such Consulting
Party to exercise its consultation rights set forth in the first sentence of this paragraph.

 

Each Consulting Party
shall have consultation rights with respect to such Mortgage Loans and/or Serviced Loan Combinations and at such times and/or under
such circumstances as contemplated by the definition of “Consulting Party.”

 

With respect to a Servicing
Shift Loan Combination that is a Serviced Outside Controlled Loan Combination, prior to the related Servicing Shift Date, no request
for approval of the Controlling Class Representative shall be made on any matter related to such Servicing Shift Loan Combination,
except that the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event and
only if the related Servicing Shift Mortgage Loan is not an Excluded Mortgage Loan) may exercise the consultation rights, if any,
of the holder of the related Servicing Shift Mortgage Loan with respect to Major Decisions and any proposed sale of such Servicing
Shift Mortgage Loan set forth in the applicable Co-Lender Agreement. In addition, the Operating Advisor (when it is an applicable
Consulting Party) will be entitled, while a Servicing Shift Mortgage Loan is serviced hereunder, to consult on a non-binding basis
with the Special Servicer and propose alternative courses of action and provide other feedback in respect of any Major Decisions
and any proposed sale of such Servicing Shift Mortgage Loan.

 

With respect to each
Major Decision regarding a Serviced Loan as to which any applicable Directing Holder has consent or consultation rights pursuant
to this Section 6.09, the Special Servicer shall provide the related Major Decision Reporting Package to the applicable
Directing Holder, simultaneously with the Special Servicer’s request for the applicable Directing Holder’s consent
or input regarding the related Major Decision. With respect to each Major Decision regarding a Serviced Loan as to which any Risk
Retention Consultation Party has consultation rights pursuant to this Section 6.09, the Special Servicer shall provide the
related Major Decision Reporting Package to such Risk Retention Consultation Party, simultaneously with the Special Servicer’s
request for such Risk Retention Consultation Party’s input regarding the related Major Decision. With respect to each Serviced
Loan, the Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor: (i) if prior to the occurrence
and continuance of a Control Termination Event and with respect to any Specially Serviced Loan, promptly after the Special Servicer
receives the Directing Holder’s approval or deemed approval of such Major Decision Reporting Package; and (ii) if following
the occurrence and continuance of a Control Termination Event and with respect to any Serviced Loan, simultaneously with the Special
Servicer’s written request for the Operating Advisor’s input regarding the related Major Decision. With respect to
any particular Major Decision and related Major Decision Reporting Package provided to the Operating Advisor pursuant to this Section
6.09(a), the Special Servicer shall make available to the Operating Advisor one or more Servicing Officers with relevant knowledge
regarding the applicable Mortgage Loan and such Major Decision in order to address reasonable questions that the Operating Advisor
may have relating to, among other things, such Major Decision and potential conflicts of interest and compensation with respect
to such Major Decision.

 

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In addition, (i) for
so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced Loan (other than any Outside
Serviced Mortgage Loan or any Excluded RRCP Mortgage Loan with respect to the applicable Risk Retention Consultation Party), and
(ii) during the continuance of a Consultation Termination Event, with respect to any Mortgage Loan (other than any Outside Serviced
Mortgage Loan or any Excluded RRCP Mortgage Loan with respect to the applicable Risk Retention Consultation Party), the Master
Servicer and the Special Servicer shall consult with each Risk Retention Consultation Party on a non-binding basis in connection
with any Major Decision that it is processing (and such other matters that are subject to the non-binding consultation rights of
such Risk Retention Consultation Party pursuant to this Agreement which, for the avoidance of doubt, shall include the matters
set forth in Sections 3.09, 3.17(m), 3.24 and this Section 6.09 and in the definition of “Acceptable
Insurance Default”) and to consider alternative actions recommended by such Risk Retention Consultation Party in respect
of such Major Decision (or any other matter requiring consultation with such Risk Retention Consultation Party pursuant to this
Agreement); provided that in the event the Master Servicer or the Special Servicer receives no response from a Risk Retention
Consultation Party within 10 days following the Master Servicer’s delivery of information in its possession reasonably requested
by such Risk Retention Consultation Party or the Special Servicer’s delivery of the related Major Decision Reporting Package,
the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with such Risk Retention Consultation
Party on the specific matter (provided, however, that the failure of such Risk Retention Consultation Party to respond
will not relieve the Master Servicer or the Special Servicer, as applicable, from using reasonable efforts to consult with such
Risk Retention Consultation Party on any future matters with respect to the applicable Serviced Mortgage Loan or Serviced Loan
Combination or any other Serviced Mortgage Loan). For the avoidance of doubt, (x) no Risk Retention Consulting Party shall have
any consultation rights with respect to any related Excluded RRCP Mortgage Loan and (y) any consultation with any Risk Retention
Consultation Party under this Agreement shall be on a strictly non-binding basis and shall be subject to all limitations with respect
to the procedures and timing for such consultation set forth in this Section 6.09.

 

Notwithstanding anything
in this Agreement to the contrary, in the event that the Special Servicer or Master Servicer (in the event the Master Servicer
is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to
a Major Decision, or any other matter requiring consent of, or consultation with, any applicable Directing Holder or consultation
with any applicable Consulting Party, is necessary to protect the interests of the Certificateholders, the Uncertificated VRR Interest
Owner and, with respect to any Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole
as if such Certificateholders, the Uncertificated VRR Interest Owner and, with respect to any Serviced Loan Combination, the related
Serviced Companion Loan Holder(s) constituted a single lender (and, with respect to a Serviced AB Loan Combination, taking into
account the subordinate nature of the related Subordinate Companion Loan(s))), the Special Servicer or Master Servicer, as applicable,
may take any such action without waiting for the applicable Directing Holder’s (or, if applicable, the Special Servicer’s)
or any Consulting Party’s, as applicable, response.

 

Also notwithstanding
anything in this Agreement to the contrary, no direction, objection, advice or consultation on the part of any applicable Directing
Holder, and no advice or consultation from any applicable Consulting Party, contemplated by this Agreement, may require

 

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or cause
the Master Servicer or the Special Servicer to violate the terms of any Trust Loan or Serviced Loan Combination, any provision
of any related Loan Documents, any related Co-Lender Agreement, any intercreditor agreement, applicable law, this Agreement or
the REMIC Provisions, including without limitation each of the Master Servicer’s and the Special Servicer’s obligation
to act in accordance with the Servicing Standard, or expose any Certificateholder, the Uncertificated VRR Interest Owner, the Trust
Fund, any Mortgage Loan Seller (other than with respect to enforcing the rights and remedies against such Mortgage Loan Seller
pursuant to this Agreement or the related Mortgage Loan Purchase Agreement with respect to any Material Defect) or any party to
this Agreement or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, or cause
any Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax
purposes, or result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under
the REMIC Provisions, or materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities
under this Agreement or any Co-Lender Agreement or cause the Master Servicer or the Special Servicer to act, or fail to act, in
a manner that is not in the best interests of the Certificateholders, the Uncertificated VRR Interest Owner and/or the Serviced
Companion Loan Holders.

 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by any applicable Directing Holder or any advice
from any applicable Directing Holder or Consulting Party would otherwise cause the Special Servicer or Master Servicer, as applicable,
to violate the terms of any Loan Documents, any related Co-Lender Agreement or mezzanine intercreditor agreement, applicable law,
the REMIC Provisions or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Master Servicer,
as applicable, shall disregard such refusal to consent or advice and notify in writing the applicable Directing Holder, the applicable
Consulting Parties, the Trustee and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement, the Rule 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the
basis therefor. The taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with
the direction of or approval of any applicable Directing Holder or the recommendation of any applicable Consulting Party that does
not violate the terms of any Loan Documents, any related Co-Lender Agreement or mezzanine intercreditor agreement, any law, the
REMIC Provisions or the Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part
of the Master Servicer or the Special Servicer.

 

For so long as no Control
Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled, with respect to
each Outside Serviced Mortgage Loan other than any Excluded Mortgage Loan, to exercise the consent or approval rights set forth
in Section 3.01(i) of this Agreement; and for so long as no Consultation Termination Event has occurred and is continuing,
the Controlling Class Representative shall be entitled, with respect to each Outside Serviced Mortgage Loan other than any
Excluded Mortgage Loan, to exercise any consultation rights permitted under the related Co-Lender Agreement in respect of “Major
Decisions” (or any analogous concept) and the implementation of “Asset Status Reports” (or any analogous concept)
under, and within the meaning of, the applicable Outside Servicing Agreement and attend an annual meeting with the related Outside
Servicer and the related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Mortgage Loan
is entitled to such rights pursuant to the related Co-Lender Agreement.

 

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A Directing Holder will
have no liability to the Trust Fund, the Certificateholders or the Uncertificated VRR Interest Owner for any action taken, or for
refraining from the taking of any action, pursuant to this Agreement, or for error in judgment; provided, however,
that the Controlling Class Representative will not be protected against any liability to any Controlling Class Certificateholder
that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason
of negligent disregard of obligations or duties.

 

The Risk Retention Consultation
Parties shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or the Uncertificated VRR
Interest Owner for any action taken, or for refraining from the taking of any action, pursuant to this Agreement, or for errors
in judgment.

 

The Uncertificated VRR
Interest Owner and, by its acceptance of a Certificate, each Certificateholder acknowledges and agrees that: (i) a Directing
Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates
or the Uncertificated VRR Interest Owner; (ii) a Directing Holder may act solely in its own interests (or, in the case of
the Controlling Class Representative, in the interests of the Holders of the Controlling Class or, in the case of a Loan-Specific
Controlling Class Representative, the interests of the Holders of the Loan-Specific Controlling Class); (iii) a Directing
Holder does not have any liability or duties to the Holders of any Class of Certificates or the Uncertificated VRR Interest
Owner (other than, in the case of the Controlling Class Representative, the Controlling Class or, in the case of a Loan-Specific
Controlling Class Representative, the Loan-Specific Controlling Class); (iv) a Directing Holder may take actions that favor
its own interests (or in the case of the Controlling Class Representative, the interests of the Holders of the Controlling
Class or, in the case of a Loan-Specific Controlling Class Representative, the interests of the Holders of the Loan-Specific Controlling
Class) over the interests of the Holders of one or more other Classes of Certificates or the Uncertificated VRR Interest Owner;
and (v) a Directing Holder shall have no liability whatsoever (other than, in the case of the Controlling Class Representative,
to a Controlling Class Certificateholder and, in the case of a Loan-Specific Controlling Class Representative, to a Loan-Specific
Controlling Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and that
no Certificateholder or the Uncertificated VRR Interest Owner may take any action whatsoever against any Directing Holder or any
affiliate, director, officer, employee, shareholder, member, partner, agent or principal thereof for having so acted; provided,
however, that the rights of a Directing Holder are subject to any related mezzanine intercreditor agreement.

 

(b)          
Notwithstanding anything to the contrary contained herein:

 

(i)            
after the occurrence and during the continuance of a Control Termination Event, the Controlling Class Representative
shall have no right to consent to any action taken or not taken by any party to this Agreement;

 

(ii)          
after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative shall remain entitled to receive any notices, reports
or information to which it is entitled pursuant to this

 

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Agreement with respect to the applicable Serviced Loan(s) (other than any
Excluded Mortgage Loan), and the Master Servicer, Special Servicer and any other applicable party shall consult with the Controlling
Class Representative in connection with any action to be taken or refrained from taking with respect to the applicable Serviced
Loan(s) (other than any Excluded Mortgage Loan), but only to the extent consultation with, or consent of, the Controlling Class Representative
would have been required under such circumstances prior to the occurrence and continuance of such Control Termination Event; provided,
however, that the Controlling Class Representative shall not be permitted to consult with respect to any Serviced AB
Loan Combination while any related Subordinate Companion Loan Holder is the related Outside Controlling Note Holder;

 

(iii)         
after the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class Representative
shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information (other than
notices, reports or information required to be delivered to all Certificateholders) or any other rights as a Directing Holder or
a Consulting Party; provided that each Controlling Class Certificateholder shall maintain the right to exercise Voting Rights
for the same purposes as any other Certificateholder under this Agreement (other than with respect to Excluded Controlling Class Mortgage
Loans); and

 

(iv)         
no Person may exercise any of the rights and powers of the Controlling Class Representative with respect to an Excluded
Mortgage Loan.

 

(c)           
Notwithstanding anything to the contrary herein, neither the Master Servicer nor the Special Servicer shall take or refrain
from taking any action pursuant to instructions, directions, objections, advice or consultation from any applicable Directing Holder,
any applicable Consulting Party or a Serviced Companion Loan Holder (or its Companion Loan Holder Representative) that would cause
any one of them to violate applicable law, the terms of any Mortgage Loan or Serviced Loan Combination, the related Loan Documents,
this Agreement, including the Servicing Standard, the related Co-Lender Agreement, any related intercreditor agreement, or the
REMIC Provisions or that would (i) expose any Certificateholder, the Uncertificated VRR Interest Owner, the Trust Fund, any
Mortgage Loan Seller (other than with respect to enforcing the rights and remedies against such Mortgage Loan Seller pursuant to
this Agreement or the related Mortgage Loan Purchase Agreement with respect to any Material Defect) or any party to this Agreement
or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (ii) materially
expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities under this Agreement or any Co-Lender
Agreement, (iii) cause any Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust
for federal income tax purposes, or result in the imposition of a “prohibited transaction” or “prohibited contribution”
tax under the REMIC Provisions, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner
that in the reasonable judgment of the Master Servicer or the Special Servicer, as the case may be, is not in the best interests
of the Certificateholders and/or the Serviced Companion Loan Holders.

 

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(d)          
Each Certificateholder and Certificate Owner of a Control Eligible Certificate or a Loan-Specific Control Eligible Certificate
is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest in such Certificate)
to provide its name and address to the Certificate Administrator and to notify the Certificate Administrator, in writing, of the
transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate) or Loan-Specific
Control Eligible Certificate (or any beneficial ownership of any Loan-Specific Control Eligible Certificate), the selection of
a Controlling Class Representative or a Loan-Specific Controlling Class Representative or the resignation or removal of the
Controlling Class Representative or a Loan-Specific Controlling Class Representative, in each such case as applicable. Any
such Certificateholder (or Certificate Owner) or its designee at any time appointed Controlling Class Representative or Loan-Specific
Controlling Class Representative, as applicable, is hereby deemed to have agreed by virtue of its purchase of a Control Eligible
Certificate (or the beneficial ownership interest in a Control Eligible Certificate) or a Loan-Specific Control Eligible Certificate
(or the beneficial ownership interest in a Loan-Specific Control Eligible Certificate), as applicable, to notify the Certificate
Administrator in writing when such Certificateholder (or Certificate Owner) or designee is appointed Controlling Class Representative
or Loan-Specific Controlling Class Representative, and when it is removed or resigns. Upon receipt of any of the notices referred
to in the preceding two sentences of this Section 6.09(d), the Certificate Administrator shall promptly notify, in
writing, the Special Servicer, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trustee of
the identity of the Controlling Class Representative or the Loan-Specific Controlling Class Representative, any resignation
or removal of the Controlling Class Representative or the Loan-Specific Controlling Class Representative and/or any new Holder
or Certificate Owner of a Control Eligible Certificate or Loan-Specific Control Eligible Certificate, in each such case as applicable.
In addition, upon the request of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, as applicable, the Certificate Administrator shall provide (on a reasonably prompt basis) the identity of the then-current
Controlling Class or Loan-Specific Controlling Class and a list of the related Certificateholders (or Certificate Owners, if applicable,
at the expense of the Trust if such expense arises in connection with an event as to which the Controlling Class Representative
or the Loan-Specific Controlling Class Representative or the Controlling Class or the Loan-Specific Controlling Class has consent
or consultation rights pursuant to this Agreement or in connection with a request made by the Operating Advisor in connection with
its obligation under Section 3.29(e) of this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling
Class Representative and the Loan-Specific Controlling Class Representative and otherwise at the expense of the requesting
party) of the Controlling Class or the Loan-Specific Controlling Class to such requesting party, and each of the Master Servicer,
Special Servicer, Operating Advisor, the Asset Representations Reviewer and the Trustee shall be entitled to rely on the information
so provided by the Certificate Administrator.

 

In the event of a change
in the Controlling Class or the Loan-Specific Controlling Class, the Certificate Administrator shall promptly contact the current
Holder(s) (or, in the case of book-entry Certificates, Certificate Owners) of the Controlling Class or the Loan-Specific Controlling
Class, as applicable (or in each case any designee(s) thereof) or, if known to the

 

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Certificate Administrator, one of its affiliates
or, if applicable, any successor Controlling Class Representative, Loan-Specific Controlling Class Representative, Controlling
Class Certificateholder(s) or Loan-Specific Controlling Class Certificateholder(s), and determine whether any such entity
is the Holder (or Certificate Owner) of at least a majority of the Controlling Class or Loan-Specific Controlling Class, as applicable,
(in each case, in effect after such change in Controlling Class or Loan-Specific Controlling Class) by Certificate Balance. If
at any time the current Holder of the Controlling Class (or its designee) or the Loan-Specific Controlling Class (or its designee)
or, if known to the Certificate Administrator, one of its respective Affiliates, or any successor Controlling Class Representative
or Loan-Specific Controlling Class Representative or Controlling Class Certificateholder(s) or Loan-Specific Controlling Class
Certificateholder(s) is no longer the Holder (or Certificate Owner) of at least a majority of the Controlling Class or Loan-Specific
Controlling Class, in each case  by Certificate Balance, and the Certificate Administrator has neither (i) received notice
of the then-current Controlling Class Certificateholders or Loan-Specific Controlling Class Certificateholders, as applicable,
of at least a majority of the Controlling Class or the Loan-Specific Controlling Class, in each case by Certificate Balance
nor (ii) received notice of a replacement Controlling Class Representative or Loan-Specific Controlling Class Representative
pursuant to this Agreement, then a Control Termination Event and a Consultation Termination Event shall be deemed to have occurred
with respect to the related Serviced Loans or Serviced Loan Combination and shall be deemed to continue until such time as the
Certificate Administrator receives any such notice in clauses (i) or (ii).

 

Upon receipt of notice
of a change in Controlling Class Representative, Loan-Specific Controlling Class Representative or any Risk Retention Consultation
Party, the Certificate Administrator shall promptly forward notice thereof to each other party to this Agreement.

 

On the Closing Date,
each of the initial Controlling Class Representative and Loan-Specific Controlling Class Representative shall deliver (which
delivery may be by electronic mail) a certification substantially in the form of Exhibit M-1H to this Agreement to
the Certificate Administrator (who shall promptly forward such certification to the Master Servicer, the Special Servicer, the
Trustee and the Operating Advisor). Upon the resignation or removal of the existing Controlling Class Representative or Loan-Specific
Controlling Class Representative, any successor Controlling Class Representative or Loan-Specific Controlling Class Representative
shall also deliver a certification substantially in the form of Exhibit M-1H to this Agreement to the Certificate Administrator
(who shall promptly forward such certification to the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor)
prior to being recognized as the new Controlling Class Representative or Loan-Specific Controlling Class Representative, as
applicable.

 

(e)           
Once a Controlling Class Representative or Loan-Specific Controlling Class Representative has been selected, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator, the Asset Representations
Reviewer, the Trustee and each other Certificateholder (or Certificate Owner, if applicable) and the Uncertificated VRR Interest
Owner shall be entitled to rely on such selection unless a majority of the Certificateholders of the Controlling Class or the Loan-Specific
Controlling Class, as applicable, in each case by Certificate Balance, or such Controlling Class Representative or Loan-Specific
Controlling Class Representative shall

 

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have notified the Certificate Administrator, the Master Servicer and each other Certificateholder
of the Controlling Class or the Loan-Specific Controlling Class, as applicable, in writing, of the resignation of such Controlling
Class Representative or Loan-Specific Controlling Class Representative or the selection of a new Controlling Class Representative
or Loan-Specific Controlling Class Representative. Upon receipt of written notice of, or other knowledge of, the resignation of
a Controlling Class Representative or Loan-Specific Controlling Class Representative, the Certificate Administrator shall
request the Certificateholders of the Controlling Class or the Loan-Specific Controlling Class, as applicable,  to select
a new Controlling Class Representative or Loan-Specific Controlling Class Representative, as applicable.

 

(f)           
If at any time a book-entry certificate belongs to the Controlling Class or the Loan-Specific Controlling Class, the Certificate
Administrator shall notify the related Certificate Owner or Certificate Owners (through the Depository, unless the Certificate
Administrator shall have been previously provided with the name and address of such Certificate Owner or Certificate Owners) of
such event and shall request that it be informed of any change in the identity of the related Certificate Owner from time to time.

 

(g)          
Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the
Depositor and the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect
to the identity of (i) the Certificateholders of the Controlling Class and the Controlling Class Representative and (ii)
the Certificateholders of the Loan-Specific Controlling Class and the Loan-Specific Controlling Class Representative.

 

(h)          
[RESERVED].

 

(i)            
CREFI, JPMCB, GSMC and, solely as to the 360 Spear Loan Combination, DBNY shall be the initial Risk Retention Consultation
Parties and shall, in each case, remain so until a successor is appointed pursuant to the terms of this Agreement. Upon the resignation
or removal of any existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall deliver to
the parties to this Agreement a certification substantially in the form of Exhibit M-1I to this Agreement prior to
being recognized as a new Risk Retention Consultation Party. The parties hereto shall be entitled to assume that a Risk Retention
Consultation Party has not changed absent such notice.

 

(j)            
Once a Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable)
shall be entitled to rely on such selection unless CREFI (in the case of the VRR1 Risk Retention Consultation Party) or JPMCB (in
the case of the VRR2 Risk Retention Consultation Party) or GSMC (in the case of the VRR3 Risk Retention Consultation Party) or
DBNY (in the case of the 360 Spear Risk Retention Consultation Party), as applicable, or such Risk Retention Consultation Party
itself shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and each other Holder of Class VRR Certificates, in writing, of the

 

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selection of a new Risk Retention Consultation
Party (along with contact information for such new Risk Retention Consultation Party).

 

(k)          
In the event that no VRR1 Risk Retention Consultation Party, VRR2 Risk Retention Consultation Party, VRR3 Risk Retention
Consultation Party or 360 Spear Risk Retention Consultation Party, as applicable, has been appointed or identified to the Master
Servicer or the Special Servicer, as applicable, and the Master Servicer or the Special Servicer, as applicable, has attempted
to obtain such information from the Certificate Administrator and no such entity has been identified (along with contact information)
to the Master Servicer or the Special Servicer, as applicable, then until such time as the related new Risk Retention Consultation
Party is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, or provide
notice to, any such Risk Retention Consultation Party as the case may be.

 

(l)            
The Uncertificated VRR Interest Owner and, by its acceptance of a Certificate, each Certificateholder acknowledges and agrees
that: (i) each Risk Retention Consultation Party may have special relationships and interests that conflict with those of Holders
of one or more Classes of Certificates or the Uncertificated VRR Interest; (ii) each Risk Retention Consultation Party may act
solely in the interests of the Holders of the Class VRR Certificates or the 360RR Interest or the Uncertificated VRR Interest
Owner, and does not have any liability or duties to the Holders of any other Class of Certificates; (iii) each Risk Retention
Consultation Party may take actions that favor interests of the Uncertificated VRR Interest Owner or the Holders of one or more
Classes, including the Class VRR Certificates or the 360RR Interest, over the interests of the Holders of one or more other
Classes of Certificates; and (iv) each Risk Retention Consultation Party shall have no liability whatsoever for having so acted
as set forth in clauses (i) through (iii) above, and no Certificateholder or Uncertificated VRR Interest Owner may take any
action whatsoever against any Risk Retention Consultation Party or any director, officer, employee, agent or principal of such
Risk Retention Consultation Party for having so acted.

 

Article
VII

DEFAULT

 

Section 7.01              
Servicer Termination Events.

 

(a)           
“Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)            
(A) any failure by the Master Servicer to make any deposit or payment required to be made by the Master Servicer to
the Collection Account or Loan Combination Custodial Account or to any Serviced Companion Loan Holder on the day and by the time
such deposit or remittance is required to be made under the terms of this Agreement, which failure is not remedied within one (1)
Business Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit
into, the Distribution Account or the Excess Interest Distribution Account any amount required to be so deposited or remitted,

 

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which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or

 

(ii)          
any failure by the Special Servicer to deposit into any REO Account, within two (2) Business Days after such deposit is
required to be made or to remit to the Master Servicer for deposit into the Collection Account or the Loan Combination Custodial
Account, as applicable, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and within one
(1) Business Day after the time specified by, the terms of this Agreement; or

 

(iii)         
any failure on the part of the Master Servicer or the Special Servicer, as applicable, duly to observe or perform in any
material respect any of its other covenants or obligations contained in this Agreement which continues unremedied for a period
of 30 days (10 days in the case of the Master Servicer’s failure to make a Property Advance or 20 days in
the case of a failure to pay the premium for any insurance policy required to be maintained under this Agreement or such shorter
period (not less than two (2) Business Days) as may be required to avoid the commencement of foreclosure proceedings for unpaid
real estate taxes or the lapse of insurance, as applicable) after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Master Servicer or the Special Servicer, as the case may be, by any other party
hereto, or to the Master Servicer or the Special Servicer, as the case may be, with a copy to each other party to this Agreement,
by the Holders of Certificates of any Class evidencing, as to such Class, not less than 25% of the Voting Rights allocable
thereto, or, if affected thereby, by a Serviced Companion Loan Holder; provided, however, if any such failure with
a 30-day cure period is capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing
such cure, such 30-day period will be extended an additional 60 days (provided that the Master Servicer, or Special
Servicer, as applicable, has commenced to cure such failure within the initial 30-day period and has certified that it has diligently
pursued, and is continuing to pursue, a full cure); or

 

(iv)         
any breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in this
Agreement, which materially and adversely affects the interests of any Class of Certificateholders, the Uncertificated VRR
Interest Owner or any Serviced Companion Loan Holder and which continues unremedied for a period of 30 days after the date
on which notice of such breach, requiring the same to be remedied, has been given to the Master Servicer or the Special Servicer,
as the case may be, by the Depositor, the Certificate Administrator or the Trustee, or to the Master Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee by the Holders of Certificates entitled to not less than 25% of the
Voting Rights or, if affected thereby, by a Serviced Companion Loan Holder; provided, however, if such breach is
capable of being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing such cure, such 30-day
period will be extended an additional 60 days (provided that the Master Servicer, or Special Servicer, as applicable,
has commenced to cure such failure within the initial

 

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30-day period and has certified that it has diligently pursued, and is continuing
to pursue, a full cure); or

 

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

 

(vi)         
the Master Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings of or relating to the Master Servicer or the Special Servicer or of or relating to all or substantially
all of its property; or

 

(vii)              
the Master Servicer or the Special Servicer, as applicable, shall admit in writing its inability to pay its debts generally
as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make
an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in
furtherance of the foregoing; or

 

(viii)            
the Master Servicer or the Special Servicer, as applicable, is removed from S&P’s Select Servicer List as a U.S.
Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, and is not restored to
such status on such list within 60 days;

 

(ix)         
 DBRS Morningstar (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) has (A) qualified,
downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes of Serviced Companion
Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced Companion Loan Securities
on “watch status” in contemplation of a rating downgrade or withdrawal and, in the case of either of clauses (A) or
(B), publicly citing servicing concerns with the Master Servicer or the Special Servicer, as applicable, as the sole or material
factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been
withdrawn by DBRS Morningstar (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency), within
60 days of such event);

 

(x)          
with respect to the Master Servicer, the Master Servicer ceases to have a commercial master servicer rating of at least
“CMS3” from Fitch and that rating is not reinstated within 60 days or, with respect to the Special Servicer, the

 

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Special Servicer ceases to have a commercial special servicer rating of at least “CSS3” from Fitch and that rating
is not reinstated within 60 days, as the case may be; or

 

(xi)         
the Master Servicer or the Special Servicer, as applicable, or any primary servicer or Sub-Servicer appointed by the Master
Servicer or the Special Servicer, as applicable, after the Closing Date (but excluding any Sub-Servicer set forth on Exhibit S),
shall (A) for so long as the Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver
the items required to be delivered by this Agreement after any applicable notice and cure period to enable the Certificate Administrator
or Depositor to comply with the reporting obligations of the Trust under the Exchange Act or (B) for so long as any Other Securitization
Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver any Exchange Act reporting
items required to be delivered by such servicer to the related Other Depositor or related Other Exchange Act Reporting Party pursuant
to Article X of this Agreement, in the case of each of clauses (A) and (B), within (a) with respect to the delivery of
any item relating to a Reportable Event, two (2) Business Days of such failure to comply with Article X or (b) with respect
to the delivery of any other item, five (5) Business Days of such failure to comply with Article X (any primary servicer
or Sub-Servicer that defaults in accordance with this Section 7.01(a)(xi) shall be terminated at the direction of the
Depositor).

 

If a Servicer Termination
Event with respect to the Master Servicer or the Special Servicer shall occur and be continuing, then, and in each and every such
case, so long as such Servicer Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon
the written direction to the Trustee from (x) the Holders of Certificates evidencing at least 25% of the Voting Rights of all Certificates
(or, if the Servicer Termination Event is with respect to the Special Servicer and relates to specific Mortgage Loans and/or the
Trust Subordinate Companion Loan, of all Certificates evidencing interests in such affected Mortgage Loans and/or the Trust Subordinate
Companion Loan) or (y) an affected Serviced Companion Loan Holder (but, subject to the next sentence, solely in the case of the
related Serviced Loan Combination and a Servicer Termination Event with respect to the Special Servicer), then the Trustee shall,
terminate the Master Servicer or the Special Servicer, as applicable. Notwithstanding anything to the contrary, it shall not be
a Servicer Termination Event with respect to the pool of Trust Loans under clauses (i), (ii), (iii), (iv), (viii), (ix) or
(x) above if the failure, default or event only has an adverse effect on a Serviced Companion Loan, a Serviced Companion Loan Holder
or a rating on any Serviced Companion Loan Securities, but shall be a Servicer Termination Event with respect to the related Serviced
Companion Loan and any related Serviced Companion Loan Holder shall: (i) in the case of any such failure, default or event
on the part of the Master Servicer, have the remedies set forth in Section 7.01(d) with respect to the Servicer Termination
Event with respect to the related Serviced Companion Loan; and (ii) with respect to any such failure, default or event on the part
of the Special Servicer, be able to require termination of the Special Servicer with respect to, but only with respect to, the
related Serviced Loan Combination.

 

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In the event that the
Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01,
the Master Servicer shall also be terminated as Special Servicer.

 

(b)          
If the Master Servicer receives notice of termination under Section 7.01(c) solely due to a Servicer Termination
Event under Section 7.01(a)(viii), Section 7.01(a)(ix) or Section 7.01(a)(x) and if the Master Servicer
to be terminated pursuant to Section 7.01(c) provides the Trustee with the appropriate “request for proposal”
materials within five (5) Business Days following such termination notice, then the Master Servicer shall continue to service
as Master Servicer hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(b).
Upon receipt of the “request for proposal” materials, Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the Master Servicer pursuant to Section 7.01(c)) solicit good faith
bids for the rights to service the Mortgage Loans and the Serviced Loan Combinations under this Agreement from at least three (3) Persons
qualified to act as a successor Master Servicer hereunder in accordance with Section 6.04 (any such Person so qualified,
a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many persons
as the Trustee can determine are Qualified Bidders; provided that, the Master Servicer shall supply the Trustee with the
names of Persons from whom to solicit such bids; and provided, further, that the Trustee shall not be responsible
if less than three (3) or no Qualified Bidders submit bids for the right to service the Mortgage Loans and Serviced Loan Combinations
under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to enter
into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice
of termination of the Master Servicer. The Trustee shall select the Qualified Bidder with the highest cash bid (the “Successful
Bidder”) to act as successor Master Servicer hereunder; provided, however, that if the Trustee does not
receive a Rating Agency Confirmation from each Rating Agency within 10 days after the selection of such Successful Bidder,
then the Trustee shall repeat the bid process described above (but subject to the above-described 45-day time period) until
such confirmation is obtained. The Trustee shall request the Successful Bidder to enter into this Agreement as successor Master
Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer.

 

Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by
the Successful Bidder, the Trustee shall remit or cause to be remitted to the Master Servicer to be terminated pursuant to Section 7.01(c)
of this Agreement, the amount of such cash bid received from the Successful Bidder (net of “out-of-pocket” expenses
incurred in connection with obtaining such bid and transferring servicing).

 

The Master Servicer to
be terminated pursuant to Section 7.01(c) of this Agreement shall be responsible for all out-of-pocket expenses
incurred in connection with the attempt to sell its rights to service the Mortgage Loans and the Serviced Loan Combinations, which
expenses are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.

 

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If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above-described time period or no Successful Bidder
was identified within the above-described time period, the Master Servicer to be terminated pursuant to Section 7.01(c) shall
reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in connection with such bid
process and the Trustee shall have no further obligations under this Section 7.01(b). The Trustee thereafter may act
or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.

 

(c)           
In the event that the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the
Trustee shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and Serviced
Loan Combinations and the proceeds thereof, other than any rights the Master Servicer or Special Servicer may have hereunder as
a Certificateholder and any rights or obligations that accrued prior to the date of such termination or that survive such termination
(including the right to receive all amounts accrued or owing to it under this Agreement, plus interest at the Advance Rate on such
amounts until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to
the date of such termination and the right to the benefits of Section 6.03 and subsection (b) above notwithstanding
any such termination). On or after the receipt by the Terminated Party of such written notice, all of its authority and power under
this Agreement, whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder
in the event and to the extent that it is a Certificateholder) or the Mortgage Loans and Serviced Loan Combinations or otherwise,
shall pass to and be vested in the Trustee pursuant to and under this Section and, without limitation, the Trustee is hereby
authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and Serviced Loan Combinations and related documents, or otherwise. The Master Servicer and the Special Servicer each agrees
that, in the event it is terminated pursuant to this Section 7.01, to promptly (and in any event no later than ten
Business Days subsequent to such notice) provide, at its own expense, the Trustee (or the successor Master Servicer selected
by the Trustee pursuant to Section 7.01(b) of this Agreement or the successor Master Servicer or Special Servicer,
as applicable, otherwise appointed pursuant to Section 7.02 of this Agreement) with all documents and records requested
by the Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement
or the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of
this Agreement) to enable the Trustee or other successor to its responsibilities hereunder to assume its functions hereunder, and
to cooperate with the Trustee and the successor to its responsibilities hereunder in effecting the termination and transfer of
its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master Servicer or successor
Special Servicer or the Trustee, as applicable, for administration by it of all cash amounts which shall at the time be or should
have been credited by the Master Servicer or the Special Servicer to the Collection Account, any Loan Combination Custodial Account,
any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage Loans and

 

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Serviced Loan Combinations,
and shall promptly provide the Trustee or such successor Master Servicer or Special Servicer (which may include the Trustee), as
applicable, all documents and records reasonably requested by it, such documents and records to be provided in such form as the
Trustee or such successor Master Servicer or Special Servicer shall reasonably request (including electromagnetic form), to enable
it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs and expenses actually
incurred by the Trustee, the Certificate Administrator or the successor Master Servicer or successor Special Servicer in connection
with transferring Mortgage Files, Servicing Files and related information, records and reports to the successor Master Servicer
or Special Servicer and amending this Agreement to reflect (as well as providing appropriate notices to Mortgagors, ground lessors,
insurers and other applicable third parties regarding) such succession as successor Master Servicer or successor Special Servicer
pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable,
upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer
(as the case may be) has not reimbursed the Trustee, the Certificate Administrator or the successor Master Servicer or Special
Servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed
by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses.

 

(d)          
Notwithstanding Section 7.01(a) and Section 7.01(c), if (1) any Servicer Termination Event on the
part of the Master Servicer affects a Serviced Companion Loan held outside the Trust, the related Serviced Companion Loan Holder
or the rating on a class of the related Serviced Companion Loan Securities and the Master Servicer is not otherwise terminated
in accordance with Section 7.01(c), or (2) a Servicer Termination Event on the part of the Master Servicer occurs that
affects only a Serviced Companion Loan held outside the Trust, the related Serviced Companion Loan Holder or the rating on a class
of the related Serviced Companion Loan Securities, the Master Servicer may not be terminated in accordance with Section 7.01(c),
but, at the written direction of the related Serviced Companion Loan Holder, the Master Servicer shall appoint, within 30 days
of such direction, a sub-servicer (or, if the related Serviced Loan Combination is currently being sub-serviced, to replace, within
30 days of such direction, the then current sub-servicer with a new sub-servicer). In connection with the Master Servicer’s
appointment of any sub-servicer at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d),
the Master Servicer shall obtain a Rating Agency Confirmation from each Rating Agency. The related sub-servicing agreement shall
provide that any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion Loan Holder in accordance
with this Section 7.01(d) shall be responsible for all duties of the Master Servicer under this Agreement with respect
to the related Serviced Loan Combination. Such sub-servicing agreement (a) may be terminated without cause and without payment
of any fee and (b) shall also provide that such sub-servicer shall agree to become the master servicer under a separate servicing
agreement for the applicable Serviced Loan Combination in the event that such Serviced Loan Combination is no longer to be serviced
and administered hereunder, which separate servicing agreement shall contain servicing and administration, limitation of liability,
indemnification and servicing compensation provisions substantially similar to the

 

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corresponding provisions of this Agreement,
except for the fact that the applicable Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets
serviced and administered thereunder and the sole source of funds thereunder. If any sub-servicer appointed by the Master Servicer
at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d) shall at any time resign
or be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer and obtain a Rating Agency
Confirmation. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer desires to terminate
the sub-servicer appointed under this Section 7.01(d), the terminated Master Servicer that was responsible for the
Servicer Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred in connection
with such termination, including the payment of any termination fee.

 

(e)           
If the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer has received written notice (which,
for the purposes of this clause (e), shall include any publications by S&P, Fitch or DBRS Morningstar of which the Trustee,
the Certificate Administrator or any Servicing Officer of the Master Servicer, as the case may be, has actual knowledge) from S&P,
Fitch or DBRS Morningstar that the Master Servicer or the Special Servicer no longer is an approved master servicer or approved
special servicer, as applicable, then such party shall promptly notify the others, and the Certificate Administrator shall notify
the related Serviced Companion Loan Holder, to the extent known to the Certificate Administrator, of the same.

 

Section 7.02              
Trustee to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer receives
a notice of termination pursuant to Section 7.01, the Trustee shall, subject to the following provisions of this Section 7.02,
be its successor in all respects in its capacity as Master Servicer or Special Servicer under this Agreement and the transactions
set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities, duties, limitations
on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special Servicer by the terms
and provisions hereof; provided, however, that (i) the Trustee shall have no responsibilities, duties, liabilities
or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure to perform,
or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in
providing, records, tapes, disks, information or moneys shall not be considered a default by such successor hereunder. The Trustee,
as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided the Master Servicer
or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s termination.
The appointment of a successor Master Servicer or successor Special Servicer shall not affect any liability of the predecessor
Master Servicer or Special Servicer which may have arisen prior to its termination as Master Servicer or Special Servicer. The
Trustee shall not be liable for any of the representations, liabilities or warranties of the Master Servicer or Special Servicer
herein or in any related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special
Servicer or for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07
of this Agreement nor shall the Trustee be required to purchase any Mortgage Loan or Serviced Loan Combination hereunder. As compensation
therefor, the Trustee as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Fee or Special
Servicing

 

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Compensation, as applicable, and all funds relating to the Mortgage Loans and Serviced Companion Loans that accrue after
the date of the Trustee’s succession to which the Master Servicer or Special Servicer would have been entitled if the Master
Servicer or Special Servicer, as applicable, had continued to act hereunder. In the event any Advances made by the Master Servicer
and the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available
to repay Advances and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid
interest thereon), until such Advances and interest shall have been repaid in full. Notwithstanding the above and subject to Section 6.08,
the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of Certificates entitled
to at least 25% of the Voting Rights so request in writing to the Trustee, or if the Rating Agencies do not provide Rating Agency
Confirmations with respect to the Trustee so acting, promptly appoint, or petition a court of competent jurisdiction to appoint,
any established mortgage loan servicing institution for which a Rating Agency Confirmation from each Rating Agency has been obtained
(at the expense of the terminated Master Servicer or Special Servicer, as applicable, or, if the expense is not so recovered, at
the expense of the Trust Fund), as the successor to the Master Servicer or the Special Servicer, as applicable, hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder;
provided that, the applicable Directing Holder shall have the right to approve any successor Special Servicer with respect
to any Serviced Loan or Serviced Loan Combination. No appointment of a successor to the Master Servicer or Special Servicer hereunder
shall be effective until (i) the assumption by such successor of all the Master Servicer’s or Special Servicer’s responsibilities,
duties and liabilities hereunder and (ii) in the case of the appointment of a successor Special Servicer, the Depositor and, if
applicable, each related Other Depositor shall have received the written notice and information with respect to such successor
Special Servicer as set forth in Section 10.02(a). Pending appointment of a successor to the Master Servicer (or the
Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by
law from so acting, the Trustee shall act in such capacity as herein above provided. Pending the appointment of a successor to
the Special Servicer, unless the Master Servicer is also the Special Servicer, the Master Servicer shall act in such capacity.
In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation
of such successor out of payments on Mortgage Loans and Serviced Companion Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted the Terminated Party hereunder; provided,
further, that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party
hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party
shall be treated as Realized Losses; and provided, further that, the Trustee shall consult with any applicable Directing
Holder and Consulting Party prior to the appointment of a successor to the Terminated Party with respect to any Serviced Loan or
Serviced Loan Combination at a servicing compensation in excess of that permitted the Terminated Party. The Depositor, the Trustee,
the Master Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the terminated Master Servicer, it may reduce the Excess Servicing
Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would otherwise
be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the terminated Master Servicer
other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess

 

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Servicing Fee Rate to the extent
reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer that
meets the requirements of this Section 7.02.

 

Section 7.03              
Notification to Certificateholders.

 

(a)           
Upon any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or
the Special Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register, to the Uncertificated VRR Interest Owner, to the Serviced Companion Loan Holders,
and electronically, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement, to the Rule 17g-5 Information Provider.

 

(b)          
Within 30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which
a Responsible Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail
to all Holders of Certificates, the Uncertificated VRR Interest Owner and any affected Serviced Companion Loan Holder (to the extent
the Certificate Administrator has received the notice information for such Serviced Companion Loan Holder after a request therefor)
and electronically, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement, to the Rule 17g-5 Information Provider notice of such Servicer Termination Event or Operating Advisor Termination
Event, unless such Servicer Termination Event or Operating Advisor Termination Event shall have been cured or waived.

 

Section 7.04              
Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as such Servicer Termination
Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01, shall have the
right, in its own name as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute
to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders,
the Uncertificated VRR Interest Owner and the Serviced Companion Loan Holders (including the institution and prosecution of all
judicial, administrative and other proceedings and the filing of proofs of claim and debt in connection therewith). In such event,
the legal fees, expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities
of the defaulting Master Servicer or Special Servicer, as applicable. If the Master Servicer or Special Servicer, as applicable,
fails to remedy, after the presentation of reasonable documentation, the Trustee shall be entitled to be reimbursed for such expenses,
costs and liability from the Collection Account or the Loan Combination Custodial Account, as applicable, as provided in Section 3.06
and Section 3.06A of this Agreement; provided that the Master Servicer or the Special Servicer, as applicable,
shall not be relieved of such liability for such expenses, costs and liabilities. Except as otherwise expressly provided in this
Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be
cumulative and in addition to any other remedy and no delay or omission to exercise

 

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any right or remedy shall impair any such right
or remedy or shall be deemed to be a waiver of any Servicer Termination Event of the Master Servicer or the Special Servicer.

 

Section 7.05              
Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of
Certificates evidencing not less than 66-2/3% of the Voting Rights of all Certificates (or, if the Servicer Termination Event is
with respect to the Special Servicer and relates to specific Mortgage Loans and/or the Trust Subordinate Companion Loan, of all
Certificates evidencing interests in such affected Mortgage Loans and/or the Trust Subordinate Companion Loan) (and, if such Servicer
Termination Event is on the part of a Special Servicer, with respect to a related Serviced Loan Combination only, by each affected
Serviced Companion Loan Holder) may, on behalf of all Holders of Certificates, waive any Servicer Termination Event on the part
of the Master Servicer, Special Servicer or any Operating Advisor Termination Event on the part of the Operating Advisor in the
performance of its obligations hereunder and its consequences, except a Servicer Termination Event in connection with making any
required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments from the Collection Account,
a Loan Combination Custodial Account or the Lower-Tier REMIC Distribution Account or in remitting payments as received, in each
case in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer
Termination Event or Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose
of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Any costs
and expenses incurred by the Certificate Administrator in connection with such default and prior to such waiver shall be reimbursed
by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, promptly upon demand therefor and if not
reimbursed to the Certificate Administrator within 90 days of such demand, from the Trust Fund; provided that the Trust
Fund shall be reimbursed by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, to the extent such
amounts are reimbursed to the Certificate Administrator from the Trust Fund. Notwithstanding the foregoing, (a) a Servicer
Termination Event under any of Section 7.01(a)(i) and Section 7.01(a)(ii) of this Agreement may be waived
only by all of the Certificateholders of the affected Classes, and (b) a Servicer Termination Event under Section 7.01(a)(xi)
of this Agreement may be waived only with the consent of the Depositor, together with (in the case of each of clauses (a)
and (b) of this sentence) the consent of each Serviced Companion Loan Holder, if any, that is affected by such Servicer Termination
Event.

 

The foregoing paragraph
notwithstanding, if the Holders representing at least the requisite percentage of the Voting Rights allocated to each affected
Class of Certificates desire to waive a Servicer Termination Event by the Master Servicer, but a Serviced Companion Loan Holder
related to a Serviced Loan Combination (if adversely affected thereby) does not wish to waive that Servicer Termination Event,
then those Certificateholders may still waive that Servicer Termination Event, and the applicable Serviced Companion Loan Holder
will be entitled to require that the Master Servicer appoint, within 60 days of the applicable Serviced Companion Loan Holder’s
request, a sub-servicer (or, if the applicable Serviced Loan Combination is currently being subserviced, to replace, within 60 days
of the applicable Serviced Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer) with respect
to the applicable Serviced Loan Combination. In connection with the Master Servicer’s appointment of a sub-servicer at the
request of a Serviced Companion Loan Holder in accordance with this Section 7.05, the Master Servicer shall obtain
a Rating Agency Confirmation from each Rating

 

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Agency at the expense of the Serviced Companion Loan Holder. The related sub-servicing
agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder
in accordance with this Section 7.05 shall be responsible for all duties of the Master Servicer under this Agreement
with respect to the applicable Serviced Loan Combination. Such Sub-Servicing Agreement (a) may be terminated without cause
and without the payment of any fee and (b) shall also provide that such sub-servicer shall become the master servicer under
a separate servicing agreement for the applicable Serviced Loan Combination in the event that the Serviced Loan Combination is
no longer to be serviced and administered hereunder, which separate servicing agreement shall contain servicing and administration,
limitation of liability, indemnification and servicing compensation provisions substantially similar to the corresponding provisions
of this Agreement, except for the fact that the applicable Serviced Loan Combination and the related Mortgaged Properties shall
be the sole assets serviced and administered thereunder and the sole source of funds thereunder. Such sub-servicer (a) may
be terminated without cause and without the payment of any fee and (b) shall meet the requirements of Section 3.01
of this Agreement. If any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder in accordance
with this Section 7.05 shall at any time resign or be terminated, the Master Servicer shall be required to promptly
appoint a substitute sub-servicer with respect to which a Rating Agency Confirmation has been obtained at the expense of the applicable
resigning or terminated sub-servicer (and any applicable Sub-Servicing Agreement shall so provide), and if the resigning or terminated
sub-servicer fails to cover such expense, the Master Servicer shall do so. In the event a successor Master Servicer is acting hereunder
and that successor Master Servicer desires to terminate the sub-servicer appointed under this Section 7.05, the terminated
Master Servicer that was responsible for the Servicer Termination Event that led to the appointment of such sub-servicer shall
be responsible for all costs incurred in connection with such termination, including the payment of any termination fee.

 

Section 7.06              
Termination of the Operating Advisor.

 

(a)           
An “Operating Advisor Termination Event” means any one of the following events whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body:

 

(i)            
any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or
the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period
of 30 days after the date on which written notice of such failure shall have been given to the Operating Advisor by the Trustee
or to the Operating Advisor and the Trustee by the Holders of Certificates having greater than 25% of the Voting Rights of all
then outstanding Certificates; provided, however, that with respect to any such failure which is not curable within
such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so
long as it has commenced to cure such failure with the initial 30-day period and has provided the Trustee and the Certificate Administrator
with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;

 

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(ii)          
any failure by the Operating Advisor to perform its obligations set forth in this Agreement in accordance with the Operating
Advisor Standard which failure shall continue unremedied for a period of 30 days after the date on which written notice of
such failure is given to the Operating Advisor by any party to this Agreement;

 

(iii)         
any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a
period of 30 days;

 

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

 

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

 

(vi)         
the Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders and the Uncertificated VRR Interest Owner by posting such notice on its internet
website, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination
Event shall occur then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been
remedied, then either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not
less than 25% of the Voting Rights of each Class of Non-Reduced Certificates, the Trustee shall, terminate all of the rights
and obligations of the Operating Advisor under this Agreement, other than rights and obligations accrued prior to such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination), by notice in writing to the Operating Advisor. Notwithstanding anything
herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate Administrator and
the Trustee of any Operating Advisor Termination Event of which the Depositor becomes aware.

 

(b)          
Upon (i) the written direction of Holders of Certificates evidencing not less than 15% of the Voting Rights of the
Non-Reduced Certificates requesting a vote to

 

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terminate and replace the Operating Advisor with a proposed successor Operating Advisor
that is an Eligible Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice of the requested vote to the Operating Advisor and to all Certificateholders by (i) posting
such notice on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in
the Certificate Register and to the Operating Advisor. Upon the affirmative vote of the Holders of Certificates evidencing more
than 50% of the Voting Rights allocable to the Non-Reduced Certificates of those Holders that exercise their right to vote (provided
that Holders entitled to exercise at least 50% of the Voting Rights allocable to the Non-Reduced Certificates exercise their right
to vote within 180 days of the initial request for a vote (which, for the avoidance of doubt, is the date on which the aforementioned
notice was mailed to the Certificateholders)), the Trustee shall terminate all of the rights and obligations of the Operating Advisor
under this Agreement by notice in writing to the Operating Advisor. The provisions set forth in the foregoing sentences of this
Section 7.06(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as
between each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach or alleged breach
of such provisions. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.
The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Certificate
Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Certificate Owner may
register to receive e-mail notifications when such notices are posted on the Certificate Administrator’s Website; provided
that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable
expenses of posting such notices.

 

(c)           
On or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of
its authority and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after
(1) the Operating Advisor resigns pursuant to Section 6.04 of this Agreement (excluding resignation under the
circumstances contemplated in Section 6.04(d) where no successor Operating Advisor is required to be appointed) or
(2) the Trustee delivers such written notice of termination to the Operating Advisor, the Trustee shall appoint a successor Operating
Advisor that is an Eligible Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating
Advisor to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Depositor, the
Risk Retention Consultation Parties, any related Outside Controlling Note Holder and, if a Consultation Termination Event does
not exist, the Controlling Class Representative within one Business Day of such appointment, and the Certificate Administrator
shall provide written notice of such appointment to each Certificateholder and the Uncertificated VRR Interest Owner within one
Business Day of the receipt of such notice of appointment from the

 

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Trustee. Except as contemplated by Section 7.06(b)
of this Agreement, the appointment of a successor Operating Advisor shall not be subject to the vote, consent or approval of the
holder of any Class of Certificates or the Uncertificated VRR Interest Owner.

 

The Operating Advisor
shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Sponsor or an Affiliate of any of them. If
any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the Operating
Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee shall
appoint a successor Operating Advisor subject to and in accordance with this Section 7.06(c), which successor Operating
Advisor may be an Affiliate of the Trustee. Notwithstanding the foregoing, if the Trustee is unable to find a successor Operating
Advisor within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement.
Unless and until a replacement Operating Advisor is appointed, no party shall act as the Operating Advisor and the provisions in
this Agreement relating to consultation with respect to the Operating Advisor shall not be applicable until a replacement Operating
Advisor is appointed hereunder.

 

(d)          
Upon any resignation or termination of the Operating Advisor and, if applicable, appointment of a successor to the Operating
Advisor, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the
Certificate Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders and the Uncertificated
VRR Interest Owner), the Depositor, each Directing Holder, each Consulting Party and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider. In the event
that the Operating Advisor resigns or is terminated, all of its rights and obligations under this Agreement shall terminate, other
than any rights or obligations that accrued prior to the date of such resignation or termination (including the right to receive
all amounts accrued and owing to it under this Agreement) and other than any rights to indemnification arising out of events occurring
prior to such resignation or termination.

 

Article
VIII

CONCERNING THE TRUSTEE and The Certificate Administrator

 

Section 8.01              
Duties of the Trustee and the Certificate Administrator.

 

(a)           
The Trustee, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual
knowledge and after the curing or waiver of all Servicer Termination Events which may have occurred, undertakes to perform such
duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall be construed
as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge,
the Trustee, subject to the provisions of Section 7.02 and Section 7.04 of this Agreement, shall exercise
such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs. The Certificate

 

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Administrator
undertakes to perform at all times such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Certificate Administrator shall be construed as a duty.

 

(b)          
Each of the Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as applicable, which
are specifically required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review
of which is specifically governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information
delivered for posting to the Certificate Administrator’s Website or the Rule 17g-5 Information Provider’s Website),
shall examine them to determine whether they conform on their face to the requirements of this Agreement to the extent specifically
set forth herein; provided, however, that neither the Trustee nor the Certificate Administrator shall be responsible
for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument
provided to it hereunder if accepted in good faith. If any such instrument is found not to conform on its face to the requirements
of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request a corrected
instrument, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s, as applicable,
reasonable satisfaction, the Certificate Administrator (if the Certificate Administrator requested the corrected instrument or
upon direction from the Trustee if the Trustee requested the corrected instrument) will provide notice thereof to the Certificateholders
and the Uncertificated VRR Interest Owner.

 

(c)           
Neither the Trustee, the Certificate Administrator nor any of their respective officers, directors, employees, agents or
“control” persons within the meaning of the Act shall have any liability arising out of or in connection with this
Agreement, provided that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed
to relieve the Trustee or the Certificate Administrator, as applicable, or any such person, from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct or its own bad faith; and provided, further,
that:

 

(i)            
Prior to the occurrence of a Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, and after the curing or waiver of all such Servicer Termination Events which may have occurred,
the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, neither the Trustee
nor the Certificate Administrator shall be liable except for the performance of such duties and obligations as are specifically
set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate
Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, the Trustee or the
Certificate Administrator, as applicable, may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any resolutions, certificates, statements, reports, opinions, documents, orders or other instruments furnished
to the Trustee or the Certificate Administrator, as applicable, that

 

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conform on their face to the requirements of this Agreement
without responsibility for investigating the contents thereof;

 

(ii)          
Neither the Trustee nor the Certificate Administrator shall be personally liable for an error of judgment made in good faith
by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee or the Certificate Administrator,
as applicable, was negligent in ascertaining the pertinent facts;

 

(iii)         
Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
50% of the Percentage Interests (or such other percentage as is specified herein for such action) of each affected Class, or of
the Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, as applicable, or exercising any trust or power conferred upon the Trustee or
the Certificate Administrator, as applicable, under this Agreement;

 

(iv)         
Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, agents or
control persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not
the same Person as, or an Affiliate of, the Trustee or the Certificate Administrator, as applicable, and that is selected other
than by the Trustee or the Certificate Administrator, as applicable, performed or omitted in compliance with any custodial or other
agreement, or any act or omission of the Master Servicer, Special Servicer, the Depositor, the Operating Advisor, any Serviced
Companion Loan Holder, the Directing Holder or the Controlling Class Representative or any other third Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)          
Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any
legal action unless such action is incidental to its respective duties as Trustee or Certificate Administrator, as applicable,
in accordance with this Agreement (and, if it does, all reasonable legal expenses and costs of such action shall be expenses and
costs of the Trust Fund) and in its opinion does not expose it to any expense or liability for which reimbursement is not reasonably
assured, and the Trustee or the Certificate Administrator, as applicable, shall be entitled to be reimbursed therefor from the
Collection Account, unless such legal action arises (i) as a result of any willful misconduct, bad faith, fraud or negligence
in the performance of duties of the Trustee or the Certificate Administrator, as the case may be, or by reason of negligent disregard
of the Trustee’s or the Certificate Administrator’s, as the case may be, obligations or duties hereunder, or (ii) as
a result of the breach by the Trustee or the Certificate Administrator, as the case may be, of any of its representations or warranties
contained herein; provided, however, that the Trustee or the Certificate Administrator may in its discretion undertake
any such action

 

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related to its obligations hereunder which it may deem necessary or desirable with respect to this Agreement and
the rights and duties of the parties hereto and the interests of the Certificateholders hereunder;

 

(vi)         
Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge
of such act, failure to act or breach or receives written notice of such act, failure to act or breach from any other party to
this Agreement, any Certificateholder or Certificate Owner, the Uncertificated VRR Interest Owner, a Risk Retention Consultation
Party, a Serviced Companion Loan Holder, the Directing Holder or the Controlling Class Representative; and

 

(vii)              
Except in the event of the Trustee’s or Certificate Administrator’s, as applicable, willful misconduct, bad
faith or fraud, in no event shall the Trustee or the Certificate Administrator, as applicable, be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee
or the Certificate Administrator, as applicable, has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

None of the provisions
contained in this Agreement shall require the Trustee or the Certificate Administrator, in its capacity as Trustee or the Certificate
Administrator, as applicable, to expend or risk its own funds, or otherwise incur financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as applicable, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. None of the provisions contained in this Agreement shall in any event require the Trustee to perform, or be responsible
for the manner of performance of, any of the obligations of the Master Servicer (other than the obligations to make Advances under
Sections 3.20 and 4.06 of this Agreement), the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer under this Agreement, except during such time, if any, as the Trustee shall be the successor
to, and be vested with the rights, duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance
with the terms of this Agreement. None of the provisions contained in this Agreement shall in any event require the Certificate
Administrator to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer, the
Special Servicer, the Trustee, the Operating Advisor or the Asset Representations Reviewer under this Agreement. Neither the Trustee
nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance of
its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on
any investment of funds pursuant to this Agreement (other than any funds invested with it in its commercial capacity or at its
discretion).

 

(d)          
The Operating Advisor, the Master Servicer, the Special Servicer or the Trustee may at any time request from the Certificate
Administrator written confirmation of whether any Control Termination Event or Consultation Termination Event occurred during the
previous calendar year and the Certificate Administrator shall deliver such

 

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confirmation, based on information in its possession,
to the requesting party within ten (10) Business Days of such request. Further, the Certificate Administrator shall post a “special
notice” on the Certificate Administrator’s Website within ten (10) days of its determination (or its receipt of
notice) of the commencement or cessation of any Control Termination Event or Consultation Termination Event.

 

Section 8.02              
Certain Matters Affecting the Trustee and the Certificate Administrator.

 

(a)           
Except as otherwise provided in Section 8.01 of this Agreement:

 

(i)            
Each of the Trustee and the Certificate Administrator may request and/or rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate Administrator shall
have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)          
Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with such written advice of such counsel or Opinion of Counsel;

 

(iii)         
(A) Neither the Trustee nor the Certificate Administrator shall be under any obligation to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as applicable, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as applicable, against
the costs, expenses and liabilities which may be incurred therein or thereby; and

 

(B)          
the right of the Trustee or the Certificate Administrator, as applicable, to perform any discretionary act enumerated in
this Agreement shall not be construed as a duty, and neither the Trustee nor the Certificate Administrator shall be answerable
for other than its negligence or willful misconduct in the performance of any such act;

 

provided that subject
to the foregoing clause (A), nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of
a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge,
to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;

 

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(iv)         
Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, Affiliates,
agents or “control” persons within the meaning of the Act shall be personally liable for any action taken, suffered
or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as applicable, to be authorized
or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)          
Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% (or such other
percentage as is specified herein) of the Percentage Interests of any affected Class; provided, however, that if
the payment within a reasonable time to the Trustee or the Certificate Administrator, as applicable, of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate
Administrator, as applicable, not reasonably assured to the Trustee or the Certificate Administrator, as applicable, by the security
afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require reasonable
indemnity against such expense or liability as a condition to taking any such action. The reasonable expense of every such investigation
shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event
or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer
or the Operating Advisor, respectively and if such investigation results from such Servicer Termination Event or Operating Advisor
Termination Event, and otherwise by the Certificateholders requesting the investigation;

 

(vi)         
Each of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys but shall not be relieved of its obligations hereunder; and

 

(vii)              
For purposes of this Agreement, the Trustee or the Certificate Administrator, as applicable, shall have notice of an event
only when a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice or
obtains actual knowledge of such event.

 

(b)          
Following the Startup Day, neither the Trustee nor the Certificate Administrator shall, except as expressly required by
any provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator,
as applicable, shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting
such contribution) to the effect that the inclusion of such assets in the Trust Fund will not cause any Trust REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding
or subject a Trust REMIC to any tax under the

 

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REMIC Provisions or other applicable provisions of federal, state and local law or
ordinances.

 

(c)           
All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate
Administrator, as applicable, may be enforced by it without the possession of any of the Certificates, or the production thereof
at the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought
in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

Neither the Trustee nor
the Certificate Administrator shall have any duty to conduct any affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by the Depositor pursuant to this Agreement or the eligibility of any Mortgage Loan
for purposes of this Agreement.

 

(d)          
Neither the Trustee nor the Certificate Administrator shall be responsible for delays or failures in performance resulting
from acts beyond its control (such acts to include but are not limited to acts of God, strikes, lockouts, riots and acts of war).

 

(e)           
Each of the Custodian, the Rule 17g-5 Information Provider, Authenticating Agent, Paying Agent and Certificate Registrar
shall be entitled to the same rights, indemnities, immunities, benefits (other than compensation), privileges and protections afforded
to the Certificate Administrator hereunder in the same manner as if such party were the named Certificate Administrator herein
mutatis mutandis.

 

(f)           
Notwithstanding anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from
the Trustee or the Certificate Administrator that the Trustee or the Certificate Administrator, as applicable, deems to contain
confidential, proprietary, and/or sensitive information may be encrypted. The recipient (the “E-mail Recipient”)
of the encrypted e-mail communication will be required to complete a registration process. Instructions on how to register and/or
retrieve an encrypted message will be included in the first secure e-mail sent by the Trustee or the Certificate Administrator,
as applicable, to the E-mail Recipient.

 

(g)          
No provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee or the
Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of
its duties or obligations under the Loan Documents, or to exercise any right or power thereunder, to the extent that taking or
omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which
determination may be based on Opinion of Counsel).

 

(h)          
In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering including
Section 326 of the USA PATRIOT Act (for purposes of this clause (h), “Applicable Law”), each of the
Trustee and the Certificate Administrator is required to obtain, verify, record

 

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and update certain information relating to individuals
and entities that maintain a business relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly,
each of the parties hereto agrees to provide to the Trustee or the Certificate Administrator, as applicable, upon its request from
time to time, such identifying information and documentation as may be available for such party in order to enable the Trustee
or the Certificate Administrator, as applicable, to comply with Applicable Law.

 

Section 8.03              
Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Trust Loans. The recitals contained
herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates)
shall not be taken as the statements of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or
the Operating Advisor, and the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating
Advisor assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer and the Operating Advisor make no representations or warranties as to the validity or sufficiency of this Agreement, of
the Certificates or any prospectus used to offer the Certificates for sale or the validity, enforceability or sufficiency of any
Trust Loan or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Trust Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: the existence,
condition and ownership of any Mortgaged Property; the existence of any hazard or other insurance thereon (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement,
in the Trustee’s capacity as Master Servicer or Special Servicer) or the enforceability thereof; the existence of any
Trust Loan or the contents of the related Mortgage File on any computer or other record thereof (other than if the Trustee shall
assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the
Trustee’s capacity as Master Servicer or Special Servicer); the validity of the assignment of any Trust Loan to the Trust
Fund or of any intervening assignment; the completeness of any Mortgage File (except for its review thereof pursuant to Section 2.02);
the performance or enforcement of any Trust Loan (other than if the Trustee shall assume the duties of the Master Servicer or the
Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or
Special Servicer); the compliance by the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor with any
warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation
prior to the Trustee’s receipt of notice or other discovery of any non-compliance therewith or any breach thereof; any investment
of moneys by or at the direction of the Master Servicer or any loss resulting therefrom (other than if the Trustee shall assume
the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s
capacity as Master Servicer or Special Servicer), it being understood that the Trustee shall remain responsible for any Trust Fund
property that it may hold in its individual capacity; the acts or omissions of any of the Depositor, the Master Servicer, the Special
Servicer or the Operating Advisor (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or
any Sub-Servicer or any Mortgagor; any action of the Master Servicer, the Special Servicer or the Operating Advisor (other

 

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than
if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this
Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or any Sub-Servicer taken in the name of
the Trustee except to the extent such action is taken at the express written direction of the Trustee; the failure of the Master
Servicer or the Special Servicer or any Sub-Servicer to act or perform any duties required of it on behalf of the Trust Fund or
the Trustee as applicable hereunder; or any action by or omission of the Trustee taken at the instruction of the Master Servicer
or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant
to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) unless
the taking of such action is not permitted by the express terms of this Agreement; provided, however, that the foregoing
shall not relieve the Trustee or the Certificate Administrator, as applicable, of its obligation to perform its duties as specifically
set forth in this Agreement. Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application
by the Depositor of any of the Certificates or the Uncertificated VRR Interest issued to it or of the proceeds of the sale of such
Certificates or the Uncertificated VRR Interest, or for the use or application of any funds paid to the Depositor, the Master Servicer
or the Special Servicer in respect of the Trust Loans or deposited in or withdrawn from the Collection Account, the Distribution
Account, the Lock Box Account, the Escrow Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account,
the Excess Interest Distribution Account or any other account maintained by or on behalf of the Master Servicer or the Special
Servicer, other than any funds held by the Trustee or the Certificate Administrator, as applicable. Neither the Trustee nor the
Certificate Administrator shall have responsibility for filing any financing or continuation statement in any public office at
any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless in
the case of the Trustee, the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making
any calculation hereunder which includes as a component thereof the payment or distribution of interest for a stated period at
a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate Administrator, as applicable,
shall assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator, as
applicable, has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the impermissibility)
to the effect that such payment is not permitted by applicable law.

 

Section 8.04              
Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any
agent of the Trustee or the Certificate Administrator, each, in its individual capacity or any other capacity, may become the owner
or pledgee of Certificates, and may deal with the Depositor and the Master Servicer in banking transactions, with the same rights
it would have if it were not Trustee, the Certificate Administrator or such agent, as the case may be.

 

Section 8.05              
Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification.

 

(a)           
As compensation for the performance of its duties hereunder, the Trustee shall be paid its portion of the Trustee/Certificate
Administrator Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee. As compensation for
the performance of its duties hereunder, the Certificate Administrator shall be paid its portion of the Trustee/Certificate Administrator
Fee, which shall cover recurring and

 

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otherwise reasonably anticipated expenses of the Certificate Administrator. The Certificate
Administrator shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. The Trustee/Certificate
Administrator Fee shall be paid monthly on a Trust Loan-by-Trust Loan basis. The Trustee/Certificate Administrator Fee (which in
each case shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall
constitute the Trustee’s and the Certificate Administrator’s sole form of compensation for all services rendered by
each of them in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties
of the Trustee or the Certificate Administrator, as applicable, hereunder. No Trustee/Certificate Administrator Fee shall be payable
with respect to any Companion Loan (other than the Trust Subordinate Companion Loan). Any Trustee/Certificate Administrator Fee
payable with respect to the Mortgage Loans shall be payable solely from collections with respect to the Mortgage Loans, and any
Trustee/Certificate Administrator Fee with respect to the Trust Subordinate Companion Loan shall be payable solely from collections
with respect to the Trust Subordinate Companion Loan. In the event that the Trustee assumes the servicing responsibilities of the
Master Servicer or the Special Servicer hereunder pursuant to or otherwise arising from the resignation or removal of the Master
Servicer or the Special Servicer, the Trustee shall be entitled to the compensation to which the Master Servicer or the Special
Servicer, as the case may be, would have been entitled.

 

(b)          
Each of the Trustee and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for
all reasonable expenses, disbursements and, except for Advances otherwise reimbursable hereunder, advances incurred or made by
the Trustee or the Certificate Administrator, as applicable, pursuant to and in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its
employ) to the extent such payments are “unanticipated expenses” as described in clause (d) below, except
any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct; provided, however,
that, subject to Section 8.01 and Section 8.02 of this Agreement, neither the Trustee nor the Certificate
Administrator shall refuse to perform any of its duties hereunder solely as a result of the failure to be paid the Trustee/Certificate
Administrator Fee or the Trustee’s expenses or the Certificate Administrator’s expenses, as applicable.

 

The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable out-of-pocket expenses incurred or made
by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special Servicer,
respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the Special
Servicer, in accordance with any of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements
of its counsel and all other persons not regularly in its employ), except any such expenses as may arise from the negligence or
bad faith of the Trustee.

 

(c)           
Each of the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian,
the Trustee, the Depositor, the Master Servicer and the Special Servicer (each, an “Indemnifying Party”) shall
indemnify

 

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the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the
Custodian and their respective Affiliates and each of the directors, officers, employees and agents of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Administrator, the Certificate Registrar, the Custodian and their respective Affiliates (each,
an “Indemnified Party”) for, and hold each of them harmless against, any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that
the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements
of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party
or between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective
willful misconduct, bad faith, fraud and/or negligence in the performance of each of its respective obligations or duties hereunder
or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Paying Agent, the Authenticating
Agent, the Trustee, the Certificate Registrar, the Custodian and the Certificate Administrator shall indemnify each of the Master
Servicer and the Special Servicer and its Affiliates and each of the directors, officers, employees and agents of each of the Master
Servicer and the Special Servicer and its Affiliates (each, a “Servicer Indemnified Party”) for, and hold each
of them harmless against, any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees
and related costs, judgments, and any other costs, fees and expenses that the Servicer Indemnified Party may sustain in connection
with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Servicer Indemnified
Party in any action or proceeding between the Trustee, the Paying Agent, the Authenticating Agent, the Certificate Registrar, the
Custodian or the Certificate Administrator, as applicable, and the Servicer Indemnified Party or between the Servicer Indemnified
Party and any third party or otherwise) related to the Trustee’s, the Authenticating Agent’s, the Paying Agent’s,
the Certificate Registrar’s, the Custodian’s or the Certificate Administrator’s respective willful misconduct,
bad faith, fraud and/or negligence in the performance of each of its respective duties hereunder or by reason of negligent disregard
of its respective obligations and duties hereunder. Each of the Authenticating Agent, the Paying Agent, the Certificate Registrar,
the Custodian, the Certificate Administrator and the Trustee shall indemnify the Depositor, each Sponsor, any employee, director
or officer of the Depositor or any Sponsor, and the Trust Fund (each an “Other Indemnified Party”) for, and
hold each of them harmless against, any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’
fees and expenses incurred by the Other Indemnified Party in any action or proceeding between the Authenticating Agent, the Paying
Agent, the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as applicable, and the Other Indemnified
Party or between the Other Indemnified Party and any third party or otherwise) incurred by such parties (i) as a result of
any willful misconduct, bad faith, fraud or negligence in the performance of the obligations or duties of the Authenticating Agent,
the Paying Agent, the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as the case may be, or
by reason of negligent disregard of the Authenticating Agent, the Paying Agent’s, the Certificate Registrar’s, the
Custodian’s, the Certificate Administrator’s or the Trustee’s, as the case may be, obligations or duties hereunder,
or (ii) as a result of the breach by the Authenticating Agent, the Paying Agent, the Certificate

 

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Registrar, the Custodian,
the Certificate Administrator or the Trustee, as the case may be, of any of its representations or warranties contained herein,
or (iii) as a result of or relating to a violation of the Exchange Act or Regulation RR if such violation, in whole or in part,
results from or arises out of a breach by the Authenticating Agent, the Paying Agent, the Certificate Registrar or the Certificate
Administrator, as the case may be, of any of its obligations under Section 5.02(f) and Section 5.03(i)
of this Agreement.

 

(d)          
The Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and
expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees
and disbursements of counsel and of all persons not regularly in its employ incurred by the Indemnified Party in any action or
proceeding between the Trust Fund and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising
in respect of this Agreement, the Certificates or the Uncertificated VRR Interest, in each case to the extent and only to the extent,
such payments are expressly reimbursable under this Agreement, or are unanticipated expenses (as defined below), other than (i) those
resulting from the negligence, fraud, bad faith or willful misconduct, or negligent disregard of obligations and duties hereunder,
of the Indemnified Party and (ii) except to the extent such amounts are not paid pursuant to this Section 8.05,
those as to which such Indemnified Party is entitled to indemnification pursuant to Section 8.05(c). The term “unanticipated
expenses” shall include any fees, expenses and disbursements of the Trustee or the Certificate Administrator or any separate
trustee or co-trustee or certificate administrator appointed hereunder, only to the extent such fees, expenses and disbursements
were not reasonably anticipated as of the Closing Date, and the losses, liabilities, damages, claims or incremental expenses (including
reasonable attorneys’ fees) incurred or, except in the case of an Advance otherwise reimbursable hereunder, advanced
by an Indemnified Party in connection with (i) a default under any Trust Loan and (ii) any litigation arising out of
this Agreement, including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11,
Section 4.05 and Section 7.01 of this Agreement. The right of reimbursement of the Indemnified Parties
under this Section 8.05(d) shall be senior to the rights of all Certificateholders and the Uncertificated VRR
Interest Owner.

 

(e)           
Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity
of this Agreement or the resignation or removal of the Trustee or the Certificate Administrator, as applicable, as regards rights
accrued prior to such resignation or removal and (with respect to any acts or omissions during their respective tenures) the
resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Authenticating Agent, the
Certificate Registrar or the Custodian.

 

(f)           
This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation,
expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law
or environmental matter.

 

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Section 8.06              
Eligibility Requirements for the Trustee and the Certificate Administrator. Each of the Trustee and the Certificate
Administrator hereunder shall at all times be a corporation or association organized and doing business under the laws of any state
or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement, having a combined capital and surplus of at least $100,000,000, and subject to supervision or examination
by federal or state authority, and the Trustee shall not be an Affiliate of any other member of the Restricted Group (other than
an Underwriter and, during any period when the Trustee has assumed the duties of the Master Servicer pursuant to Section 7.02,
the Master Servicer). The Trustee is required to maintain (A) a rating on its unsecured long term-debt of at least “BBB+”
by S&P, (B) a rating on its unsecured long term-debt of at least “A” by Fitch or a rating on its short-term
debt of at least “F1” by Fitch and (C) a rating on its unsecured long term-debt of at least “A” by DBRS
Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by two (2) other NRSROs (which may include S&P and
Fitch); provided, however, that Wilmington Trust, National Association as the initial trustee will be deemed to have met
the eligibility requirements in (A) through (C) above for so long as (a) it has a rating on its unsecured long-term debt of at
least “BBB” from S&P and a short term debt rating of at least “A-2” from S&P, (b) it has a rating
on its unsecured long-term debt of at least “BBB” by Fitch or a rating on its short-term debt of at least “F2”
by Fitch, (c) it has a rating on its unsecured long-term debt of at least “A(low)” by DBRS Morningstar and a rating
on its short-term debt of at least “R-1(low) by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating
by two (2) other NRSROs (which may include S&P and Fitch)) and (d) the Master Servicer has (i) a rating on its unsecured long-term
debt of at least “A” by S&P and a rating on its short-term debt of at least “A-1” from S&P, (ii)
a rating on its unsecured long-term debt of at least “A” by Fitch or a rating on its short-term debt of at least “F1”
by Fitch and (iii) a rating on its unsecured long-term debt of at least “A” by DBRS Morningstar (or, if not rated by
DBRS Morningstar, an equivalent rating by two (2) other NRSROs (which may include S&P and Fitch) (or, in the case of any Rating
Agency’s rating requirement set forth above in this sentence, such other rating with respect to which the applicable Rating
Agency has provided a Rating Agency Confirmation). In addition, the Trustee shall satisfy the requirements for a trustee contemplated
by clause (a)(4)(i) of Rule 3a-7 under the Investment Company Act. The Certificate Administrator is required to maintain a rating
on its unsecured long term debt of at least (A) “BBB+” by S&P (or “BBB” by S&P if the Certificate
Administrator’s unsecured short term debt is rated at least “A-2” by S&P), (B) “BBB+” by Fitch
and (C) at least “BBB” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by two (2) other
NRSROs (which may include S&P and Fitch) (or, in the case of any Rating Agency’s rating requirement set forth above in
this sentence, such other rating with respect to which the applicable Rating Agency has provided a Rating Agency Confirmation).
If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In the
event that the place of business from which the Trustee or the Certificate Administrator, as applicable, administers the Trust
Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a Trust REMIC (other than a tax
corresponding to a tax imposed under the REMIC Provisions) the Trustee or the Certificate Administrator, as applicable, shall
elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay
such tax from its own funds and continue as Trustee or Certificate

 

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Administrator, as applicable, or (iii) administer the Trust
Fund from a state and local jurisdiction that does not impose such a tax. In case at any time the Trustee or the Certificate Administrator
shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as
applicable, shall resign immediately in the manner and with the effect specified in Section 8.07.

 

Section 8.07              
Resignation and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate
Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the other
such party, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificateholders, the Uncertificated VRR Interest Owner, the Serviced Companion Loan Holders and, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider.
Upon such notice of resignation, the Master Servicer shall promptly appoint a successor Trustee or the Certificate Administrator,
as applicable, with respect to which the Rating Agencies have provided a Rating Agency Confirmation to the resigning Trustee or
Certificate Administrator, as applicable, and the successor Trustee or Certificate Administrator, as applicable. If no successor
Trustee or Certificate Administrator, as applicable, shall have been so appointed and have accepted appointment within 90 days
after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as applicable, may petition
any court of competent jurisdiction for the appointment of a successor Trustee or Certificate Administrator, as applicable, and
such petition will be an expense of the Trust Fund. Except as set forth in the immediately preceding sentence, the Trustee or the
Certificate Administrator, as applicable, shall bear all reasonable out-of-pocket costs and expenses of each other party hereto
and each Rating Agency in connection with its resignation (including, but not limited to, the costs of assigning Trust Loans by
reason of change in Trustee).

 

If at any time either
the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06
and shall fail to resign after written request therefor by the Depositor or Master Servicer, or if at any time either the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as applicable, or of its property shall be appointed, or any public officer shall
take charge or control of the Trustee or the Certificate Administrator, as applicable, or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Certificate Administrator, as
applicable, and promptly appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument, which
shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and to the successor Trustee or Certificate
Administrator, as applicable. The Holders of Certificates entitled to more than 50% of the Voting Rights allocated to all of the
Certificates may at any time, with prior written notice, remove the Trustee or the Certificate Administrator and appoint a successor
Trustee or the Certificate Administrator, as applicable, by written instrument or instruments, in five originals, signed by such
Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor,
one complete set to the Master Servicer, one complete set to the Trustee (in connection with the removal of the Certificate Administrator),
one complete set to the Certificate Administrator (in connection with the removal of the Trustee), one complete set to the Trustee
or Certificate Administrator, as applicable, so removed and one

 

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complete set to the successor Trustee or Certificate Administrator,
as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion Loan Holders.

 

In the event that the
Trustee or the Certificate Administrator is terminated or removed pursuant to this Section 8.07, all of its rights
and obligations under this Agreement and in and to the Mortgage Loans or Serviced Loan Combinations shall be terminated, other
than any rights or obligations that accrued prior to the date of such termination or removal (including the right to receive all
fees, expenses and other amounts (including Advances and any accrued interest thereon) accrued or owing to it under this Agreement,
with respect to periods prior to the date of such termination or removal, and no termination without cause shall be effective until
the payment of such amounts to the Trustee or the Certificate Administrator, as applicable). The Trustee or the Certificate Administrator,
as applicable, will bear all reasonable out-of-pocket costs and expenses of each other party hereto and each Rating Agency in connection
with its termination or removal; provided that if the Trustee or the Certificate Administrator, as applicable, is terminated
without cause by the Holders of Certificates evidencing more than 50% of the Voting Rights allocated to all of the Certificates
as provided in the immediately preceding paragraph, then such Holders will be required to pay all the reasonable costs and expenses
of the Trustee or the Certificate Administrator, as applicable, necessary to effect the transfer of the rights and obligations
(including, if applicable, custody of any Mortgage Files in its possession) of the Trustee or Certificate Administrator, as applicable,
to a successor trustee or certificate administrator.

 

Any resignation or removal
of the Trustee or the Certificate Administrator and appointment of a successor Trustee or Certificate Administrator, as applicable,
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment
by the successor Trustee or successor Certificate Administrator, as applicable, as provided in Section 8.08 and (ii)
the filing by or on behalf of the Trust of a Form 8-K with respect to such resignation, removal and/or appointment as contemplated
by the fifth paragraph of Section 10.07.

 

Upon the resignation
or upon the termination of the Trustee, the outgoing Trustee shall (subject to the terms of the third paragraph of this Section 8.07),
at its own expense, ensure that prior to its transfer of duties to any successor (to the extent such Loan Document was assigned
or endorsed to the Trustee), (A) the original executed Note for each Trust Loan, is endorsed (without recourse, representation
or warranty, express or implied) to the order of the successor, as trustee for the registered holders of Benchmark 2021-B23 Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23, and the Uncertificated VRR Interest Owner or in blank,
and (B) in the case of the other Loan Documents, are assigned (and, other than in connection with the removal of the Trustee
without cause, recorded as appropriate) to such successor, and such successor shall review the documents delivered to it or the
Custodian with respect to each Trust Loan, and certify in writing that, as to each Trust Loan then subject to this Agreement, such
endorsement and assignment has been made. The outgoing Trustee shall provide copies of the documentation provided for in items
(A) and (B) above to the Master Servicer, in each case to the extent such copies are not already in the Master Servicer’s
possession. If the Trustee is removed without cause, the Loan Documents identified in clause (B) of the preceding sentence
shall, if appropriate, be recorded by the successor trustee if so required by the Master Servicer or the Special Servicer and at
the expense of the Trust (for so long as no Control Termination Event is continuing, with the consent of the Controlling Class Representative,
and during the continuance

 

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of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination
Event, after consultation with the Controlling Class Representative).

 

Section 8.08              
Successor Trustee or Successor Certificate Administrator.

 

(a)           
Any successor Trustee or Certificate Administrator appointed as provided in Section 8.07 of this Agreement shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to the predecessor Trustee or
Certificate Administrator, as applicable, as the case may be, instruments accepting their appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Certificate Administrator, as applicable, shall become effective and such
successor Trustee or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally
named as Trustee or Certificate Administrator, as applicable, herein, provided that a Rating Agency Confirmation shall be
obtained from each Rating Agency with respect to the appointment of such successor Trustee or Certificate Administrator. In connection
with the appointment of a successor Certificate Administrator, the predecessor Certificate Administrator (or a Custodian appointed
by it) shall deliver to the successor Certificate Administrator all Mortgage Files and related documents and statements held by
it hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the predecessor Trustee or Certificate
Administrator, as applicable, shall execute and deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor Trustee or Certificate Administrator, as applicable, all such
rights, powers, duties and obligations. No successor Trustee or Certificate Administrator shall accept appointment as provided
in this Section 8.08 unless at the time of such acceptance such successor Trustee or Certificate Administrator, as
applicable, shall be eligible under the provisions of Section 8.06. In no event may the Operating Advisor, the Asset
Representations Reviewer or any of their Affiliates be appointed as successor Trustee or successor Certificate Administrator.

 

Upon acceptance of appointment
by a successor Trustee or Certificate Administrator, as applicable, as provided in this Section 8.08, the Depositor
shall mail notice of the succession of such Trustee or Certificate Administrator, as applicable, hereunder to all Holders of Certificates
at their addresses as shown in the Certificate Register, to the Uncertificated VRR Interest Owner and to the Companion Loan Holders.
If the Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee or Certificate
Administrator, the successor Trustee or Certificate Administrator, as applicable, shall cause such notice to be mailed at the expense
of the Depositor.

 

(b)          
Any successor Trustee or Certificate Administrator appointed pursuant to this Agreement shall satisfy the eligibility requirements
set forth in Section 8.06 hereof.

 

Section 8.09              
Merger or Consolidation of the Trustee or the Certificate Administrator. Any entity into which the Trustee or the
Certificate Administrator may be merged or converted, or with which the Trustee or the Certificate Administrator, as applicable,
may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the

 

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Trustee or the Certificate
Administrator, as applicable, shall be a party, or any entity succeeding to the corporate trust business of the Trustee or the
Certificate Administrator, as applicable, shall be the successor of the Trustee or the Certificate Administrator, as applicable,
hereunder, provided such entity shall be eligible under the provisions of Section 8.06 without the execution or filing
of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

Section 8.10              
Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund, the assets thereof or any property
securing the same may at the time be located, the Depositor and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons to act (at the expense of (i) the Trustee, if the need to appoint
such co-trustee(s) arises from any change in or matter relating to the identity, organization, status, power, conflicts, internal
policy or other development or matter with respect to the Trustee, and/or (ii) the Trust Fund, if the need to appoint such
co-trustee(s) arises from a change in applicable law or the identity, status or power of the Trust Fund; provided, however,
that in the event the need to appoint such co-trustee(s) arises from a combination of the events described in clause (i) and
clause (ii), the expense shall be split evenly between the Trustee and the Trust Fund; and provided, further,
that in the event the need to appoint such co-trustee(s) arises from none of the events described in clause (i) and clause (ii),
such appointment shall be at the expense of the Trust Fund) as co-trustee or co-trustees, jointly with the Trustee, or separate
trustee or separate trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such
title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers,
duties, obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall
not be in existence or shall not have joined in such appointment within 15 days after the receipt by it of a request so to
do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make
such appointment. Except as required by applicable law, the appointment of a co-trustee or separate trustee shall not relieve the
Trustee of its responsibilities, obligations and liabilities hereunder. No co-trustee or separate trustee hereunder shall be required
to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders of Certificates
or the Uncertificated VRR Interest Owner of the appointment of co-trustee(s) or separate trustee(s) shall be required
under Section 8.08 hereof.

 

In the case of any appointment
of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee
or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate
trustee or co-trustee solely at the direction of the Trustee.

 

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The Depositor and the
Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee, or if the separate
trustee or co-trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate
trustee or co-trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate trustee or co-trustee be entitled to any provision relating
to the conduct of, affecting the liability of, or affording protection to, such separate trustee or co-trustee that imposes a standard
of conduct less stringent than that imposed on the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate trustee
or co-trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.

 

Section 8.11              
Access to Certain Information.

 

(a)           
The Trustee, the Certificate Administrator and the Custodian shall afford to any Privileged Person (including the Operating
Advisor and the related Directing Holder) access to any documentation (other than any Privileged Information) regarding the Trust
Loans or the other assets of the Trust Fund that are in its possession or within its control. Such access shall be afforded without
charge but only upon reasonable prior written request and during normal business hours at the offices of the Trustee, the Certificate
Administrator or the Custodian, as applicable.

 

(b)          
The Certificate Administrator shall maintain at its offices (or, in the case of the Mortgage Files, the Certificate Administrator
shall maintain or cause to be maintained at its offices or the offices of a Custodian appointed by it) (and, upon reasonable prior
written request and during normal business hours, shall make available or cause to be made available) for review by any Privileged
Person originals and/or copies of the following items (to the extent such items were prepared by or delivered to the Certificate
Administrator (or a Custodian appointed by it)):

 

(i)            
the Prospectus;

 

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(ii)          
this Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any),
the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto;

 

(iii)         
all Certificate Administrator reports made available to holders of each relevant Class of Certificates since the Closing
Date;

 

(iv)         
all Distribution Date Statements and all CREFC® reports actually delivered or otherwise made available to
Certificateholders pursuant to Section 4.02 of this Agreement since the Closing Date;

 

(v)          
the annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s
Certificates delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date
pursuant to Section 10.10 of this Agreement;

 

(vi)         
the annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the
Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;

 

(vii)         the most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable,
and delivered to the Certificate Administrator in respect of each Mortgaged Property pursuant to Section 3.18 of this
Agreement;

 

(viii)        any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to
which the environmental testing contemplated by Section 3.10(e) of this Agreement revealed that neither of the conditions
set forth in clauses (i) and (ii) thereof was satisfied;

 

(ix)         
the Mortgage Files, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the
Serviced Loan Combinations) entered into or consented to by the Master Servicer, the Special Servicer, any Outside Servicer or
any Outside Special Servicer and delivered to the Certificate Administrator (or a Custodian appointed by it) pursuant to Section 3.24
of this Agreement;

 

(x)          
the summary of each Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.21(b)
of this Agreement and the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master Servicer
or the Special Servicer, as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together with
the other information specified in Section 4.02(b) of this Agreement;

 

(xi)         
any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support
its or the Master Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable
Advance;

 

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(xii)          notice of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, any Outside Servicer, any Outside Special Servicer or any Outside Trustee
(and appointments of successors thereto);

 

(xiii)         all Special Notices;

 

(xiv)         any Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator in electronic format;
and

 

(xv)          any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A;

 

provided that any such Privileged
Person that is a Certificateholder or Certificate Owner shall have delivered to the Certificate Administrator an appropriate Investor
Certification; and provided, further, that in no event shall an Excluded Controlling Class Holder be entitled
to Excluded Information with respect to an Excluded Controlling Class Mortgage Loan with respect to which it is a Borrower
Party.

 

Subject to the two (2)
provisos to the previous sentence, the Certificate Administrator shall provide, or cause to be provided, copies of any and all
of the foregoing items upon reasonable written request of any of the parties set forth in the previous sentence.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

Article
IX

TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE

 

Section 9.01              
Termination; Optional Trust Loan Purchase.

 

(a)           
The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby with respect to the Certificates,
the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest Owner as hereinafter set forth and
to make any required remittances to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs
and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the purchase by Holders
of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates of all the Trust
Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (c), (ii) the
exchange by the Remaining Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and
REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (h) and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in

 

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the Trust Fund; provided, however, that in no event shall the trust created hereby continue beyond the
expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the United Kingdom, living on the date hereof. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

(b)          
In connection with a termination contemplated by Section 9.01(a) of this Agreement, the Trust REMICs outstanding
shall be terminated and the assets of the Lower-Tier REMIC, the MGM Grand & Mandalay Bay REMICs and the 360 Spear REMIC shall
be sold or otherwise disposed of in connection therewith, pursuant to a “plan of complete liquidation” within the meaning
of Code Section 860F(a)(4)(A) providing for the actions contemplated by the provisions hereof pursuant to which the applicable
Notice of Termination is given and requiring that the assets of the Lower-Tier REMIC, the MGM Grand & Mandalay Bay REMICs and
the 360 Spear REMIC shall be sold for cash and that each such Trust REMIC shall terminate on a Distribution Date occurring not
more than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b),
the Notice of Termination given pursuant to Section 9.01(c) shall constitute the adoption of the plan of complete
liquidation as of the date such notice is given, which date shall be specified by the Certificate Administrator in the final federal
income tax returns of each Trust REMIC. Notwithstanding the termination of the Trust REMICs, or the Trust Fund, the Certificate
Administrator shall be responsible for filing the final Tax Returns for the Trust REMICs and for the Grantor Trust for the period
ending with such termination, and shall maintain books and records with respect to the Trust REMICs and the Grantor Trust for the
period for which it maintains its own tax returns or other reasonable period.

 

(c)           
The Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may
(or, if such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer
or, if none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to this Agreement (whereupon the Master
Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the
Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and in the case of any
such Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion Loan Holder(s)
provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of
the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage
Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the
sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless
the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of
such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,

 

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minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination by the Holder
of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to this Agreement
or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant to this Section 9.01(c) shall
be borne by the party exercising its purchase rights hereunder. The Certificate Administrator shall be entitled to rely conclusively
on any determination made by an Appraiser pursuant to this subsection (c).

 

(d)          
If the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (h) of
this Section 9.01, the Certificate Administrator shall determine as soon as practicable the Distribution Date on which
the Certificate Administrator reasonably anticipates, based on information with respect to the Mortgage Loans previously provided
to it, that the final distribution will be made (i) to the Holders of outstanding Regular Certificates (exclusive of the Class
VRR Certificates), to the Holders of outstanding Class VRR Certificates and the Uncertificated VRR Interest Owner and to the
Certificate Administrator in respect of the Lower-Tier Regular Interests and the 360 Spear Regular Interests, notwithstanding that
such distribution may be insufficient to distribute in full an amount equal to the remaining Certificate Balance, Uncertificated
VRR Interest Balance, Lower-Tier Principal Balance or 360 Spear Principal Balance, as applicable, of each such Class of Certificates,
the Uncertificated VRR Interest, and each such Lower-Tier Regular Interests and 360 Spear Regular Interests, together with amounts
required to be distributed on such Distribution Date pursuant to Section 4.01 of this Agreement (or, if the Regular
Certificates and the Uncertificated VRR Interest are no longer outstanding, to the Holders of the Class R Certificates) and
(ii) to the Holders of the Grantor Trust Certificates and the Uncertificated VRR Interest Owner, of any amount remaining in the
Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution
Account and/or the Excess Liquidation Proceeds Reserve Account, as applicable, in any case, following the later to occur of (a) the
receipt or collection of the last payment due on any Trust Loan included in the Trust Fund or (b) the liquidation or disposition
pursuant to Section 3.17 of this Agreement of the last asset held by the Trust Fund.

 

(e)           
Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate
Administrator to affected Certificateholders and the Uncertificated VRR Interest Owner at their addresses shown in the Certificate
Register

 

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(with a copy to the Master Servicer, the Special Servicer and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider) as soon as practicable
after the Certificate Administrator shall have received, given or been deemed to have received a Notice of Termination but in any
event not more than thirty days, and not less than ten days, prior to the Anticipated Termination Date. The notice mailed
by the Certificate Administrator to affected Certificateholders and the Uncertificated VRR Interest Owner shall:

 

(i)            
specify the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates
of the Classes specified therein and the Uncertificated VRR Interest Owner;

 

(ii)          
specify the amount of any such final distribution, if known; and

 

(iii)         
state that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates
at the office of the Paying Agent therein specified and to the Uncertificated VRR Interest Owner only upon delivery of a written
instrument surrendering the Uncertificated VRR Interest and acknowledging that such distribution is the final distribution.

 

If the Trust Fund is
not terminated on any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof
to each affected Certificateholder.

 

(f)           
Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
or the failure of the Uncertificated VRR Interest Owner to surrender the Uncertificated VRR Interest shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders or the non-surrendering Uncertificated VRR Interest
Owner, whereupon the Trust Fund shall terminate. If any Certificates or Uncertificated VRR Interest as to which notice of the Termination
Date has been given pursuant to this Section 9.01 shall not have been surrendered for cancellation within six months
after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders
or Uncertificated VRR Interest Owner, as applicable, at their last addresses shown in the Certificate Register, to surrender their
Certificates or Uncertificated VRR Interest, as applicable, for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate or Uncertificated VRR Interest shall
not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps
to contact the remaining Certificateholders or Uncertificated VRR Interest Owner, as applicable, concerning surrender of their
Certificates or Uncertificated VRR Interest, as applicable. The costs and expenses of maintaining such funds and of contacting
Certificateholders or Uncertificated VRR Interest Owner shall be paid out of the assets which remain held. Subject to applicable
state law with respect to escheatment of funds, if within two years after the second notice any Certificates or Uncertificated
VRR Interest shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof or the Uncertificated

 

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VRR Interest Owner, as applicable. No interest shall accrue
or be payable to any Certificateholder or the Uncertificated VRR Interest Owner on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) or the Uncertificated VRR Interest Owner’s failure to surrender the Uncertificated
VRR Interest, as applicable, for final payment thereof in accordance with this Section 9.01.

 

(g)          
For purposes of this Section 9.01, the Remaining Certificateholder shall have the first option to terminate
the Trust Fund pursuant to subsection (h), and then the Holders of the Controlling Class representing more than 50%
of the Certificate Balance of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the
Holders of Class R Certificates representing more than 50% of the Percentage Interests in such Class, in each of the last
four cases, pursuant to subsection (c).

 

(h)          
(i) Following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D
Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-4A1, Class A-4A2, Class A-5,
Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are reduced to zero, the
Remaining Certificateholder shall have the right to exchange all of its Certificates (but excluding the Class S and Class R
Certificates) and the Uncertificated VRR Interest for all of the Trust Loans and each REO Property (and including the Trust
Fund’s interest in any REO Property acquired with respect to the Outside Serviced Mortgage Loans and/or the Serviced Loan
Combinations) remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) by giving written
notice to all the parties hereto no later than 60 days prior to the anticipated date of exchange; provided that such
Remaining Certificateholder shall pay the Master Servicer an amount equal to (i) the product of (A) the Prime Rate, (B) the
aggregate Certificate Balance of the then-outstanding Principal Balance Certificates as of the day of the exchange and (C) three,
divided by (ii) 360. In the event that the Remaining Certificateholder elects to exchange all of the Certificates (other than
the Class S and Class R Certificates) and the Uncertificated VRR Interest for all of the Trust Loans and each REO
Property (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside Serviced Mortgage
Loans and/or the Serviced Loan Combinations) remaining in the Trust Fund in accordance with the preceding sentence, such Remaining
Certificateholder, not later than the Termination Date, shall deposit in the Collection Account an amount in immediately available
funds equal to all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator and the Trustee hereunder through the date of the liquidation of the Trust Fund that may be withdrawn
from the Collection Account or a Distribution Account, but only to the extent that such amounts are not already on deposit in the
Collection Account. Upon confirmation that such final deposits have been made and following the surrender of all remaining Certificates
(other than the Class S and Class R Certificates) and the Uncertificated VRR Interest by the Remaining Certificateholder
on the Termination Date, the Custodian shall, upon receipt of a Request for Release from the Master Servicer, release or cause
to be released to the Remaining Certificateholder or any designee thereof, the Mortgage Files for the remaining Trust Loans and
shall execute all assignments, endorsements and other instruments furnished to it by the Remaining Certificateholder as shall be
necessary to effectuate transfer of the Trust Loans and REO Properties (and including the Trust Fund’s interest in any REO
Property

 

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acquired with respect to the Outside Serviced Mortgage Loans and/or the Serviced Loan Combinations) remaining in the Trust
Fund, and the Trust Fund shall be liquidated in accordance with this Section 9.01. Thereafter, the Trust Fund and the
respective obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee (other than the making of certain payments to Certificateholders,
the Uncertificated VRR Interest Owner and Serviced Companion Loan Holders, sending of certain notices, the maintenance of books
and records and the preparation and filing of final tax returns), shall terminate. Such transfers shall be subject to any rights
of any Sub-Servicers to service (or to perform select servicing functions with respect to) the Trust Loans. For federal income
tax purposes, the Remaining Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC, each MGM Grand
& Mandalay Bay REMIC and the 360 Spear REMIC for an amount equal to the remaining Certificate Balance of its remaining Certificates
(other than the Class S and Class R Certificates) and the principal amount of the Uncertificated VRR Interest, plus accrued
and unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributed
in respect of the Lower-Tier Regular Interests, the related MGM Grand & Mandalay Bay Trust REMIC Regular Interests, the 360
Spear Regular Interests and such Certificates and the Uncertificated VRR Interest. The remaining Trust Loans and REO Properties
(or the Trust’s interests therein) are deemed distributed to the Remaining Certificateholder in liquidation of the Trust
Fund pursuant to this Section 9.01.

 

(ii)          
(A) A Holder of the Loan-Specific Certificates owning a majority of the Percentage Interests of the outstanding Loan-Specific
Controlling Class may (or, if such Holder does not, the Special Servicer, or if neither such Holder nor the Special Servicer
do, the Master Servicer, may also) effect an early termination of the 360 Spear REMIC, upon not less than 30 days’ prior
notice given to the parties (or, if applicable, the other parties) to this Agreement any time on or after any Distribution Date
on which the aggregate Stated Principal Balance of the Trust Subordinate Companion Loan is less than 1% of the Stated Principal
Balance of the Trust Subordinate Companion Loan as of the Cut-off Date, by purchasing on the designated date the Trust Subordinate
Companion Loan and the other assets of the 360 Spear REMIC at a purchase price, payable in cash, equal to (i) the sum of (1) the
applicable Purchase Price and (2) the reasonable out of pocket expenses of the Master Servicer (unless the Master Servicer is the
purchaser of the Trust Subordinate Companion Loan), the Special Servicer (unless the Special Servicer is the purchaser of the Trust
Subordinate Companion Loan), the Trustee and the Certificate Administrator, as applicable, with respect to such purchase, minus
(ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
related Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and
payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid related Servicing
Fees or Special Servicing Fees, as applicable, remaining outstanding with respect to the Trust Subordinate Companion Loan (which
items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection
with such purchase).

 

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(B)          
In connection with a termination contemplated by Section 9.01(h)(ii)(A) of this Agreement, the 360 Spear REMIC
shall be terminated and the assets of the 360 Spear REMIC shall be sold or otherwise disposed of in connection therewith pursuant
to a “plan of complete liquidation” within the meaning of Code Section 860F(a)(4)(A) providing for the actions contemplated
by the provisions hereof pursuant to which the applicable notice of termination is given and requiring that the assets of the 360
Spear REMIC shall be sold for cash and that the 360 Spear REMIC shall terminate on a Distribution Date occurring not more than
90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(h)(ii)(B),
the notice given pursuant to Section 9.01(h)(ii)(A) shall constitute the adoption of the plan of complete liquidation as
of the date such notice is given, which date shall be specified by the Certificate Administrator in the final federal income tax
return of the 360 Spear REMIC. Notwithstanding the termination of the 360 Spear REMIC, the Certificate Administrator shall be responsible
for filing the final Tax Returns for the 360 Spear REMIC for the period ending with such termination, and shall maintain books
and records with respect to the 360 Spear REMIC for the period for which it maintains its own tax returns or other reasonable period.

 

(iii)         
Any Person(s) effecting an early termination of the Trust Fund or the 360 Spear REMIC as provided in the prior paragraphs
shall first notify the Controlling Class Representative, the Loan-Specific Controlling Class Representative and each Certifying
Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate Administrator
(who shall notify the Controlling Class Representative, the Loan-Specific Controlling Class Representative and each Certifying
Certificateholder) of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs
and expenses incurred by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans, the Trust Subordinate Companion Loan and/or other assets of the Trust Fund pursuant to this Section 9.01(c)
shall be borne by the party exercising its purchase rights hereunder. The Certificate Administrator shall be entitled to rely conclusively
on any determination made by an Appraiser pursuant to this subsection(c).

 

(i)            
Each MGM Grand & Mandalay Bay REMIC shall terminate as described above or as otherwise described in the related MGM
Grand & Mandalay Bay REMIC Declaration.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 10.01      
Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article X
of this Agreement is to facilitate compliance

 

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by the Depositor and any Other Depositor with the provisions of Regulation AB and
the related rules and regulations of the Commission. The Depositor shall not, and no Other Depositor may, exercise its rights to
request delivery of information or other performance under these provisions other than in good faith, or for purposes other than
compliance with the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree
to comply with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery of information under
these provisions on the basis of such evolving interpretations of Regulation AB. In connection with the Benchmark 2021-B23 Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23, and any Serviced Companion Loan Securities, each of
the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and
any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including
any of its assignees or designees), any and all statements, reports, certifications, records and any other information in its possession
or reasonably available to it and necessary in the reasonable good faith determination of the Depositor, the Certificate Administrator,
any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to permit the Depositor or any Other Depositor, as
applicable, to comply with the provisions of Regulation AB, together with such disclosures relating to the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator and the
Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans and Serviced Loan Combinations, reasonably
believed by the Depositor or any Other Depositor, as applicable, to be necessary in order to effect such compliance.

 

Section 10.02      
Succession; Sub-Servicers; Subcontractors.

 

(a)           
For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act
(in addition to any requirements contained in Section 10.07 of this Agreement), in connection with the succession to
the Master Servicer, the Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a
“servicer” as contemplated by Item 1108(a)(2) of Regulation AB) or succession to the Certificate Administrator under
this Agreement by any Person (i) into which the Master Servicer, the Special Servicer, such Sub-Servicer or Certificate Administrator
may be merged or consolidated, or (ii) which may be appointed as a successor to the Master Servicer, the Special Servicer,
any such Sub-Servicer or Certificate Administrator, the Certificate Administrator (or, in the case of a successor to the Certificate
Administrator, the Trustee) shall provide to the Depositor, as well as any Other Depositor as to which the applicable Companion
Loan is affected, at least five (5) Business Days prior to the effective date of such succession or appointment as long as such
disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise no
later than one (1) Business Day after such effective date, (x) written notice to the Depositor and each such Other Depositor
of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor and
each such Other Depositor, all information relating to such successor (which such successor Master Servicer, Special Servicer,
Sub-Servicer or Certificate Administrator shall be required to provide) reasonably requested by the Depositor or any such Other
Depositor in order to comply with its reporting obligation under Item 6.02 of

 

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Form 8-K pursuant to the Exchange Act (if such reports
under the Exchange Act are required to be filed under the Exchange Act). The Certificate Administrator (or the Trustee, if applicable)
shall provide similar notice to the Depositor and each such Other Depositor in connection with any resignation or termination of
the Master Servicer, the Special Servicer, any Sub-Servicer or the Certificate Administrator. In addition, with respect to each
Serviced Companion Loan, the Certificate Administrator shall comply with the Trust’s obligations under each Co-Lender Agreement
(including with respect to the provision of any required notices) in connection with any resignation, termination, replacement
or appointment of the Master Servicer, the Special Servicer, any Sub-Servicer or the Certificate Administrator or any successor
thereto.

 

(b)          
For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
if the Master Servicer, the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate Administrator (each
of the Master Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer,
for purposes of this Section 10.02(b), Section 10.02(c), Section 10.02(d) and Section 10.17,
a “Servicer”) utilizes one or more Subcontractors to perform certain of its obligations hereunder, such Servicer
shall promptly upon request provide to the Depositor, as well as any Other Depositor as to which the applicable Serviced Companion
Loan is affected, a written description (in form and substance satisfactory to the Depositor and each such Other Depositor) of
the role and function of each Subcontractor that is a Servicing Function Participant utilized by such Servicer during the preceding
calendar year, specifying (i) the identity of such Subcontractor, and (ii) which elements of the Servicing Criteria will
be addressed in assessments of compliance provided by each such Subcontractor. Each Servicer shall cause any Subcontractor determined
to be a Servicing Function Participant used by such Servicer for the benefit of the Depositor to comply with the provisions of
Section 10.09 and Section 10.10 of this Agreement to the same extent as if such Subcontractor were such
Servicer. Such Servicer shall obtain from each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit S,
shall use commercially reasonable efforts to cause such Sub-Servicer) and deliver to the applicable Persons any assessment of compliance
report and related accountant’s attestation required to be delivered by such Subcontractor under Section 10.09
and Section 10.10 of this Agreement, in each case, as and when required to be delivered.

 

(c)           
For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
notwithstanding the foregoing, if a Servicer engages a Subcontractor in connection with the performance of any of its duties under
this Agreement, such Servicer shall be responsible for determining whether such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or
(iii) of Regulation AB. If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB, then the engagement of such Subcontractor shall not be effective unless and until notice is given to the Depositor and the
Certificate Administrator, as well as any Other Depositor as to which the applicable Companion Loan is affected, of any such Subcontractor
and sub-servicing agreement and,

 

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if such Subcontractor is engaged by the Master Servicer or the Special Servicer, such Subcontractor
shall be deemed to be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and
the related Sub-Servicing Agreement (other than such agreements set forth on Exhibit S hereto) (with respect to the
Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) shall be delivered to
the Depositor, the Certificate Administrator and each such Other Depositor at least five (5) Business Days prior to the effective
date of such engagement. Such notice shall contain all information reasonably necessary, and in such form as may be necessary,
to enable the Certificate Administrator, as well as any Other Exchange Act Reporting Party as to which the applicable Serviced
Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07
of this Agreement (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(d)          
For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
notwithstanding the foregoing and subject to Section 3.01(c) of this Agreement, if the Master Servicer or the Special
Servicer engages a Sub-Servicer or if any other Servicer engages a sub-servicer, in each case, in connection with the performance
of any of the duties of the Master Servicer, the Special Servicer or such other Servicer, as applicable, under this Agreement and
the related Sub-Servicing Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with
respect to any other Servicer) is either (i) assigned (other than, in the case of a Sub-Servicer engaged by the Master Servicer,
an assignment to the Master Servicer) or (ii) amended or modified and the Master Servicer, the Special Servicer or such other Servicer,
as applicable, determines that, as a result of such amendment or modification, the Sub-Servicer or sub-servicer, as applicable,
would become a “servicer” within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the
pool assets, then the Master Servicer, the Special Servicer or such other Servicer, as applicable, shall provide written notice
of such amendment, modification or assignment to the Depositor and the Certificate Administrator, as well as any Other Depositor
as to which the applicable Companion Loan is affected at least five (5) Business Days prior to the effective date of such amendment,
modification or assignment (or if such prior notice would be violative of applicable law or any applicable confidentiality agreement,
no later than the time required under Section 10.07 of this Agreement). Such notice shall contain all information reasonably
necessary, and in such form as may be necessary, to enable the Certificate Administrator, as well as any Other Exchange Act Reporting
Party as to which the applicable Serviced Companion Loan is affected, to accurately and timely report the event under Item 6.02
of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under the Exchange Act are required to be filed
under the Exchange Act).

 

(e)           
For so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
in connection with the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into
which the Trustee or Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor
to the Trustee or Certificate Administrator, the Trustee or

 

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Certificate Administrator, as applicable, shall notify the Depositor
and each Other Depositor, at least ten (10) Business Days prior to the effective date of such succession or appointment (or if
such prior notice would be violative of applicable law or any applicable confidentiality agreement, no later than the time required
under Section 10.07 of this Agreement) and shall furnish pursuant to Section 10.07 of this Agreement to
the Depositor and each Other Depositor in writing and in form and substance reasonably satisfactory to the Depositor and each Other
Depositor, all information reasonably necessary for the Certificate Administrator, the Trustee and each Other Exchange Act Reporting
Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement
or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

Section 10.03      
Filing Obligations.

 

(a)           
The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the
Certificate Administrator and the Trustee shall (and shall cause (or, in the case of a Mortgage Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to)
reasonably cooperate with the Depositor and each Other Depositor in connection with the satisfaction of the Trust’s and each
Other Securitization Trust’s reporting requirements under the Exchange Act. Pursuant to Section 10.04, Section 10.05
and Section 10.07, the Certificate Administrator shall prepare for execution by the Depositor any Forms 10-D,
ABS-EE, 10-K and 8-K required by the Exchange Act with respect to the Trust, in order to permit the timely filing thereof, and
the Certificate Administrator shall file (via the Commission’s Electronic Data Gathering and Retrieval System) such Forms
executed by the Depositor.

 

(b)          
In the event that the Certificate Administrator is unable to timely file with the Commission or deliver to any Other Depositor
or Other Exchange Act Reporting Party as to which the applicable Companion Loan is affected, all or any required portion of any
Form 8-K, 10-D, ABS-EE or 10-K required to be filed by this Agreement because required disclosure information was either not
delivered to it or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator shall
promptly as soon as practicable, but in no event later than twenty-four (24) hours after determination (but if the next calendar
day is not a Business Day, then in no event later than 10:00 a.m., New York time, on the next Business Day), notify the Depositor,
such Other Depositor or Other Exchange Act Reporting Party thereof. In the case of Forms 10-D, ABS-EE and 10-K, the Depositor
and the Certificate Administrator will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A, Form
ABS-EE/A or Form 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the
Certificate Administrator will, upon receipt of all required Form 8-K Disclosure Information, include such disclosure information
on the next succeeding Form 10-D to be filed for the Trust. In the event that any previously filed Form 8-K or Form 10-K
needs to be amended, the Certificate Administrator will notify the Depositor thereof, and such other parties as needed and the
parties hereto will cooperate with the Certificate Administrator to prepare any necessary Form 8-K/A or Form 10-K/A.
In the event that any previously filed Form 10-D or Form ABS-EE needs to be amended, the Certificate Administrator shall notify
the

 

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Depositor thereof, and such other parties as needed, and the parties hereto shall cooperate to prepare any necessary Form 10-D/A
or Form ABS-EE/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE/A or Form 10-K shall
be signed by an officer of the Depositor. The parties to this Agreement acknowledge that the performance by the Certificate Administrator
of its duties under this Section 10.03 related to the timely preparation and filing of Form 12b-25 or any amendment
to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon such parties observing all applicable deadlines
in the performance of their duties under this Article X. The Certificate Administrator shall have no liability for any loss,
expense, damage, or claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely
file any such Form 12b-25 or any amendments to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, where such failure
results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information from any
other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments to Forms 8-K,
Form 10-D, Form ABS-EE or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

Section 10.04      
Form 10-D and Form ABS-EE Filings.

 

(a)           
Within 15 calendar days after each Distribution Date (subject to permitted extensions under the Exchange Act), the
Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D and Form ABS-EE then required by the
Exchange Act, in form and substance as then required by the Exchange Act; provided that, in connection with the filing of
the Prospectus and the Preliminary Prospectus with respect to the Public Certificates, the Depositor shall file any related Form
ABS-EE required to be filed with the Commission and incorporated by reference into each such document. The Certificate Administrator
shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto; provided that the Certificate
Administrator shall redact from such Distribution Date Statement any information relating to the ratings of the Certificates and
the identity of the Rating Agencies. Any disclosure in addition to the Distribution Date Statement that is required to be included
on Form 10-D and/or Form ABS-EE (“Additional Form 10-D Disclosure”) shall, pursuant to the following
paragraph, be (i) reported by the parties set forth on Exhibit U to this Agreement to the Depositor, the Certificate
Administrator and each Other Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-D Disclosure
is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor and each such Other Depositor, and the
Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form
10-D Disclosure absent such reporting, direction and approval.

 

For so long as the Trust
or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within one (1) Business Day after
the related Distribution Date (using commercially reasonable efforts), but in no event later than noon (New York City time)
on the third Business Day after the related Distribution Date, (i) certain parties to this Agreement, as set forth on Exhibit U
to this Agreement, shall be required to provide to the Certificate Administrator, the Depositor, and each Other Exchange Act Reporting
Party and Other Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting

 

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purposes,
to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information required by Item 1117
of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer,
as the case may be, or any lawyer in the in-house legal department of such party) in EDGAR-Compatible Format (to the extent available
to such party in such format) or (in the case of asset-level information required by Item 1A on Form 10-D) XML Format or in such
other format as otherwise agreed upon by the Certificate Administrator, the Depositor and each such Other Exchange Act Reporting
Party, each such Other Depositor and such parties, the form and substance of the Additional Form 10-D Disclosure, if applicable,
(ii) the parties listed on Exhibit U to this Agreement shall include with such Additional Form 10-D Disclosure
applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S,
shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under
Regulation AB to provide, and if received, include, an Additional Disclosure Notification in the form attached as Exhibit W-1
to this Agreement (except with respect to the reporting of balances of the Collection Account, each Loan Combination Custodial
Account and each REO Account which shall be delivered in the form of Exhibit W-2 hereto, and the Special Servicer shall
provide in the form of Exhibit W-2 any information relating to any REO Account to be reported under “Item 9:
Other Information” on Exhibit U to the Master Servicer within four (4) calendar days after the related Distribution
Date) and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be, the inclusion of
the Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item 1A on Form 10-D)
Form ABS-EE with respect to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall not
relieve any parties listed on Exhibit U of its obligations to provide Additional Form 10-D Disclosure that is true
and accurate in all material respects and in compliance with all applicable requirements of the Securities Act and the Exchange
Act, and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit U to this Agreement of their duties under this paragraph
or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be
responsible for any reasonable fees assessed or expenses incurred by the Certificate Administrator in connection with including
any Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item 1A on Form 10-D) Form
ABS-EE with respect to the Trust pursuant to this paragraph.

 

(b)          
Any Form 10-D filed by the Certificate Administrator with respect to the Trust shall (i) include the information
required by Rule 15Ga-1(a) of the Exchange Act concerning all assets of the Trust that were subject of a demand for the repurchase
of, or the substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(a)
of this Agreement, (ii) include a reference to the most recent Form ABS-15G filed by the Depositor and the Commission’s
assigned “Central Index Key” for the Depositor, which information the Depositor shall deliver to the Certificate Administrator,
(iii) include a reference to the most recent Form ABS-15G filed by each Mortgage Loan Seller and the Commission’s assigned
“Central Index Key” for each such filer, which information each Mortgage Loan Seller is required to deliver to the
Certificate Administrator pursuant to Section 6(i) of the applicable Mortgage Loan Purchase Agreement, (iv) incorporate by
reference the Form ABS-EE filing for the related reporting period (which Form ABS-EE disclosures shall be filed at the time of
each filing of the applicable report on Form 10-D with respect to each Mortgage Loan that was part of

 

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the Mortgage Pool during
any portion of the related reporting period), (v) to the extent such information is provided to the Certificate Administrator by
the Master Servicer in the form of Exhibit W-2 hereto for inclusion therein within the time period described in this
Section 10.04, the balances of the Collection Account, each Loan Combination Custodial Account and each REO Account
(to the extent the related information has been received from the Special Servicer within the time period specified in this Section 10.04),
in each case as of the related Distribution Date and as of the immediately preceding Distribution Date and (vi) the balance
of the Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation
Proceeds Reserve Account, in each case as of the related Distribution Date and as of the immediately preceding Distribution Date.

 

(c)           
With respect to any Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator
shall include as part of any applicable Form 10-D filed by it (to the extent it receives such information from the Master Servicer
(with respect to Non-Specially Serviced Loans as to which the Master Servicer has knowledge or notice of any applicable Additional
Debt or mezzanine debt) or the Special Servicer (with respect to Specially Serviced Mortgage Loans as to which the Special Servicer
has knowledge or notice of any applicable Additional Debt or mezzanine debt)) the identity of such Mortgage Loan and, to the extent
such information is received by the Certificate Administrator from the Master Servicer (with respect to Non-Specially Serviced
Loans as to which the Master Servicer has knowledge or notice of any applicable Additional Debt or mezzanine debt) or the Special
Servicer (with respect to Specially Serviced Mortgage Loans as to which the Special Servicer has knowledge or notice of any applicable
Additional Debt or mezzanine debt), substantially in the form of Exhibit W-3 (A) the amount of any such Additional
Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the total debt service coverage
ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable, and (C) the aggregate
LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable.

 

(d)          
The Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number
on the cover of Forms 10-D and ABS-EE for each reporting period: Name: Richard Simpson, Telephone: (212) 816-5343. The Certificate
Administrator may rely without further investigation that this information remains correct unless and until the Depositor provides
the Certificate Administrator with a new individual’s name and phone number in writing.

 

(e)           
Upon receipt of the Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant
to Section 11.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on
the Form 10-D relating to the Collection Period in which such Asset Review Report Summary was delivered, and (ii) post such Asset
Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after receipt of such
Asset Review Report Summary from the Asset Representations Reviewer.

 

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(f)           
To the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate
with other Certificateholders or Certificate Owners pursuant to Section 5.07, the Certificate Administrator shall include
on the Form 10-D relating to the reporting period in which such request was received disclosure regarding the request to communicate,
and such disclosure is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder
or Certificate Owner.

 

(g)          
At the time required under Section 10.04(a), the Certificate Administrator shall file each Form ABS-EE with
a copy of the related CREFC® Schedule AL File received by the Certificate Administrator pursuant to Section 4.02(b)
as Exhibit 102 thereto. To the extent the Certificate Administrator receives any Schedule AL Additional File with respect
to such Form ABS-EE pursuant to Section 4.02(b), the Certificate Administrator shall file such Schedule AL Additional
File as Exhibit 103 to such Form ABS-EE. The Certificate Administrator shall not be required to combine multiple CREFC®
Schedule AL Files or Schedule AL Additional Files. The Certificate Administrator shall not be required to review, redact, reconcile,
edit or verify the content, completeness or accuracy of the information contained in any CREFC® Schedule AL File
or Schedule AL Additional File. The Certificate Administrator shall not be deemed to have actual knowledge of the contents of any
CREFC® Schedule AL File or Schedule AL Additional File solely by its receipt thereof.

 

(h)          
After preparing the Forms 10-D and ABS-EE with respect to the Trust, the Certificate Administrator shall forward electronically
copies of such Forms 10-D and ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL
Additional File received by the Certificate Administrator) to the Depositor for review no later than seven (7) calendar days
after the related Distribution Date or, if the 7th calendar day after the related Distribution Date is not a Business Day, the
immediately preceding Business Day. The Master Servicer shall reasonably cooperate with the Depositor to answer any questions that
the Depositor may pose to the Master Servicer regarding the data or information contained in, or omitted from, any CREFC®
Schedule AL File or Schedule AL Additional File (other than questions regarding (1) the accuracy as of the Closing Date of data
that had been included in the Initial Schedule AL File or the Initial Schedule AL Additional File or (2) changes made to such CREFC®
Schedule AL File or Schedule AL Additional File by the Certificate Administrator following receipt from the Master Servicer). The
Certificate Administrator, the Master Servicer and the Depositor shall each, to the extent related to such party’s obligations
hereunder, reasonably cooperate to remedy any filing errors regarding any CREFC® Schedule AL File or any Schedule
AL Additional File as soon as possible. Within four (4) Business Days after receipt of copies of such Forms 10-D and ABS-EE
from the Certificate Administrator, but no later than two (2) Business Days prior to the 15th calendar day after the related Distribution
Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished

 

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electronically) of any changes
to or approval of such Form 10-D and Form ABS-EE, respectively, and an officer of the Depositor shall sign the Form 10-D
and Form ABS-EE with respect to the Trust and return an electronic or fax copy of each of the signed Form 10-D and Form ABS-EE
(with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt of such signed
Form 10-D and Form ABS-EE (in electronic form or by fax copy), the Certificate Administrator shall deem such reports to be
approved by the Depositor and shall proceed with filing such reports with the Commission. If a Form 10-D or Form ABS-EE with
respect to the Trust cannot be filed on time or if a previously filed Form 10-D or Form ABS-EE with respect to the Trust needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement.
Promptly after filing with the Commission, the Certificate Administrator will make available on its internet website a final executed
copy of each Form 10-D and Form ABS-EE with respect to the Trust prepared and filed by the Certificate Administrator. The
signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 388 Greenwich Street, 6th Floor,
New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com,
with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention:
Raul Orozco, telecopy number: (347) 394-0898, e-mail: raul.d.orozco@citi.com, and with a copy to Citigroup Commercial Mortgage
Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number:
(646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this
Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.04 related
to the timely preparation and filing of Form 10-D and Form ASB-EE with respect to the Trust is contingent upon such parties
observing all applicable deadlines in the performance of their duties under this Section 10.04. The Certificate Administrator
shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file any Form 10-D or Form ABS-EE with respect to the Trust, where such failure results
because required disclosure information was either not delivered to the Certificate Administrator or delivered to the Certificate
Administrator after the delivery deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful
misconduct.

 

(i)            
Form 10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1)
has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.” The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-D
with respect to the Trust, to check “yes” for each item unless the Certificate Administrator has received prior written
notice (which may be furnished electronically) from the Depositor that the answer should be “no” for an item which
notice shall be delivered to the Certificate Administrator no later than the day on which the Depositor provided its signature
for such filing pursuant to Section 10.04(h) of this Agreement.

 

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Section 10.05      
Form 10-K Filings.

 

(a)           
Within 90 days after the end of each fiscal year of the Trust (it being understood that the fiscal year of the Trust
ends on December 31 of each year) or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”),
commencing within 90 days after December 31, 2021, the Certificate Administrator shall prepare and file on behalf of
the Trust any Form 10-K then required by the Exchange Act, in form and substance as then required by the Exchange Act. Each
such Form 10-K with respect to the Trust shall include the following items, in each case to the extent they have been delivered
to the Certificate Administrator (in the form required by this Agreement) within the applicable time frames set forth in this Agreement:

 

(i)            
an annual compliance statement for each Certifying Servicer and each Additional Servicer engaged by each Certifying Servicer,
as described under Section 10.08; provided that the related signature pages may be delivered separately from such compliance
statement;

 

(ii)          
(A) the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described
under Section 10.09; and

 

(B)          
if any such report on assessment of compliance with Servicing Criteria described under Section 10.09 identifies
any material instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance
of noncompliance involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps
taken to remedy such instance of noncompliance), or if such report on assessment of compliance with Servicing Criteria described
under Section 10.09 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and
an explanation why such report is not included;

 

(iii)         
(A) the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.10;
and

 

(B)          
if any registered public accounting firm attestation report described under Section 10.10 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm
attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
why such report is not included; and

 

(iv)         
a certification in the form attached to this Agreement as Exhibit X, with such changes as may be necessary or
appropriate as a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which
shall, except as described below, be signed by the senior officer of the Depositor in charge

 

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of securitization; provided that the
related signature pages may be delivered separately.

 

Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the second following paragraph, be (i) reported by the parties set forth on Exhibit V to this Agreement
to the Depositor, the Certificate Administrator and any Other Depositor and Other Exchange Act Reporting Party to which such Additional
Form 10-K Disclosure is relevant for Exchange Act reporting purposes and (ii) approved by the Depositor and such Other
Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any
Additional Form 10-K Disclosure, absent such reporting, direction and approval.

 

Not later than the end
of each fiscal year for which the Trust is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee shall provide the other parties to this Agreement and the Mortgage
Loan Sellers with written notice of the name and address of each Servicing Function Participant retained by such party, if any,
during such fiscal year. Not later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the
Certificate Administrator shall, upon request (which can be in the form of electronic mail and which may be continually effective),
provide to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement, including the
name and address of any new party to this Agreement.

 

For so long as the Trust
or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later than March 1, commencing
in March 2022, (i) the parties listed on Exhibit V to this Agreement shall be required to provide (and (i) with
respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to provide)
to the Certificate Administrator, the Depositor and each Other Exchange Act Reporting Party and Other Depositor to which the particular
Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer or a Responsible
Officer, as the case may be, thereof has actual knowledge (other than information required by Item 1117 of Regulation AB as
to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or
any lawyer in the in-house legal department of such party), in EDGAR-Compatible Format (to the extent available to such party in
such format) or in such other format as otherwise agreed upon by the Certificate Administrator, the Depositor, each such Other
Exchange Act Reporting Party, each such Other Depositor and such providing parties, the form and substance of any Additional Form
10-K Disclosure described on Exhibit V to this Agreement applicable to such party, (ii) the parties listed on
Exhibit V to this Agreement shall include with such Additional Form 10-K Disclosure applicable to such party and shall
cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable
efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and
if received, include, an Additional Disclosure Notification in the form attached as Exhibit W to this Agreement, and
(iii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional
Form 10-K Disclosure on Form 10-K with respect to the Trust; provided that any Depositor’s approval pursuant to this

 

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clause (iii) shall not relieve any parties listed on Exhibit V of its obligations to provide Additional Form 10-
K Disclosure that is true and accurate in all material respects and in compliance with all applicable requirements of the Securities
Act and the Exchange Act, and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under
this Agreement to monitor or enforce the performance by the parties listed on Exhibit V to this Agreement of their
duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.
The Depositor will be responsible for any reasonable fees assessed and expenses incurred by the Certificate Administrator in connection
with including any Additional Form 10-K Disclosure on Form 10-K with respect to the Trust pursuant to this paragraph.

 

After preparing a Form 10-K
with respect to the Trust, the Certificate Administrator shall forward electronically a preliminary copy of such Form 10-K
to the Depositor for review no later than March 15 in the year immediately following the year as to which such Form 10-K relates,
or, if March 15 is not a Business Day, on the immediately following Business Day. Within three (3) Business Days after receipt
of such copy, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any
changes or approval to such preliminary Form 10-K. The Certificate Administrator shall provide a complete Form 10-K with
respect to the Trust to the Depositor for review no later than March 21 in the year immediately following the year as to which
such Form 10-K relates, or if March 21 is not a Business Day, on the immediately following Business Day. Within three (3)
Business Days after receipt of such complete Form 10-K, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes or approval to such complete Form 10-K. No later than 5:00 p.m.
(New York City time) on the third Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor shall sign
the Form 10-K with respect to the Trust and return an electronic or fax copy of such signed Form 10-K (with an original
executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt of such signed Form 10-K (in
electronic form or by fax copy), the Certificate Administrator shall deem such report to be approved by the Depositor and shall
proceed with filing such report with the Commission. If a Form 10-K with respect to the Trust cannot be filed on time or if
a previously filed Form 10-K with respect to the Trust needs to be amended, the Certificate Administrator will follow the
procedures set forth in Section 10.03(b). Promptly after filing with the Commission, the Certificate Administrator
will make available on the Certificate Administrator’s Website a final executed copy of each Form 10-K prepared and
filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities
Inc., 388 Greenwich Street, 6th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943,
e-mail: richard.simpson@citi.com, with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th
Floor, New York, New York 10013, Attention: Raul Orozco, telecopy number: (347) 394-0898, e-mail: raul.d.orozco@citi.com,
and with a copy to Citigroup Commercial Mortgage Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention:
Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor
may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 10.05 related to the timely preparation and filing of Form 10-K with respect to the Trust is contingent
upon the parties to this Agreement (and any Additional Servicer or Servicing Function Participant engaged or utilized, as applicable,
by any such parties) observing all applicable deadlines in the performance of their duties under

 

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this Section 10.05.
The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or with respect to any
failure to properly prepare, arrange for execution and/or timely file any Form 10-K with respect to the Trust, where such
failure results because required disclosure information was either not delivered to the Certificate Administrator or delivered
to the Certificate Administrator after the delivery deadlines set forth in this Agreement, not resulting from its own negligence,
bad faith or willful misconduct.

 

(b)          
Form 10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1)
has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.” The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-K
with respect to the Trust, to check “yes” for each item unless the Certificate Administrator has received prior written
notice (which may be furnished electronically) from the Depositor that the answer should be “no” for an item which
notice shall be delivered to the Certificate Administrator no later than the day on which the Depositor provided its signature
for such filing pursuant to Section 10.05(a) of this Agreement.

 

Section 10.06      
Sarbanes-Oxley Certification. Each Form 10-K with respect to the Trust shall include a Sarbanes-Oxley Certification
in the form attached to this Agreement as Exhibit X required to be included therewith pursuant to the Sarbanes-Oxley
Act. The Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer (in the case of the Asset Representations Reviewer, solely with respect to reporting periods in which the Asset Representations
Reviewer is required to deliver an Asset Review Report Summary), the Custodian and the Trustee shall provide (and (i) with
respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to provide)
to the Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization Trust (the “Certifying
Person”) no later than March 1 in the year immediately following the year as to which such Form 10-K relates or,
if March 1 is not a Business Day, on the immediately following Business Day, a certification in the form attached to this
Agreement as Exhibit Y-1, Exhibit Y-2, Exhibit Y-3, Exhibit Y-4, Exhibit Y-5,
Exhibit Y-6, Exhibit Y-7 and Exhibit Y-8, as applicable, on which the Certifying Person, the
entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively
with the Certifying Person, “Certification Parties”) can reasonably rely. With respect to each Outside Serviced
Mortgage Loan serviced under an Outside Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts
to procure, and upon receipt deliver to the Certifying Person, a Sarbanes-Oxley back-up certification similar in form and substance
to the certifications referenced in the preceding sentence, from the related Outside Servicer, the related Outside Special Servicer,
the related Outside Paying Agent and the related Outside Trustee. In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section 10.06
with respect to the period of time it was subject

 

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to this Agreement or the applicable sub-servicing or primary servicing agreement,
as the case may be.

 

Section 10.07      
Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure on Form
8-K (each such event, a “Reportable Event”), or if requested by the Depositor, the Certificate Administrator
shall prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act, provided that the Depositor
shall file the initial Form 8-K with respect to the Trust in connection with the issuance of the Certificates. Any disclosure or
information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
Information”) that is approved by the Depositor shall, pursuant to the following paragraph, be reported by the applicable
parties set forth on Exhibit Z to this Agreement to the Depositor, the Certificate Administrator and each Other Depositor
and Other Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes,
and the Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Form 8-K
Disclosure Information or any Form 8-K with respect to the Trust, absent such reporting, direction and approval.

 

For so long as the Trust
or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, to the extent a Servicing Officer
or Responsible Officer thereof has actual knowledge of such event (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in-house legal department of such party), within one (1) Business Day after the occurrence of a Reportable Event (using commercially
reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day after the occurrence
of a Reportable Event, (i) the parties set forth on Exhibit Z to this Agreement shall be required to provide (and
(i) with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use
commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other
Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant
to provide) to the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting Party to
which the particular Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-Compatible Format
(to the extent available to such party in such format) or in such other format as otherwise agreed upon by the Depositor, the Certificate
Administrator, each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties any Form 8-K
Disclosure Information described on Exhibit Z to this Agreement as applicable to such party, if applicable (ii) the
parties listed on Exhibit Z to this Agreement shall include with such Form 8-K Disclosure Information applicable to
such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use
commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation
AB to provide, and if received, include, an Additional Disclosure Notification in the form attached hereto as Exhibit W-1,
and (iii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form
8-K Disclosure Information on Form 8-K with respect to the Trust; provided that any Depositor’s approval pursuant
to this clause (iii) shall not relieve any parties listed on Exhibit Z of its obligations to provide Form 8 K
Disclosure Information that is true and accurate in all material respects and in compliance with all applicable requirements of
the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder. The Certificate

 

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Administrator has
no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit Z of their duties
under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information. The Depositor
will be responsible for any reasonable fees assessed or expenses incurred by the Certificate Administrator in connection with including
any Form 8-K Disclosure Information on Form 8-K with respect to the Trust pursuant to this paragraph.

 

With respect to any Loan
Combination, (i) upon receipt of any notice of execution or amendment of an Outside Servicing Agreement or an Outside Serviced
Co-Lender Agreement with respect to an Outside Serviced Mortgage Loan or notice of any Reportable Event with respect to any Outside
Service Provider of an Outside Serviced Mortgage Loan, the Trustee or the Certificate Administrator, as the case may be, shall
promptly notify the Depositor of such notice and cooperate with the Depositor to prepare and file on behalf of the Trust any Form
8-K, as required by the Exchange Act and (ii) upon the execution of any amendment to a related Co-Lender Agreement, the Master
Servicer, the Special Servicer or the Trustee, as the case may be, executing such amendment on behalf of the Trust shall promptly
notify the Depositor and the Certificate Administrator of such execution and cooperate with the Depositor and the Certificate Administrator
to prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act.

 

After preparing any Form 8-K
with respect to the Trust, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor
for review no later than 1:00 p.m. (New York City time) on the third Business Day after the related Reportable Event (but
in no event earlier than 24 hours after having received approved Form 8-K Disclosure Information pursuant to the immediately
preceding paragraph). Promptly, but no later than the close of business on the third Business Day after the related Reportable
Event, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes
to or approval of such Form 8-K. No later than noon on the fourth Business Day after the related Reportable Event, a duly
authorized representative of the Depositor shall sign the Form 8-K with respect to the Trust and return an electronic or fax
copy of such signed Form 8-K (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator.
If a Form 8-K with respect to the Trust cannot be filed on time or if a previously filed Form 8-K with respect to the
Trust needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of
this Agreement. Promptly after filing with the Commission, the Certificate Administrator will, make available on its internet website
a final executed copy of each Form 8-K with respect to the Trust, to the extent such Form 8-K has been prepared and filed
by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities
Inc., 388 Greenwich Street, 6th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943,
e-mail: richard.simpson@citi.com, with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th
Floor, New York, New York 10013, Attention: Raul Orozco, telecopy number: (347) 394-0898, e-mail: raul.d.orozco@citi.com,
and with a copy to Citigroup Commercial Mortgage Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention:
Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor
may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 10.07 related to the timely preparation and filing of Form 8-K with respect to the Trust

 

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is contingent
upon such parties observing all applicable deadlines in the performance of their duties under this Section 10.07. The
Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure
to properly prepare and/or timely file any Form 8-K with respect to the Trust, where such failure results from the Certificate
Administrator’s inability or failure to receive, on a timely basis, any information from the parties to this Agreement needed
to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

 

In the case of a Form
8-K that is filed by or on behalf of the Trust or any Other Securitization Trust as a result of the termination, removal, resignation
or any other replacement of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or any Sub-Servicer
or Subcontractor of any of the foregoing parties (to the extent such Sub-Servicer or Subcontractor is a “servicer”
as contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement, the proposed successor Master Servicer, Special Servicer,
Trustee, Certificate Administrator, Sub-Servicer or Subcontractor, as applicable, shall, as a condition to such succession and
at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such termination, removal,
resignation or other replacement pursuant to this Agreement, provide to the Certificate Administrator and the Depositor on or before
the date of such proposed succession the following: (i) any information (including, but not limited to, disclosure information)
required for the Trust to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and
(ii) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information that are substantially
similar to those delivered by the initial Master Servicer, the initial Special Servicer, the initial Trustee, the initial Certificate
Administrator or the initial Sub-Servicer, as the case may be, or their respective counsel, in connection with the information
concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

Section 10.08      
Annual Compliance Statements. The Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian
and, if it has made an Advance during the applicable calendar year, the Trustee shall furnish (and each of the Master Servicer,
the Special Servicer, the Custodian and the Certificate Administrator (i) with respect to any Additional Servicer of such
party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Additional Servicer
to furnish, and (ii) with respect to any other Additional Servicer of such party (other than any party to this Agreement),
shall cause such Additional Servicer to furnish) (each such Additional Servicer and each of the Master Servicer, the Special Servicer,
the Custodian, the Certificate Administrator and the Trustee (if applicable), a “Certifying Servicer”) to the
Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part of an
Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only
in the case of an Officer’s Certificate furnished by the Special Servicer and the Depositor on or before March 1 of
each year, commencing in March 2022, an Officer’s Certificate (together with a copy thereof in EDGAR-Compatible Format,
or in such other format as otherwise agreed upon by the Depositor, the Certificate Administrator, the applicable Other Depositor,
the applicable Other Exchange Act Reporting Party and the applicable Certifying Servicer) stating, as to the signer thereof, that
(A) a review of such Certifying Servicer’s activities during the preceding calendar year or portion thereof and of such
Certifying Servicer’s performance under this Agreement, or the applicable Sub-Servicing Agreement or primary servicing agreement
in the case of an Additional Servicer, has

 

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been made under such officer’s supervision and (B) to the best of such officer’s
knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable
Sub-Servicing Agreement or primary servicing agreement in the case of an Additional Servicer, in all material respects throughout
such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect, specifying
each such failure known to such officer and the nature and status thereof. The Master Servicer and the Special Servicer shall,
and the Master Servicer and the Special Servicer shall cause (or, in the case of an Additional Servicer that is a Mortgage Loan
Seller Sub-Servicer, shall use its commercially reasonable efforts to cause) each Additional Servicer hired by it to, forward a
copy of each such statement to, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative
and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13, the Rule 17g-5
Information Provider. Promptly after receipt of each such Officer’s Certificate, the Depositor (and, in the case of a Serviced
Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party)
may review each such Officer’s Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to
the nature of any failures by such Certifying Servicer, respectively, or any related Additional Servicer with which the Master
Servicer or the Special Servicer, as applicable, has entered into a servicing relationship with respect to the Mortgage Loans or
the Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing
or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each Certifying Servicer
that serviced a Mortgage Loan or Companion Loan during the applicable period, whether or not the Certifying Servicer is acting
in such capacity at the time such Officer’s Certificate is required to be delivered.

 

With respect to each
Outside Serviced Mortgage Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator shall request,
and upon receipt deliver to the Depositor, from a “Servicing Officer” or “Responsible Officer” (as such
terms are defined in the applicable Outside Servicing Agreement), as applicable, of the related Outside Servicer, Outside Special
Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator an Officer’s Certificate
in form and substance similar to the Officer’s Certificate described in this Section or such other form as is set forth
in the Outside Servicing Agreement.

 

Section 10.09      
Annual Reports on Assessment of Compliance With Servicing Criteria.

 

(a)           
On or before March 1 of each year commencing in March 2022, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable
calendar year, the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable, (i) with
respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish)
(each Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, any Servicing
Function Participant and, if it has made (or is required to make) an Advance

 

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during the applicable calendar year, the Trustee,
as the case may be, a “Reporting Servicer”) to the Certificate Administrator, the Trustee, the Serviced Companion
Loan Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other
Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of a report furnished by the Special
Servicer) and the Depositor, a report on an assessment of compliance with the Relevant Servicing Criteria (together with a copy
thereof in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the Depositor, the Certificate Administrator,
the applicable Other Depositor, the applicable Other Exchange Act Reporting Party and the applicable Certifying Servicer) that
complies in all material respects with the requirements of Item 1122 of Regulation AB and contains (A) a statement
by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement
that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such
Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of the end of and for the preceding
calendar year, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion
of each such failure and the nature and status thereof and (D) a statement that a registered public accounting firm has issued
an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and
for such period. Copies of all compliance reports delivered pursuant to this Section 10.09 shall be provided to any
Certificateholder, upon the written request thereof, by the Certificate Administrator.

 

Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit O
to this Agreement delivered to the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor
and each Other Depositor may review each such report and, if applicable, consult with the each Reporting Servicer as to the nature
of any material instance of noncompliance with the Relevant Servicing Criteria, and (ii) the Certificate Administrator shall
confirm that the assessments, taken individually address the Relevant Servicing Criteria for each party as set forth on Exhibit O
to this Agreement and notify the Depositor of any exceptions. For the avoidance of doubt, the Trustee shall have no obligation
or duty to determine whether any such report (other than any such report furnished by the Trustee or any Servicing Function Participant
of the Trustee) is in form and substance in compliance with the requirements of Regulation AB.

 

(b)          
On the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee
and the Operating Advisor each acknowledge and agree that Exhibit O to this Agreement sets forth the Relevant Servicing
Criteria for such party.

 

(c)           
No later than the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee
shall notify the Certificate Administrator, the Depositor, each Other Exchange Act Reporting Party and each Other Depositor as
to the name of each Servicing Function Participant utilized by it, and the Certificate Administrator shall notify the Depositor
and

 

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each Other Depositor as to the name of each Servicing Function Participant utilized by it, during such fiscal year, and each
such notice will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared
by such Servicing Function Participant. When the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee (if applicable), the Operating Advisor and any Servicing Function Participant submit their assessments pursuant to
Section 10.09(a) of this Agreement, such parties will also at such time include the assessment (and related attestation
pursuant to Section 10.10 of this Agreement) of each Servicing Function Participant engaged by it. The fiscal year
for the Trust shall be January 1 through and including December 31 of each calendar year.

 

(d)          
In the event the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it
has made, or is required to make, an Advance during the applicable period) or the Operating Advisor is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant
is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) any Servicing Function Participant
of such party to provide (and the Master Servicer, the Special Servicer and the Certificate Administrator shall, with respect to
any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing
Function Participant (or, in the case of each Servicing Function Participant that is a Mortgage Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant) to provide) an annual assessment of compliance
pursuant to this Section 10.09, coupled with an attestation as required in Section 10.10 of this Agreement
with respect to the period of time that the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee (if it has made, or is required to make, an Advance during such period of time) or the Operating Advisor was subject
to this Agreement or the period of time that the applicable Servicing Function Participant was subject to such other servicing
agreement.

 

With respect to each
Outside Serviced Mortgage Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator shall use
commercially reasonable efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment of compliance
as described in this Section and an attestation as described in Section 10.10 from the related Outside Servicer,
Outside Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator and
in form and substance similar to the annual report on assessment of compliance described in this Section 10.09 and
the attestation described in Section 10.10.

 

Section 10.10      
Annual Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing
in March 2022, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor
and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, each at its own expense,
shall cause (and each of the preceding parties, as applicable, (i) with respect to any Servicing Function Participant of such
party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant
to cause, and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this

 

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Agreement),
shall cause such Servicing Function Participant to cause) a registered public accounting firm (which may also render other services
to the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor
or the applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified
Public Accountants to furnish a report (together with a copy thereof in EDGAR-Compatible Format, or in such other format as otherwise
agreed upon by the Depositor, the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange Act
Reporting Party and the applicable party required to furnish, or cause to be furnished, such report under this Section 10.10)
to the Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion Loan that is part
of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the Operating Advisor
(only in the case of a report furnished on behalf of the Special Servicer) and the Depositor, and, prior to the occurrence and
continuance of a Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider,
to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer,
which includes an assertion that such Reporting Servicer has complied with the Relevant Servicing Criteria and (ii) on the
basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the
Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s compliance
with the Relevant Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall opinion regarding
such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. In the event that an overall opinion
cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.
Each such related accountant’s attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation
S-X under the Act and the Exchange Act. Such report must be available for general use and not contain restricted use language.
Copies of such statement will be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.

 

Promptly after receipt
of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable),
the Operating Advisor or any Servicing Function Participant, (i) the Depositor and each Other Depositor may review the report
and, if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee
(if applicable) or the Operating Advisor as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing Function Participant with which
it has entered into a servicing relationship with respect to the Mortgage Loans or the Companion Loans, as the case may be, in
the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the
Custodian’s, the Trustee’s (if applicable), the Operating Advisor’s or the applicable Servicing Function Participants’
obligations hereunder or under the applicable sub servicing or primary servicing agreement, and (ii) the Certificate Administrator
shall confirm that each accountants’ attestation report submitted pursuant to this Section relates to an assessment
of compliance meeting the requirements of Section 10.09 of this Agreement and notify the Depositor of any exceptions.

 

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Section 10.11      
Significant Obligors.

 

(a)           
[Reserved]

 

(b)          
With respect to any Significant Obligor with respect to an Other Securitization Trust as to which the applicable Other Depositor
has notified the Master Servicer that such Significant Obligor with respect to such Other Securitization Trust exists, to the extent
that the Master Servicer is in receipt of the updated financial statements of such Significant Obligor for any calendar quarter
(other than the fourth calendar quarter of any calendar year), beginning with the first calendar quarter following receipt of notice
from the Other Depositor that such Significant Obligor with respect to such Other Securitization Trust exists, or the updated financial
statements of such Significant Obligor for any calendar year, beginning for the calendar year following such notice from the Other
Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor and the Other Exchange Act Reporting Party of
such Other Securitization Trust, on or prior to the day that occurs two (2) Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or four (4) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline,
as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or fourteen (14) or more Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of such Significant Obligor, together with the net operating income of
such Significant Obligor for the applicable period as calculated by the Master Servicer in accordance with CREFC®
guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or less than fourteen (14) Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of such Significant Obligor, together with the net operating income of
such Significant Obligor for the applicable period as reported by the related Mortgagor in such financial statements.

 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of any Significant Obligor with respect to an Other Securitization Trust by the date on which such financial information
is required to be delivered under the related Loan Documents, the Master Servicer (i) shall use efforts consistent with the
Servicing Standard (taking into account, in addition, the ongoing reporting obligations of the related Other Depositor under the
Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan Documents, (ii) shall
(and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain written evidence of each
instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor to obtain the required financial information,
and (iii) if unsuccessful, shall, no later than five (5) Business Days prior to the related Significant Obligor NOI Quarterly
Filing Deadline or the related Significant Obligor NOI Yearly Filing Deadline, as applicable, forward an Officer’s Certificate
evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such
Other Securitization Trust.

 

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For the avoidance of
doubt, the Special Servicer shall be responsible for collecting the financial statements and calculating net operating income with
respect to Specially Serviced Mortgage Loans and REO Properties as provided in Section 3.03(a) and Section 4.02(b).

 

Section 10.12      
Indemnification. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Custodian and the Trustee (each an “Indemnifying Party”) shall
indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any employee, director or officer of
the Depositor or any Other Depositor, and each other person, if any, who controls the Depositor or any Other Depositor within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any claims, losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses (including
without limitation reasonable attorney’s fees and expenses related to the enforcement of this indemnity and the costs of
investigation, legal defense and any amounts paid in settlement of any claim or litigation) incurred by such indemnified party
arising out of: (i) the failure of any Indemnifying Party to perform its obligations under this Article X; (ii)
the failure of any Servicing Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer)
to perform its obligations under this Article X; (iii) any untrue statement of a material fact contained in any information
(x) regarding the Indemnifying Party or any Servicing Function Participant, Additional Servicer or Subcontractor engaged by
it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any
registered public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered
by or on behalf of such Indemnifying Party in connection with the performance of such Indemnifying Party’s obligations described
in this Article X, or the omission to state in any such information a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, that such Indemnifying Party shall
be entitled to participate at its own expense in any action arising out of the foregoing and the Depositor shall consult with such
Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing and any potential
settlement terms related thereto (provided that any such consultation shall be non-binding); (iv) negligence, bad faith or
willful misconduct on the part of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator, the Custodian or the Trustee, as applicable, in the performance of such obligations; or (v) any
Deficient Exchange Act Deliverable with respect to such Indemnifying Party.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator,
the Custodian and the Trustee shall cooperate (and (i) with respect to each Servicing Function Participant and Additional Servicer
of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function
Participant or Additional Servicer to cooperate, and (ii) with respect to any other Servicing Function Participant or Additional
Servicer of such party, shall cause such Servicing Function Participant or Additional Servicer to cooperate) with the Depositor
or any Other Depositor, as applicable, as necessary for the Depositor or any Other Depositor, as applicable, to conduct any reasonable
due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required
by the applicable reporting requirements under the Securities Act, the Exchange Act, the

 

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Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding (x) information delivered by the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Custodian,
the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”),
(y) information regarding such Affected Reporting Party, and/or (z) information prepared by such Affected Reporting Party or any
registered public accounting firm, attorney or other agent retained by such party to prepare such information, which information
is contained in a report filed by the Depositor or any Other Depositor under the Reporting Requirements and which comments are
received subsequent to the Depositor’s or any Other Depositor’s filing of such report, the Depositor or any Other Depositor
shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Such Affected
Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in the Depositor’s
or any Other Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent of the
Depositor or any Other Depositor, as applicable (which consent shall not be unreasonably denied, withheld or delayed), to directly
communicate with the Commission and negotiate a response and/or resolution with the Commission; provided, if an Affected
Reporting Party is a Servicing Function Participant or Additional Servicer retained by the Master Servicer, the Master Servicer
shall receive copies of all material communications pursuant to this paragraph. If such election is made, the applicable Affected
Reporting Party shall be responsible for directly negotiating such response and/or resolution with the Commission in a timely manner;
provided, that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or any Other Depositor
informed of its progress with the Commission and copy the Depositor or any Other Depositor on all correspondence with the Commission
and provide the Depositor or any Other Depositor with the opportunity to participate (at the Depositor’s or Other Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor or any Other Depositor shall
cooperate with such Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond
to and negotiate directly with the Commission with respect to any comments from the Commission relating to such Affected Reporting
Party and to notify the Commission of such authorization. The Depositor (or any Other Depositor) and the applicable Affected Reporting
Party shall cooperate and coordinate with one another with respect to any requests made to the Commission for extension of time
for submitting a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or
any Other Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor or any Other Depositor, as
the case may be) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
or any Other Depositor’s expense as set forth above) and any amendments to any reports filed with the Commission related
to the foregoing shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the
Depositor or any Other Depositor, as the case may be. Each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Custodian and the Trustee shall use commercially reasonable efforts to cause any Servicing Function
Participant or Additional Servicer retained by it to comply with the foregoing by inclusion of similar provisions (or by inclusion
of a reference to, and an obligation to comply with, this paragraph) in the related sub-servicing or similar agreement.

 

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The Master Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Trustee and the Certificate Administrator shall cause each Servicing
Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function
Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant) to indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any
employee, director or officer of the Depositor or any Other Depositor, and each other person, if any, who controls the Depositor
or any Other Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act
from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and any other costs, fees and expenses (including without limitation reasonable attorneys’ fees and expenses related
to the enforcement of such indemnity and the costs of investigation, legal defense and any amounts paid in settlement of any claim
or litigation) incurred by such indemnified party arising out of (i) a breach of its obligations to provide any of the annual
compliance statements or annual servicing criteria compliance reports or attestation reports pursuant to the applicable sub-servicing
or primary servicing agreement, (ii) negligence, bad faith or willful misconduct on its part in the performance of such obligations,
(iii) other than in the case of the Operating Advisor, any failure by such Servicer (as defined in Section 10.02(b))
to identify a Servicing Function Participant pursuant to Section 10.02(c), or (iv) any Deficient Exchange Act Deliverable
with respect to such Servicing Function Participant.

 

If the indemnification
provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable or insufficient
to hold harmless any Certification Party, the Depositor, any Other Depositor, any employee, director or officer of the Depositor
or any Other Depositor, or any other person who controls the Depositor or any Other Depositor within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, then the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Additional Servicer or other Servicing Function
Participant (the “Performing Party”) shall contribute to the amount paid or payable to the indemnified party
as a result of the losses, claims, damages or liabilities of the indemnified party in such proportion as is appropriate to reflect
the relative fault of the indemnified party on the one hand and the Performing Party on the other in connection with a breach of
the Performing Party’s obligations pursuant to this Article X (or breach of its obligations under the applicable sub-servicing
or primary servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance reports
or attestation reports) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith. The
Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator shall cause each Servicing
Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any Servicing Function
Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant) to agree to the foregoing indemnification and contribution obligations. This Section 10.12
shall survive the termination of this Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator.

 

Section 10.13      
Amendments. This Article X may be amended by the parties hereto pursuant to Section 12.07 of this
Agreement for purposes of complying with Regulation AB, the

 

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Act or the Exchange Act and/or to conform to standards developed within
the commercial mortgage-backed securities market and the Sarbanes-Oxley Act or for purposes of designating the Certifying Person
without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder
or the Uncertificated VRR Interest Owner, notwithstanding anything to the contrary contained in this Agreement.

 

Section 10.14      
Regulation AB Notices. With respect to any notice required to be delivered by the Certificate Administrator to the
Depositor pursuant to this Article X, the Certificate Administrator may deliver such notice, notwithstanding any contrary
provision in this Agreement, via facsimile and electronic mail to Citigroup Commercial Mortgage Securities Inc., 388 Greenwich
Street, 6th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com,
with a copy to Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention:
Raul Orozco, telecopy number: (347) 394-0898, e-mail: raul.d.orozco@citi.com, and with a copy to Citigroup Commercial Mortgage
Securities Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number:
(646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or to such other address(es), facsimile numbers and/or electronic mail
addresses as may be designated by the Depositor.

 

Section 10.15      
Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement,
the Depositor may terminate the Certificate Administrator upon five (5) Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article X; provided that (a) such termination shall not
be effective until a successor Certificate Administrator shall have accepted the appointment, (b) the Certificate Administrator
may not be terminated if (i) it cannot perform its obligations due to its failure to properly prepare or file on a timely
basis, on behalf of the Trust, any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms
or any Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive,
within the exact time frames set forth in this Agreement any information, approval, direction or signature from any other party
hereto needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or
any amendments to such forms or any Form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, or
(ii) following the Certificate Administrator’s failure to comply with any of such obligations under this Article
X on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections, the
Certificate Administrator subsequently complies with such obligations before the Depositor gives written notice to it that it is
terminated in accordance with this Section 10.15, and (c) if the Certificate Administrator’s failure to comply
does not cause it to fail in its obligations to timely file, on behalf of the Trust, the related Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D, Form
ABS-EE or Form 10-K, then the Depositor shall cease to have the right to terminate the Certificate Administrator under this
Section 10.15 on the date on which such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is so filed.

 

Section 10.16      
Termination of the Master Servicer or the Special Servicer. Notwithstanding anything to the contrary contained in
this Agreement, the Depositor may terminate the Master Servicer or the Special Servicer upon five (5) Business Days’ notice
if the Master Servicer or the Special Servicer, as applicable, fails to comply with any of its respective obligations

 

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under this
Article X and such failure is not remedied within (A) one (1) Business Day in the case of a failure to comply with any obligation
under Sections 10.02, 10.04, 10.07 and 10.11 or to otherwise deliver any item relating to a Reportable Event under
this Article X, or (B) five (5) Business Days in the case of a failure to comply with any obligation under this Article
X that is not described in clause (A) above; provided that such termination shall not be effective until a successor
master servicer or special servicer, as applicable, shall have accepted the appointment.

 

Section 10.17      
Termination of Sub-Servicing Agreements. For so long as the Trust or any Other Securitization Trust is subject to
the reporting requirements of the Exchange Act, each of the Master Servicer, the Special Servicer, the Custodian, the Certificate
Administrator and the Trustee, as applicable, shall (i) cause each Sub-Servicing Agreement (with respect to the Master Servicer
or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) to which it is a party to entitle the
Depositor to terminate such agreement (without compensation, termination fee or the consent of any other Person) at any time following
any failure of the applicable Sub-Servicer or sub-servicer, as applicable, to deliver any Exchange Act reporting items that such
Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB or as otherwise contemplated by this Article
X and (ii) promptly notify the Depositor following any failure of the applicable Sub-Servicer or sub-servicer, as applicable,
to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under
Regulation AB or as otherwise contemplated by this Article X. The Depositor is hereby authorized to exercise the rights
described in clause (i) of the preceding sentence in its sole discretion. The rights of the Depositor to terminate a Sub-Servicing
Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer)
as aforesaid shall not limit any right Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator or the
Trustee, as applicable, may have to terminate such Sub-Servicing Agreement or sub-servicing agreement, as applicable.

 

Section 10.18      
Notification Requirements and Deliveries in Connection With Securitization of a Serviced Companion Loan.

 

(a)           
Any other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines
for delivery set forth in this Article X, in connection with the requirements contained in this Article X that
provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act
Reporting Party of any Other Securitization Trust that includes a Serviced Companion Loan, no party hereunder shall be obligated
to provide any such items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party until the Other Depositor
or Other Exchange Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less than 30 days
written notice (or, in each case, such shorter period as required for such Other Depositor or Other Exchange Act Reporting Party
to comply with related filing obligations, provided that (i) such Other Depositor or Other Exchange Act Reporting Party, as applicable,
has provided written notice as soon as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation
of receipt of such written notice, in each case, in accordance with Section 12.04 of this Agreement and (ii) such period
shall not be less than 3 Business Days) (which shall only be required to be delivered once), (i) setting forth the contact
information for such Person(s) and, except as regards the deliveries and cooperation contemplated by

 

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Section 10.08,
Section 10.09 and Section 10.10 of this Agreement, stating that such Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, and (ii) specifying in reasonable detail the information and other items
not otherwise specified in this Agreement that are requested to be delivered; provided that if Exchange Act reporting is
being requested, such Other Depositor or Other Exchange Act Reporting Party is only required to provide a single written notice
to such effect; provided further, that this notice requirement does not apply to any Serviced Companion Loan that is included
in any Other Securitization as of the Closing Date. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating
Advisor, the Asset Representations Reviewer, Custodian, Trustee and Certificate Administrator in cooperating with such Other Depositor
or Other Exchange Act Reporting Party of such Other Securitization Trust (above and beyond their expressed duties hereunder) shall
be the responsibility of such Other Depositor or Other Securitization Trust. The parties hereto shall have the right to confirm
in good faith with the Other Depositor of such Other Securitization Trust as to whether applicable law requires the delivery of
the items identified in this Article X to such Other Depositor and Other Exchange Act Reporting Party of such Other
Securitization Trust prior to providing any of the reports or other information required to be delivered under this Article X
in connection therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this
Article X with respect to such Other Securitization Trust or (ii) in the absence of such confirmation, the parties
shall not be required to deliver such items; provided that no such confirmation will be required in connection with any
delivery of the items contemplated by Section 10.08, Section 10.09 and Section 10.10 of this
Agreement. Such confirmation shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party for the Other Securitization
Trust provides a written statement to the effect that the Other Securitization Trust is subject to the reporting requirements of
the Exchange Act and the appropriate party hereto receives such written statement. The parties hereunder shall also have the right
to require that such Other Depositor provide them with the contact details of such Other Depositor, Other Exchange Act Reporting
Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)          
Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable
prior written request given in accordance with the terms of Section 10.18(a) above, and subject to a right of the Master
Servicer, Special Servicer, the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure
materials, permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus
(updated as appropriate by the Master Servicer, the Special Servicer, Certificate Administrator or Trustee, as applicable, at the
reasonable cost of the holder of such Serviced Companion Loan) for inclusion in the disclosure materials relating to any securitization
of a Serviced Companion Loan.

 

(c)           
The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written
request given in accordance with the terms of Section 10.18(a) above, shall each timely provide (to the extent the
reasonable cost thereof is paid or caused to be paid by the holder of the related Serviced Companion Loan) to the Other Depositor
and any underwriters with respect to any securitization transaction that

 

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includes a Serviced Companion Loan such opinion(s) of
counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred to in Section 10.18(b)
with respect to such party, substantially identical to those, if any, delivered by the Master Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection with the information concerning
such party in the Prospectus and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the
Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, or their respective legal counsel, as the
case may be). None of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be obligated
to deliver any such item with respect to the securitization of a Serviced Companion Loan if it did not deliver a corresponding
item with respect to this Trust.

 

(d)          
Each of the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior
written request given in accordance with the terms of Section 10.18(a) above, shall provide (to the extent the reasonable
cost thereof is paid or caused to be paid by the applicable party set forth below in this Section 10.18(d)) to the
Other Depositor and the trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following:
(i) any information (including, but not limited to, disclosure information) required for such Other Securitization Trust to
comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s)
of counsel, certifications and/or indemnification agreement(s) with respect to such information that are substantially similar
to those delivered by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may
be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing of this Series 2021-B23
securitization transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s)
provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case
may be, pursuant to this Section 10.18(d) shall be paid or caused to be paid by the applicable Serviced Companion Loan
Holder that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion in such Other Securitization
Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal, resignation or any
other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement,
the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.18(d) shall be paid or caused to be paid by the same party or parties required to pay the costs
and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

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Section 10.19      
Termination of Exchange Act Filings With Respect to the Trust. On or prior to January 30th of the first year
in which the Depositor shall provide notice to the Certificate Administrator of its ability under applicable law, to suspend its
Exchange Act filings with respect to the Trust, the Certificate Administrator shall prepare and file a Form 15 Suspension Notification
relating to the suspension of reporting in respect of the Trust under the Exchange Act or any other form necessary to be filed
with the Commission to suspend such reporting obligations. With respect to any reporting period occurring after the filing of such
form, the obligations of the parties to this Agreement under Section 10.04, Section 10.05, Section 10.06
and Section 10.07, solely insofar as they relate to the Trust, shall be suspended. The Certificate Administrator shall
provide prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after the filing
of a Form 15 Suspension Notification or other applicable form, the Depositor shall provide notice to the Certificate Administrator
that it is required to resume its Exchange Act filings with respect to the Trust, the Certificate Administrator shall recommence
preparing and filing reports on Forms 10-K, 10-D, ABS-EE and 8-K with respect to the Trust as required pursuant to Section 10.04,
Section 10.05, Section 10.06 and Section 10.07, and all parties’ obligations under this Article X
shall recommence.

 

Article
XI

ASSET REVIEW PROVISIONS

 

Section 11.01      
Asset Review.

 

(a)           
On or prior to each Distribution Date, based on the CREFC® Delinquent Loan Status Report and/or the CREFC®
Loan Periodic Update File delivered by the Master Servicer for such Distribution Date, the Certificate Administrator shall
determine if an Asset Review Trigger has occurred during the related Collection Period. If an Asset Review Trigger is determined
to have occurred, the Certificate Administrator shall promptly provide notice to the Asset Representations Reviewer, the Master
Servicer, the Special Servicer, all Pooled Certificateholders and the Uncertificated VRR Interest Owner. Any notice required to
be delivered to the Pooled Certificateholders and the Uncertificated VRR Interest Owner pursuant to this Article XI
shall be delivered by the Certificate Administrator (i) by posting such notice on the Certificate Administrator’s Website
and (ii) by mailing such notice to the Pooled Certificateholders’ addresses or the Uncertificated VRR Interest Owner’s
address appearing in the Certificate Register in the case of Definitive Certificates or the Uncertificated VRR Interest and by
delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include in
the Form 10-D relating to the Collection Period in which the Asset Review Trigger occurred, notice of its determination together
with the following statement describing the events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution],
the following Mortgage Loans identified below are 60 or more days delinquent and an Asset Review Trigger as defined in the
Pooling and Servicing Agreement has occurred.” On each Distribution Date occurring after providing such notice to Pooled
Certificateholders and the Uncertificated VRR Interest Owner, the Certificate Administrator, based on information provided to it
by the Master Servicer and/or the Special Servicer, as applicable, shall determine whether (1) any additional Mortgage Loan
has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan

 

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and (3) whether an Asset Review
Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1),
(2) and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit LL within
two (2) Business Days of such determination to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If Pooled Certificateholders
evidencing not less than 5% of the Pooled Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days
after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to
commence an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator shall promptly
provide written notice thereof to the Asset Representations Reviewer and to all Pooled Certificateholders and conduct a solicitation
of votes in accordance with Section 5.12 regarding whether to authorize an Asset Review. In the event there is an affirmative
vote to authorize an Asset Review by Holders of Pooled Certificates evidencing at least a majority of an Asset Review Quorum within
150 days of receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate
Administrator shall promptly provide written notice thereof (the “Asset Review Notice”) to all parties to this
Agreement, the Underwriters, the Mortgage Loan Sellers, the applicable Directing Holder, the Risk Retention Consultation Parties
and the Pooled Certificateholders (such notice to Pooled Certificateholders to be effected by posting such notice on the Certificate
Administrator’s Website and by mailing such notice to the Pooled Certificateholders’ addresses appearing in the Certificate
Register in the case of Definitive Certificates and by delivering such notice via the Depository in the case of Book-Entry Certificates).
Upon receipt of an Asset Review Notice, the Asset Representations Reviewer shall request access to the Secure Data Room by providing
the Certificate Administrator with a certification substantially in the form attached hereto as Exhibit KK. Upon receipt
of such certification, the Certificate Administrator shall grant the Asset Representations Reviewer access to the Secure Data Room.
In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review
Vote Election, no Pooled Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations
Reviewer will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage Loan has become a
Delinquent Loan after the expiration of such 150-day period, (B) a new Asset Review Trigger has occurred as a result or an
Asset Review Trigger is otherwise in effect, (C) the Certificate Administrator has received an Asset Review Vote Election
within 90 days after the filing of a Form 10-D reporting the occurrence of the events described in clauses (A) and (B)
in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset Review Vote Election
described in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review
Vote, no Pooled Certificateholder may make any additional Asset Review Vote Election except as described in the immediately preceding
sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection with administering such
vote will be paid as an expense of the Trust from the Collection Account. The Certificate Administrator shall be entitled to administer
any vote in connection with the foregoing through an agent. For the avoidance of doubt, the Asset Representations Reviewer shall
not perform any Asset Review with respect to the Trust Subordinate Companion Loan at any time.

 

(b)          
(i) Upon receipt from the Certificate Administrator of an Asset Review Notice with respect to a Delinquent Loan, the
Custodian (with respect to clauses (1) – (5)

 

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below for all of the Mortgage Loans), the Master Servicer (with respect
to clause (6) below for Non-Specially Serviced Loans) and the Special Servicer (with respect to clause (6) below for
Specially Serviced Loans) shall promptly (but (except with respect to clause (6)) in no event later than ten (10) Business
Days after receipt of such notice from the Certificate Administrator) provide, in electronic format, the following materials for
such Delinquent Loan, in each case to the extent in such party’s possession, to the Asset Representations Reviewer (collectively,
with the Diligence Files posted on the Secure Data Room by the Certificate Administrator pursuant to Section 4.09,
a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review
Materials”):

 

(1)           a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)           a
copy of an assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in favor of the
Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)           
a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)           a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(5)           a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review; and

 

(6)           any
other related documents that are required to be part of the Review Materials and requested to be delivered by the Master Servicer
(with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) to the Asset
Representations Reviewer pursuant to clause (vii) below of this Section 11.01(b).

 

(ii)          
Notwithstanding the foregoing, the Mortgage Loan Seller will not be required to deliver any information that is proprietary
to the Mortgage Loan Seller or any draft documents, privileged or internal communications, credit underwriting or due diligence
analysis.

 

(iii)         
The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it
by a Person that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information
can be independently verified (without unreasonable effort or

 

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expense to the Asset Representations Reviewer) and is determined
by the Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 11.01 (any such information, “Unsolicited Information”).

 

(iv)         
Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence Files posted to
the Secure Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall
commence a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent
Loan (such review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with
respect to each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance
with the Asset Review Standard and the procedures set forth on Exhibit JJ (each such procedure, a “Test”).
Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required in respect of, or performed on,
such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan
at a time when a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence
of such new Asset Review Trigger.

 

(v)          
No Certificateholder or Uncertificated VRR Interest Owner shall have the right to change the scope of the Asset Review,
and the Asset Representations Reviewer shall not be required to review any information other than (1) the Review Materials
and (2) if applicable, Unsolicited Information.

 

(vi)         
The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume,
without independent investigation or verification, that the Review Materials are accurate and complete in all material respects
and (ii) conclusively rely on such Review Materials.

 

(vii)              
In connection with an Asset Review, the Asset Representations Reviewer shall comply with the following procedures with respect
to each Delinquent Loan:

 

(A)         
Within 10 Business Days after the date on which the Review Materials identified in clauses (i) through (v) of the definition
of “Review Materials” have been received by the Asset Representations Reviewer with respect to such Delinquent Loan
or in any event within 15 days after the date on which access to the Secure Data Room is provided to the Asset Representations
Reviewer by the Certificate Administrator, in the event that the Asset Representations Reviewer reasonably determines that any
Review Materials made available or delivered to the Asset Representations Reviewer are missing any documents required to complete
any Test for such Delinquent Loan, the Asset Representations Reviewer shall promptly notify the Master Servicer (with respect to
Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable,

 

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of such missing
documents, and request that the Master Servicer or the Special Servicer, as applicable, promptly (but in no event later than 10
Business Days after receipt of notification from the Asset Representations Reviewer) deliver to the Asset Representations Reviewer
such missing documents in its possession; provided that any such notification and/or request shall be in writing, specifically
identifying the documents being requested and sent to the notice address for the related party set forth in Section 12.04
of this Agreement. In the event any missing documents are not provided by the Master Servicer or the Special Servicer, as applicable,
within such 10-Business Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan
Seller; provided that the Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement to deliver
any such missing documents only to the extent such documents are in the possession of the Mortgage Loan Seller; and provided,
further, that the Mortgage Loan Seller will not be required to provide any documents that are proprietary to the related
originator or the Mortgage Loan Seller or any draft documents, privileged or internal communications, credit underwriting or due
diligence analysis.

 

(B)          
Following the events in clause (A) above, and within 45 days after the date on which access to the Secure Data
Room is provided to the Asset Representations Reviewer by the Certificate Administrator, the Asset Representations Reviewer shall
prepare a preliminary report with respect to such Delinquent Loan setting forth (i) the preliminary results of the application
of the Tests, (ii) if applicable, whether the Review Materials for such Delinquent Loan are insufficient to complete any Test,
(iii) a list of any applicable missing documents together with the reasons why such missing documents are necessary to complete
any Test, and (iv) (if the Asset Representations Reviewer has so concluded) whether the absence of such documents will be deemed
to be a failure of such Test (collectively, the “Preliminary Asset Review Report”). The Asset Representations
Reviewer shall provide each Preliminary Asset Review Report to the Master Servicer (with respect to Non-Specially Serviced Loans)
or the Special Servicer (with respect to Specially Serviced Loans), who shall promptly, but in no event later than 10 Business
Days of receipt thereof, provide the Preliminary Asset Review Report to the applicable Mortgage Loan Seller. The Asset Representations
Reviewer shall include the following statement in the related correspondence when providing each Preliminary Asset Review Report
to the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced
Loans): “This is a Preliminary Asset Review Report regarding an Asset Review under Section 11.01 of the Pooling and
Servicing Agreement relating to the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23,
requiring action by you as the recipient of such Preliminary Asset Review Report. You are required to deliver the Preliminary Asset
Review Report to the applicable Mortgage Loan Seller no later than 10 Business Days after receipt of the Preliminary

 

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Asset Review
Report.” If the Preliminary Asset Review Report indicates that any of the representations and warranties fails or is deemed
to fail any Test, the applicable Mortgage Loan Seller shall have 90 days from its receipt of the Preliminary Asset Review
Report (the “Cure/Contest Period”) to remedy or otherwise refute the failure. The applicable Mortgage Loan Seller will
be required under the related Mortgage Loan Purchase Agreement to provide any documents or any explanations to support (i) a conclusion
that a subject representation and warranty has not failed a Test or (ii) a claim that any missing documents in the Review Materials
are not required to complete a Test, in any such case to the Master Servicer (with respect to Non-Specially Serviced Loans) or
the Special Servicer (with respect to Specially Serviced Loans), and the Master Servicer or the Special Servicer, as applicable,
shall promptly, but in no event later than ten (10) Business Days after receipt from the applicable Mortgage Loan Seller, deliver
to the Asset Representations Reviewer any such documents or explanations received from the applicable Mortgage Loan Seller given
to support a claim that the representation and warranty has not failed a Test or a claim that any missing documents in the Review
Materials are not required to complete a Test.

 

(C)          
Within the later of (x) 60 days after the date on which access to the Secure Data Room is provided to the Asset Representations
Reviewer by the Certificate Administrator, and (y) 10 Business Days after the expiration of the Cure/Contest Period, the Asset
Representations Reviewer shall complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report, substantially
in the form attached hereto as Exhibit HH, setting forth the Asset Representations Reviewer’s findings and conclusions
as to whether or not it has determined there is any evidence of a failure of any Test based on the Asset Review, together with
a statement that the Asset Representations Reviewer’s findings and conclusions set forth in such report were not influenced
by any third party (an “Asset Review Report”), to each party to this Agreement, the related Mortgage Loan Seller
and the Controlling Class Representative (if such Delinquent Loan is not an Excluded Mortgage Loan), and (ii) a summary of
the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset Review Report Summary”), substantially in the form attached hereto as Exhibit II, to the Trustee and Certificate Administrator (who shall
include such Asset Review Report Summary in the Form 10-D relating to the Collection Period in which such Asset Review Report Summary
is received and post such Asset Review Report Summary on the Certificate Administrator’s Website in accordance with Section 10.04(e)).
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30 days,
upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller(s), if the Asset Representations Reviewer
determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Delinquent
Loan(s) and/or the Mortgaged Property or Mortgaged

 

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Properties. In addition, in the event that the Asset Representations Reviewer
does not receive any documentation that it requested from the Master Servicer (with respect to Performing Serviced Loans), the
Special Servicer (with respect to Specially Serviced Loans) or the applicable Mortgage Loan Seller in sufficient time to allow
the Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report, the Asset Representations Reviewer
shall prepare the Asset Review Report solely based on the documents received by the Asset Representations Reviewer with respect
to the related Delinquent Loan, and the Asset Representations Reviewer shall have no responsibility to independently obtain any
such documents from any party to this or otherwise.

 

(viii)            
Within thirty (30) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Enforcing Servicer
shall determine, based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If
the Enforcing Servicer determines that a Material Defect exists, the Enforcing Servicer shall enforce the obligations of the related
Mortgage Loan Seller with respect to such Material Defect in accordance with Section 2.03(a).

 

(ix)         
In no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material Defect, or
whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall
be the responsibility of the Enforcing Servicer pursuant to Section 2.03(a) or Section 11.01(b)(viii) of
this Agreement.

 

(c)           
The Asset Representations Reviewer and its Affiliates shall keep confidential any Privileged Information received from any
party to this Agreement or any Sponsor (including, without limitation, in connection with the review of the Mortgage Loans) and
not disclose such Privileged Information to any Person (including Certificateholders and the Uncertificated VRR Interest Owner),
other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties
to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged
Information Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer
with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person
without the prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception. In addition,
the Asset Representations Reviewer shall keep all documents and information received by the Asset Representations Reviewer in connection
with an Asset Review that are provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential
and shall not disclose such documents except for purposes of complying with its duties and obligations hereunder.

 

(d)          
The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements
or arrangements with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided
that no agent or subcontractor may (i) be affiliated with any Mortgage Loan Seller, Master

 

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Servicer, Special Servicer, the
Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates
or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative or any of their respective
Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding
the foregoing sentence, the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required
hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation
or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents
or subcontractor to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were
performing its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement
with any agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)           
With respect to any Delinquent Loan that is an Outside Serviced Mortgage Loan, to the extent any documents required by the
Asset Representations Reviewer to complete a Test are missing or have not been received from the related Mortgage Loan Seller,
the Asset Representations Reviewer shall request such document(s) from the related Outside Servicer (if such Outside Serviced Mortgage
Loan is being serviced by an Outside Servicer) or the related Outside Special Servicer (if such Outside Serviced Mortgage Loan
is being serviced by an Outside Special Servicer), the related Outside Trustee and the related Outside Certificate Administrator
(and, in each case, such other party as contemplated under the related Outside Servicing Agreement or related Co-Lender Agreement).

 

Section 11.02      
Payment of Asset Representations Asset Review Fee and Expenses; Limitation of Liability.

 

(a)           
As compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid as an ongoing
fee (the “Asset Representations Reviewer Ongoing Fee”), payable monthly from amounts received in respect of
each Mortgage Loan (including any Outside Serviced Mortgage Loan), and for any Distribution Date an amount accrued during the related
Interest Accrual Period at 0.00016% per annum (the “Asset Representations Reviewer Ongoing Fee Rate”)
on, in the case of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent
Distribution Date, the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in such
Interest Accrual Period, and shall be calculated on the same interest accrual basis as such Mortgage Loan and prorated for any
partial periods. The Asset Representations Reviewer Ongoing Fee shall be payable from amounts on deposit in the Collection Account
as set forth in Section 3.06(a). For the avoidance of doubt, no Asset Representations Reviewer Ongoing Fee is payable
with respect to the Trust Subordinate Companion Loan.

 

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(b)          
Upon the completion of an Asset Review with respect to one or more Delinquent Loans and receipt by the related Mortgage
Loan Seller of a written invoice from the Asset Representations Reviewer, the related Mortgage Loan Seller is required under the
related Mortgage Loan Purchase Agreement to pay to the Asset Representations Reviewer within forty-five (45) days after such
written invoice a fee (the “Asset Representations Reviewer Asset Review Fee”) that is equal to the sum of: (i)
$17,500 multiplied by the number of Delinquent Loans subject to any Asset Review (for purposes of this Section 11.02(b),
the “Subject Loans”) plus (ii) $1,750 per Mortgaged Property relating to the Subject Loans in excess of one
Mortgaged Property per Subject Loan, plus (iii) $2,250 per Mortgaged Property relating to a Subject Loan subject to a Ground Lease,
plus (iv) $1,250 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement
or hotel license agreement, subject, in the case of each of clauses (i) through (iv), to annual adjustments on the basis of the
year-end Consumer Price Index for All Urban Consumers or, if the Consumer Price Index for All Urban Consumers is no longer calculated,
another similar index for the year of the Closing Date and for the year in which the related Asset Review Notice is given. The
Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan shall be paid by the related Mortgage Loan
Seller (provided that, if any Co-sponsored Mortgage Loan is a Delinquent Loan, it shall be treated as one Mortgage Loan for the
purposes of assessing any Asset Representations Reviewer Asset Review Fee, and each of the related Applicable Co-sponsors shall
only be responsible for paying its proportionate share of any such Asset Representations Reviewer Asset Review Fee attributable
to such Co-sponsored Mortgage Loan (in the case of a CREFI-GACC Co-sponsored Mortgage Loan, CREFI’s proportionate share to
be determined according to the proportion that the outstanding principal balance of the portion of such CREFI-GACC Co-sponsored
Mortgage Loan evidenced by the applicable CREFI Co-sponsored Note bears to the outstanding principal balance of the entire such
CREFI-GACC Co-sponsored Mortgage Loan, and GACC’s proportionate share to be determined according to the proportion that the
outstanding principal balance of the portion of such CREFI-GACC Co-sponsored Mortgage Loan evidenced by the applicable GACC Co-sponsored
Note bears to the outstanding principal balance of the entire such CREFI-GACC Co-sponsored Mortgage Loan; and in the case of a
JPMCB-GACC Co-sponsored Mortgage Loan, JPMCB’s proportionate share to be determined according to the proportion that the
outstanding principal balance of the portion of such JPMCB-GACC Co-sponsored Mortgage Loan evidenced by the applicable JPMCB Co-sponsored
Note bears to the outstanding principal balance of the entire such JPMCB-GACC Co-sponsored Mortgage Loan, and GACC’s proportionate
share to be determined according to the proportion that the outstanding principal balance of the portion of such JPMCB-GACC Co-sponsored
Mortgage Loan evidenced by the applicable GACC Co-sponsored Note bears to the outstanding principal balance of the entire such
JPMCB-GACC Co-sponsored Mortgage Loan in each such case, determined as of the Cut-Off Date)); provided, however,
that if (1) the related Mortgage Loan Seller is insolvent or (2) at any time after the outstanding Certificate Balances of the
Control Eligible Certificates have been reduced to zero as a result of the allocation of Realized Losses to such Certificates,
the related Mortgage Loan Seller fails to pay such amount within 90 days following receipt of the Asset Representations Reviewer’s
invoice, then such fee shall be paid by the Trust Fund following delivery by the Asset Representations Reviewer of

 

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evidence reasonably
satisfactory to the Special Servicer of such insolvency or failure to pay such amount; and provided, further, that
notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer, such fee will remain an obligation
of the related Mortgage Loan Seller, and the Special Servicer shall determine whether to pursue (and, if it determines to do so,
shall pursue) remedies against such Mortgage Loan Seller or its insolvency estate to recover any such amounts to the extent paid
by the Trust. If paid by the Trust Fund as described in the immediately preceding sentence, the Asset Representations Reviewer
Asset Review Fee with respect to each Delinquent Loan shall be payable from funds on deposit in the Collection Account as set forth
in Section 3.06(a).

 

(c)           
Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall
be included in the Purchase Price for any such Delinquent Loan that was the subject of a completed Asset Review that is repurchased
by a Mortgage Loan Seller, and such portion of the Purchase Price received shall be used to reimburse the Asset Representations
Reviewer or the Trust, as the case may be, for such fees pursuant to Section 11.02(b).

 

(d)          
The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.

 

Section 11.03      
Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and be discharged
from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and each Rating Agency.
In addition, the Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer, and shall resign
if it fails to be an Eligible Asset Representations Reviewer (and such failure results in an Asset Representations Reviewer Termination
Event) by giving written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor,
the Certificate Administrator and the applicable Directing Holder. Upon such notice of resignation, the Depositor shall promptly
appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. No resignation of the Asset
Representations Reviewer will be effective until a successor Asset Representations Reviewer that is an Eligible Asset Representations
Reviewer has been appointed and accepted the appointment. If no successor Asset Representations Reviewer shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset Representations
Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations reviewer that
is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer shall bear all costs and expenses of each party
hereto and each Rating Agency in connection with its resignation and the transfer of its duties.

 

Section 11.04      
Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates
shall make any investment in any Class of Certificates or the Uncertificated VRR Interest; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations
Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the
Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and
(B) prevent such

 

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Affiliate and its personnel from gaining access to information regarding the Trust and the Asset Representations
Reviewer and its personnel from gaining access to such Affiliate’s information regarding its investment activities.

 

Section 11.05      
Termination of the Asset Representations Reviewer.

 

(a)           
An “Asset Representations Reviewer Termination Event” means any one of the following events whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body:

 

(i)            
any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or
agreements or the material breach of any of its representations or warranties under this Agreement, which failure shall continue
unremedied for a period of thirty (30) days after the date on which written notice of such failure is given to the Asset Representations
Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders of Pooled Certificates having greater
than 25% of the Pooled Voting Rights; provided, however, that with respect to any such failure which is not curable
within such 30-day period, the Asset Representations Reviewer will have an additional cure period of 30 days to effect such
cure so long as it has commenced to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate
Administrator with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such
cure;

 

(ii)          
any failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review
Standard in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date
written notice of such failure is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)         
any failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall
continue unremedied for a period of thirty (30) days;

 

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

 

(v)          
the Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation
committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary

 

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liquidation, or similar proceedings
of or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)         
the Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination Event, the Certificate Administrator
shall promptly provide written notice to all Certificateholders and the Uncertificated VRR Interest Owner (and simultaneously deliver
such written notice to the Asset Representations Reviewer) in accordance with the notice distribution procedures described in Section 11.01(a),
unless the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination Event has
been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case, so long
as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon
the written direction of Holders of Pooled Certificates evidencing not less than 25% of the Pooled Voting Rights (without regard
to the application of any Appraisal Reduction Amounts), shall, terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive
all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring
prior to such termination), by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required
to bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection with its termination
due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and
each Mortgage Loan Seller shall have the right, but not the obligation, to notify the Certificate Administrator and the Trustee
of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)          
Upon (i) the written direction of Holders of Pooled Certificates evidencing not less than 25% of the Pooled Voting
Rights (without regard to the application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset
Representations Reviewer with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer
and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the
Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide written
notice of such requested vote to the Asset Representations Reviewer and to all Pooled Certificateholders by (i) posting such
notice on the Certificate Administrator’s Website, and (ii) mailing such notice to all Pooled Certificateholders at
their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the affirmative vote of the
Holders of Pooled Certificates evidencing at least 75% of the Pooled Voting Rights allocable to the Pooled Certificates of those
Holders that exercise their right to vote (provided that Holders representing the applicable Certificateholder Quorum exercise
their right to vote within 180 days of the initial request for a vote (which, for the avoidance of doubt, is the date on which
the

 

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aforementioned notice was mailed to the Certificateholders)), the Trustee shall terminate all of the rights and obligations
of the Asset Representations Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date
of such termination and other than indemnification rights arising out of events occurring prior to such termination) by notice
in writing to the Asset Representations Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer,
on the one hand, and the Pooled Certificateholders, on the other, the Pooled Certificateholders shall be entitled in their sole
discretion to vote for the termination or not vote for the termination of the Asset Representations Reviewer. In the event that
Holders of the required Pooled Certificates elect to remove the Asset Representations Reviewer without cause and appoint a successor,
the successor asset representations reviewer shall be responsible for all expenses necessary to effect the transfer of responsibilities
from its predecessor.

 

(c)           
On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the
Trustee delivers such written notice of termination to the Asset Representations Reviewer, the Depositor (in the case of a resignation
of the Asset Representations Reviewer pursuant to Section 11.03) or the Trustee (in the case of a termination of the
Asset Representations Reviewer pursuant to Section 11.05(b)), as applicable, shall appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder, each Pooled Certificateholder and the Uncertificated VRR Interest Owner within one Business Day of such appointment.
Notwithstanding the foregoing, if the Trustee is unable to find a successor asset representations reviewer within thirty (30) days
of the termination of the Asset Representations Reviewer, the Depositor shall be permitted, but not obligated, to find a replacement.
The Trustee shall not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the
Trustee uses commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure
is not a result of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer. If the Asset Representations Reviewer ceases to be an
Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing Holder of such
disqualification and, if an Asset Representations Reviewer Termination Event occurs as a result, immediately resign under Section 11.03
of this Agreement, and a successor asset representations reviewer shall be appointed in accordance with Section 11.03.

 

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(d)          
Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Pooled Certificateholders and the Uncertificated
VRR Interest Owner), the Operating Advisor, the Mortgage Loan Sellers, the Depositor, each Rating Agency and, prior to the occurrence
and continuance of a Consultation Termination Event, the Controlling Class Representative. In the event that the Asset Representations
Reviewer is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations
that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing to it under this
Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section 12.01      
Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts
shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed
counterpart of a signature page of this Agreement (and, to the extent permitted under applicable law, each officer’s certificate,
receipt or similar closing document delivered in connection with the closing of the transaction contemplated by this Agreement)
in Portable Document Format (PDF), Tagged Image File Format (TIF or TIFF), .JPG or .JPEG file format, or by facsimile transmission
shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

Section 12.02      
Limitation on Rights of Certificateholders and the Uncertificated VRR Interest Owner. The death or incapacity of
any Certificateholder or the Uncertificated VRR Interest Owner shall not operate to terminate this Agreement or the Trust Fund,
nor entitle such Certificateholder’s or Uncertificated VRR Interest Owner’s legal representatives or heirs to claim
an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, nor otherwise affect
the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder
or Uncertificated VRR Interest Owner shall have any right to vote (except as expressly provided for herein) or in any manner
otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so as to constitute the Certificateholders and the
Uncertificated VRR Interest Owner from time to time as partners or members of an association; nor shall any Certificateholder or
Uncertificated VRR Interest Owner be under any liability to any third person by reason of any action taken by the parties to this
Agreement pursuant to any provision hereof.

 

No Certificateholder
or Uncertificated VRR Interest Owner shall have any right to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, any Mortgage Loan or Serviced Loan Combination, unless such Person previously shall
have given to the Trustee a written notice of default and of the continuance thereof, as

 

    - 526 -

     

    

 

hereinbefore provided, and unless also
the Holders of at least 25% of the Voting Rights of any Class of Certificates affected thereby shall have made written request
upon the Trustee (with a copy to the Certificate Administrator) to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding. It is understood and
intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or
more Holders of Certificates of any Class shall have any right in any manner whatever by virtue of any provision of this Agreement
to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided
and for the equal, ratable and common benefit of all Holders of Certificates of such Class. It is understood and intended, and
expressly covenanted by the Uncertificated VRR Interest Owner with every Certificateholder and the Trustee, that the Uncertificated
VRR Interest Owner shall not have any right in any manner whatever by virtue of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of Certificates of any Class, or to obtain or seek to obtain priority over or preference
to any such Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable
and common benefit of all Combined VRR Interest Owners. For the protection and enforcement of the provisions of this Section, each
and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 12.03      
Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE
RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section 12.04      
Notices. Unless otherwise specifically provided in this Agreement, any communications provided for or permitted hereunder
shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given if (a) personally
delivered, (b) mailed by registered mail, postage prepaid (except for notices to the Trustee or the Certificate Administrator
which shall be deemed to have been duly given only when received), (c) sent by nationally recognized express courier delivery service
and received by the addressee, (d) transmitted by facsimile transmission (or any other type of electronic transmission agreed
upon by the parties) and received by the addressee or (e) only with respect to any addressee of any party for which an electronic
mail address is set forth below, sent by electronic mail (provided, however, any notice provided by electronic mail
shall not be considered delivered until receipt of such electronic mail is confirmed by the addressee), to the applicable party
at the following address(es),

 

    - 527 -

     

    

 

or as to each such Person such other address or e-mail address as may hereafter be furnished by such
Person to the parties hereto in writing:

 

(i)            
in the case of the Depositor:

 

Citigroup Commercial Mortgage Securities Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

with a copy to:

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Fax number: (347) 394-0898

 

with a copy to:

 

Citigroup Commercial Mortgage Securities Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax number: (646) 862-8988

 

with electronic copies e-mailed to:

 

Richard Simpson at richard.simpson@citi.com and

Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

(ii)          
in the case of the Master Servicer:

 

Midland Loan Services, a Division of PNC Bank, National
Association,

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax number: 1-888-706-3565

 

with a copy to:

 

Stinson LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Fax number: (816) 412-9338

 

    - 528 -

     

    

 

and with respect to e-mail pursuant
to Section 12.06 and Section 12.13 of this Agreement, to:

 

NoticeAdmin@midlandls.com

 

and with respect to any investor
inquiry, to:

 

AskMidland@midlandls.com

 

(iii)         
in the case of the Special Servicer with respect to Mortgage Loans other than the 360 Spear Loan Combination and the Pittock
Block Loan Combination:

 

CWCapital Asset Management LLC

900 19th Street, NW, 8th Floor

Washington, D.C. 20006

Attention: Legal Department (BMARK 2021-B23)

 

with a copy to:

 

Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

 

(iv)         
in the case of the Special Servicer with respect to the 360 Spear Loan Combination:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Email: keybank_notices@keybank.com

 

with copies to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

(v)          
in the case of the Special Servicer with respect to the Pittock Block Loan Combination:

 

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

email: staceyciarlanti@situsamc.com

 

    - 529 -

     

    

 

with a copy to:

 

Situs Holdings, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

email: legal@situsamc.com

 

(vi)         
in the case of the Certificate Administrator:

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - Benchmark 2021-B23

Fax number: (212) 816-5527

 

and with respect to e-mail pursuant
to this Agreement, at ratingagencynotice@citi.com

 

(vii)         in the case of the Trustee:

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Fax number: (302) 636-4140

Email: cmbstrustee@wilmingtontrust.com

 

(viii)        in the case of each of the Asset Representations Reviewer and the Operating Advisor:

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th floor 

New York, New York 10016

Attention: Benchmark 2021-B23— Surveillance Manager

 

with copies sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com,
and with respect to e-mail pursuant to Section 12.13 of this Agreement, at cmbs.notices@parkbridgefinancial.com:

 

(ix)         
in the case of the Rating Agencies:

 

S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@spglobal.com

 

    - 530 -

     

    

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Fax number: (212) 635-0295

E-mail: Info.cmbs@fitchratings.com

 

DBRS, Inc.

140 Broadway, 43rd Floor

New York, New York 10005

Attention: CMBS Surveillance

Email: CMBS.surveillance@morningstar.com

 

(x)           in the case of the Mortgage Loan Sellers:

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

with a copy to:

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Fax number: (347) 394-0898

 

with a copy to:

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax number: (646) 862-8988

 

with copies by electronic mail to:

 

Richard Simpson at richard.simpson@citi.com

Ryan M. O’Connor at ryan.m.oconnor@citi.com

and, in the case of each Rule 15Ga 1 Notice, cmbs.notice@citi.com

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh Email: US_CMBS_Notice@jpmorgan.com

 

    - 531 -

     

    

 

Goldman Sachs
Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

E-mail: leah.nivison@gs.com

 

with a copy to:

 

Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Joe Osborne

E-mail: joe.osborne@gs.com

 

with a copy to:

E-mail: gs-refgsecuritization@gs.com

 

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy by electronic mail to lainie.kaye@db.com
and to cmbs.requests@db.com

 

(xi)         
in the case of the Underwriters:

 

Citigroup Global Markets Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

with a copy to:

 

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Fax number: (347) 394-0898

 

with a copy to:

 

Citigroup Global Markets Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax number: (646) 862-8988

 

    - 532 -

     

    

 

with copies by electronic mail to:

 

Richard Simpson at richard.simpson@citi.com
and

Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

J.P. Morgan Securities LLC

383 Madison Avenue, 8th Floor

New York, New York 10179

Fax number: (212) 834-6754

Email: ABS_Synd@jpmorgan.com

 

with a copy to:

 

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo

Email: US_CMBS_Notice@jpmorgan.com

 

Goldman Sachs & Co. LLC 

200 West Street

New York, New York 10282

Attention: Leah Nivison

E-mail: leah.nivison@gs.com

 

with a copy to:

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

Attention: Joe Osborne

E-mail: joe.osborne@gs.com

 

with a copy to:

E-mail: gs-refgsecuritization@gs.com

 

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy by electronic mail to cmbs.requests@db.com

 

Academy Securities,
Inc.

140 East 45th Street, 5th Floor

New York, New York 10017

Attention: Michael Boyd

email: cmbs@academysecurities.com

 

    - 533 -

     

    

 

Drexel Hamilton, LLC

77 Water Street, Suite 201

New York, New York 10005

Attention: Alex Kim

email: spg@drexelhamilton.com

 

(xii)          in the case of the Initial Purchasers:

 

Citigroup Global Markets Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

with a copy to:

 

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Fax number: (347) 394-0898

 

with a copy to:

 

Citigroup Global Markets Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax number: (646) 862-8988

 

with copies by electronic mail to:

 

Richard Simpson at richard.simpson@citi.com
and

Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

J.P. Morgan Securities LLC

383 Madison Avenue, 8th Floor

New York, New York 10179

Fax number: (212) 834-6754

Email: ABS_Synd@jpmorgan.com

 

with a copy to:

 

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo

Email: US_CMBS_Notice@jpmorgan.com

 

    - 534 -

     

    

 

Goldman Sachs & Co. LLC

200 West Street 

New York, New York 10282

Attention: Leah Nivison 

E-mail: leah.nivison@gs.com

 

with a copy to:

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

Attention: Joe Osborne

E-mail: joe.osborne@gs.com

 

with a copy to:

E-mail: gs-refgsecuritization@gs.com

 

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy by electronic mail to cmbs.requests@db.com

 

Academy Securities,
Inc.

 

140 East 45th Street, 5th Floor

New York, New York 10017

Attention: Michael Boyd

email: cmbs@academysecurities.com

 

Drexel Hamilton, LLC

77 Water Street, Suite 201

New York, New York 10005

Attention: Alex Kim

email: spg@drexelhamilton.com

 

(xiii)         in the case of the initial Controlling Class Representative:

 

LD II Holdco XV, LLC

c/o Prime Finance

1330 Avenue of the Americas

Suite 2500

New York, New York 10019

Attention: Jon W. Brayshaw and
Luke Dann

 

with a copy to:

 

    - 535 -

     

    

 

Polsinelli

900 West 48th Place

Suite 900

Kansan City, Missouri 64112

Attention: Kraig Kohring

Facsimile number: (816) 753-1536

 

(xiv)        in the case of the initial Loan-Specific Controlling Class Representative:

 

PIMCO DISCO Fund III LP

c/o Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Attention:  Matt Tuten

 

(xv)         in the case of the initial VRR1 Risk Retention Consultation Party:

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328-2943

 

with a copy to:

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Fax number: (347) 394-0898

 

with a copy to:

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Fax number: (646) 862-8988

 

with electronic copies e-mailed to:

 

Richard Simpson at richard.simpson@citi.com and

Ryan M. O’Connor at ryan.m.oconnor@citi.com.

 

(xvi)        in the case of the initial VRR2 Risk Retention Consultation Party:

 

    - 536 -

     

    

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

Email: US_CMBS_Notice@jpmorgan.com

 

(xvii)      
in the case of the initial VRR3 Risk Retention Consultation Party:

 

Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

E-mail: leah.nivison@gs.com

 

with a copy to:

 

Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Joe Osborne

E-mail: joe.osborne@gs.com

 

with a copy to:

E-mail: gs-refgsecuritization@gs.com

 

(xviii)    
in the case of the initial 360 Spear Risk Retention Consultation Party:

 

Deutsche Bank AG, New York Branch

60 Wall Street New York, New York 10005

Attention: Lainie Kaye

 

with a copy by electronic mail to lainie.kaye@db.com
and to cmbs.requests@db.com

 

Any communication required
or permitted to be delivered to a Certificateholder or the Uncertificated VRR Interest Owner shall be deemed to have been duly
given when mailed first class, postage prepaid, to the address of such Holder or the Uncertificated VRR Interest Owner as shown
in the Certificate Register. Any communication required or permitted to be delivered to a Certificate Owner shall be deemed to
have been duly given to the extent delivered through the Depository. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the Certificateholder or the Uncertificated VRR Interest
Owner receives such notice. Notwithstanding anything contained in this Section 12.04 to the contrary, nothing in this
Section 12.04 shall constitute consent by any party hereto to service of process upon such party by facsimile transmission,
electronic mail or any other type of electronic transmission.

 

    - 537 -

     

    

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact
information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable, has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and
contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.

 

Section 12.05      
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of
the Holders thereof.

 

Section 12.06      
Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency.

 

(a)           
The Certificate Administrator shall use its best efforts to promptly prepare a written notice, and provide such notice by
e-mail to the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5
Information Provider) and the Depositor, with respect to each of the following items of which a Responsible Officer of the Certificate
Administrator has actual knowledge, and the Rule 17g-5 Information Provider shall upload such notice to the Rule 17g-5
Information Provider’s Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m.,
on the next Business Day by 12:00 p.m. and shall, promptly following the posting of such notice to the Rule 17g-5 Information
Provider’s Website, notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating
Agency that has indicated to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic
mail of the posting of such notice, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s
Website:

 

(i)            
any material change or amendment to this Agreement;

 

(ii)          
the occurrence of any Servicer Termination Event that has not been cured;

 

    - 538 -

     

    

 

(iii)         
the merger, consolidation, resignation or termination of the Master Servicer, Special Servicer, the Trustee or the Certificate
Administrator or any Outside Servicer, Outside Special Servicer or Outside Trustee;

 

(iv)         
the repurchase of, or substitution of, Trust Loans pursuant to Section 2.03;

 

(v)          
the final payment to any Class of Certificateholders or the Uncertificated VRR Interest Owner;

 

(vi)         
any change in the location of the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Excess
Interest Distribution Account or any Distribution Account;

 

(vii)              
any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;
and

 

(viii)            
any change in the lien priority of a Trust Loan.

 

(b)          
The Master Servicer or the Special Servicer shall promptly furnish by e-mail (or any other form of electronic delivery reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, and the Rule 17g-5 Information Provider) to the
Rule 17g-5 Information Provider and the Depositor copies of the following (to the extent not already delivered or made available
pursuant to the terms of this Agreement), and the Rule 17g-5 Information Provider shall upload such documents to the Rule 17g-5
Information Provider’s Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m.,
on the next Business Day by 12:00 p.m., and the Rule 17g-5 Information Provider shall, promptly following the posting
of such documents to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered
Rating Agency (other than any Registered Rating Agency that has indicated to the Rule 17g-5 Information Provider of its election
to not receive such notification) by electronic mail of the posting of such documents, which electronic mail may be automatically
generated by the Rule 17g-5 Information Provider’s Website:

 

(i)            
each of its annual statements as to compliance described in Section 10.08 of this Agreement;

 

(ii)          
each of its annual reports on assessment of compliance with servicing criteria described in Section 10.09 of
this Agreement;

 

(iii)         
each of its annual independent public accountants’ servicing reports described in Section 10.10 of this
Agreement;

 

(iv)         
upon request by the Depositor, the Rule 17g-5 Information Provider, any Rating Agency or any Companion Loan Rating Agency,
a copy of each operating and other financial statements, rent rolls, occupancy reports, and sales reports to the extent such information
is required to be delivered under a Trust Loan,

 

    - 539 -

     

    

 

in each case to the extent collected pursuant to Section 3.03(a) or
Section 4.02(b); and

 

(v)          
upon request by the Depositor, the Rule 17g-5 Information Provider, any Rating Agency or any Companion Loan Rating Agency,
each inspection report prepared in connection with any inspection conducted pursuant to Section 3.18 of this Agreement.

 

(c)           
The Certificate Administrator shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable
to the Certificate Administrator and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider (if
the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor copies of the items
set forth in Section 8.11(b) of this Agreement (to the extent not already delivered or made available pursuant to the
terms of this Agreement and to the extent such items were prepared by or delivered to the Certificate Administrator in electronic
format), and the Rule 17g-5 Information Provider shall upload such documents to the Rule 17g-5 Information Provider’s
Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business
Day by 12:00 p.m..

 

(d)          
After any notice, document or item has been posted by the Rule 17g-5 Information Provider to the Rule 17g-5 Information
Provider’s Website pursuant to Sections 12.06(a), 12.06(b) or 12.06(c), the Rule 17g-5 Information
Provider may send such posted notice, document or item to a Registered Rating Agency.

 

Section 12.07      
Amendment. This Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

(a)           
to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates or the Uncertificated
VRR Interest Owner;

 

(b)          
to correct or supplement any of its provisions which may be inconsistent with any other provisions of this Agreement or
with the description thereof in the Prospectus or to correct any error;

 

(c)           
to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account,
the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that (A) the Master
Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (B) the
change would not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated VRR Interest
Owner, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

(d)          
to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of any
Trust REMIC as a REMIC or the Grantor

 

    - 540 -

     

    

 

Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the
Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at the expense
of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification
or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any
holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to restrict (or to remove any existing restrictions
with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the
amendment will not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee,
(C) to the extent necessary to comply with the Investment Company Act, as amended, the Exchange Act, Regulation AB, Regulation
RR and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof)
or any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements no longer applicable
to this securitization transaction in light of such repeal;

 

(e)           
to make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the amendment will not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated
VRR Interest Owner, as evidenced by an opinion of counsel;

 

(f)           
to modify the procedures herein relating to Rule 17g-5; provided that such modification does not increase the
obligations of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master
Servicer or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification
would materially adversely affect such party or materially increase such party’s obligations under this Agreement); provided,
further that notice of such modification is provided to all parties to this Agreement; and

 

(g)          
to amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each
Class of Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material
respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, further that no
amendment pursuant to any of clauses (a)-(g) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under this Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under this
Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations or rights
of any Mortgage Loan Seller under this Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of the
affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser, without
the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder in
its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the

 

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Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of the
Certificateholders, then in which case such expense will be borne by the Trust.

 

This Agreement or any
Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is
then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Certificateholders and the Uncertificated VRR Interest Owner; provided, however, that
no such amendment shall:

 

(i)           reduce
in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed
on a Certificate of any Class or the Uncertificated VRR Interest or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced Companion Loan Holder, as
applicable;

 

(ii)           reduce
the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest the Holders (or, in the case of the
Uncertificated VRR Interest, the owner) of which are required to consent to the amendment without the consent of the Holders of
all Certificates of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable;

 

(iii)           change
in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the related Mortgage Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller;

 

(iv)           change
the definition of “Servicing Standard” without either (A) consent of 100% of the Certificateholders and the Uncertificated
VRR Interest Owner or (B) Rating Agency Confirmation;

 

(v)           without
the consent of 100% of the Certificateholders of the Class or Classes of Certificates, or the Uncertificated VRR Interest
Owner, that is adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders or Pooled Voting
Rights of Pooled Certificateholders, as applicable, that are required to consent to any action or inaction under this Agreement,
(B) the right of the Certificateholders to remove the Special Servicer pursuant to this Agreement or (C) the right of
the Certificateholders to terminate the Operating Advisor pursuant to this Agreement;

 

(vi)           adversely
affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;

 

(vii)         adversely
affect a Serviced Companion Loan Holder in its capacity as such without its consent; or

 

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(viii)        change
in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter
or Initial Purchaser.

 

In the event that neither
the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 12.07 shall be effective
with the consent of the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the
Custodian (if the Certificate Administrator is then acting as Custodian), the Special Servicer, the Master Servicer, in writing,
and to the extent required by this Section, the Certificateholders, the Uncertificated VRR Interest Owner, the Serviced Companion
Loan Holders, the Mortgage Loan Sellers, the Underwriters and/or the Initial Purchasers, as applicable. Promptly after the execution
of any amendment, (A) the Master Servicer shall forward a copy thereof to the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Custodian (if the Certificate Administrator is then acting as Custodian), the Special
Servicer, each Serviced Companion Loan Holder, each Mortgage Loan Seller, each Underwriter, each Initial Purchaser and (B) the
Certificate Administrator shall furnish written notification of the substance of such amendment to each Certificateholder, post
a copy of such amendment to the Certificate Administrator’s Website, and deliver a copy of such amendment to the Rule 17g-5
Information Provider who shall post a copy of such amendment to the Rule 17g-5 Information Provider’s Website pursuant to
Section 12.13 of this Agreement. It shall not be necessary for the consent of Certificateholders, the Uncertificated VRR
Interest Owner or the Serviced Companion Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable,
under this Section 12.07 to approve the particular form of any proposed amendment, but it shall be sufficient if such
consent shall approve the substance thereof. The method of obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders, the Uncertificated VRR Interest Owner or the Serviced Companion Loan Holders, the Mortgage Loan
Sellers, Underwriters or the Initial Purchasers, as applicable, shall be subject to such reasonable regulations as the Trustee
may prescribe; provided, however, that such method shall always be by affirmation and in writing.

 

Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless, if requested by the
Master Servicer, the Special Servicer, the Trustee, the Custodian (if the Certificate Administrator is then acting as Custodian),
and/or the Certificate Administrator, such party shall have received an Opinion of Counsel, at the expense of the party requesting
such amendment (or, if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the
Trustee or the Certificate Administrator for any purpose described in clause (a) or (b) of the first sentence of this
Section 12.07, then at the expense of the Trust Fund), to the effect that such amendment will not cause any Trust REMIC
to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes
at any time that any Certificates are outstanding, and will not cause a tax to be imposed on the Trust Fund (other than a tax at
the corporate tax rate on net income from foreclosure property pursuant to Code Section 860G(c)). Prior to the execution of
any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Special Servicer and the Master Servicer may request and shall be entitled to rely
conclusively upon an Opinion of Counsel, at the expense of the party requesting such amendment (or, if such amendment is required
by any Rating Agency to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator for any purpose
described in clause (a),

 

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(b), (c) or (e) (which does not modify or otherwise relate solely to the obligations,
duties or rights of the Trustee or the Certificate Administrator, as applicable) of the first sentence of this Section 12.07,
then at the expense of the Trust Fund) stating that the execution of such amendment is authorized or permitted by this Agreement,
and that all conditions precedent to such amendment are satisfied. Each of the Trustee, the Custodian (if the Certificate Administrator
is then acting as Custodian) and the Certificate Administrator may, but shall not be obligated to, enter into any such amendment
which affects the Trustee’s, the Custodian’s (if the Certificate Administrator is then acting as Custodian) or the
Certificate Administrator’s, as applicable, own rights, duties or immunities under this Agreement. Any party hereto requesting
an amendment to this Agreement shall provide (x) notice of such amendment no later than 3 Business Days prior to the anticipated
date of execution, and (y) a copy of the executed amendment no later than the date of execution, to each Other Depositor (and counsel
thereto) and Other Exchange Act Reporting Party under each Other Pooling and Servicing Agreement (which may be by email) in order
for each Companion Loan Holder to timely comply with its obligations under the Exchange Act. The party requesting an amendment
to this Agreement shall provide to the Rule 17g-5 Information Provider, for posting on the Rule 17g-5 Information Provider’s
Website pursuant to Section 12.13 of this Agreement, prior written notice of such proposed amendment.

 

Section 12.08      
Confirmation of Intent. The Depositor intends that the conveyance of the Depositor’s right, title and interest
in and to the Trust Loans pursuant to this Agreement shall constitute a sale and not a pledge of security for a loan. If such conveyance
is deemed to be a pledge of security for a loan, however, the Depositor intends that the rights and obligations of the parties
to such loan shall be established pursuant to the terms of this Agreement. The Depositor also intends and agrees that, in such
event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest
in the Depositor’s entire right, title and interest in and to the assets comprising the Trust Fund, including without limitation,
the Trust Loans, all principal and interest received or receivable with respect to the Trust Loans (other than principal and interest
payments due and payable prior to the Cut-Off Date and Principal Prepayments received prior to the Cut-Off Date), all amounts held
from time to time in the Collection Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve
Account and, if established, the Excess Liquidation Proceeds Reserve Account and the REO Account, and all reinvestment earnings
on such amounts, and all of the Depositor’s right, title and interest in and to any Insurance Proceeds related to such Trust
Loans and (ii) this Agreement shall constitute a security agreement under applicable law. This Section 12.08 shall
constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section 12.09      
Third-Party Beneficiaries. Except as provided in (i) Section 3.01(j)(iv) of this Agreement and (ii)
the next sentence, no Persons other than a party to this Agreement, any Companion Loan Holder (unless it is the Mortgagor under
the applicable Companion Loan or an Affiliate thereof), the Uncertificated VRR Interest Owner and any Certificateholder, shall
have any rights with respect to the enforcement of any of the rights or obligations hereunder. Any Underwriter or Initial Purchaser
(with respect to its rights to receive any documents, certifications, information and/or indemnification hereunder and its rights
under Section 2.02, Section 5.03 and Section 12.07 of this Agreement), any Companion Loan Holder
(in respect of the rights afforded it under this Agreement, any related Other Servicer shall be entitled to enforce the rights
of such Companion Loan Holder under this Agreement and the related Co-Lender Agreement), any Mortgage Loan Seller (with respect
to its rights under Article II,

 

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Section 3.09(d)(i), Section 12.07 and Section 12.16 of
this Agreement and its rights as a Privileged Person), the Retaining Sponsor (with respect to its rights under Section 5.02(f)
and Section 5.03(i)), any Other Depositor and Other Exchange Act Reporting Party (with respect to its rights under
Article X of this Agreement), any Other Servicer and Other Special Servicer (with respect to all provisions herein expressly
relating to compensation, reimbursement or indemnification of such Other Servicer or Other Special Servicer, as the case may be,
and the provisions herein regarding coordination of Advances) and, subject to Section 12.02 of this Agreement, any
Certificateholder or the Uncertificated VRR Interest Owner (which are intended third-party beneficiaries of this Agreement) shall
have the right to enforce their respective rights and obligations hereunder (in the case of any Serviced Companion Loan Holder,
to the extent they affect the related Serviced Companion Loan and provided that such Serviced Companion Loan Holder is not the
Mortgagor under the related Companion Loan or an Affiliate thereof) as if each such Person was a party hereto.

 

Without limiting the
foregoing, the parties to this Agreement specifically state that no Mortgagor, property manager or other party to a Mortgage Loan
is an intended third-party beneficiary of this Agreement.

 

Section 12.10      
Request by Certificateholders or the Serviced Companion Loan Holder. Where information or reports are required to
be delivered to a Certificateholder or a Serviced Companion Loan Holder, as applicable, upon request pursuant to the terms of this
Agreement, such request can be in the form of a single blanket request by a Certificateholder or a Serviced Companion Loan Holder,
as applicable, to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and, with respect
to such Certificateholder or a Serviced Companion Loan Holder, as applicable, such request shall be deemed to relate to each date
such report or information may be requested. The notice shall set forth the applicable Sections where such reports and information
are requested.

 

Section 12.11      
Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 12.12      
Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE
OF ANY SUCH ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE
OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED
TO IT AS PROVIDED FOR NOTICES

 

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HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY
MANNER PERMITTED BY LAW.

 

Section 12.13      
Exchange Act Rule 17g-5 Procedures.

 

(a)           
Except as otherwise provided in Section 12.06 of this Agreement or this Section 12.13 or otherwise
in this Agreement or as required by law, none of the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor or the Custodian shall provide any information directly to, or communicate with, either orally or
in writing, any Rating Agency regarding the Certificates or the Trust Loans relevant to the Rating Agencies’ surveillance
of the Certificates or the Trust Loans, including, but not limited to, providing responses to inquiries from a Rating Agency regarding
the Certificates or the Trust Loans relevant to such Rating Agency’s surveillance of the Certificates. To the extent that
a Rating Agency makes an inquiry or initiates communications with the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor or the Custodian regarding the Certificates or the Trust Loans relevant to such Rating Agency’s
surveillance of the Certificates, all responses to such inquiries or communications from such Rating Agency shall be made in writing
by the responding party and shall be provided to the Rule 17g-5 Information Provider as provided in Section 12.13(h),
whereupon the Rule 17g-5 Information Provider shall post such written response to the Rule 17g-5 Information Provider’s
Website on the same Business Day of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m.,
on the next Business Day by 12:00 p.m. (or, if the responding party is the Rule 17g-5 Information Provider, on the same
Business Day of preparation of such response if prepared by 2:00 p.m. or, if prepared after 2:00 p.m., on the next Business
Day by 12:00 p.m.), and the Rule 17g-5 Information Provider shall, promptly after such response has been posted to the
Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered Rating Agency by electronic
mail of the posting of such response.

 

(b)          
To the extent that any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian is required to provide any information to, or communicate with, any Rating Agency in accordance with its
obligations under this Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian, as applicable, shall do so in writing and shall provide such written information or communication to
the Rule 17g-5 Information Provider electronically as provided in Section 12.13(h), whereupon the Rule 17g-5
Information Provider shall upload such information or communication to the Rule 17g-5 Information Provider’s Website
on the same Business Day of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the
next Business Day by 12:00 p.m. (or, if the applicable party is the Rule 17g-5 Information Provider, on the same Business
Day of preparation of such response if prepared by 2:00 p.m. or, if prepared after 2 p.m., on the next Business Day by
12:00 p.m.), and the Rule 17g-5 Information Provider shall, promptly after such written information or communication
has been uploaded to the Rule 17g-5 Information Provider’s Website, notify, or cause the notification of, each Registered
Rating Agency by electronic mail of the posting of such written information or communication. The foregoing shall

 

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include any Rating
Agency Confirmation request made pursuant to this Agreement, which shall be in writing, with a cover letter indicating the nature
of the request and shall include all information the requesting party believes is reasonably necessary for the applicable Rating
Agency to make its decision.

 

(c)           
Notwithstanding the provisions of Section 12.13(a) or Section 12.13(b) of this Agreement, any of
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall
be permitted (but are not required) to orally communicate with the Rating Agencies in accordance with their respective obligations
under this Agreement, under the following circumstances: (i) such party provides a written summary of the information provided
to the Rating Agencies during such communication to the 17g-5 Information Provider electronically as provided in Section 12.13(h)
on the same day such oral communication takes place (provided that the summary of such oral communications shall not be
attributed to the Rating Agency the communication was with); or (ii) the Depositor, in its sole discretion, provides a written
authorization (which may be by electronic email) from the Depositor to the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor or the Custodian, as applicable, to orally communicate with such Rating Agency
(including, but not limited to, providing responses to inquiries from such Rating Agency); provided, that any such authorization
shall set forth the procedures that such party shall follow if it elects (in its sole discretion) to orally communicate with the
applicable Rating Agency, which procedures shall be reasonable and customary as is necessary to allow compliance with Rule 17g-5.
The 17g-5 Information Provider shall post any summary, communication or other information provided to it in accordance with this
paragraph on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 12.13(h).

 

(d)          
Each of the Rule 17g-5 Information Provider, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and the Custodian (each, an “Indemnifying Party”) hereby expressly agrees
to indemnify and hold harmless the Depositor and its respective officers, directors, shareholders, members, managers, employees,
agents, Affiliates and controlling persons, and the Trust Fund (each, an “Indemnified Party”), from and against
any and all losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including
reasonable legal fees and expenses, which for the avoidance of doubt include reasonable attorneys’ fees and expenses related
to the enforcement of this indemnity), joint or several, to which any such Indemnified Party may become subject, under the Act,
the Exchange Act or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages, claims, judgments,
costs, fees, penalties, fines, forfeitures or other expenses (including such reasonable legal fees and expenses) arise out of or
are based upon (i) such Indemnifying Party’s breach of Section 12.06, Section 12.13(a), Section 12.13(b),
Section 12.13(c), Section 12.13(g) or Section 12.13(h) of this Agreement or (ii) a determination
by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant
to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such breach referred to in clause (i) above by the applicable
Indemnifying Party, and will reimburse such Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating

 

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or defending any such action or claim, as such expenses are incurred. The Depositor shall
notify each of the Master Servicer and the Special Servicer in writing of any change in the identity or contact information of
the Rule 17g-5 Information Provider (if it is not also the Certificate Administrator).

 

(e)           
None of the Master Servicer, the Special Servicer, the Certificate Administrator (unless the Certificate Administrator is
acting in the capacity of the Rule 17g-5 Information Provider), the Trustee, the Operating Advisor or the Custodian shall
have any liability for (i) the Rule 17g-5 Information Provider’s failure to post information provided by the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian in accordance
with the terms of this Agreement, (ii) any malfunction or disabling of the Rule 17g-5 Information Provider’s Website
or (iii) such party’s failure to perform any of its obligations under this Agreement regarding providing information
or communication to the Rating Agencies that are required to be performed after the Rule 17g-5 Information Provider posts
the related information or communication if the Rule 17g-5 Information Provider fails to notify such party that it has posted
such information or communication on the Rule 17g-5 Information Provider’s Website.

 

(f)           
None of the foregoing restrictions in this Section 12.13 prohibit or restrict oral or written communications,
or providing information, between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other
hand, with regard to (i) such Rating Agency’s review of the ratings it assigns to the Master Servicer or the Special
Servicer, as applicable, (ii) such Rating Agency’s approval of the Master Servicer or the Special Servicer, as applicable,
as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Master
Servicer’s or the Special Servicer’s, as applicable, servicing operations in general; provided, however,
that the Master Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates
or the Trust Loans to such Rating Agency in connection with such review and evaluation by such Rating Agency unless: (x) borrower,
property or deal specific identifiers are redacted; (y) the Master Servicer or the Special Servicer, as applicable, has in
fact previously provided such information to the Rule 17g-5 Information Provider and does not provide such information to
such Rating Agency until the earlier of (i) receipt of notification from the Rule 17g-5 Information Provider that such information
has been posted to the Rule 17g-5 Information Provider’s Website and (ii) after 12:00 p.m. on the first Business
Day following the date it has provided such information to the Rule 17g-5 Information Provider; or (z) such Rating Agency
has confirmed in writing to the Master Servicer or the Special Servicer, as applicable, that it does not intend to use such information
in undertaking credit rating surveillance for any Class of Certificates (and the party providing such information to a Rating
Agency shall, upon written request, certify to the Depositor that it received the confirmation described in this clause (z)).

 

(g)          
The Rule 17g-5 Information Provider shall establish and maintain the Rule 17g-5 Information Provider’s Website
in the form of a password-protected Internet Website in accordance with this Section 12.13 and Section 12.06
of this Agreement.

 

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(h)          
The Rule 17g-5 Information Provider shall post on the Rule 17g-5 Information Provider’s Website and make
available solely to the Rating Agencies and other NRSROs, the following items, to the extent such items are delivered to it in
an electronic document format suitable for website posting (and the parties required to deliver the following information to the
Rule 17g-5 Information Provider agree to do so in such format) via electronic mail at ratingagencynotice@citi.com,
specifically with a subject reference of “Benchmark 2021-B23” and an identification of the type of information being
provided in the body of such electronic mail (or via any alternative electronic mail address following notice to the parties hereto
or any other delivery method established or approved by the Rule 17g-5 Information Provider if or as may be necessary or beneficial):

 

(i)            
all items delivered to the Rule 17g-5 Information Provider pursuant to Section 12.06;

 

(ii)          
all information and communications delivered to the Rule 17g-5 Information Provider pursuant to Sections 12.13(a),
12.13(b) and 12.13(c);

 

(iii)         
any Form ABS Due Diligence-15E delivered to the Rule 17g-5 Information Provider pursuant to Section 12.13(l)
or by the Depositor;

 

(iv)         
any transaction documents, closing documents and opinions relating to this transaction delivered to the Rule 17g-5
Information Provider by the Depositor; and

 

(v)          
any other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement.

 

The 17g-5 Information
Provider shall post the foregoing items on the 17g-5 Information Provider’s Website on the same Business Day of receipt if
received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m., and shall, promptly
following the posting of such item to the 17g-5 Information Provider’s Website, notify, or cause the notification of, (A)
each Registered Rating Agency and (B) the party that delivered such item to the 17g-5 Information Provider for posting on the 17g-5
Information Provider’s Website, in each case by electronic mail, of the posting of such item on the 17g-5 Information Provider’s
Website.

 

The Rule 17g-5 Information
Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is
accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. If any information
is delivered or posted in error, the Rule 17g-5 Information Provider may remove it from the Rue 17g-5 Information Provider’s
Website. The Certificate Administrator and the Rule 17g-5 Information Provider have not obtained and shall not be deemed to
have obtained actual knowledge of any information only by receipt and posting to Certificate Administrator’s Website or the
Rule 17g-5 Information Provider’s Website, as applicable. Access will be provided by the Rule 17g-5 Information
Provider to (i) the Rating Agencies upon registration at the Rule 17g-5 Information Provider’s Website as a user
thereof and (ii) other NRSROs upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof
and receipt by the Rule 17g-5 Information Provider of an NRSRO Certification (which certification may be

 

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submitted via e-mail
to the Rule 17g-5 Information Provider). If a NRSRO (including any Rating Agency) requests access to the 17g-5 Information
Provider’s Website, access will be granted by the 17g-5 Information Provider on the same Business Day provided such request
is made (and, in the case of a NRSRO that is not a Rating Agency, a NRSRO Certification is submitted to the Rule 17g-5 Information
Provider) prior to 2:00 p.m., New York time on such Business Day, or if received after 2:00 p.m., New York City time,
on the following Business Day. The 17g-5 Information Provider shall permit each Rating Agency to submit multiple email addresses
for receipt of notices, including a general email address; provided, that each email address so provided shall be associated
with a registered user of the Rule 17g-5 Information Provider’s Website. Questions regarding delivery of information
to the Rule 17g-5 Information Provider may be directed to 1-888-855-9695 and ratingagencynotice@citi.com (specifically
referencing “Benchmark 2021-B23” in the subject line) (or to such other telephone number or e-mail address as the Rule 17g-5
Information Provider may designate).

 

The 17g-5 Information
Provider shall provide a mechanism to promptly notify each Person that has signed up for access to the 17g-5 Information Provider’s
Website in respect of the transaction governed by this Agreement each time an additional document is posted thereto. In connection
with providing access to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider may
require registration and the acceptance of a disclaimer. The Rule 17g-5 Information Provider shall not be liable for the dissemination
of information in accordance with the terms of this Agreement, makes no representations or warranties as to the accuracy or completeness
of such information being made available, and assumes no responsibility for such information. The Rule 17g-5 Information Provider
shall not be liable for its failure to make any information available to the Rating Agencies or other NRSROs unless such information
was delivered to the Rule 17g-5 Information Provider at the e-mail address set forth herein (or by any other form of electronic
delivery reasonably acceptable to Rule 17g-5 Information Provider pursuant to the terms of this Agreement), with a subject
heading of “Benchmark 2021-B23” and sufficient detail to indicate that such information is required to be posted on
the Rule 17g-5 Information Provider’s Website. In connection with notifying a Registered Rating Agency of any information
posted to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider shall only be responsible
for sending such notices to the electronic mail address(es) of such Registered Rating Agency as provided by such Registered Rating
Agency upon its registration as user of the Rule 17g-5 Information Provider’s Website or upon any subsequent update
of such electronic mail address(es) made by such Registered Rating Agency through the Rule 17g-5 Information Provider’s
Website, and the Rule 17g-5 Information Provider shall not be responsible for sending any notices to any electronic mail address(es)
of any Registered Rating Agency that is not provided to the Rule 17g-5 Information in the manner described in this sentence.

 

(i)            
In connection with the delivery by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or
Trustee, as applicable, to the Rule 17g-5 Information Provider of any information, report, notice or document for posting
to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider shall notify the Master Servicer,
Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, of when such information, report, notice
or other document has been posted to the Rule 17g-5 Information Provider’s Website, and the Master Servicer, Special
Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, may (but is not obligated to) send such information,
report, notice or other document to the

 

    - 550 -

     

    

 

applicable Rating Agency promptly following the earlier of (a) receipt of notification
from the Rule 17g-5 Information Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information
Provider’s Website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such information,
report, notice or other document to the Rule 17g-5 Information Provider.

 

(j)            
With respect to each Outside Serviced Mortgage Loan, each of the Master Servicer, the Certificate Administrator and the
Trustee shall provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly
upon receipt from an Outside Service Provider, all reports, statements, documents, notices and other information it receives in
respect of such Outside Serviced Mortgage Loan that would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Outside Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.

 

(k)          
The Master Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information
Provider that is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted
by the 17g-5 Information Provider in accordance with the timeframe provided in Section 12.13(b).

 

(l)            
If any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any Person in connection with any third-party
“due diligence services” (as defined in Rule 17g-10 under the Exchange Act) provided by such Person with respect
to the Trust Loans (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form
ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance
with Section 12.13(h). The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website
any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Agreement,
in accordance with the timeframe provided in Section 12.13(h).

 

(m)         
Neither the Master Servicer nor the Special Servicer shall be required to make any determination as to whether any service
provided by a third party requires obtaining a Form ABS Due Diligence-15E.

 

Section 12.14      
Cooperation With the Mortgage Loan Sellers With Respect to Rights Under the Loan Agreements. It is expressly agreed
and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that the Mortgage Loan Sellers
are entitled to the benefit of any securitization indemnification provisions that specifically run to the benefit of the lenders
in the Loan Documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree to reasonably cooperate
with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining the benefits of the
provisions of any section of a Loan Agreement or securitization cooperation agreement providing for indemnification of the lender
and/or its loan seller affiliates with respect to the current securitization

 

    - 551 -

     

    

 

of the related Trust Loan, including, without limitation,
executing any documents as are reasonably necessary to permit the related Mortgage Loan Seller to enforce such provisions for its
benefit; provided, that none of the Depositor, Master Servicer, Special Servicer or Trustee shall be required to take any action
that is inconsistent with the Servicing Standard, would violate applicable law, the terms and provisions of this Agreement or the
Loan Documents, would adversely affect any Certificateholder or the Uncertificated VRR Interest Owner, would cause any Trust REMIC
to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes, or would
result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC
Provisions. To the extent that the Trustee is required to execute any document facilitating the above rights of a Mortgage Loan
Seller under this Section 12.14, such document shall be in form and substance reasonably acceptable to the Trustee.

 

Section 12.15      
Electronic Signatures.

 

Each of the parties hereto
agrees that the transaction consisting of this Agreement (and, to the extent permitted under applicable law, each officer’s
certificate, receipt or similar closing document delivered in connection with the closing of this transaction) may be conducted
by electronic means. Each party agrees, and acknowledges that it is such party’s intent, that if such party signs this Agreement
(or, if applicable, such closing document) using an electronic signature, it is signing, adopting, and accepting this Agreement
or such closing document and that signing this Agreement or such closing document using an electronic signature is the legal equivalent
of having placed its handwritten signature on this Agreement or such closing document on paper. The use of electronic signatures
and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received,
or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature
or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

Section 12.16      
PNC Bank, National Association. PNC Bank, National Association, by execution hereof by its division, Midland Loan
Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable
against PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services,
a Division of PNC Bank, National Association.

 

[Signature Pages Follow]

 

    - 552 -

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the
day and year first above written.

 

	 	CITIGROUP COMMERCIAL MORTGAGE 
	 	SECURITIES INC., as Depositor
	 	 
	 	By:	
        /s/ Richard Simpson 

	 	 	Name: Richard Simpson
	 	 	Title: President

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	 	MIDLAND LOAN SERVICES, 
	 	A DIVISION OF PNC BANK, NATIONAL
	 	ASSOCIATION, as Master Servicer
	 	 
	 	By:	
        /s/ David A. Eckels

	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	 	CWCAPITAL ASSET MANAGEMENT LLC, 
	 	as a Special Servicer
	 	 
	 	By:	
        /s/ Brian Hanson 

	 	 	Name: Brian Hanson
	 	 	Title: Managing Director

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	 	KEYBANK NATIONAL ASSOCIATION, as a
	 	Special Servicer
	 	 
	 	By:	
        /s/ Mike Jenkins 

	 	 	Name: Mike Jenkins
	 	 	Title: Vice President

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	 	SITUS HOLDINGS, LLC,
	 	as a Special Servicer
	 	 
	 	By:	
        /s/ Adriana Boudreaux 

	 	 	Name: Adriana Boudreaux
	 	 	Title: Deputy General Counsel

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

 

	 	PARK BRIDGE LENDER SERVICES LLC
	 	as Operating Advisor and as Asset Representations Reviewer
	 	 
	 	By:  	Park
    Bridge Advisors LLC, a New York limited liability company, its Sole Member
	 	 	 
	 	 	By:  Park
    Bridge Financial LLC, a New York limited liability company, its Sole Member
	 	 	 
	 	By:	/s/
    Robert J. Spinna, Jr.
	 		Name: Robert
    J. Spinna, Jr.
	 		Title: Managing Member

 

Benchmark 2021-B23
– Pooling and Servicing Agreement

 

      

     

    

	 	CITIBANK, N.A., as Certificate Administrator 
	 	 
	 	By:	
        /s/ Dragana Boskovic 

	 	 	Name: Dragana Boskovic
	 	 	Title: Senior Trust Officer

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	 	WILMINGTON TRUST NATIONAL
	 	ASSOCIATION, as Trustee
	 	 
	 	By:	
        /s/ Beverly D. Capers 

	 	 	Name: Beverly D. Capers
	 	 	Title: Assistant Vice President

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

	STATE OF	)	 
	 	) ss:	 
	COUNTY OF	)	 

 

On this ____ day of ________
2021, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally
appeared ____________________________, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
is the _____________________________________ of _____________________________, a _____________________________, one of the entities
described in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the
day and year first above written.

 

	 	 
	 	Notary Public in and for the
	 	State of ________________
	 	 
	My Commission expires:	 
	 	 
	[NOTARIAL SEAL]	 

 

Benchmark 2021-B23 – Pooling and
Servicing Agreement

 

      

     

    

 

EXHIBIT
A-1

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

  

 

 

		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
                                         Certificate legend.

 

 

     A-1-1

     

    

 

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-1

 

	Pass-Through Rate: 0.41800%
    per annum	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-1 Certificates:  $21,244,000	 	Scheduled Final Distribution Date: the Distribution Date in April
    2025

 

	CUSIP:
        08162RAA5

         
	 	Initial Certificate Balance of this Certificate:
    $[_____]
	ISIN:
        US08162RAA59

         
	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class A-1 Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-2,
Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-1 Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

     A-1-2

     

    

 

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-1
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-1
Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30
days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

     A-1-3

     

    

 

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s
and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage
Loans and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest
Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including
any reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged
Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee
pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear
Regular Interests; (xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay
Bay Trust REMIC Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

     A-1-4

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

     A-1-5

     

    

 

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

     A-1-6

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or
the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

     A-1-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-1-8

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
__________________________________________ ________________________ (please print or typewrite name(s) and address(es),
including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by
the within Class A-1 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the
Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-1 Certificate of the entire Percentage Interest represented
by the within Class A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1 Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-1-9

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-1-10

     

    

 

EXHIBIT
A-2

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-2

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		3	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		4	Global
                                         Certificate legend.

 

 

     A-2-1

     

    

 

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-2

 

	Pass-Through Rate: 1.62000%
    per annum	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-2 Certificates:  $155,183,000	 	Scheduled Final Distribution Date: the Distribution Date in January
    2026

 

	CUSIP: 
        08162RAB3

         
	 	Initial Certificate Balance of this Certificate:
    $[_____]
	ISIN:
        US08162RAB33

         
	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class A-2 Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-2 Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

 

     A-2-2

     

    

 

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-2
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-2
Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30
days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

     A-2-3

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s
and the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage
Loans and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest
Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including
any reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged
Properties; (x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee
pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear
Regular Interests; (xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay
Bay Trust REMIC Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

     A-2-4

     

    

  

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

     A-2-5

     

    

  

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

     A-2-6

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or
the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

     A-2-7

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-2-8

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
___________________________________________ _______________________ (please print or typewrite name(s) and address(es),
including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by
the within Class A-2 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the
Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-2 Certificate of the entire Percentage Interest represented
by the within Class A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2 Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-2-9

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-2-10

     

    

 

EXHIBIT
A-3

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-4A1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]5

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]6

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

  

		5	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		6	Global
                                         Certificate legend.

 

     A-3-1

     

    

  

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-4A1

 

	Pass-Through Rate:  1.82300%
    per annum	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-4A1 Certificates:  $200,000,000	 	Scheduled Final Distribution Date: the Distribution Date in January
    2031

 

	CUSIP: 
        08162RAC1

         
	 	Initial Certificate Balance of this Certificate:
    $[_____]
	ISIN:
        US08162RAC16

         
	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class A-4A1 Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-4A1 Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

     A-3-2

     

    

  

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-4A1
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-4A1 Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

     A-3-3

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

     A-3-4

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

     A-3-5

     

    

 

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

     A-3-6

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan in respect of any Mortgage Loan or Trust
Subordinate Companion Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of
(A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the
Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such
Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

     A-3-7

     

    

 

 

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4A1 Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-4A1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-3-8

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-4A1 Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-4A1 Certificate of the entire Percentage Interest represented
by the within Class A-4A1 Certificates to the above-named Assignee(s) and to deliver such Class A-4A1 Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-3-9

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-3-10

     

    

 

EXHIBIT
A-4

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-5

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]7

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]8

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		7	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		8	Global
Certificate legend.

 

    A-4-1 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-5

 

	Pass-Through
    Rate:  2.07000% per annum	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class A-5 Certificates:  $421,699,000	 	Scheduled
    Final Distribution Date: the Distribution Date in January 2031
	 	 	 

	CUSIP: 
                                         08162RAD9 
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:
                                         US08162RAD98

         
	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class A-5 Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-5 Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

    A-4-2 

     

    

 

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-5
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-5
Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30
days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    A-4-3 

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

    A-4-4 

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

    A-4-5 

     

    

 

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

    A-4-6 

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or
the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-4-7 

     

    

   

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-5 Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-5 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-5 Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-5 Certificate of the entire Percentage Interest represented
by the within Class A-5 Certificates to the above-named Assignee(s) and to deliver such Class A-5 Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-4-9 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-4-10 

     

    

  

EXHIBIT
A-5

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-AB

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]9

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]10

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		9	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		10	Global
Certificate legend.

 

    A-5-1 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-AB

 

	Pass-Through
    Rate:  1.76600% per annum	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class A-AB Certificates:  $19,922,000	 	Scheduled
    Final Distribution Date: the Distribution Date in March 2030
	 	 	 

	CUSIP:  08162RAE7 
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:  US08162RAE71 

         
	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class A-AB Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-AB
Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

    A-5-2 

     

    

 

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-AB Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-AB Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    A-5-3 

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

    A-5-4 

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

    A-5-5 

     

    

 

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

    A-5-6 

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or
the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-5-7 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-AB Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-AB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-5-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-AB Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-AB Certificate of the entire Percentage Interest represented
by the within Class A-AB Certificates to the above-named Assignee(s) and to deliver such Class A-AB Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-5-9 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-5-10 

     

    

  

EXHIBIT
A-6

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-A

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS A-1,
CLASS A-2, CLASS A-4A1, CLASS A-4A2, CLASS A-5, CLASS A-AB AND CLASS A-S certificates.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS
CLASS X-A CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
Certificate legend.

 

    A-6-1 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-A

 

	Pass-Through
    Rate:  Variable IO3	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Notional Amount of the Class X-A Certificates:  $1,181,663,000	 	Scheduled
    Final Distribution Date:  the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RAF4 
	 	Initial
    Notional Amount of this Certificate: $[_____]
	 	 	 
	ISIN:
                                         US08162RAF47 
	 	 
	 	 	 
	No.:
                                         [1] 
	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class X-A Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class X-A Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master

 

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 1.28027% per annum.

 

    A-6-2 

     

    

 

Servicer,
CWCapital Asset Management LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan
Combination, as a Special Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special
Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate
Administrator, and Wilmington Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-A Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-A Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any

 

    A-6-3 

     

    

 

Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

    A-6-4 

     

    

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any

 

    A-6-5 

     

    

 

Mortgage
Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement without the consent of
the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter or Initial Purchaser,
without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced Companion Loan Holder
in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do,

 

    A-6-6 

     

    

 

the
Master Servicer or, if none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates
representing greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon
not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing
Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination
Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans
(and in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced
Companion Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired
by or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any
Outside Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in
cash, equal to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses
of the Master Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special
Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to
such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase,
the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together
with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances
and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have
been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-6-7 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class X-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-6-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-A Certificate and
hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class X-A Certificate of the entire Percentage Interest represented
by the within Class X-A Certificates to the above-named Assignee(s) and to deliver such Class X-A Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-6-9 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-6-10 

     

    

  

EXHIBIT
A-7

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-S

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
Certificate legend.

    A-7-1 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-S

 

	Pass-Through
    Rate:  2.27400% per annum	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class A-S Certificates:  $163,615,000	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RAG2 
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:
                                         US08162RAG20 
	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class A-S Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-S Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

    A-7-2 

     

    

 

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-S
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class A-S
Certificates is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30
days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the
Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in
such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses
shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held,
the final distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    A-7-3 

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

    A-7-4 

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

    A-7-5 

     

    

 

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

    A-7-6 

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or
the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-7-7 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-S Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-7-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-S Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-S Certificate of the entire Percentage Interest represented
by the within Class A-S Certificates to the above-named Assignee(s) and to deliver such Class A-S Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-7-9 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-7-10 

     

    

  

EXHIBIT
A-8

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS B

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
Certificate legend.

 

    A-8-1 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS B

 

	Pass-Through
    Rate:  2.09500% per annum	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class B Certificates:  $59,992,000	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 
	CUSIP:  08162RAH0 
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:
                                         US08162RAH03 
	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class B Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class B Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National

 

    A-8-2 

     

    

 

Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class B
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    A-8-3 

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

    A-8-4 

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

    A-8-5 

     

    

 

incurred
with respect to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced

 

    A-8-6 

     

    

 

Companion
Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing
on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan
Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included
in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount
and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such
Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate
Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or
the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer
or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer,
as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding
(which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in
connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-8-7 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-8-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class B Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class B  Certificate of the entire Percentage Interest represented
by the within Class B Certificates to the above-named Assignee(s) and to deliver such Class B Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-8-9 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-8-10 

     

    

 

EXHIBIT
A-9

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS C

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY TO THE POOLING AND SERVICING AGREEMENT
REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER (OR ITS REPRESENTATIVE), THE UNDERWRITERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		2	Global Certificate legend.

 

     A-9-1

     

    

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS C

 

	Pass-Through Rate:  The lesser of 2.56300% and the WAC Rate	 	 
	 	 	 
	First Distribution Date: March 17, 2021	 	Cut-Off Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class C Certificates:  $45,449,000	 	Scheduled Final Distribution Date: the Distribution Date in February 2031
	 	 	 
	
        CUSIP:  08162RAJ6

         
	 	Initial Certificate Balance of this Certificate: $[_____] 
	
        ISIN: US08162RAJ68

        
	 	 
	 	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class C Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class C Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as a Special Servicer, KeyBank
National Association, solely with respect to the 360 Spear Loan Combination, as a Special Servicer, Situs Holdings, LLC, solely
with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor

 

     A-9-2

     

    

 

and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates,
the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class C
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of
the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

     A-9-3

     

    

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion Loan as from
time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion Loan due after the
Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of
interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues
received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent
of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights
under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be maintained
pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of
Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and the
Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans and
Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders, the Uncertificated VRR Interest
Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
or the Uncertificated VRR Interest Owner;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

     A-9-4

     

    

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated
VRR Interest Owner, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to restrict (or to remove any existing restrictions
with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will
not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the
extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR
and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or
any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements no longer applicable
to this securitization transaction in light of such repeal;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses

 

     A-9-5

     

    

 

incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders and the Uncertificated VRR Interest Owner; provided, however,
that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or the Uncertificated VRR Interest or to any Serviced Companion
Loan Holder, as applicable, without the consent of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that
Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which are required to consent to the amendment without
the consent of the Holders of all Certificates of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
or Pooled Voting Rights of Pooled Certificateholders, as applicable, that are required to consent to any action or inaction under
the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling
and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and
Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced

 

     A-9-6

     

    

 

Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan
that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of
(A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the
Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such
Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination by the Holder
of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and
each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least 30 days
prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest Owner as set forth in the Pooling
and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final
Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the
purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of
the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates and the Uncertificated
VRR Interest for all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect
thereto) of the last Trust Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however,
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

     A-9-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-9-8

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
__________________________________________________________________ (please print or typewrite name(s) and address(es),
including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by
the within Class C Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the
Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class C Certificate of the entire Percentage Interest represented
by the within Class C Certificates to the above-named Assignee(s) and to deliver such Class C Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-9-9

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _______________________________________________________
_____________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-9-10

     

    

 

EXHIBIT
A-10

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-4A2

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY TO THE POOLING AND SERVICING AGREEMENT
REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER (OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

 

     A-10-1

     

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR
FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH
CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

     A-10-2

     

    

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS A-4A2

 

	Pass-Through Rate:  1.82300% per annum	 	 
	 	 	 
	First Distribution Date: March 17, 2021	 	Cut-Off Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-4A2 Certificates:  $200,000,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2031
	 	 	 

	
        CUSIP:   08162RBX44

        U0810TAU75

        08162RBY26

        

        

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:      US08162RBX447

        USU0810TAU708

        US08162RBY279

         
	 	 
	Common Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class A-4A2 Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the

 

 

 

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9
For IAI Certificates

 

     A-10-3

     

    

 

Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class A-4A2 Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as a Special Servicer, KeyBank
National Association, solely with respect to the 360 Spear Loan Combination, as a Special Servicer, Situs Holdings, LLC, solely
with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates,
the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-4A2 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-4A2 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of
the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering

 

     A-10-4

     

    

 

Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion Loan as from
time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion Loan due after the
Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of
interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues
received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent
of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights
under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be maintained
pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of
Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and the
Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans and
Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.

 

     A-10-5

     

    

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders, the Uncertificated VRR Interest
Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
or the Uncertificated VRR Interest Owner;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated
VRR Interest Owner, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to restrict (or to remove any existing restrictions
with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will
not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the
extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR
and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or
any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements no longer applicable
to this securitization transaction in light of such repeal;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of 

 

     A-10-6

     

    

 

	 	 	the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights
or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the
Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders and the Uncertificated VRR Interest Owner; provided, however,
that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or the Uncertificated VRR Interest or to any Serviced Companion
Loan Holder, as applicable, without the consent of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that
Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which are required to consent to the amendment without
the consent of the Holders of all Certificates of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
or Pooled Voting Rights of Pooled Certificateholders, as applicable, that are required to consent to any action or inaction under
the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling
and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and
Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

     A-10-7

     

    

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan
that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of
(A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the
Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such
Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination by the Holder
of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and
each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least 30 days
prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest Owner as set forth in the Pooling
and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final
Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the
purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of
the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates and the Uncertificated
VRR Interest for all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect
thereto) of the last Trust Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however,
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as

 

     A-10-8

     

    

 

contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

     A-10-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class A-4A2 Certificate to be
duly executed.

 

	 	Citibank, N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: February 18, 2021

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Class A-4A2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 18, 2021

 

	 	Citibank,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-10-10

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class A-4A2
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class A-4A2 Certificate of the entire Percentage
Interest represented by the within Class A-4A2 Certificates to the above-named Assignee(s)
and to deliver such Class A-4A2 Certificate to the following address:

 

Date:
_______________

 

		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-10-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of
the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to
__________________________ for the account of _________________________________________ account number ____________________________. This
information is provided by ______________________________, the Assignee(s) named above or
____________________________________ as its (their) agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-10-12

     

    

 

EXHIBIT
A-11

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-B

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY TO THE POOLING AND SERVICING AGREEMENT
REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER (OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS B AND CLASS C CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-B CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR
FOREIGN

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

 

     A-11-1

     

    

 

SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH
CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

     A-11-2

     

    

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-B

 

	Pass-Through Rate:  Variable IO4	 	 
	 	 	 
	First Distribution Date: March 17, 2021	 	Cut-Off Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-B Certificates:  $105,441,000	 	Scheduled Final Distribution Date:  the Distribution Date in February 2031
	 	 	 

	
        CUSIP:   08162RAV95

        U0810TAF06

        08162RAW77

          
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US08162RAV968

        USU0810TAF049

        US08162RAW7910

         
	 	 
	Common Code: [____]	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class X-B Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 0.90426% per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

 

     A-11-3

     

    

 

Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class
A-4A2, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class X-B Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as a Special Servicer, KeyBank
National Association, solely with respect to the 360 Spear Loan Combination, as a Special Servicer, Situs Holdings, LLC, solely
with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates,
the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-B Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-B Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of
the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the

 

     A-11-4

     

    

 

Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion Loan as from
time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion Loan due after the
Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of
interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues
received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent
of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights
under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be maintained
pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of
Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and the
Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans and
Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.

 

     A-11-5

     

    

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders, the Uncertificated VRR Interest
Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
or the Uncertificated VRR Interest Owner;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated
VRR Interest Owner, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to restrict (or to remove any existing restrictions
with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will
not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the
extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR
and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or
any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements no longer applicable
to this securitization transaction in light of such repeal;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of 

 

     A-11-6

     

    

 

	 	 	the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, further that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders and the Uncertificated VRR Interest Owner; provided, however,
that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or the Uncertificated VRR Interest or to any Serviced Companion
Loan Holder, as applicable, without the consent of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that
Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which are required to consent to the amendment without
the consent of the Holders of all Certificates of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
or Pooled Voting Rights of Pooled Certificateholders, as applicable, that are required to consent to any action or inaction under
the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling
and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and
Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

     A-11-7

     

    

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan
that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of
(A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the
Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such
Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination by the Holder
of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and
each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least 30 days
prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest Owner as set forth in the Pooling
and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final
Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the
purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of
the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates and the Uncertificated
VRR Interest for all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect
thereto) of the last Trust Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however,
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as

 

     A-11-8

     

    

 

contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

     A-11-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-B Certificate to be
duly executed.

 

	 	Citibank, N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: February 18, 2021

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Class X-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 18, 2021

 

	 	Citibank,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-11-10

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-B
 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class X-B Certificate of the entire Percentage
Interest represented by the within Class X-B Certificates to the above-named Assignee(s)
and to deliver such Class X-B Certificate to the following address:

 

Date:
_______________

 

		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-11-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of
the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to
__________________________ for the account of _________________________________________ account number ____________________________. This
information is provided by ______________________________, the Assignee(s) named above or
____________________________________ as its (their) agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-11-12

     

    

 

EXHIBIT
A-12

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY TO THE POOLING AND SERVICING AGREEMENT
REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER (OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS D AND CLASS E CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-D CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR
FOREIGN

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

 

     A-12-1

     

    

 

SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH
CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

     A-12-2

     

    

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-D

 

	Pass-Through Rate:  Variable IO4	 	 
	 	 	 
	First Distribution Date: March 17, 2021	 	Cut-Off Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-D Certificates:  $72,718,000	 	Scheduled Final Distribution Date:  the Distribution Date in February 2031
	 	 	 

	
        CUSIP:  08162RAX55

U0810TAG86

08162RAY37

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US08162RAX528

        USU0810TAG869

        US08162RAY3610

         
	 	 
	Common Code: [____]	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class X-D Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 1.20099% per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

  

     A-12-3

     

    

 

Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class
A-4A2, Class X-B, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class X-D Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as a Special Servicer, KeyBank
National Association, solely with respect to the 360 Spear Loan Combination, as a Special Servicer, Situs Holdings, LLC, solely
with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates,
the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-D Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-D Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of
the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the

 

     A-12-4

     

    

 

Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion Loan as from
time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion Loan due after the
Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of
interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues
received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent
of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights
under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be maintained
pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of
Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and the
Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans and
Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.

 

     A-12-5

     

    

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders, the Uncertificated VRR Interest
Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
or the Uncertificated VRR Interest Owner;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated
VRR Interest Owner, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to restrict (or to remove any existing restrictions
with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will
not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the
extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR
and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or
any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements no longer applicable
to this securitization transaction in light of such repeal;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of 

 

     A-12-6

     

    

 

	 	 	the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, further that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders and the Uncertificated VRR Interest Owner; provided, however,
that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or the Uncertificated VRR Interest or to any Serviced Companion
Loan Holder, as applicable, without the consent of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that
Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which are required to consent to the amendment without
the consent of the Holders of all Certificates of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
or Pooled Voting Rights of Pooled Certificateholders, as applicable, that are required to consent to any action or inaction under
the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling
and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and
Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

     A-12-7

     

    

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan
that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of
(A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the
Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such
Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination by the Holder
of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and
each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least 30 days
prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest Owner as set forth in the Pooling
and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final
Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the
purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of
the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates and the Uncertificated
VRR Interest for all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect
thereto) of the last Trust Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however,
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as

 

     A-12-8

     

    

 

contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

     A-12-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-D Certificate to be
duly executed.

 

	 	Citibank, N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: February 18, 2021

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Class X-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 18, 2021

 

	 	Citibank,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-12-10

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-D
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class X-D Certificate of the entire Percentage
Interest represented by the within Class X-D Certificates to the above-named Assignee(s)
and to deliver such Class X-D Certificate to the following address:

 

Date:
_______________

 

		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-12-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of
the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to
__________________________ for the account of _________________________________________ account number ____________________________. This
information is provided by ______________________________, the Assignee(s) named above or
____________________________________ as its (their) agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-12-12

     

    

 

EXHIBIT
A-13

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-F

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY TO THE POOLING AND SERVICING AGREEMENT
REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER (OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS F CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-F CERTIFICATE WILL NOT BE
ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR
FOREIGN

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

  

     A-13-1

     

    

 

SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH
CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR
A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL
NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

     A-13-2

     

    

 

BENCHMARK 2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-F

 

	Pass-Through Rate:  1.00000% per annum	 	 
	 	 	 
	First Distribution Date: March 17, 2021	 	Cut-Off Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-F Certificates:  $32,723,000	 	Scheduled Final Distribution Date:  the Distribution Date in February 2031
	 	 	 

	
        CUSIP:  08162RAZ04

        U0810TAH65

        08162RBA46

          
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US08162RAZ017

        USU0810TAH698

        US08162RBA419

         
	 	 
	Common Code: [____]	 	 
	No.:  [1]	 	 

 

This certifies that
[           ] is the registered owner of a beneficial ownership interest
in a Trust Fund, including the distributions to be made with respect to the Class X-F Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties and
the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any
provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall
be

 

 

 

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9
For IAI Certificates

  

     A-13-3

     

    

 

superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class
A-4A2, Class X-B, Class X-D, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class X-F Certificates,
the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as a Special Servicer, KeyBank
National Association, solely with respect to the 360 Spear Loan Combination, as a Special Servicer, Situs Holdings, LLC, solely
with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates,
the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-F Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on
this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-F Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the month
preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions
no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution
on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of
the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate

 

     A-13-4

     

    

 

Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the
Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion Loan as from
time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion Loan due after the
Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution (exclusive of
interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (iv) all revenues
received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent
of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s rights
under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be maintained
pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of
Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and the
Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans and
Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the
Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling
and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer,

 

     A-13-5

     

    

 

the Custodian (if the Certificate Administrator is then acting as Custodian),
the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders, the Uncertificated VRR Interest
Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
or the Uncertificated VRR Interest Owner;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the Uncertificated
VRR Interest Owner, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to restrict (or to remove any existing restrictions
with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will
not give rise to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee, (C) to the
extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR
and/or any related regulatory actions and/or interpretations or (D) in the event that Regulation RR (or any portion thereof) or
any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate any risk retention requirements no longer applicable
to this securitization transaction in light of such repeal;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5; provided
that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which consent
may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any 

 

     A-13-6

     

    

 

	 	 	material respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, further that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders and the Uncertificated VRR Interest Owner; provided, however,
that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or the Uncertificated VRR Interest or to any Serviced Companion
Loan Holder, as applicable, without the consent of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that
Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which are required to consent to the amendment without
the consent of the Holders of all Certificates of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (A) consent of 100% of
the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change (A) the percentages of Voting Rights of Certificateholders
or Pooled Voting Rights of Pooled Certificateholders, as applicable, that are required to consent to any action or inaction under
the Pooling and Servicing Agreement, (B) the right of the Certificateholders to remove the Special Servicer pursuant to the Pooling
and Servicing Agreement or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and
Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

     A-13-7

     

    

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the
Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do
not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and in the case of any Trust Loan
that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion Loan Holder(s) provided
for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust
Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan)
in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of
(A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master Servicer (unless the
Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer is the purchaser of such
Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely
in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed
Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable
to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special
Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master
Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination by the Holder
of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative and
each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least 30 days
prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain
payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest Owner as set forth in the Pooling
and Servicing Agreement and to make any required remittances to the Serviced Companion Loan Holders in the month in which the final
Distribution Date occurs and certain tax-related obligations) shall terminate immediately following the earlier to occur of (i) the
purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders of the Class R Certificates
of all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section 9.01(c) of
the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder of its Certificates and the Uncertificated
VRR Interest for all the Trust Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant to Section
9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with respect
thereto) of the last Trust Loan or REO Property (or interest therein) contained in the Trust Fund; provided, however,
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as

 

     A-13-8

     

    

 

contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

     A-13-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X-F Certificate to be
duly executed.

 

	 	Citibank, N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: February 18, 2021

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Class X-F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 18, 2021

 

	 	Citibank,
N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-13-10

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-F
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Class X-F Certificate of the entire Percentage
Interest represented by the within Class X-F Certificates to the above-named Assignee(s)
and to deliver such Class X-F Certificate to the following address:

 

Date:
_______________

 

		 	Signature by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-13-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of
the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to
__________________________ for the account of _________________________________________ account number ____________________________. This
information is provided by ______________________________, the Assignee(s) named above or
____________________________________ as its (their) agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-13-12

     

    

 

EXHIBIT
A-14

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-G

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS G
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.

 

THIS
CLASS X-G CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

  

     A-14-1

     

    

 

SECURITIES
LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING
FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING
OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

     A-14-2

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-G

 

	Pass-Through Rate:  1.00000%
    per annum	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-G Certificates:  $14,543,000	 	Scheduled Final Distribution Date:  the Distribution
    Date in February 2031
	 	 	 

 

	CUSIP:   08162RBB24

 U0810TAJ25

 08162RBC06

         
	 	Initial Notional Amount of this Certificate:
    $[_____]
	ISIN:       US08162RBB247

         USU0810TAJ268

         US08162RBC079

         
	 	 
	Common Code: [____]	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class X-G Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and
Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms,
provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be

 

 

  

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9 For IAI Certificates

  

     A-14-3

     

    

 

superseded
to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR,
Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class X-G Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-G Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-G Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate

 

     A-14-4

     

    

 

Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to
surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.
If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of
their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of
the assets which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after
the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R
Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,

 

     A-14-5

     

    

 

the
Custodian (if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without
the consent of any of the Certificateholders, the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any

 

     A-14-6

     

    

 

material
respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

     A-14-7

     

    

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as

 

     A-14-8

     

    

 

contemplated
by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable,
promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

     A-14-9

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-G Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class X-G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-14-10

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-G Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class X-G Certificate of the entire Percentage Interest represented
by the within Class X-G Certificates to the above-named Assignee(s) and to deliver such Class X-G Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-14-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-14-12

     

    

 

EXHIBIT
A-15

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-H

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS H
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.

 

THIS
CLASS X-H CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN

  

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

  

     A-15-1

     

    

  

SECURITIES
LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING
FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING
OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     A-15-2

     

    

 

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS X-H

 

	Pass-Through Rate:  1.00000%
    per annum	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-H Certificates:  $47,267,145	 	Scheduled Final Distribution Date:  the Distribution
    Date in February 2031
	 	 	 

 

	CUSIP:   08162RBD84

 U0810TAK95

 08162RBE66

         
	 	Initial Notional Amount of this Certificate:
    $[_____]
	ISIN:       US08162RBD897

         USU0810TAK988

         US08162RBE629

         
	 	 
	Common Code: [____]	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class X-H Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and
Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms,
provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be

 

 

  

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9
For IAI Certificates

 

     A-15-3

     

    

  

superseded
to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR,
Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class X-H Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-H Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class X-H Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate

 

     A-15-4

     

    

 

Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to
surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto.
If within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of
their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of
the assets which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after
the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R
Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,

 

     A-15-5

     

    

  

the
Custodian (if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without
the consent of any of the Certificateholders, the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any

 

     A-15-6

     

    

 

material
respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

     A-15-7

     

    

  

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as

 

     A-15-8

     

    

  

contemplated
by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable,
promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

     A-15-9

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-H Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class X-H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-15-10

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-H Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class X-H Certificate of the entire Percentage Interest represented
by the within Class X-H Certificates to the above-named Assignee(s) and to deliver such Class X-H Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-15-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-15-12

     

    

 

EXHIBIT
A-16

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS D

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

  

 

  

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		3	Global Certificate legend.

 

     A-16-1

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     A-16-2

     

    

  

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS D

 

	Pass-Through Rate:  2.00000%
    per annum	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates:  $50,902,000	 	Scheduled Final Distribution Date:
    the Distribution Date in February 2031

 

	CUSIP:   08162RAK34

 U0810TAA15

 08162RAL16

                            

         
	 	Initial Certificate Balance
    of this Certificate: $[_____]
	ISIN:       US08162RAK327

         USU0810TAA178

         US08162RAL159

         
	 	 
	Common Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class D Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and

 

 

 

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9
For IAI Certificates

 

     A-16-3

     

    

 

Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class 360B, Class
360C, Class 360D and Class 360V Certificates (together with the Class D Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class D
Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering

 

     A-16-4

     

    

 

Certificateholders,
whereupon the Trust Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant
to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after
the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders,
at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive,
from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificate
shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate
steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining
such funds and of contacting Certificateholders shall be paid out of the assets which remain held. Subject to applicable state
law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.
No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing
Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

     A-16-5

     

    

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of

 

     A-16-6

     

    

 

the
Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder
or the Uncertificated VRR Interest Owner;

 

provided,
further  that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

     A-16-7

     

    

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as

 

     A-16-8

     

    

 

contemplated
by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable,
promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

     A-16-9

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-16-10

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class D Certificate of the entire Percentage Interest
represented by the within Class D Certificates to the above-named Assignee(s) and to deliver such Class D Certificate to the
following address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-16-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-16-12

     

    

 

EXHIBIT
A-17

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS E

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    A-17-1 

     

    

 

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-17-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS E

 

	Pass-Through
    Rate:  2.00000% per annum	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class E Certificates: $21,816,000	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RAM94

                                                                                                                                 U0810TAB95

                                                                                                                                 08162RAN76

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:      US08162RAM977

                                                                                                                     USU0810TAB998

                                                                                                                     US08162RAN709 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class E Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and
Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms,
provisions and conditions of the Pooling and

 

 

  

4
For Rule 144A Certificates

 

5
For Regulation S Certificates

 

6
For IAI Certificates

 

7
For Rule 144A Certificates

 

8
For Regulation S Certificates

 

9
For IAI Certificates

    A-17-3 

     

    

 

Servicing
Agreement and is bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision
of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.
Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class 360B, Class
360C, Class 360D and Class 360V Certificates (together with the Class E Certificates, the “Certificates”; the
Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class E Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering

 

    A-17-4 

     

    

 

Certificateholders,
whereupon the Trust Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant
to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after
the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders,
at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive,
from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificate
shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate
steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining
such funds and of contacting Certificateholders shall be paid out of the assets which remain held. Subject to applicable state
law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof.
No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing
Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

    A-17-5 

     

    

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of

 

    A-17-6 

     

    

 

	 	 	the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

    A-17-7 

     

    

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as

 

    A-17-8 

     

    

 

contemplated
by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable,
promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-17-9 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-17-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class E Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class E  Certificate of the entire Percentage Interest represented
by the within Class E Certificates to the above-named Assignee(s) and to deliver such Class E Certificate to the
following address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-17-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-17-12 

     

    

  

EXHIBIT
A-18

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS F

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    A-18-1 

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-18-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS F

 

	Pass-Through
    Rate:  The WAC Rate minus 1.000% per annum 4	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class F Certificates: $32,723,000	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RAP25

                                                                                   U0810TAC76

                                                                                   08162RAQ07

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RAP298

                                                                       USU0810TAC729

                                                                       US08162RAQ0210 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class F Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.20099 % per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

 

    A-18-3 

     

    

 

Loan
are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound
thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under
the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A,
Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D,
Class E, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and
Class 360V Certificates (together with the Class F Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”) and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class F Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-18-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes

 

    A-18-5 

     

    

 

whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

    A-18-6 

     

    

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

    A-18-7 

     

    

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years

 

    A-18-8 

     

    

 

from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-18-9 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class F Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-18-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class F Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class F  Certificate of the entire Percentage Interest represented
by the within Class F  Certificates to the above-named Assignee(s) and to deliver such Class F  Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-18-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-18-12 

     

    

  

EXHIBIT
A-19

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS G

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    A-19-1 

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-19-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS G

 

	Pass-Through
    Rate:  The WAC Rate minus 1.000% per annum 4	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class G Certificates: $14,543,000	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RAR85

                                                                                   U0810TAD56

                                                                                   08162RAS67

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RAR848

                                                                       USU0810TAD559

                                                                       US08162RAS6710 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class G Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.20099 % per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

 

    A-19-3 

     

    

 

Loan
are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound
thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under
the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A,
Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D,
Class E, Class F, Class H, Class R, Class S, Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and
Class 360V Certificates (together with the Class G Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”) and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class G Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-19-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes

 

    A-19-5 

     

    

 

whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

    A-19-6 

     

    

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

    A-19-7 

     

    

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years

 

    A-19-8 

     

    

 

from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-19-9 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class G Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-19-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class G Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class G Certificate of the entire Percentage Interest represented
by the within Class G Certificates to the above-named Assignee(s) and to deliver such Class G Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-19-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-19-12 

     

    

 

EXHIBIT
A-20

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS H

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    A-20-1 

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-20-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS H

 

	Pass-Through
    Rate:  The WAC Rate minus 1.000% per annum 4	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class H Certificates: $47,267,145	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RAT45

                                                                                   U0810TAE36

                                                                                   08162RAU17

                
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RAT418

                                                                       USU0810TAE399

                                                                       US08162RAU1410 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class H Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.20099 % per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

 

    A-20-3 

     

    

 

Loan
are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound
thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under
the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A,
Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D,
Class E, Class F, Class G, Class R, Class S, Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and
Class 360V Certificates (together with the Class H Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”) and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class H Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class H Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-20-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes

 

    A-20-5 

     

    

 

whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

    A-20-6 

     

    

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

    A-20-7 

     

    

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years

 

    A-20-8 

     

    

 

from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-20-9 

     

    

 

 

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class H Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class H Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-20-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class H Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class H Certificate of the entire Percentage Interest represented
by the within Class H Certificates to the above-named Assignee(s) and to deliver such Class H Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-20-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-20-12 

     

    

 

EXHIBIT
A-21

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS R

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES
LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY ONLY BE TRANSFERRED TO AND OWNED BY A QIB.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE
COMPANY THAT IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT
TO ERISA OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN EACH OF FIVE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(2) AND 860D. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND
SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER
THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING
A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS

 

    A-21-1 

     

    

 

AS
THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF
CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E)
IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE,
WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS
CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS”,
AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL
INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR
MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO
TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

TRANSFERS
OF THIS CERTIFICATE AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF
COMPLIANCE WITH APPLICABLE TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE
PART OF THE TRANSFEROR AND/OR TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    A-21-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS R

 

	Percentage
    Interest:  [     ]%	 
	 	 
	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).	 
	 	 

	CUSIP:  08162RBH9 
	 
	 	 
	ISIN:     US08162RBH93 
	 
	 	 
	No.:  [1]	 

 

This
certifies that [           ] is the registered owner of an interest in
a Trust Fund, including the distributions to be made with respect to the Class R Certificates. The Trust Fund, described
more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties
and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage
Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and
Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms,
provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class
A-4A2, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H,
Class S, Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class R
Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

    A-21-3 

     

    

 

This
Certificate represents the “residual interest” in each of five “real estate mortgage investment conduits,”
as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount, if any, with respect to the Class R Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates or
the failure of the Uncertificated VRR Interest Owner to surrender the Uncertificated VRR Interest shall be set aside and held
in trust for the account of the appropriate non tendering Certificateholders or the non-surrendering Uncertificated VRR Interest
Owner whereupon the Trust Fund shall terminate. If any Certificates or Uncertificated VRR Interest as to which notice of the Termination
Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
Certificateholders or Uncertificated VRR Interest Owner, as applicable, at their last addresses shown in the Certificate Register,
to surrender their Certificates or Uncertificated VRR Interest, as applicable, for cancellation in order to receive, from such
funds held, the final distribution with respect thereto. If within one year after the second notice any Certificate or Uncertificated
VRR Interest shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent,
take appropriate steps to contact the remaining Certificateholders or Uncertificated VRR Interest Owner, as applicable, concerning
surrender of their Certificates or Uncertificated VRR Interest, as applicable. The costs and expenses of maintaining such funds
and of contacting Certificateholders or Uncertificated VRR Interest Owner shall be paid out of the assets which remain held. Subject
to applicable state law with respect to escheatment of funds, if within two years after the second notice any Certificates or
Uncertificated VRR Interest shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof or the Uncertificated VRR Interest Owner, as applicable. No interest shall accrue
or be payable to any Certificateholder or the Uncertificated VRR Interest Owner on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) or the Uncertificated VRR Interest Owner’s failure to surrender the Uncertificated
VRR Interest, as applicable, for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement,

 

    A-21-4 

     

    

 

together
with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage
Loans and the Trust Subordinate Companion Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off
Date); (iii) any REO Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the
Trust’s interest in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with
respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan
Combination); (v) the Master Servicer’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans and the Trust Subordinate Companion Loan required to be maintained pursuant to the Pooling and Servicing Agreement
and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any security agreements;
(vii) the Trustee’s rights under any indemnities or guaranties given as additional security for any Mortgage Loan or
Trust Subordinate Companion Loan; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans and Trust Subordinate Companion Loan deposited in the Collection
Account, the Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation
Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights in any
environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Mortgage Loan
Purchase Agreements to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the
Lower-Tier Regular Interests and the 360 Spear Regular Interests; (xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event
Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as

 

    A-21-5 

     

    

 

	 	 	evidenced
                                         by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the

 

    A-21-6 

     

    

 

Asset
Representations Reviewer, the Custodian (if the Certificate Administrator is then acting as Custodian), the Certificate Administrator
and the Trustee with the consent of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests
of each Class of Certificates affected by the amendment for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders
and the Uncertificated VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a

 

    A-21-7 

     

    

 

purchase
price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket
expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless
the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with
respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting
such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable,
together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such
Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed
to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-21-8 

     

    

   

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-21-9 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class R Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class R Certificate of the entire Percentage Interest represented
by the within Class R Certificates to the above-named Assignee(s) and to deliver such Class R Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-21-10 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-21-11 

     

    

 

EXHIBIT
A-22

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS S

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY ONLY BE TRANSFERRED TO AND OWNED BY A PERSON THAT IS EITHER (A) A QIB OR (B) OTHER INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D UNDER THE SECURITIES ACT.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE
COMPANY THAT IS USING THE ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT
TO ERISA OR SIMILAR LAW TO INCLUDE ASSETS OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF ANY EXCESS
INTEREST COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

    A-22-1 

     

    

 

TRANSFERS
OF THIS CERTIFICATE AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF
COMPLIANCE WITH APPLICABLE TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE
PART OF THE TRANSFEROR AND/OR TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    A-22-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS S

 

	Percentage
    Interest:  [     ]%	 
	 	 
	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).	 
	 	 

	CUSIP:  08162RBV81

                                                                                    08162RBW62 
	 
	 	 
	ISIN:
                                               US08162RBV873

                                                                        US08162RBW604 
	 
	 	 
	No.:  [1]	 

 

This
certifies that [           ] [as nominee] is the registered owner of an
interest in a Trust Fund, including the distributions to be made with respect to the Class S Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict
between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate
shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1,
Class A-2, Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class
A-4A2, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H,
Class R, Class VRR, Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class S
Certificates, the “Certificates”; the Holders of Certificates are collectively referred to herein as “Certificateholders”)
and the Uncertificated VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master

 

 

 

1
For Rule 144A Certificates

 

2
For IAI Certificates

 

3
For Rule 144A Certificates

 

4
For IAI Certificates

 

    A-22-3 

     

    

 

Servicer,
CWCapital Asset Management LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan
Combination, as a Special Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special
Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate
Administrator, and Wilmington Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used
herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial ownership interest in certain assets of a grantor trust consisting primarily of any Excess
Interest collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount then distributable, if any, with respect to the Class S Certificates for such Distribution Date,
all as more fully described in the Pooling and Servicing Agreement.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

    A-22-4 

     

    

 

This
Certificate is limited in right of payment to, among other things, Excess Interest actually collected in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

    A-22-5 

     

    

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee, the
                                         Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser;

 

    A-22-6 

     

    

 

or
(E) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect
to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the
Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by
the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early

 

    A-22-7 

     

    

 

termination
of the Trust Fund, upon not less than 30 days’ prior notice given to the parties (or, if applicable, the other parties)
to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time
on or after the Early Termination Notice Date specifying the Anticipated Termination Date, by purchasing on such date all, but
not less than all, of the Trust Loans (and in the case of any Trust Loan that is part of a Serviced Loan Combination, subject
to certain rights of the related Serviced Companion Loan Holder(s) provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust
Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the Termination Purchase Amount and (B) the
reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the
Special Servicer (unless the Special Servicer is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which
items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection
with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-22-8 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-22-9 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class S Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class S Certificate of the entire Percentage Interest represented
by the within Class S Certificates to the above-named Assignee(s) and to deliver such Class S Certificate to the following address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-22-10 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-22-11 

     

    

  

EXHIBIT
A-23

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS VRR

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSORS, THE ORIGINATORS, THE DEPOSITOR OR ANY OTHER PARTY
TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, ANY DIRECTING HOLDER, ANY CONSULTING PARTY, ANY COMPANION LOAN HOLDER
(OR ITS REPRESENTATIVE), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

		1	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
Certificate legend.

    A-23-1 

     

    

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS & CO., DEUTSCHE BANK SECURITIES INC. OR J.P.
MORGAN SECURITIES LLC, (II) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60
WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE,
OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT
TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN
A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN CERTAIN ASSETS OF A GRANTOR TRUST CONSISTING PRIMARILY OF (I) A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND DISTRIBUTIONS THEREON, AND (II) ANY EXCESS INTEREST
COLLECTED ON THE ARD MORTGAGE LOANS AND AMOUNTS HELD FROM TIME TO TIME IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF
THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER
REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-23-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS VRR

 

	Pass-Through
    Rate:  N/A. The Class VRR Certificates will not have a Pass-Through Rate, but will entitle Holders to interest on
    any Distribution Date equal to a pro rata share of the VRR Interest Distribution Amount for such Distribution Date (based
    on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively).	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class VRR Certificates: $57,604,758	 	Scheduled
    Final Distribution Date: the Distribution Date in February 2031
	 	 	 

	CUSIP:  08162RBF33

                                                                                   U0810TAL74

                                                                                   08162RBG15

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RBF386

                                                                       USU0810TAL717

                                                                       US08162RBG118 
	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of an interest in
a Trust Fund, including the distributions to be made with respect to the Class VRR Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily properties and
the Trust

 

 

 

3
For Rule 144A Certificates

 

4
For Regulation S Certificates

 

5
For IAI Certificates

 

6
For Rule 144A Certificates

 

7
For Regulation S Certificates

 

8
For IAI Certificates

 

    A-23-3 

     

    

 

Subordinate
Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced by the
Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced
Mortgage Loans) and the Trust Subordinate Companion Loan are to be serviced, pursuant to the Pooling and Servicing Agreement (as
defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of
this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded
to the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2,
Class A-4A1, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B,
Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S,
Class 360A, Class 360B, Class 360C, Class 360D and Class 360V Certificates (together with the Class VRR Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents an undivided beneficial interest in certain assets of a grantor trust consisting primarily of (i) a “regular
interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended, and distributions thereon, and (ii) any Excess Interest
collected on the ARD Mortgage Loans and amounts held from time to time in the Excess Interest Distribution Account.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class VRR Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-23-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes

 

    A-23-5 

     

    

 

whatsoever,
and neither the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the
Certificate Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

 

    A-23-6 

     

    

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without
the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in any manner
the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage Loan
Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

    A-23-7 

     

    

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years

 

    A-23-8 

     

    

 

from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph
shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt
thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-23-9 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class VRR Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class VRR Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-23-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class VRR Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class VRR Certificate of the entire Percentage Interest represented
by the within Class VRR Certificates to the above-named Assignee(s) and to deliver such Class VRR Certificate to
the following address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-23-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-23-12 

     

    

 

EXHIBIT
A-24

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360A

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGE LOAN SELLER, ANY INITIAL PURCHASER,
THE BORROWER, THE SPONSOR, ANY PARTY TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, THE RISK RETENTION CONSULTATION
PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE LOAN-SPECIFIC CERTIFICATES NOR THE TRUST SUBORDINATE COMPANION LOAN ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR ANY OTHER PERSON OR ENTITY.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    A-24-1 

     

    

 

HOLDER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR
IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN
EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY
OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-24-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360A

 

	Pass-Through
    Rate:  The Net Mortgage Rate on the Trust Subordinate Companion Loan4.	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class 360A Certificates:  $12,350,000	 	Scheduled
    Final Distribution Date: the Distribution Date in January 2031
	 	 	 

	CUSIP:  08162RBK25

                                                                                   U0810TAN36

                                                                                   08162RBL07

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RBK238

                                                                       USU0810TAN389

                                                                       US08162RBL0610 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class 360A Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.75956% per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

    A-24-3 

     

    

 

Companion
Loan are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360B, Class
360C, Class 360D and Class 360V Certificates (together with the Class 360A Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class 360A Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges collected in respect of the Trust Subordinate Companion Loan, as provided
in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class 360A Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-24-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loan, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the

 

    A-24-5 

     

    

 

purpose
of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither
the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate
Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing

 

    A-24-6 

     

    

 

	 	 	Agreement);
                                         provided, further that notice of such modification is provided to all parties
                                         to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing

 

    A-24-7 

     

    

 

	 	 	Agreement
                                         or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant
                                         to the Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and

 

    A-24-8 

     

    

 

Servicing
Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or
REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of
the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the
Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-24-9 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 360A Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class 360A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-24-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class 360A Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class 360A Certificate of the entire Percentage Interest represented
by the within Class 360A Certificates to the above-named Assignee(s) and to deliver such Class 360A Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-24-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-24-12 

     

    

 

EXHIBIT
A-25

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360B

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGE LOAN SELLER, ANY INITIAL PURCHASER,
THE BORROWER, THE SPONSOR, ANY PARTY TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, THE RISK RETENTION CONSULTATION
PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE LOAN-SPECIFIC CERTIFICATES NOR THE TRUST SUBORDINATE COMPANION LOAN ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR ANY OTHER PERSON OR ENTITY.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

 

    A-25-1 

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-25-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360B

 

	Pass-Through
    Rate:  The Net Mortgage Rate on the Trust Subordinate Companion Loan4.	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class 360B Certificates:  $16,387,000	 	Scheduled
    Final Distribution Date: the Distribution Date in January 2031
	 	 	 

	CUSIP:  08162RBM85

                                                                                   U0810TAP86

                                                                                   08162RBN67

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RBM888

                                                                       USU0810TAP859

                                                                       US08162RBN6110 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

  

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class 360B Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.75956% per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

    A-25-3 

     

    

 

Companion
Loan are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class
360C, Class 360D and Class 360V Certificates (together with the Class 360B Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class 360B Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges collected in respect of the Trust Subordinate Companion Loan, as provided
in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class 360B Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-25-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loan, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the

 

    A-25-5 

     

    

 

purpose
of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither
the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate
Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing

 

    A-25-6 

     

    

 

	 	 	Agreement);
                                         provided, further that notice of such modification is provided to all parties
                                         to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing

 

    A-25-7 

     

    

 

	 	 	Agreement
                                         or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant
                                         to the Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and

 

    A-25-8 

     

    

 

Servicing
Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or
REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of
the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the
Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-25-9 

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 360B Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class 360B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-25-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class 360B Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class 360B Certificate of the entire Percentage Interest represented
by the within Class 360B Certificates to the above-named Assignee(s) and to deliver such Class 360B Certificate to the
following address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-25-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-25-12 

     

    

 

EXHIBIT
A-26

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360C

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGE LOAN SELLER, ANY INITIAL PURCHASER,
THE BORROWER, THE SPONSOR, ANY PARTY TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, THE RISK RETENTION CONSULTATION
PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE LOAN-SPECIFIC CERTIFICATES NOR THE TRUST SUBORDINATE COMPANION LOAN ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR ANY OTHER PERSON OR ENTITY.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

 

		1	Temporary
Regulation S Global Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
Certificate legend.

    A-26-1 

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    A-26-2 

     

    

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360C

 

	Pass-Through
    Rate:  The Net Mortgage Rate on the Trust Subordinate Companion Loan4.	 	 
	 	 	 
	First
    Distribution Date: March 17, 2021	 	Cut-Off
    Date:  With respect to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage
    Loan or Serviced Companion Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its
    first Due Date subsequent to February 2021, the date that would have been its Due Date in February 2021 under the terms of
    that Mortgage Loan or Serviced Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class 360C Certificates:  $16,388,000	 	Scheduled
    Final Distribution Date: the Distribution Date in January 2031
	 	 	 

	CUSIP:  08162RBP15

                                                                                   U0810TAQ66

                                                                                   08162RBQ97

         
	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	ISIN:     US08162RBP108

                                                                       USU0810TAQ689

                                                                       US08162RBQ9210 
	 	 
	 	 	 
	Common
    Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class 360C Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate 

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.75956% per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates

 

    A-26-3 

     

    

 

Companion
Loan are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class
360B, Class 360D and Class 360V Certificates (together with the Class 360C Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class 360C Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges collected in respect of the Trust Subordinate Companion Loan, as provided
in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class 360C Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

    A-26-4 

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loan, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the

 

    A-26-5 

     

    

 

purpose
of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither
the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate
Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing

 

    A-26-6 

     

    

 

	 	 	Agreement);
                                         provided, further that notice of such modification is provided to all parties
                                         to the Pooling and Servicing Agreement; and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided, 
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations or
rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing

 

    A-26-7 

     

    

 

	 	 	Agreement
                                         or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant
                                         to the Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and

 

    A-26-8 

     

    

 

Servicing
Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or
REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of
the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the
Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

 

    A-26-9 

     

    

   

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 360C Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class 360C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-26-10 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class 360C Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class 360C Certificate of the entire Percentage Interest represented
by the within Class 360C Certificates to the above-named Assignee(s) and to deliver such Class 360C Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-26-11 

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

    A-26-12 

     

    

 

EXHIBIT
A-27

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360D

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGE LOAN SELLER, ANY INITIAL PURCHASER,
THE BORROWER, THE SPONSOR, ANY PARTY TO THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW, THE RISK RETENTION CONSULTATION
PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE LOAN-SPECIFIC CERTIFICATES NOR THE TRUST SUBORDINATE COMPANION LOAN ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR ANY OTHER PERSON OR ENTITY.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS
OF PRINCIPAL AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF
CERTIFICATES OF THE SAME SERIES.

 

 

  

		1	Temporary
                                         Regulation S Global Certificate legend.

 

		2	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Global
                                         Certificate legend.

 

 

     A-27-1

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON
IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND
(II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE
COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     A-27-2

     

    

  

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360D

 

	Pass-Through Rate:  The
    Net Mortgage Rate on the Trust Subordinate Companion Loan4.	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class 360D Certificates:  $7,125,000	 	Scheduled Final Distribution Date:
    the Distribution Date in January 2031

 

	CUSIP:  08162RBR75

        U0810TAR46

        08162RBS57

        

         
	 	Initial Certificate Balance
    of this Certificate: $[_____]
	ISIN:     US08162RBR758

        USU0810TAR429

        US08162RBS5810

         
	 	 
	Common Code: [____]	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class 360D Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 2.75956%
per annum.

 

5
For Rule 144A Certificates

 

6
For Regulation S Certificates

 

7
For IAI Certificates

 

8
For Rule 144A Certificates

 

9
For Regulation S Certificates

 

10
For IAI Certificates 

 

     A-27-3

     

    

 

Companion
Loan are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class
360B, Class 360C and Class 360V Certificates (together with the Class 360D Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class 360D Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges collected in respect of the Trust Subordinate Companion Loan, as provided
in the Pooling and Servicing Agreement.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” with respect to any Distribution Date and with respect to the Class 360D Certificates
is the calendar month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

 

     A-27-4

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice,
the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in
the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final
distribution with respect thereto. If within one year after the second notice any Certificate shall not have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting
Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect to escheatment
of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loan, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the

 

     A-27-5

     

    

 

purpose
of receiving distributions as provided in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither
the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate
Registrar, nor any agent of any of them shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing

 

     A-27-6

     

    

Agreement);
provided, further that notice of such modification is provided to all parties to the Pooling and Servicing Agreement;
and

 

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of the
                                         Rating Agencies, provided that the amendment will not adversely affect in any material
                                         respect the interests of any Certificateholder or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations
or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E)
adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect
to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the
Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by
the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing

 

     A-27-7

     

    

 

Agreement
or (C) the right of the Certificateholders to terminate the Operating Advisor pursuant to the Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and

 

     A-27-8

     

    

 

Servicing
Agreement and (iii) the final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or
REO Property (or interest therein) contained in the Trust Fund; provided, however, that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of
the Pooling and Servicing Agreement. All such payments as contemplated by the preceding paragraph shall be deposited into the
Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

     A-27-9

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 360D Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class 360D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-27-10

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class 360D Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class 360D Certificate of the entire Percentage Interest represented
by the within Class 360D Certificates to the above-named Assignee(s) and to deliver such Class 360D Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-27-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-27-12

     

    

 

EXHIBIT
A-28

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360V

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY MORTGAGE LOAN SELLER, THE INITIAL PURCHASERS,
ANY MORTGAGOR, ANY SPONSOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTIES OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE LOAN-SPECIFIC CERTIFICATES NOR TRUST SUBORDINATE COMPANION LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR ANY OTHER PERSON OR ENTITY.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

  

		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Global
                                         Certificate legend.

 

 

     A-28-1

     

    

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED
PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR SIMILAR LAW OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) THIS CERTIFICATE
IS ACQUIRED BY SUCH PERSON THROUGH CITIGROUP GLOBAL MARKETS INC. OR DEUTSCHE BANK SECURITIES INC., (II) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (III) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY
SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR. THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF
THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER
REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

     A-28-2

     

    

 

 

BENCHMARK
2021-B23 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-B23, CLASS 360V

 

	Pass-Through Rate:  N/A.
    The Class 360V Certificates will not have a Pass-Through Rate, but will entitle Holders to interest on any Distribution Date
    equal to the 360RR Interest Distribution Amount for such Distribution Date.	 	 
	 	 	 
	First Distribution Date: March 17,
    2021	 	Cut-Off Date:  With respect
    to each Mortgage Loan and Serviced Companion Loan, the Due Date in February 2021 for that Mortgage Loan or Serviced Companion
    Loan, as applicable (or, in the case of any Mortgage Loan or Serviced Companion Loan that has its first Due Date subsequent
    to February 2021, the date that would have been its Due Date in February 2021 under the terms of that Mortgage Loan or Serviced
    Companion Loan, as applicable, if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance
    of the Class 360V Certificates: $2,750,000	 	Scheduled Final Distribution Date:
    the Distribution Date in January 2031

 

	CUSIP:  08162RBT33

        U0810TAS24

        08162RBU05

        

         
	 	Initial Certificate Balance
    of this Certificate: $[_____]
	ISIN:     US08162RBT326

        USU0810TAS257

        US08162RBU058

         
	 	 
	 	 	 
	 	 	 
	No.:  [1]	 	 

 

This
certifies that [           ] is the registered owner of a beneficial ownership
interest in a Trust Fund, including the distributions to be made with respect to the Class 360V Certificates. The Trust Fund,
described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial and multifamily
properties and the Trust Subordinate Companion Loan held in trust by the Trustee and, other than in the case of the Outside Serviced
Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans (other
than the Outside Serviced Mortgage Loans) and the Trust Subordinate

 

 

 

3
For Rule 144A Certificates

 

4
For Regulation S Certificates

 

5
For IAI Certificates

 

6
For Rule 144A Certificates

 

7
For Regulation S Certificates

 

8
For IAI Certificates

  

     A-28-3

     

    

 

Companion
Loan are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by
virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling
and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued
under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-4A1, Class A-5, Class A-AB,
Class X-A, Class A-S, Class B, Class C, Class A-4A2, Class X-B, Class X-D, Class X-F, Class X-G,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class R, Class S, Class VRR, Class 360A, Class
360B, Class 360C and Class 360D Certificates (together with the Class 360V Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”) and the Uncertificated
VRR Interest. The Class 360V Certificates collectively constitute the 360RR Interest.

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, as a Special Servicer, KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a Special
Servicer, Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loan and has executed this Certificate
in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2021 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related
Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class 360V Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges collected in respect of the Trust Subordinate Companion Loan, as provided
in the Pooling and Servicing Agreement.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons
in whose names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day
of the month preceding the month in which such Distribution Date occurs. Distributions are required to be made by wire transfer
of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities to accept such funds, if such Certificateholder has provided the Certificate Administrator with
written wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may
be in the form of a standing order applicable to all subsequent distributions), or otherwise by check mailed to such Certificateholder.
The final distribution on each Certificate shall be made in like manner, but only upon presentation and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in a notice to Certificateholders of the pendency of the final distribution.

  

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling
and Servicing Agreement shall not have

 

     A-28-4

     

    

 

been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their
Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within
one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of
their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of
the assets which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after
the second notice any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R
Certificateholders all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with Section 9.01 of the Pooling and Servicing Agreement.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loan, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans and Trust Subordinate Companion
Loan as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and the Trust Subordinate Companion
Loan due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution
(exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect
to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans and the Trust Subordinate Companion Loan required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loan or Trust Subordinate Companion Loan; (viii) all of the Trustee’s and
the Certificate Administrator’s rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans
and Trust Subordinate Companion Loan deposited in the Collection Account, the Distribution Account, the Excess Interest Distribution
Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and any REO Account, including any reinvestment
income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties;
(x) the Depositor’s rights under the Mortgage Loan Purchase Agreements to the extent assigned to the Trustee pursuant to
Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests and the 360 Spear Regular Interests;
(xii) the Loss of Value Reserve Fund; (xiii) any Threshold Event Collateral; (xiv) the MGM Grand & Mandalay Bay Trust REMIC
Regular Interests; and (xv) all Initial Interest Deposit Amounts.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator and Trustee.

 

As
provided in the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior
to due presentation of this Certificate for registration of transfer, the Master Servicer, the Special Servicer, the Operating
Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, and any agent of any of them, may treat the Person
in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided
in the Pooling and Servicing Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate Registrar, nor any agent of any of them shall
be affected by any notice to the contrary.

 

     A-28-5

     

    

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders,
the Uncertificated VRR Interest Owner or, as applicable, any Companion Loan Holder:

 

		(i)	to
                                         cure any ambiguity to the extent that it does not adversely affect any holders of Certificates
                                         or the Uncertificated VRR Interest Owner;

 

		(ii)	to
                                         correct or supplement any of its provisions which may be inconsistent with any other
                                         provisions of the Pooling and Servicing Agreement or with the description thereof in
                                         the Prospectus or to correct any error;

 

		(iii)	to
                                         change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
                                         Proceeds Reserve Account, the Excess Interest Distribution Account, the Distribution
                                         Account or any REO Account, provided that (A) the Master Servicer Remittance Date
                                         shall in no event be later than the Business Day prior to the related Distribution Date
                                         and (B) the change would not adversely affect in any material respect the interests
                                         of any Certificateholder or the Uncertificated VRR Interest Owner, as evidenced by an
                                         opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to
                                         modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain
                                         the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
                                         or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided
                                         that the Trustee and the Certificate Administrator have received an opinion of counsel
                                         (at the expense of the party requesting the amendment) to the effect that (1) the
                                         action is necessary or desirable to maintain such qualification or to avoid or minimize
                                         such risk and (2) the action will not adversely affect in any material respect the interests
                                         of any holder of the Certificates or the Uncertificated VRR Interest Owner, (B) to
                                         restrict (or to remove any existing restrictions with respect to) the transfer of
                                         the Class R Certificates, provided that the Depositor has determined that the amendment
                                         will not give rise to any tax with respect to the transfer of the Class R Certificates
                                         to a non-Permitted Transferee, (C) to the extent necessary to comply with the Investment
                                         Company Act of 1940, as amended, the Exchange Act, Regulation AB, Regulation RR and/or
                                         any related regulatory actions and/or interpretations or (D) in the event that Regulation
                                         RR (or any portion thereof) or any other regulations applicable to the risk retention
                                         requirements for this securitization transaction are amended or repealed, to the extent
                                         required to comply with any such amendment or to modify or eliminate any risk retention
                                         requirements no longer applicable to this securitization transaction in light of such
                                         repeal;

 

		(v)	to
                                         make any other provisions with respect to matters or questions arising under the Pooling
                                         and Servicing Agreement or any other change, provided that the amendment will
                                         not adversely affect in any material respect the interests of any Certificateholder or
                                         the Uncertificated VRR Interest Owner, as evidenced by an opinion of counsel;

 

		(vi)	to
                                         modify the procedures in the Pooling and Servicing Agreement relating to Rule 17g-5;
                                         provided that such modification does not increase the obligations of the Trustee,
                                         the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
                                         the Master Servicer or the Special Servicer without such party’s consent (which
                                         consent may not be withheld unless such modification would materially adversely affect
                                         such party or materially increase such party’s obligations under the Pooling and
                                         Servicing Agreement); provided, further that notice of such modification
                                         is provided to all parties to the Pooling and Servicing Agreement; and

  

		(vii)	to
                                         amend or supplement any provision of the Pooling and Servicing Agreement to the extent
                                         necessary to maintain the ratings assigned to each Class of Certificates by any of

 

     A-28-6

     

    

 

the
Rating Agencies, provided that the amendment will not adversely affect in any material respect the interests of any Certificateholder
or the Uncertificated VRR Interest Owner;

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (A) reduce the consent or
consultation rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (B) reduce the consultation rights or the right to receive information
under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (C) change in
any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Mortgage
Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (D) change in any manner the obligations
or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (E)
adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect
to any amendment shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the
Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by
the Trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian
(if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent
of the Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected
by the amendment for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or of modifying in any manner the rights of the Certificateholders and the Uncertificated
VRR Interest Owner; provided, however, that no such amendment shall:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Serviced
                                         Loans which are required to be distributed on a Certificate of any Class or the Uncertificated
                                         VRR Interest or to any Serviced Companion Loan Holder, as applicable, without the consent
                                         of the Holder of that Certificate, the Uncertificated VRR Interest Owner or that Serviced
                                         Companion Loan Holder, as applicable,

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class or of the Uncertificated VRR Interest
                                         the Holders (or, in the case of the Uncertificated VRR Interest, the owner) of which
                                         are required to consent to the amendment without the consent of the Holders of all Certificates
                                         of that Class then outstanding or of the Uncertificated VRR Interest Owner, as applicable,

 

		(iii)	change
                                         in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling
                                         and Servicing Agreement or the related Mortgage Loan Purchase Agreement without the consent
                                         of the affected Mortgage Loan Seller,

 

		(iv)	change
                                         the definition of “Servicing Standard” without either (A) consent of 100%
                                         of the Certificateholders and the Uncertificated VRR Interest Owner or (B) Rating Agency
                                         Confirmation,

 

		(v)	without
                                         the consent of 100% of the Certificateholders of the Class or Classes of Certificates,
                                         or the Uncertificated VRR Interest Owner, that is adversely affected thereby, change
                                         (A) the percentages of Voting Rights of Certificateholders or Pooled Voting Rights of
                                         Pooled Certificateholders, as applicable, that are required to consent to any action
                                         or inaction under the Pooling and Servicing Agreement, (B) the right of the Certificateholders
                                         to remove the Special Servicer pursuant to the Pooling and Servicing Agreement or (C)
                                         the right of the Certificateholders to terminate the Operating Advisor pursuant to the
                                         Pooling and Servicing Agreement,

 

		(vi)	adversely
                                         affect the Controlling Class Representative without the consent of 100% of the Controlling
                                         Class Certificateholders,

 

     A-28-7

     

    

 

		(vii)	adversely
                                         affect a Serviced Companion Loan Holder in its capacity as such without its consent,
                                         or

 

		(viii)	change
                                         in any manner the obligations or rights of any Underwriter or Initial Purchaser without
                                         the consent of the affected Underwriter or Initial Purchaser.

 

The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of such Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing
greater than a 50% Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than
30 days’ prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement
(whereupon the Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice
Date specifying the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Trust Loans (and
in the case of any Trust Loan that is part of a Serviced Loan Combination, subject to certain rights of the related Serviced Companion
Loan Holder(s) provided for in the related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by
or on behalf of the Trust Fund (including the Trust Fund’s interest in any REO Property acquired with respect to any Outside
Serviced Mortgage Loan) in respect of any Trust Loan then included in the Trust Fund, at a purchase price, payable in cash, equal
to (i) the sum of (A) the Termination Purchase Amount and (B) the reasonable out-of-pocket expenses of the Master
Servicer (unless the Master Servicer is the purchaser of such Trust Loans), the Special Servicer (unless the Special Servicer
is the purchaser of such Trust Loans), the Trustee and the Certificate Administrator, as applicable, with respect to such termination,
minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate
amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together with any interest
accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid
Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or
reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase).

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder and the Uncertificated VRR Interest Owner, or, in the case of a termination
by the Holder of a Class R Certificate, notify the Certificate Administrator (who shall notify the Controlling Class Representative
and each Certifying Certificateholder and the Uncertificated VRR Interest Owner) of its intention to do so in writing at least
30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties to the Pooling and Servicing
Agreement or by the Trust Fund in connection with the purchase of the Trust Loans and other assets of the Trust Fund pursuant
to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its purchase rights thereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement
with respect to the Certificates, the Uncertificated VRR Interest, the Mortgage Loans and the Serviced Companion Loans (other
than the obligation to make certain payments and to send certain notices to Certificateholders and the Uncertificated VRR Interest
Owner as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced Companion Loan
Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately
following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Trust Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining
Certificateholder of its Certificates and the Uncertificated VRR Interest for all the Trust Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the
final payment or other liquidation (or any advance with respect thereto) of the last Trust Loan or REO Property (or interest therein)
contained in the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement.
All such payments as

 

     A-28-8

     

    

 

contemplated
by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable,
promptly following receipt thereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing
Agreement or be valid for any purpose.

     A-28-9

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 360V Certificate to be duly executed.

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated:
February 18, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Class 360V Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
February 18, 2021

 

	 	Citibank,
    N.A., not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-28-10

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class 360V Certificate and hereby
authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class 360V Certificate of the entire Percentage Interest represented
by the within Class 360V Certificates to the above-named Assignee(s) and to deliver such Class 360V Certificate to the following
address:

 

Date:
_______________

 

		 	Signature
    by or on behalf of Assignor(s)
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-28-11

     

    

   

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: ____________________________________________________________________________________________ Distributions, if being made by wire transfer in immediately available funds to __________________________
for the account of _________________________________________ account number ____________________________. This information is
provided by ______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:	 
	 	 	[Please print or type name(s)]
	 	 	 
	 	 	Title
	 	 	 
	 	 	Taxpayer Identification Number

 

     A-28-12

     

    

 

EXHIBIT B

MORTGAGE LOAN SCHEDULE

 

    	 	B-1	 

    	 

    

 

BMARK 2021-B23 Mortgage Loan Schedule

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Remaining 
	Loan	 	 	 	 	 	 	Cut-Off Date	 	Mortgage	Term To
	Number	Footnotes	Property Name	Address	City	State	Zip Code	Balance ($)	Flood Zone	Rate	Maturity / ARD (Mos.)
	1	(1)	860 Washington	860 Washington Street	New York	New York	10014	116,000,000.00	No	2.40000%	119
	2	 	Millennium Corporate Park	18200-18700 Northeast Union Hill Road	Redmond	Washington	98052	105,000,000.00	No	3.03200%	59
	3	(2)	360 Spear	360 Spear Street	San Francisco	California	94105	104,726,659.81	No	2.76806%	119
	4	 	Phillips Point	777 South Flagler Drive	West Palm Beach	Florida	33401	75,000,000.00	Yes - AE	3.34003%	120
	5	(3)	MGM Grand & Mandalay Bay	 	 	 	 	75,000,000	No	3.55800%	109
	5.01	 	MGM Grand	3799 South Las Vegas Boulevard	Las Vegas	Nevada	89109	 	No	 	 
	5.02	 	Mandalay Bay	3950 South Las Vegas Boulevard	Las Vegas	Nevada	89119	 	No	 	 
	6	(5)	Pittock Block	921 Southwest Washington Street	Portland	Oregon	97205	75,000,000.00	No	3.29940%	119
	7	 	Waterway Plaza	10003 Woodloch Forest Drive	The Woodlands	Texas	77380	66,000,000.00	No	3.26900%	120
	8	 	Leonardo DRS Industrial	W126N7353 & W126N7449 Flint Drive	Menomonee Falls	Wisconsin	53051	63,700,000.00	No	3.31000%	119
	9	(6)	The Grace Building	1114 Avenue of the Americas	New York	New York	10036	60,000,000.00	No	2.69210%	118
	10	 	Station Park & Station Park West	150 North Central Avenue and 1037 & 1070 West Park Lane 	Farmington	Utah	84025	58,700,000.00	No	3.37700%	118
	11	 	First Central Tower	360 Central Avenue	Saint Petersburg	Florida	33701	47,500,000.00	No	3.42000%	120
	12	 	Knitting Mills	830 & 835 Knitting Mills Way and 35 Innovation Way	Wyomissing	Pennsylvania	19610	42,900,000.00	No	3.50000%	119
	13	 	First Republic Center	2100 El Camino Real	Palo Alto	California	94306	41,600,000.00	No	2.32789%	119
	14	 	Rugby Pittsburgh Portfolio	 	 	 	 	40,000,000	No	3.39200%	119
	14.01	 	Foster Plaza	415, 425, 601, 501 & 651 Holiday Drive and 681, 661 & 680 Andersen Drive	Pittsburgh	Pennsylvania	15220	 	No	 	 
	14.02	 	Cherrington Corporate Center	200, 300 & 600 Corporate Center Drive, 400 Fairway Drive and 500, 625 & 700 Cherrington Parkway	Coraopolis	Pennsylvania	15108	 	No	 	 
	15	 	Amazon Chicago-Pullman	10500 South Woodlawn Avenue	Chicago	Illinois	60628	35,500,000.00	No	3.48900%	119
	16	 	JW Marriott Nashville	201 8th Avenue South	Nashville	Tennessee	37203	35,000,000.00	No	3.13900%	109
	17	 	The Village at Meridian	1600-2300 North Eagle Road	Meridian	Idaho	83642	35,000,000.00	No	3.49900%	120
	18	 	Selig Office Portfolio	 	 	 	 	34,100,000	No	3.22200%	50
	18.01	 	1000 Second Avenue	1000 Second Avenue	Seattle	Washington	98104	 	No	 	 
	18.02	 	2901 Third Avenue	2901 Third Avenue	Seattle	Washington	98121	 	No	 	 
	18.03	 	3101 Western Avenue	3101 Western Avenue	Seattle	Washington	98121	 	No	 	 
	18.04	 	300 Elliott Avenue West	300 Elliott Avenue West	Seattle	Washington	98119	 	No	 	 
	18.05	 	3131 Elliott Avenue	3131 Elliott Avenue	Seattle	Washington	98121	 	No	 	 
	18.06	 	2615 Fourth Avenue	2615 Fourth Avenue	Seattle	Washington	98121	 	No	 	 
	18.07	 	190 Queen Anne Avenue North	190 Queen Anne Avenue North	Seattle	Washington	98109	 	No	 	 
	18.08	 	200 First Avenue West	200 First Avenue West	Seattle	Washington	98119	 	No	 	 
	18.09	 	18 West Mercer Street	18 West Mercer Street	Seattle	Washington	98119	 	No	 	 
	19	 	The Trails at Silverdale	11199 Pacific Crest Place	Silverdale	Washington	98383	32,615,100.00	No	3.28200%	119
	20	 	711 Fifth Avenue	711 5th Avenue	New York	New York	10022	27,500,000.00	No	3.16000%	109
	21	 	Hotel ZaZa Houston Museum District	5701 Main Street	Houston	Texas	77005	20,000,000.00	No	3.80000%	109
	22	 	360 Neptune Avenue	350-62 Neptune Avenue	Brooklyn	New York	11235	19,950,000.00	Yes - AE	3.40000%	120
	23	 	Central Missouri Distribution Center	4655 East Liberty Street	Mexico	Missouri	65265	19,825,000.00	No	2.98000%	119
	24	 	Treasure Valley Marketplace	16365 North Marketplace Boulevard	Nampa	Idaho	83689	18,445,000.00	No	3.36500%	119
	25	 	2601 Wilshire	2601 Wilshire Boulevard	Los Angeles	California	90057	18,300,000.00	No	3.50000%	59
	26	 	Brookfield Place Richmond	6606 West Broad Street	Richmond	Virginia	23230	18,070,000.00	No	3.16000%	119
	27	 	104 Delancey Street	104 Delancey Street	New York	New York	10002	16,500,000.00	No	3.34000%	120
	28	 	880 Butler Drive	880 Butler Drive	Murfreesboro	Tennessee	37127	15,225,000.00	No	3.31900%	119
	29	 	1400 North 25th Avenue	1400 North 25th Avenue	Melrose Park	Illinois	60160	14,679,174.23	No	3.70000%	119
	30	 	Luna Apartments	2520 South 8th Street	Minneapolis	Minnesota	55454	14,000,000.00	No	3.91000%	119
	31	 	63 West 104th Street	63 West 104th Street	New York	New York	10025	13,250,000.00	No	3.81000%	119
	32	 	2300 Route 33	2300 Route 33	Robbinsville Township	New Jersey	08691	13,228,925.03	No	3.13200%	119
	33	 	Backlot Apartments	8600 West Irlo Bronson Memorial Highway	Kissimmee	Florida	34747	12,565,000.00	Yes - A	3.55400%	120
	34	 	1623 Flatbush	1623 Flatbush Avenue	Brooklyn	New York	11210	12,500,000.00	No	3.85000%	120
	35	 	Trepte Industrial Park	7606, 7652, 7670, 7692, 7706, 7726, 7756 & 7776 Trade Street	San Diego	California	92121	12,480,014.85	No	3.10600%	119
	36	 	206-20 Linden Boulevard	206-20 Linden Boulevard	Cambria Heights	New York	11411	11,500,000.00	No	3.85000%	120
	37	 	Rent A Space Portfolio	 	 	 	 	10,454,000	Various	3.61000%	119
	37.01	 	Rent A Space South	1100 Boyce Road	Pittsburgh	Pennsylvania	15241	 	Yes - AE	 	 
	37.02	 	Rent A Space East	4440 Broadway Boulevard	Monroeville	Pennsylvania	15146	 	No	 	 
	38	 	The Centre at Stirling & Palm	9900 Stirling Road	Hollywood	Florida	33024	9,350,000.00	No	3.20000%	119
	39	 	Baxter International Production Center	555 North Daniels Way	Bloomington	Indiana	47404	8,500,000.00	No	3.39700%	115
	40	 	Holiday Inn & Suites Memphis/Germantown	7730 Centennial Drive	Memphis	Tennessee	38125	7,906,080.02	No	4.74700%	119
	41	 	Spring Glen Apartments	1625 Scenic Drive	Modesto	California	95355	7,140,000.00	No	3.59600%	119
	42	 	Fountainbleau Self Storage	4040 Tulane Avenue	New Orleans	Louisiana	70119	6,849,500.00	No	3.41000%	119
	43	 	Tesla Schaumberg	320 West Golf Road	Schaumburg	Illinois	60195	6,800,000.00	No	3.84900%	120
	44	 	211 Saw Mill	211 Saw Mill River Road	Hawthorne	New York	10532	6,750,000.00	No	3.81800%	119
	45	 	E&B Brewery Lofts 	1551 Winder Street	Detroit	Michigan	48207	6,700,000.00	No	3.95000%	120
	46	 	4 Storage - Bristol	2900 Ford Road	Bristol	Pennsylvania	19007	6,500,000.00	No	3.98000%	119
	47	 	Excess Self Storage	3805 South Smithfield Road	Knightdale	North Carolina	27545	6,440,699.29	No	3.61500%	119
	48	 	Mechanicsburg Self Storage 	5267 East Simpson Ferry Road	Mechanicsburg	Pennsylvania	17050	5,700,000.00	No	3.49000%	119
	49	 	VanWest Storage Portfolio 	 	 	 	 	5,100,000	No	3.84000%	120
	49.01	 	Rome Hilliard	466 Hilliard Rome Road	Columbus	Ohio	43228	 	No	 	 
	49.02	 	Betta Stor-It	2614 Highway 98 West	Mary Esther	Florida	32569	 	No	 	 
	50	 	Walgreens Bradenton	6003 14th Street West	Bradenton	Florida	34207	4,400,000.00	No	3.69000%	119
	51	 	Woodbridge Group HQ	1515 Equity Drive	Troy	Michigan	48084	4,100,000.00	No	3.60000%	120
	52	 	Secure Store Self Storage	135 Maple Carriage Drive and 38515 Midland Trail East	Lewisburg and White Sulphur Springs	West Virginia	24901 and 24986	3,550,000.00	No	3.81000%	119
	53	 	30222 Esperanza	30222 Esperanza	Rancho Santa Margarita	California	92688	3,300,000.00	No	3.93000%	120
	 	 	 	 	 	 	 	 	 	 	 

		(1)	JPMorgan Chase Bank, National Association and German American
Capital Corporation and are co-sponsors with respect to the 860 Washington mortgage loan (7.6%), which mortgage loan is evidenced
by three (3) promissory notes: (i) notes A-1, A-2 and A-3, with an outstanding principal balance of $81,200,000 as of the cut-off
date, as to which JPMorgan Chase Bank, National Association is acting as mortgage loan seller; and (ii) notes A-4 and A-5, with
an outstanding principal balance of $34,800,000 as of the cut-off date, as to which German American Capital Corporation is acting
as mortgage loan seller.
		(2)	The Cut-Off Date Balance of $104,726,659.81 consists of
three senior pari passu promissory notes designated as Notes A-1, A-2 and A-3 in the original aggregate principal amount of $104,726,659.81
which evidence the 360 Spear Mortgage Loan and will be contributed to the Trust on the Closing Date by GACC pursuant to the GACC
Mortgage Loan Purchase Agreement.   The Serviced Companion Loan Cut-Off Date Balance of $55,000,000 consists of
(a) a subordinate promissory note designated as Note B in the original principal amount of $55,000,000 which evidences the Trust
Subordinate Companion Loan and will be contributed to the Trust on the Closing Date by GACC pursuant to the GACC Mortgage Loan
Purchase Agreement.  The Trust Subordinate Companion Loan (with a Cut-Off Date Balance of $55,000,000) will be held
by the Trust and will solely back the Loan-Specific Certificates (and will not be part of the pool of Mortgage Loans backing the
Pooled Certificates).  The Servicing Fee Rate with respect to the Trust Subordinate Companion Loan is 0.00250% per annum.
		(3)	Citi Real Estate Funding Inc. and German American Capital
Corporation are co-sponsors with respect to the MGM Grand & Mandalay Bay mortgage loan (4.9%), which mortgage loan is evidenced
by two (2) promissory notes: (i) note A-13-8 with an outstanding principal balance of $59,375,000 as of the cut-off date, as to
which Citi Real Estate Funding Inc. is acting as mortgage loan seller; and (ii) note A-15-8, with an outstanding principal balance
of $15,625,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller.
		(4)	The MGM Grand & Mandalay Bay Loan Combination has
a 10-year interest-only term through the ARD of March 5, 2030. After the ARD, through and including March 5, 2032 (the “Maturity
Date”), the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of
(x) 3.55800%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”)
plus (2) 1.77000%, (ii) amounts in the Excess Cash Flow Reserve (as defined below) will be applied first to pay monthly additional
interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest
Rate) and added to the principal balance of the MGM Grand & Mandalay Bay Loan Combination, and (iii) a full cash flow sweep
to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay
Bay Loan Combination. For the period from the origination date through the ARD, the MGM Grand & Mandalay Bay Senior Notes
and Junior Notes accrue at the rate of 3.55800% per annum. The MGM Grand & Mandalay Bay Loan Combination proceeds along with
borrower sponsor equity were used to purchase the MGM Grand & Mandalay Bay Properties for $4.6 billion.
		(5)	With respect to the Pittock Block mortgage loan, the Serviced
Companion Loan Servicing Fee is equal to (1) 0.01% annually with respect to the related Serviced Subordinate Companion Loan and
(2) with respect to each related Serviced Pari Passu Companion Loan shall mean (x) a sub-servicing fee payable at a rate of 0.01%
annually and (y) a primary servicing fee payable at a rate of 0.00125% annually.
		(6)	JPMorgan Chase Bank, National Association and German American
Capital Corporation and are co-sponsors with respect to The Grace Building mortgage loan (3.9%), which mortgage loan is evidenced
by two (2) promissory notes: (i) note A-2-4, with an outstanding principal balance of $30,000,000 as of the cut-off date, as to
which JPMorgan Chase Bank, National Association is acting as mortgage loan seller; and (ii) note A-4-3, with an outstanding principal
balance of $30,000,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller.
		(7)	The First Republic Center loan is structured with an Anticipated
Repayment Date (“ARD”) of January 6, 2031 and a final maturity date of October 6, 2037. After the ARD, the following
structure will apply: (i) the interest rate will be equal to 250 basis points over the greater of (x) the initial interest rate
and (y) (1) the 10-year swap rate in effect on the ARD plus (2) the spread of 1.379885% (the “Adjusted Interest Rate”),
(ii) interest will continue to be paid on the First Republic Center loan, and amounts accrued at the excess of the Adjusted Interest
Rate over the Initial Interest Rate (such amounts, together with accrued interest thereon at the Adjusted Interest Rate, the “Accrued
Interest”), will be deferred and added to the principal balance of the First Republic Center loan, and (iii) a full cash
flow sweep to the extent of remaining amounts in the excess cash flow reserve will be applied to the principal of the First Republic
Center loan, then to pay Accrued Interest on the First Republic Center loan. The metrics presented above are calculated based
on the ARD.

 

     

     

    

BMARK 2021-B23 Mortgage Loan Schedule

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Remaining	 	 	 	 	 	Crossed With	 	 	 
	Loan	 	 	 	Amortization Term	Master Servicing	Primary Servicing	Subservicing	Outside Servicing	Mortgage 	Other Loans	ARD	ARD Mortgage Loan Final	ARD
	Number	Footnotes	Property Name	Maturity Date / ARD	(Mos.)	Fee Rate (%)	Fee Rate (%)	Fee Rate (%)	Fee Rate (%)	Loan Seller	(Crossed Group)	(Yes/No)	Maturity Date	Revised Rate
	1	(1)	860 Washington	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	JPMCB, GACC	No	No	 	 
	2	 	Millennium Corporate Park	1/6/2026	0	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	3	(2)	360 Spear	1/6/2031	359	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	4	 	Phillips Point	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	5	(3)	MGM Grand & Mandalay Bay	3/5/2030	0	0.00125%	0.00000%	NAP	0.000625%	CREFI, GACC	No	Yes	3/5/2032	See footnote (4)
	5.01	 	MGM Grand	 	 	 	 	 	 	CREFI, GACC	 	 	 	 
	5.02	 	Mandalay Bay	 	 	 	 	 	 	CREFI, GACC	 	 	 	 
	6	(5)	Pittock Block	1/1/2031	0	0.00125%	0.00125%	0.01000%	NAP	JPMCB	No	No	 	 
	7	 	Waterway Plaza	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	8	 	Leonardo DRS Industrial	1/6/2031	0	0.00125%	0.00125%	0.01000%	NAP	CREFI	No	No	 	 
	9	(6)	The Grace Building	12/6/2030	0	0.00125%	0.00000%	NAP	0.00250%	JPMCB, GACC	No	No	 	 
	10	 	Station Park & Station Park West	12/5/2030	0	0.00125%	0.00000%	NAP	0.01125%	JPMCB	No	No	 	 
	11	 	First Central Tower	2/6/2031	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	12	 	Knitting Mills	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	13	 	First Republic Center	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	GACC	No	Yes	10/6/2037	See footnote (7)
	14	 	Rugby Pittsburgh Portfolio	1/1/2031	360	0.00125%	0.00000%	NAP	0.00125%	JPMCB	No	No	 	 
	14.01	 	Foster Plaza	 	 	 	 	 	 	JPMCB	 	 	 	 
	14.02	 	Cherrington Corporate Center	 	 	 	 	 	 	JPMCB	 	 	 	 
	15	 	Amazon Chicago-Pullman	1/1/2031	0	0.00125%	0.00125%	NAP	NAP	JPMCB	No	No	 	 
	16	 	JW Marriott Nashville	3/6/2030	0	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	17	 	The Village at Meridian	2/5/2031	0	0.00125%	0.00125%	0.01000%	NAP	JPMCB	No	No	 	 
	18	 	Selig Office Portfolio	4/6/2025	0	0.00125%	0.00000%	NAP	0.00250%	GSMC	No	No	 	 
	18.01	 	1000 Second Avenue	 	 	 	 	 	 	GSMC	 	 	 	 
	18.02	 	2901 Third Avenue	 	 	 	 	 	 	GSMC	 	 	 	 
	18.03	 	3101 Western Avenue	 	 	 	 	 	 	GSMC	 	 	 	 
	18.04	 	300 Elliott Avenue West	 	 	 	 	 	 	GSMC	 	 	 	 
	18.05	 	3131 Elliott Avenue	 	 	 	 	 	 	GSMC	 	 	 	 
	18.06	 	2615 Fourth Avenue	 	 	 	 	 	 	GSMC	 	 	 	 
	18.07	 	190 Queen Anne Avenue North	 	 	 	 	 	 	GSMC	 	 	 	 
	18.08	 	200 First Avenue West	 	 	 	 	 	 	GSMC	 	 	 	 
	18.09	 	18 West Mercer Street	 	 	 	 	 	 	GSMC	 	 	 	 
	19	 	The Trails at Silverdale	1/5/2031	0	0.00125%	0.00125%	0.02000%	NAP	JPMCB	No	No	 	 
	20	 	711 Fifth Avenue	3/6/2030	0	0.00125%	0.00000%	NAP	0.00250%	GSMC	No	No	 	 
	21	 	Hotel ZaZa Houston Museum District	3/6/2030	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	22	 	360 Neptune Avenue	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	23	 	Central Missouri Distribution Center	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	24	 	Treasure Valley Marketplace	1/5/2031	0	0.00125%	0.00125%	0.03000%	NAP	JPMCB	No	No	 	 
	25	 	2601 Wilshire	1/6/2026	0	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	26	 	Brookfield Place Richmond	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	27	 	104 Delancey Street	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	28	 	880 Butler Drive	1/6/2031	360	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	29	 	1400 North 25th Avenue	1/6/2031	359	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	30	 	Luna Apartments	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	31	 	63 West 104th Street	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	32	 	2300 Route 33	1/1/2031	359	0.00125%	0.00125%	NAP	NAP	JPMCB	No	No	 	 
	33	 	Backlot Apartments	2/6/2031	360	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	34	 	1623 Flatbush	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	35	 	Trepte Industrial Park	1/6/2031	359	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	36	 	206-20 Linden Boulevard	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	37	 	Rent A Space Portfolio	1/6/2031	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	37.01	 	Rent A Space South	 	 	 	 	 	 	CREFI	 	 	 	 
	37.02	 	Rent A Space East	 	 	 	 	 	 	CREFI	 	 	 	 
	38	 	The Centre at Stirling & Palm	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	39	 	Baxter International Production Center	9/6/2030	360	0.00125%	0.00125%	NAP	NAP	GSMC	No	No	 	 
	40	 	Holiday Inn & Suites Memphis/Germantown	1/1/2031	359	0.00125%	0.00125%	NAP	NAP	JPMCB	No	No	 	 
	41	 	Spring Glen Apartments	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	42	 	Fountainbleau Self Storage	1/6/2031	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	43	 	Tesla Schaumberg	2/6/2031	360	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	44	 	211 Saw Mill	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	45	 	E&B Brewery Lofts 	2/6/2031	360	0.00125%	0.00000%	0.05000%	NAP	CREFI	No	No	 	 
	46	 	4 Storage - Bristol	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	47	 	Excess Self Storage	1/6/2031	359	0.00125%	0.00125%	NAP	NAP	GACC	No	No	 	 
	48	 	Mechanicsburg Self Storage 	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	49	 	VanWest Storage Portfolio 	2/6/2031	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	49.01	 	Rome Hilliard	 	 	 	 	 	 	CREFI	 	 	 	 
	49.02	 	Betta Stor-It	 	 	 	 	 	 	CREFI	 	 	 	 
	50	 	Walgreens Bradenton	1/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	51	 	Woodbridge Group HQ	2/6/2031	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	52	 	Secure Store Self Storage	1/6/2031	360	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	53	 	30222 Esperanza	2/6/2031	0	0.00125%	0.00125%	NAP	NAP	CREFI	No	No	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

		(1)	JPMorgan Chase Bank, National Association and German American
Capital Corporation and are co-sponsors with respect to the 860 Washington mortgage loan (7.6%), which mortgage loan is evidenced
by three (3) promissory notes: (i) notes A-1, A-2 and A-3, with an outstanding principal balance of $81,200,000 as of the cut-off
date, as to which JPMorgan Chase Bank, National Association is acting as mortgage loan seller; and (ii) notes A-4 and A-5, with
an outstanding principal balance of $34,800,000 as of the cut-off date, as to which German American Capital Corporation is acting
as mortgage loan seller.
		(2)	The Cut-Off Date Balance of $104,726,659.81 consists of
three senior pari passu promissory notes designated as Notes A-1, A-2 and A-3 in the original aggregate principal amount of $104,726,659.81
which evidence the 360 Spear Mortgage Loan and will be contributed to the Trust on the Closing Date by GACC pursuant to the GACC
Mortgage Loan Purchase Agreement.   The Serviced Companion Loan Cut-Off Date Balance of $55,000,000 consists of
(a) a subordinate promissory note designated as Note B in the original principal amount of $55,000,000 which evidences the Trust
Subordinate Companion Loan and will be contributed to the Trust on the Closing Date by GACC pursuant to the GACC Mortgage Loan
Purchase Agreement.  The Trust Subordinate Companion Loan (with a Cut-Off Date Balance of $55,000,000) will be held
by the Trust and will solely back the Loan-Specific Certificates (and will not be part of the pool of Mortgage Loans backing the
Pooled Certificates).  The Servicing Fee Rate with respect to the Trust Subordinate Companion Loan is 0.00250% per annum.
		(3)	Citi Real Estate Funding Inc. and German American Capital
Corporation are co-sponsors with respect to the MGM Grand & Mandalay Bay mortgage loan (4.9%), which mortgage loan is evidenced
by two (2) promissory notes: (i) note A-13-8 with an outstanding principal balance of $59,375,000 as of the cut-off date, as to
which Citi Real Estate Funding Inc. is acting as mortgage loan seller; and (ii) note A-15-8, with an outstanding principal balance
of $15,625,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller.
		(4)	The MGM Grand & Mandalay Bay Loan Combination has
a 10-year interest-only term through the ARD of March 5, 2030. After the ARD, through and including March 5, 2032 (the “Maturity
Date”), the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of
(x) 3.55800%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”)
plus (2) 1.77000%, (ii) amounts in the Excess Cash Flow Reserve (as defined below) will be applied first to pay monthly additional
interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest
Rate) and added to the principal balance of the MGM Grand & Mandalay Bay Loan Combination, and (iii) a full cash flow sweep
to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay
Bay Loan Combination. For the period from the origination date through the ARD, the MGM Grand & Mandalay Bay Senior Notes
and Junior Notes accrue at the rate of 3.55800% per annum. The MGM Grand & Mandalay Bay Loan Combination proceeds along with
borrower sponsor equity were used to purchase the MGM Grand & Mandalay Bay Properties for $4.6 billion.
		(5)	With respect to the Pittock Block mortgage loan, the Serviced
Companion Loan Servicing Fee is equal to (1) 0.01% annually with respect to the related Serviced Subordinate Companion Loan and
(2) with respect to each related Serviced Pari Passu Companion Loan shall mean (x) a sub-servicing fee payable at a rate of 0.01%
annually and (y) a primary servicing fee payable at a rate of 0.00125% annually.
		(6)	JPMorgan Chase Bank, National Association and German American
Capital Corporation and are co-sponsors with respect to The Grace Building mortgage loan (3.9%), which mortgage loan is evidenced
by two (2) promissory notes: (i) note A-2-4, with an outstanding principal balance of $30,000,000 as of the cut-off date, as to
which JPMorgan Chase Bank, National Association is acting as mortgage loan seller; and (ii) note A-4-3, with an outstanding principal
balance of $30,000,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller.
		(7)	The First Republic Center loan is structured with an Anticipated
Repayment Date (“ARD”) of January 6, 2031 and a final maturity date of October 6, 2037. After the ARD, the following
structure will apply: (i) the interest rate will be equal to 250 basis points over the greater of (x) the initial interest rate
and (y) (1) the 10-year swap rate in effect on the ARD plus (2) the spread of 1.379885% (the “Adjusted Interest Rate”),
(ii) interest will continue to be paid on the First Republic Center loan, and amounts accrued at the excess of the Adjusted Interest
Rate over the Initial Interest Rate (such amounts, together with accrued interest thereon at the Adjusted Interest Rate, the “Accrued
Interest”), will be deferred and added to the principal balance of the First Republic Center loan, and (iii) a full cash
flow sweep to the extent of remaining amounts in the excess cash flow reserve will be applied to the principal of the First Republic
Center loan, then to pay Accrued Interest on the First Republic Center loan. The metrics presented above are calculated based
on the ARD.

 

     

     

    

BMARK 2021-B23 Mortgage Loan Schedule

 

	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan	 
	 	 	 	 	 	 	Remaining	Serviced Companion Loan	Remaining	Serviced Companion Loan
	Loan	 	 	Serviced Companion Loan	Serviced Companion Loan	Serviced Companion Loan	Term To	Maturity	Amortization Term	Servicing
	Number	Footnotes	Property Name	Flag	Cut-off Date Balance	Interest Rate	Maturity/ARD (Mos.)	Date/ARD	(Mos.)	Fees
	1	(1)	860 Washington	 	 	 	 	 	 	 
	2	 	Millennium Corporate Park	Yes	           27,000,000.00	3.03200%	59	1/6/2026	0	0.00125%
	3	(2)	360 Spear	Yes	           55,000,000.00	2.76806%	119	1/6/2031	359	0.00250%
	4	 	Phillips Point	Yes	         123,520,000.00	3.34003%	120	2/6/2031	0	0.00125%
	5	(3)	MGM Grand & Mandalay Bay	 	 	 	 	 	 	 
	5.01	 	MGM Grand	 	 	 	 	 	 	 
	5.02	 	Mandalay Bay	 	 	 	 	 	 	 
	6	(5)	Pittock Block	Yes	           66,000,000.00	3.29940%	119	1/1/2031	0	See footnote (5)
	7	 	Waterway Plaza	 	 	 	 	 	 	 
	8	 	Leonardo DRS Industrial	 	 	 	 	 	 	 
	9	(6)	The Grace Building	 	 	 	 	 	 	 
	10	 	Station Park & Station Park West	 	 	 	 	 	 	 
	11	 	First Central Tower	 	 	 	 	 	 	 
	12	 	Knitting Mills	 	 	 	 	 	 	 
	13	 	First Republic Center	 	 	 	 	 	 	 
	14	 	Rugby Pittsburgh Portfolio	 	 	 	 	 	 	 
	14.01	 	Foster Plaza	 	 	 	 	 	 	 
	14.02	 	Cherrington Corporate Center	 	 	 	 	 	 	 
	15	 	Amazon Chicago-Pullman	 	 	 	 	 	 	 
	16	 	JW Marriott Nashville	Yes	         150,000,000.00	3.13900%	109	3/6/2030	0	0.00125%
	17	 	The Village at Meridian	Yes	           30,995,000.00	3.49900%	120	2/5/2031	0	0.01125%
	18	 	Selig Office Portfolio	 	 	 	 	 	 	 
	18.01	 	1000 Second Avenue	 	 	 	 	 	 	 
	18.02	 	2901 Third Avenue	 	 	 	 	 	 	 
	18.03	 	3101 Western Avenue	 	 	 	 	 	 	 
	18.04	 	300 Elliott Avenue West	 	 	 	 	 	 	 
	18.05	 	3131 Elliott Avenue	 	 	 	 	 	 	 
	18.06	 	2615 Fourth Avenue	 	 	 	 	 	 	 
	18.07	 	190 Queen Anne Avenue North	 	 	 	 	 	 	 
	18.08	 	200 First Avenue West	 	 	 	 	 	 	 
	18.09	 	18 West Mercer Street	 	 	 	 	 	 	 
	19	 	The Trails at Silverdale	 	 	 	 	 	 	 
	20	 	711 Fifth Avenue	 	 	 	 	 	 	 
	21	 	Hotel ZaZa Houston Museum District	Yes	           40,000,000.00	3.80000%	109	3/6/2030	360	0.00125%
	22	 	360 Neptune Avenue	 	 	 	 	 	 	 
	23	 	Central Missouri Distribution Center	 	 	 	 	 	 	 
	24	 	Treasure Valley Marketplace	 	 	 	 	 	 	 
	25	 	2601 Wilshire	 	 	 	 	 	 	 
	26	 	Brookfield Place Richmond	 	 	 	 	 	 	 
	27	 	104 Delancey Street	 	 	 	 	 	 	 
	28	 	880 Butler Drive	 	 	 	 	 	 	 
	29	 	1400 North 25th Avenue	 	 	 	 	 	 	 
	30	 	Luna Apartments	 	 	 	 	 	 	 
	31	 	63 West 104th Street	 	 	 	 	 	 	 
	32	 	2300 Route 33	 	 	 	 	 	 	 
	33	 	Backlot Apartments	 	 	 	 	 	 	 
	34	 	1623 Flatbush	 	 	 	 	 	 	 
	35	 	Trepte Industrial Park	 	 	 	 	 	 	 
	36	 	206-20 Linden Boulevard	 	 	 	 	 	 	 
	37	 	Rent A Space Portfolio	 	 	 	 	 	 	 
	37.01	 	Rent A Space South	 	 	 	 	 	 	 
	37.02	 	Rent A Space East	 	 	 	 	 	 	 
	38	 	The Centre at Stirling & Palm	 	 	 	 	 	 	 
	39	 	Baxter International Production Center	 	 	 	 	 	 	 
	40	 	Holiday Inn & Suites Memphis/Germantown	 	 	 	 	 	 	 
	41	 	Spring Glen Apartments	 	 	 	 	 	 	 
	42	 	Fountainbleau Self Storage	 	 	 	 	 	 	 
	43	 	Tesla Schaumberg	 	 	 	 	 	 	 
	44	 	211 Saw Mill	 	 	 	 	 	 	 
	45	 	E&B Brewery Lofts 	 	 	 	 	 	 	 
	46	 	4 Storage - Bristol	 	 	 	 	 	 	 
	47	 	Excess Self Storage	 	 	 	 	 	 	 
	48	 	Mechanicsburg Self Storage 	 	 	 	 	 	 	 
	49	 	VanWest Storage Portfolio 	 	 	 	 	 	 	 
	49.01	 	Rome Hilliard	 	 	 	 	 	 	 
	49.02	 	Betta Stor-It	 	 	 	 	 	 	 
	50	 	Walgreens Bradenton	 	 	 	 	 	 	 
	51	 	Woodbridge Group HQ	 	 	 	 	 	 	 
	52	 	Secure Store Self Storage	 	 	 	 	 	 	 
	53	 	30222 Esperanza	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

		(1)	JPMorgan Chase Bank, National Association and German American
Capital Corporation and are co-sponsors with respect to the 860 Washington mortgage loan (7.6%), which mortgage loan is evidenced
by three (3) promissory notes: (i) notes A-1, A-2 and A-3, with an outstanding principal balance of $81,200,000 as of the cut-off
date, as to which JPMorgan Chase Bank, National Association is acting as mortgage loan seller; and (ii) notes A-4 and A-5, with
an outstanding principal balance of $34,800,000 as of the cut-off date, as to which German American Capital Corporation is acting
as mortgage loan seller.
		(2)	The Cut-Off Date Balance of $104,726,659.81 consists of
three senior pari passu promissory notes designated as Notes A-1, A-2 and A-3 in the original aggregate principal amount of $104,726,659.81
which evidence the 360 Spear Mortgage Loan and will be contributed to the Trust on the Closing Date by GACC pursuant to the GACC
Mortgage Loan Purchase Agreement.   The Serviced Companion Loan Cut-Off Date Balance of $55,000,000 consists of
(a) a subordinate promissory note designated as Note B in the original principal amount of $55,000,000 which evidences the Trust
Subordinate Companion Loan and will be contributed to the Trust on the Closing Date by GACC pursuant to the GACC Mortgage Loan
Purchase Agreement.  The Trust Subordinate Companion Loan (with a Cut-Off Date Balance of $55,000,000) will be held
by the Trust and will solely back the Loan-Specific Certificates (and will not be part of the pool of Mortgage Loans backing the
Pooled Certificates).  The Servicing Fee Rate with respect to the Trust Subordinate Companion Loan is 0.00250% per annum.
		(3)	Citi Real Estate Funding Inc. and German American Capital
Corporation are co-sponsors with respect to the MGM Grand & Mandalay Bay mortgage loan (4.9%), which mortgage loan is evidenced
by two (2) promissory notes: (i) note A-13-8 with an outstanding principal balance of $59,375,000 as of the cut-off date, as to
which Citi Real Estate Funding Inc. is acting as mortgage loan seller; and (ii) note A-15-8, with an outstanding principal balance
of $15,625,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller.
		(4)	The MGM Grand & Mandalay Bay Loan Combination has
a 10-year interest-only term through the ARD of March 5, 2030. After the ARD, through and including March 5, 2032 (the “Maturity
Date”), the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of
(x) 3.55800%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”)
plus (2) 1.77000%, (ii) amounts in the Excess Cash Flow Reserve (as defined below) will be applied first to pay monthly additional
interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest
Rate) and added to the principal balance of the MGM Grand & Mandalay Bay Loan Combination, and (iii) a full cash flow sweep
to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay
Bay Loan Combination. For the period from the origination date through the ARD, the MGM Grand & Mandalay Bay Senior Notes
and Junior Notes accrue at the rate of 3.55800% per annum. The MGM Grand & Mandalay Bay Loan Combination proceeds along with
borrower sponsor equity were used to purchase the MGM Grand & Mandalay Bay Properties for $4.6 billion.
		(5)	With respect to the Pittock Block mortgage loan, the Serviced
Companion Loan Servicing Fee is equal to (1) 0.01% annually with respect to the related Serviced Subordinate Companion Loan and
(2) with respect to each related Serviced Pari Passu Companion Loan shall mean (x) a sub-servicing fee payable at a rate of 0.01%
annually and (y) a primary servicing fee payable at a rate of 0.00125% annually.
		(6)	JPMorgan Chase Bank, National Association and German American
Capital Corporation and are co-sponsors with respect to The Grace Building mortgage loan (3.9%), which mortgage loan is evidenced
by two (2) promissory notes: (i) note A-2-4, with an outstanding principal balance of $30,000,000 as of the cut-off date, as to
which JPMorgan Chase Bank, National Association is acting as mortgage loan seller; and (ii) note A-4-3, with an outstanding principal
balance of $30,000,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller.
		(7)	The First Republic Center loan is structured with an Anticipated
Repayment Date (“ARD”) of January 6, 2031 and a final maturity date of October 6, 2037. After the ARD, the following
structure will apply: (i) the interest rate will be equal to 250 basis points over the greater of (x) the initial interest rate
and (y) (1) the 10-year swap rate in effect on the ARD plus (2) the spread of 1.379885% (the “Adjusted Interest Rate”),
(ii) interest will continue to be paid on the First Republic Center loan, and amounts accrued at the excess of the Adjusted Interest
Rate over the Initial Interest Rate (such amounts, together with accrued interest thereon at the Adjusted Interest Rate, the “Accrued
Interest”), will be deferred and added to the principal balance of the First Republic Center loan, and (iii) a full cash
flow sweep to the extent of remaining amounts in the excess cash flow reserve will be applied to the principal of the First Republic
Center loan, then to pay Accrued Interest on the First Republic Center loan. The metrics presented above are calculated based
on the ARD.

 

     

     

    

 

EXHIBIT C

FORM OF REQUEST FOR RELEASE

(for Certificate Administrator)

 

Loan Information:

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________

Certificate Administrator: Citibank, N.A.

Address:388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services
– Benchmark 2021-B23

Custodian Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________

__________________

Certificates:Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby requests delivery from Citibank, N.A., as Certificate
Administrator, for the Holders of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23,
the documents referred to below (the “Documents”). All capitalized terms not otherwise defined in this Request
for Release shall have the meanings given them in the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee.

(  )Note
dated _________, _____, in the original principal sum of $_____, made by _______, payable to, or endorsed to the order of, the
Trustee.

(  )Mortgage
recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _______________, State
of _________________ in book/reel/docket ___________ of official records at page/image ________.

    	 	C-1	 

    	 

    

(  )Deed
of trust recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ____________,
State of _______ in book/reel/docket ____________ of official records at page/image.

(  )Assignment
of Mortgage or deed of trust to the Trustee, recorded on _____________ as instrument no. _______ in the County Recorder’s
Office of the County of _________, State of _______ in book/reel/docket __________ of official records at page/image _____________.

(  )Other
documents, including any amendments, assignments or other assumptions of the Note or Mortgage.

(  )       ___________________________

(  )       ___________________________

(  )       ___________________________

(  )       ___________________________

The undersigned [Master
Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] hereby acknowledges and agrees as follows:

(i)                       
The undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall hold and retain possession
of the Documents in trust for the benefit of the Trustee, solely for the purposes provided in the Agreement.

(ii)                       
The undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall not cause or permit
the Documents to become subject to, or encumbered by, any claim, liens, security interest, charges, writs of attachment or other
impositions nor shall the undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] assert or
seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof.

(iii)                       
The undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall return the Documents
to the Certificate Administrator when the need therefor no longer exists, unless the [Mortgage Loan][Trust Subordinate Companion
Loan] relating to the Documents has been liquidated and the proceeds thereof have been remitted to the Collection Account and except
as expressly provided in the Agreement.

(iv)                       
The Documents and any proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the
undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer] shall at all times be earmarked for
the account of the Trustee, and the undersigned [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer]
shall keep the Documents and any proceeds separate and distinct from all other property in the undersigned [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer]’s possession, custody or control.

    	 	C-2	 

    	 

    

	 	[MASTER SERVICER/SPECIAL SERVICER]

	 	  	[OUTSIDE SERVICER/ OUTSIDE 
	 	 	SPECIAL SERVICER]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 
	Dated:	 	 	 

    	 	C-3	 

    	 

    

EXHIBIT D

FORM OF DISTRIBUTION DATE STATEMENT

 

    	 	D-1	 

    	 

    

 

 

	 	 	 
	Distribution Date:

Determination Date:	 	

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	CONTACT INFORMATION	 	 	CONTENTS	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary	2	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary (Factors)	3	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Interest Distribution Detail	4	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Principal Distribution Detail	5	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Reconciliation Detail	6	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Stratification Detail	7	 	 
	 	 	 	 	 	 	 	 
	 	 	 	Mortgage Loan Detail	11	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	NOI Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Delinquency Loan Detail	13	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Appraisal Reduction Detail	15	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan Modification Detail	17	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	19	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Unscheduled Principal Detail	21	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Liquidated Loan Detail	23	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 	Deal Contact:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 1 of 24	 

 

    

     

     

	 	 	 
	Distribution Date:

Determination Date:	 	

 

Distribution Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Prior	Pass-	Accrual	 	 	 	Yield	Prepayment	 	 	 	Current
	 	Original	Principal	Through	Day Count	Accrual	Interest	Principal	Maintenance	Penalties	Total	Deferred	Realized	Principal
	Class	Balance	Balance	Rate	Fraction	Dates	Distributed	Distributed	Distributed	Distributed	Distributed	Interest	Loss	Balance
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)=(7+8+9+10)	(12)	(13)	(14)=(3-8+12-13)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 2 of 24	 

 

 

    

     

     

	 	 	 
	Distribution Date:

Determination Date:	 	

	 	 	 	 	 	 	 	 	 	 	 	 
	PER $1,000 OF ORIGINAL BALANCE	 	 	 	 	 	 	 
	Class	CUSIP	Record

Date	Prior

Principal

Balance

(3/2 x 1000)	Interest

Distributed

(7/2 x 1000)	Principal

Distributed

(8/2 x 1000)	Yield

Maintenance

Distributed

(9)/(2) x 1000	Prepayment

Penalties

Distributed

(10)/(2) x 1000	Total

Distributed

(11/2 x 1000)	Deferred

Interest

(12/2 x 1000)	Realized

Loss

(13/2 x 1000)	Current

Principal

Balance

(142 x 1000)
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 3 of 24	 

 

    

     

     

	 	 	 
	Distribution Date:

Determination Date:	 	

Interest Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS	 	 	 	 	 	 	 
	 	Prior	Pass-	Next Pass-	Accrual	Optimal	Prior	Interest on	Non-Recov.	 	 	 	Current
	 	Principal	Through	Through	Day Count	Accrued	Unpaid	Prior Unpaid	Interest	Interest	Deferred	Interest	Unpaid
	Class	Balance	Rate	Rate	Fraction	Interest	Interest	Interest	Shortfall	Due	Interest	Distributed	Interest
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
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	Distribution Date:

Determination Date:	 	

Principal Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS 
	 	 	Prior	Scheduled	Unscheduled	 	Current	Current	Current	Cumulative	Original	Current	Original	Original
	 	Original	Principal	Principal	Principal	Accreted	Realized	Principal	Principal	Realized	Class	Class	Credit	Credit
	Class	Balance	Balance	Distribution	Distribution	Principal	Loss	Recoveries	Balance	Loss	(%)	(%)	Support	Support
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(3)-(4)-(5)+(6)-(7)+(8)	(10)	(11)	(12)	(13)	(14)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 5 of 24	 

 

    

     

     

	 	 	 
	Distribution Date:

Determination Date:	 

 

  Reconciliation 

Detail	

	 	 	 	 	 	 	 	 	 
	 	 	 	 
	SOURCE OF FUNDS	 	ALLOCATION OF FUNDS	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Interest Funds Available	 	 	 	 	Scheduled Fees	 	 	 
	 	Scheduled Interest	 	 	 	 	Servicing Fee / Sub-Servicing Fee	 	 	 
	 	Prepayment Interest Shortfall	 	 	 	 	CREFC® Intellectual Property Royalty License Fee	 	 	 
	 	Interest Adjustments	 	 	 	 	Trustee Fee / Certificate Administrator Fee	 	 	 
	 	Realized Loss in Excess of Principal Balance	 	 	 	 	Operating Advisor Fee	 	 	 
	 	Total Interest Funds Available:	 	 	 	 	Total Scheduled Fees:	 	 	 
	 	 	 	 	 	 	Additional Fees, Expenses, etc.	 	 	 
	 	Principal Funds Available	 	 	 	 	Special Servicing Fee	 	 	 
	 	Scheduled Principal	 	 	 	 	Workout Fee	 	 	 
	 	Curtailments	 	 	 	 	Liquidation Fee	 	 	 
	 	Principal Prepayments	 	 	 	 	Additional Trust Fund Expenses	 	 	 
	 	Net Liquidation Proceeds	 	 	 	 	Reimbursement for Interest on Advances	 	 	 
	 	Repurchased Principal	 	 	 	 	Additional Servicing Fee	 	 	 
	 	Substitution Principal	 	 	 	 	Total Additional Fees, Expenses, etc.:	 	 	 
	 	Other Principal	 	 	 	 	Distribution to Certificateholders	 	 	 
	 	Total Principal Funds Available:	 	 	 	 	Interest Distribution	 	 	 
	 	Other Funds Available	 	 	 	 	Principal Distribution	 	 	 
	 	Yield Maintenance Charges	 	 	 	 	Yield Maintenance Charges Distribution	 	 	 
	 	Prepayment Premiums	 	 	 	 	Prepayment Premiums Distribution	 	 	 
	 	Other Charges	 	 	 	 	Total Distribution to Certificateholders:	 	 	 
	 	Total Other Funds Available:	 	 	 	 	Total Funds Allocated	 	 	 
	 	Total Funds Available	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 6 of 24	 

 

    

     

     

	 	 	 
	Distribution Date:	 	
	Determination Date:	 
	 	 
	 	Stratification Detail

 

	Ending Scheduled Balance	 	 	 	State
	

Ending Scheduled

Balance	# of

Loans	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR	 	State	# of

Properties	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 7 of 24	 

 

    

     

     

	 	 	 
	Distribution Date:	 	
	Determination Date:	 
	 	 
	 	Stratification Detail

 

	Seasoning	 	Property Type
	Seasoning	# of

Loans	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR	 	Property Type	# of

Properties	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 8 of 24	 

 

 

    

     

    	 	 	 
	Distribution Date:	 	
	Determination Date:	 
	 	 
	 	Stratification Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt Service Coverage Ratio	 	Loan Rate
	Debt Service

Coverage Ratio	# of

Loans	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR	 	Loan Rate	# of

Loans	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 9 of 24	 

 

 

    

     

    	 	 	 
	Distribution Date:	 	
	Determination Date:	 
	 	 
	 	Stratification Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Anticipated Remaining Term	 	Remaining Amortization Term
	Anticipated

Remaining Term	# of

Loans	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR	 	Remaining

Amortization Term	# of

Loans	Ending Scheduled

Balance	% of Agg. End.

Sched. Bal.	WAC	WART	WA

DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
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	Distribution Date:	 	
	Determination Date:	 
	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage Loan Detail
	Loan	OMCR	Property

Type	City	State	Interest

Payment	Principal

Payment	Gross

Coupon	Maturity

Date	Neg

Am

Flag	Beginning

Scheduled

Balance	Ending

Scheduled

Balance	Paid

Through

Date	Apprasial

Reduction

Date	Apprasial

Reduction

Amount	Payment

Status of

Loan (1)	Workout

Strategy

(2)	Mod.

Code

(3)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Payment Status of Loan (1)	 	Workout Strategy (2)	 	Mod. Code (3)	 
	 	 	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD	1. Maturity Date Extension	7. Capitalization of Taxes
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer	2. Amortization Change	8. Other
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 	3. Principal Write-Off	9. Combination
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 	4. Blank (formerly Combination)	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 	5. Temporary Rate Reduction	 
	 	 	6. DPO	12. Reps and Warranties	 	6. Capitalization of Interest	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 11 of 24	 

 

    

     

    	 	 	 
	Distribution Date:	 	
	Determination Date:	 
	 	 

NOI
Detail

	 	 	 	 	 	 	 	 	 	 
	 
	Loan

Number	OMCR	Property Type	City	State	Ending

Scheduled

Balance	Most

Recent

Fiscal NOI	Most

Recent

NOI	Most Recent

NOI

Start Date	Most Recent

NOI

End Date
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 12 of 24	 

 

    

     

     

	 	 	 
	Distribution Date:	 	 
	Determination Date:	 
	 	 
	 	 
	 	Delinquency Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Actual	Paid	Current P & I	Total P & I	Cumulative	Other Expense	Payment	Workout	Most Recent	 	 	 
	Loan	 	# of Months	Principal	Through	Advances (Net	Advances	Accrued Unpaid	Advance	Status of	Strategy	Special Serv	Foreclosure	Bankruptcy	REO
	Number	OMCR	Delinq	Balance	Date	of ASER)	Outstanding	Advance Interest	Outstanding	Loan (1)	(2)	Transfer Date	Date	Date	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no Delinquency Loan Detail for the current distribution period.
	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	Payment Status of Loan (1)	 	Workout Strategy (2)	 
	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 
	 	 	6. DPO	12. Reps and Warranties	 

 

	Reports Available at sf.citidirect.com	Page 13 of 24	 

 

 

    

     

     

 

	 	 	 
	Distribution Date:	 	 
	Determination Date:	 
	 	 
	 	 
	 	Historical Delinquency Information

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution	Less Than 1 Month	1 Month	 	2 Month	 	3+ Month	 	Bankruptcy	 	Foreclosure	 	REO	 
	Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	End. Sched. Bal.	#  	End. Sched. Bal.	#  	End. Sched. Bal.	#  	End. Sched. Bal.	#  	End. Sched. Bal.	#  	End. Sched. Bal.	#  	End. Sched. Bal.	#  
	 	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  	0.00	0  
	 	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  

 

	Reports Available at sf.citidirect.com	Page 14 of 24	 

 

 

    

     

       

	 	 	 
	Distribution Date:	 	 
	Determination Date:	 
	 	 
	 	 
	 	Appraisal Reduction Detail

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	There is no Appraisal Reduction activity for the current distribution period.
	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

 

	Reports Available at sf.citidirect.com	Page 15 of 24	 

 

 

    

     

     

  

	 	 	 
	Distribution Date:	 	 
	Determination Date:	 
	 	 
	 	 
	 	Historical Appraisal Reduction Detail

	 	 	 	 	 	 	 	 
	Distribution	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Date	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	There is no historical Appraisal Reduction activity.	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 

 

	Reports Available at sf.citidirect.com	Page 16 of 24	 

 

 

    

     

     

 

	 	 	 
	Distribution Date:	 	 
	Determination Date:	 
	 	 
	 	 
	 	Loan Modification Detail

	 	 	 	 	 	 
	 	 	 	Modification	Modification	Modification
	Loan Number	OMCR	Property Name	Date	Code (1)	Description
	 	 	 	 	 	 
	There is no Loan Modification activity for the current distribution period.
	 	 	 	 	 	 
	 	 	 	 	 	 
	Totals	 	 	 	 	 

 

	 	 
	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 

 

	Reports Available at sf.citidirect.com	Page 17 of 24	 

 

 

    

     

     

  

	 	 	 
	Distribution Date:	 	 
	Determination Date:	 
	 	 
	 	 
	 	Historical Loan Modification Detail

	 	 	 	 	 	 	 
	Distribution	 	 	 	Modification	Modification	Modification
	Date	Loan	OMCR	Property Name	Date	Code (1)	Description
	 	 	 	 	There is no historical Loan Modification activity.	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

 

	 	 
	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 

 

	Reports Available at sf.citidirect.com	Page 18 of 24	 

 

 

    

     

     

	Distribution Date:	 	
	Determination Date:	 

Specially Serviced Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	OMCR	 	Workout

Strategy

(1)	 	Most Recent

Inspection

Date	 	Most Recent

Specially Serviced

Transfer Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Other REO

Property Value	 	Comment from Special Servicer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no Specially Serviced Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 19 of 24	 

 

    

     

     

	Distribution Date:	 	
	Determination Date:	 

Historical Specially Serviced Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Spec.

Serviced

Transfer Date	 	Workout

Strategy

(1)	 	Spec.

Serviced

Loan to MS	 	Scheduled

Balance	 	Actual

Balance	 	Property

Type

(2)	 	State	 	Interest

Rate	 	Note

Date	 	Net

Operating

Income	 	Net

Operating

Income Date	 	DSC

Ratio	 	DSC

Date	 	Maturity

Date	 	WART
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

There is no historical Specially Serviced Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 20 of 24	 

 

 

    

     

     

	Distribution Date:	 	
	Determination Date:	 

Unscheduled Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	There is no unscheduled principal activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 
	 	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 

 

	 	 	 
	Reports Available at sf.citidirect.com	Page 21 of 24	 

 

    

     

     

	Distribution Date:	 	
	Determination Date:	 

Historical Unscheduled Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	   Loan

Number       OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penality	 	Yield Maintenance

Premium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	There is no historical unscheduled principal activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 

 

	 	 	 
	Reports Available at sf.citidirect.com	Page 22 of 24	 

 

    

     

     

	Distribution Date:	 	
	Determination Date:	 

Liquidated Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no Liquidated Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 23 of 24	 

 

 

    

     

     

	Distribution Date:	 	
	Determination Date:	 

Historical Liquidated Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Gross Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no historical Liquidated Loan activity.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at sf.citidirect.com	Page 24 of 24	 

 

     

     

    

 

EXHIBIT E

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

In connection with
such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

 

 

* Select appropriate depository

    	 	E-1	 

    	 

    

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

[(2)at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States;]**

[(2)the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;]**

(3)       no
“directed selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule
903(b) or 904(b) of Regulation S, as applicable;

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)       the
transferee is an institution.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

** Insert one of these two provisions, which
come from the definition of “offshore transaction” in Regulation S.

    	 	E-2	 

    	 

    

EXHIBIT F

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

In connection with
such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers
made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that:

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S),

    	 	F-1	 

    	 

    

[(2)at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States,]*

[(2)the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States,] *

(3)       no
“directed selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule
903(b) or 904(b) of Regulation S, as applicable,

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)       the
transferee is an institution.

or (ii) with respect to transfers
made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred
in a transaction permitted by Rule 144 under the Securities Act.**

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

 

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

Dated: ________

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

* Insert the one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

** Select (i) or (ii), as applicable.

    	 	F-2	 

    	 

    

EXHIBIT G

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such
Class (CUSIP No. [______]).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged
or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer”

 

* Select appropriate depository

    	 	G-1	 

    	 

    

within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

    	 	G-2	 

    	 

    

EXHIBIT H

FORM OF CERTIFICATION TO BE GIVEN
BY

CERTIFICATE OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above
issued under the Pooling and Servicing Agreement certifies that it is an institution that is not a “U.S. person” as
defined by Regulation S under the Securities Act of 1933, as amended.

We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

* Select appropriate depository

    	 	H-1	 

    	 

    

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

	 	Dated:	 	 

 

	 	By:	 	 
	 	 	as, or as agent for, the holder of a beneficial 	 
	 	 	interest in the Certificates to which this	 
	 	 	certificate relates.	 

 

    	 	H-2	 

    	 

    

 

EXHIBIT I

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

    	 	I-1	 

    	 

    

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

[(2)at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States;]**

[(2)the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;] **

(3)       no
“directed selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b)
or 904(b) of Regulation S, as applicable;

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)       the
transferee is an institution.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 Dated: ________

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

* Insert the one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    	 	I-2	 

    	 

    

EXHIBIT J

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

    	 	J-1	 

    	 

    

[(2)at the time
the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf
reasonably believed and believes that the transferee was outside the United States;]*

[(2)the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;] *

(3)       no
“directed selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b)
or 904(b) of Regulation S, as applicable;

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

(5)       the
transferee is an institution.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

* Insert the one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

    	 	J-2	 

    	 

    

EXHIBIT K

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Pooling and Servicing Agreement.

This letter relates
to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged
or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.

    	 	K-1	 

    	 

    

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Asset Representations Reviewer,
Certificate Administrator, Master Servicer, Special Servicer, the Initial Purchasers and the Underwriters.

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

Dated: _______

cc: Citigroup Commercial Mortgage Securities Inc.

    	 	K-2	 

    	 

    

EXHIBIT L-1

FORM OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

 

[Transferor]

[______]

[______]

Attention: [______]

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23 (the “Certificates”) issued
pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee.

	STATE
OF 	)
	 	)  ss.:
	COUNTY
OF 	)

 

Capitalized terms
not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

I, [______], under
penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and
complete, and being first sworn, depose and say that:

1.       I
am a [______] of [______] (the “Purchaser”),
on behalf of which I have the authority to make this affidavit.

2.       The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of five real estate mortgage investment
conduits (each, a “Trust

    	 	L-1-1	 

    	 

    

REMIC”) designated as the “CREFI
MGM Grand & Mandalay Bay REMIC”, the “GACC MGM Grand & Mandalay Bay REMIC”, the “Trust
Subordinate Companion Loan REMIC”, the “Lower Tier REMIC”,  and the “Upper Tier REMIC”,
respectively, relating to the Certificates for which an election is to be made under Section 860D of the Internal Revenue Code
of 1986 (the “Code”).

3.       The
Purchaser is not a “Disqualified Organization”
(as defined below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee
of, or with a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization.
For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States, a State or any political
subdivision of a State, any possession of the United States or any agency or instrumentality of any of the foregoing (other than
an instrumentality that is a corporation if all of its activities are subject to tax and, except for the Federal Home Loan Mortgage
Corporation, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign government,
International Organization or agency or instrumentality of either of the foregoing, (iii) an organization that is exempt from
tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable income) on any
excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’
cooperatives described in Code Section 521), (iv) rural electric and telephone cooperatives described in Code Section 1381(a)(2)
or (v) any other Person so designated by the Certificate Registrar based upon an opinion of counsel to the effect that any
transfer to such Person may cause any Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates
are outstanding. The terms “United States”,
“State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code.

4.       The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

5.       The
Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or agent
of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who
is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer) to the
effect that the transfer of an ownership interest in any Class R Certificate to such Person will not cause any Trust REMIC to fail
to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an entity
treated as a U.S. partnership if any of its partners, directly or indirectly (other than through a U.S. corporation) is (or is
permitted to be under the partnership agreement) a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which
income from a Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an
applicable income tax treaty, of the transferee or any other U.S. Tax Person.

6.       No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

    	 	L-1-2	 

    	 

    

7.       The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

8.       Check
the applicable paragraph:

☐The present
value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum
of:

(i)       the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

(ii)       the
present value of the expected future distributions on such Class R Certificate; and

(iii)       the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the
Code (but the tax rate in Section 55(b)(1)(B) of the Code (as in effect for tax years beginning on or before December
31, 2017) may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Purchaser has been subject
to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable income
in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount
rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and
the compounding period used by the Purchaser.

☐The transfer
of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

(i)       the
Purchaser is an “eligible corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

(ii)       at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

(iii)       the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

(iv)       the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing

    	 	L-1-3	 

    	 

    

and investment rates, prepayment and
loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined
in good faith.

☐None of
the above.

9.       The
Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

10.       The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated
by such Certificate.

11.       The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless
the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement
in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any
such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit and
agreement or as to which the Purchaser has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent
(including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee.

12.       The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not
a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a
Permitted Transferee.

13.       The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

14.       The
Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

15.       The
Purchaser consents (a) to the designation of the Certificate Administrator as the “partnership representative” within
the meaning of Code Section 6223 (to the extent such provision is applicable to the Trust REMICs) of each Trust REMIC pursuant
to Section 4.04(a) of the Pooling and Servicing Agreement and (b) to the Certificate Administrator making any elections allowed
to avoid (i) the application of Code Section 6221 to the Trust REMIC and (ii) payment by the Trust REMIC under Code Section 6225
of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on the holders of the Class
R Certificates.

Capitalized terms
used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

    	 	L-1-4	 

    	 

    

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.

 

	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 On this ____
day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and
sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons who
executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of the
Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act and
deed of the Purchaser.

	 	NOTARY PUBLIC in and for the 
	 	State of ____________
	 	 
	 	 
	[SEAL]	 
	 	 
	My Commission expires:	 

 

    	 	L-1-5	 

    	 

    

EXHIBIT L-2A

FORM OF TRANSFEROR LETTER for
transfer of class r certificates

[Date]

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class R

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of Class R Certificates
evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park
Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have
the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants
to you, as Certificate Registrar, that:

(1)       No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

(2)       The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Pooling and Servicing Agreement as Exhibit L-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee
(as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s
representations in clause (9) of such Transfer Affidavit and Agreement are false.

(3)       The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant

    	 	L-2A-1	 

    	 

    

evidence to indicate that the Transferee
will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of the Residual
Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be liable for United
States income taxes associated therewith) unless the Transferor has conducted such an investigation. 

	 	Very truly yours, 
	 	 
	 	         (Transferor)
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

    	 	L-2A-2	 

    	 

    

EXHIBIT L-2B

FORM OF TRANSFEROR LETTER FOR TRANSFER
OF NON-BOOK ENTRY CERTIFICATES (OTHER THAN PUBLIC CERTIFICATES)

[Date]

Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of [$[______]
aggregate [principal balance][notional amount]][[__]% Percentage Interest] of the Class [___] Certificates (the “Transferred
Certificate”) which are held in the form of [a beneficial interest in the [Rule 144A][Regulation S] Global Certificate][Non-Book
Entry Certificate] of such Class (CUSIP No. [______]). The Transferor has requested a transfer of such [beneficial interest][Non-Book
Entry Certificate] for a Non-Book Entry Certificate of such Class (CUSIP No. [______]). The Certificates, including the Transferred
Certificate, were issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and
Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and
Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement. The Transferor hereby
certifies, represents and warrants to you, as Certificate Registrar, that:

(1)       The
Transferor is the lawful owner of the Transferred Certificate with the full right to transfer such Certificate free from any and
all claims and encumbrances whatsoever.

(2)       Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Certificate,
any interest in any Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy
or accept a transfer, pledge or other disposition of any Certificate, any interest in any Certificate or any other similar security
from any person in any manner, (c) otherwise approached or negotiated with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any manner, (d) made any general solicitation by means of general
advertising or

    	 	L-2B-1	 

    	 

    

in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of any Certificate under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of any Certificate a violation of Section 5 of the Securities Act or any state securities laws, or would require registration
or qualification of any Certificate, or any offer or sale thereof, pursuant to the Securities Act or any state securities laws.

 

	 	Very truly yours, 
	 	 
	 	         (Transferor)
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

    	 	L-2B-2	 

    	 

    

EXHIBIT L-3

FORM OF TRANSFEREE LETTER

[Date]

 

	Citibank, N.A.,

                 as Certificate Registrar

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention:  Securities Window	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com 

         

	
        Citibank, N.A.,

        as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

 

[Transferor]

[______]

[______]

Attention: [______]

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

Ladies and Gentlemen:

The undersigned (the
“Purchaser”) proposes to purchase [[$_____________ initial aggregate [principal amount] [notional amount]] [_____%
Percentage Interest] of Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23, Class
[_], CUSIP No. [____], in certificated fully registered form (such registered interest, the “Certificate”),]
[$________ Uncertificated VRR Interest Balance of the Uncertificated VRR Interest] issued pursuant to that certain Pooling and
Servicing Agreement,

    	 	L-3-1	 

    	 

    

dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. Capitalized terms
used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

[FOR TRANSFERS OF
CLASS X-F, CLASS X-G, CLASS X-H, CLASS F, CLASS G, CLASS H, CLASS 360C OR CLASS 360D Certificates:
In connection with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) either (i) is not
and will not be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”, and any such employee benefit plan or other plan, a “Plan”)
or an entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section
2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any such Plan or using assets of any such
Plan within the meaning of U.S. Department of Labor Reg. Section 2510.3-101, or (ii) (1) is an insurance company, (2) the
source of funds used to acquire or hold the Certificate or an interest therein is an “insurance company general account,”
as such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (3) the conditions in Sections
I and III of PTCE 95-60 have been satisfied and (B) is not and will not be a governmental plan (as defined in Section 3(32) of
ERISA) or other plan subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility
or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf
of any such governmental plan or other plan or using the assets of such governmental plan or other plan to acquire the Certificate
unless its acquisition, holding and disposition of the Certificate would not constitute or otherwise result in a non-exempt violation
of Similar Law.]

[FOR TRANSFERS OF
CLASS VRR OR 360RR CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that (A)
either (i) the Purchaser is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility
or prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”, and any such employee benefit
plan or other plan, a “Plan”) or an entity or collective investment fund the assets of which are considered
Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting
on behalf of any such Plan or using assets of any such Plan within the meaning of U.S. Department of Labor Reg. Section 2510.3-101,
or (ii) (1) the Certificate is acquired by the Purchaser through Citigroup Global Markets Inc., Goldman Sachs & Co. LLC,
Deutsche Bank Securities Inc. or J.P. Morgan Securities LLC, (2) the Purchaser is an insurance company, (3) the source of funds
used to acquire or hold the Certificate or an interest therein is an “insurance company general account,” as such term
is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (4) the conditions in Sections I and
III of PTCE 95-60 have been satisfied and (B) the Purchaser is not and will not be a governmental plan (as defined in

    	 	L-3-2	 

    	 

    

Section 3(32) of ERISA) or other plan
subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited
transaction provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such
governmental plan or other plan or using the assets of such governmental plan or other plan to acquire the Certificate unless its
acquisition, holding and disposition of the Certificate would not constitute or otherwise result in a non-exempt violation of Similar
Law.]

[FOR TRANSFERS OF
CLASS R or class s CERTIFICATES OR THE UNCERTIFICATED VRR INTEREST: In connection
with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) is not and will not be an employee
benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”) or section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”, and any such employee benefit plan or other plan, a “Plan”) or an entity or
collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101,
as modified by Section 3(42) of ERISA (including an insurance company that is using the assets of separate accounts or general
accounts which include assets of Plans (or which are deemed pursuant to ERISA or Similar Law to include assets of Plans)), or other
person acting on behalf of any such Plan or using assets of any such Plan and (B) is not and will not be a governmental plan or
other plan subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or
prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf
of any such governmental plan or other plan or using the assets of such governmental plan to acquire the [Certificate][Uncertificated
VRR Interest].]

[FOR TRANSFERS OF
CLASS R CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended.]

[FOR TRANSFERS OF
CLASS S CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is (1) a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or (2) an entity that qualifies as 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 an entity in which all of the equity owners qualify as “accredited investors” within the
meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended.]

    	 	L-3-3	 

    	 

    

IN WITNESS WHEREOF,
the Purchaser hereby executes this Representation Letter on the ___ day of _____, ____.

 

	 	Very truly yours, 
	 	 
	 	[The Purchaser]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

    	 	L-3-4	 

    	 

    

EXHIBIT L-4

FORM OF INVESTMENT REPRESENTATION
LETTER

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Citibank, N.A.,

        as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

	
        [Name of Seller]

        [______]

        [______]

        [Attention:
        ______]

         
	 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23, Class [__]

(the “Class [__] Certificates”)

Ladies and Gentlemen:

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings,
LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank,

    	 	L-4-1	 

    	 

    

N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee, on behalf of the holders of Benchmark 2021-B23 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), in connection with the transfer by
[             ] (the “Seller”) to the undersigned
(the “Purchaser”) of [$______ aggregate [principal balance] [notional amount] of Class [___] Certificates] [a
Class [___] Certificate representing a ___% Percentage Interest in the related Class], in certificated fully registered form (such
registered interest, the “Transferred Certificate”). Capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Pooling and Servicing Agreement.

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

1.       Check
one of the following:1

[_]       The
Purchaser is an “institutional accredited investor” (an “Institutional Accredited Investor”) (i.e. an entity
meeting, or in which all of the equity owners meet, the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated
under the Securities Act of 1933, as amended (the “Securities Act”)), and has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Transferred Certificate,
and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the economic risk of our or its investment.
The Purchaser is acquiring the Transferred Certificate for its own account or for one or more accounts (each of which is an Institutional
Accredited Investor) as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to
reimburse the Trust for any costs incurred by it in connection with this transfer.

[_]        The
Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule
144A”) under the Securities Act, and has completed one of the forms of certification to that effect attached hereto as
Annex 1 and Annex 2. The Purchaser is acquiring the Transferred Certificate for its own account, or for the account of another
QIB. The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity
to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A. The Purchaser hereby undertakes
to reimburse the Trust for any costs incurred by it in connection with this transfer.

2.       The
Purchaser’s intention is to acquire the Transferred Certificate (a) for investment for the Purchaser’s own account
or (b) for resale to (i) “qualified institutional buyers” in transactions complying with Rule 144A[,FOR TRANSFERS OF
ANY CERTIFICATES OTHER THAN CLASS R: or (ii) Institutional Accredited Investors under the Securities Act, pursuant to any other
exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (A) the receipt
by the Certificate Registrar of a letter substantially in the form hereof, (B) the receipt by the Certificate Registrar of
an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with
the Securities Act, (C) the receipt by the Certificate Registrar of such other

 

1 Any Purchaser of Class
R Certificates must check the box that it is a QIB. Only QIBs may acquire a Class R Certificate.

    	 	L-4-2	 

    	 

    

evidence acceptable to the Certificate
Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws (including
applicable state and foreign securities laws), and (D) a written undertaking to reimburse the Trust for any costs incurred
by it in connection with the proposed transfer.] It understands that the Transferred Certificate (and any subsequent Non-Book Entry
Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the registration provisions
of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment intent (or
intent to resell to only certain investors in certain exempted transactions) as expressed herein.

3.       The
Purchaser acknowledges that the Transferred Certificate (and any Certificate issued on transfer or exchange thereof) has not been
registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Transferred
Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless
an exemption from such registration or qualification is available.

4.       The
Purchaser has reviewed the applicable Offering Circular dated [January 29, 2021, relating to the Class A-4A2, Class X-B, Class
X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates] [January 28, 2021,
relating to the Class 360A, Class 360B, Class 360C and Class 360D Certificates] (the “Offering Circular”) and
the agreements and other materials referred to therein and has had the opportunity to ask questions and receive answers concerning
the terms and conditions of the transactions contemplated by the Offering Circular.

5.       The
Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an
owner of a Non-Book Entry Certificate or Certificates, as the case may be (each, a “Certificateholder”), in
all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar
and all Certificateholders present and future.

6.       The
Purchaser will not sell or otherwise transfer any portion of the Transferred Certificate, except in compliance with Section 5.03
of the Pooling and Servicing Agreement.

7.       Check
one of the following:

☐       The
Purchaser is a “U.S. Tax Person” and it [will provide by electronic mail]2[has
attached hereto]3 an Internal Revenue
Service (“IRS”) Form W-9 (or successor form).

☐       The
Purchaser is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate

 

2
Applicable in the case of a transfer on the Closing Date

3
Applicable in the case of a transfer subsequent to the Closing Date

    	 	L-4-3	 

    	 

    

Administrator (or its agent) with
respect to Distributions to be made on the Transferred Certificate(s). The Purchaser [will provide by electronic mail]4[has
attached hereto]5 (i) a duly executed
IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies such Purchaser as the beneficial owner of the
Transferred Certificate(s) and states that such Purchaser is not a U.S. Person, (ii) two duly executed copies of IRS Form W-8IMY
(and all appropriate attachment) or (iii) two duly executed copies of IRS Form W-8ECI (or successor form), which identify
such Purchaser as the beneficial owner of the Transferred Certificate(s) and state that interest and original issue discount on
the Transferred Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser agrees
to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form W-8 BEN-E, IRS Form W-8IMY or IRS Form W-8ECI,
as the case may be, any applicable successor IRS forms, or such other certifications as the Certificate Administrator may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Administrator.

For the purposes of
this paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

[8.The Transferee
agrees to provide the applicable executed IRS form(s) referred to in paragraph 7 above, its payment instructions and its mailing
address to the Certificate Administrator by electronic mail to jbrayshaw@primefinance.com and ldann@primefinance.com.
]6

[8.Please make
all payments due on the Transferred Certificate:**

(a)       by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

Account number:______________________________

Institution:___________________________________

 

4
Applicable in the case of a transfer on the Closing Date

5
Applicable in the case of a transfer subsequent to the Closing Date

6
Applicable in the case of a transfer on the Closing Date

**
Please select (a) or (b).

    	 	L-4-4	 

    	 

    

(b)       by
mailing a check or draft to the following address:

___________________________________________

___________________________________________

The
mailing address of the Purchaser is:

____________________________________________

____________________________________________]7

 

[9.The
Class [__] Certificates registered in the name of the Purchaser should be delivered to:

____________________________________________

____________________________________________

____________________________________________]8

 

 

7
Applicable in the case of a transfer subsequent to the Closing Date.

8
Not applicable to a Risk Retention Certificate held in the Retained Interest Safekeeping Account by the Certificate Administrator

    	 	L-4-5	 

    	 

    

 

	 	Very truly yours, 
	 	 
	 	[Insert Name of Purchaser]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

Dated: ________________, 20__

    	 	L-4-6	 

    	 

    

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[for Purchasers other than Registered
Investment Companies]

The undersigned hereby certifies as follows
to [Name of Seller] (the “Seller”) [, Citigroup Commercial Mortgage Securities Inc.]9
and Citibank, N.A., as Certificate Registrar, with respect to the commercial mortgage pass-through certificate being transferred
(the “Transferred Certificate”) as described in the Investment Representation Letter to which this certification
relates and to which this certification is an Annex:

1.       As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Purchaser”).

2.       The
Purchaser is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”) because (i) the Purchaser owned and/or invested on a discretionary basis at least
$______________________10
in securities (other than the excluded securities referred to below) as of [[_____] (specific date since the close of the Purchaser’s
most recent fiscal year)][the end of the Purchaser’s most recent fiscal year] (such amount being calculated in accordance
with Rule 144A) and (ii) the Purchaser satisfies the criteria in the category marked below.

		___	Corporation, etc. The Purchaser is a corporation (other than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, limited liability company, or any organization described in Section 501(c)(3)
of the Internal Revenue Code of 1986, as amended.

		___	Bank. The Purchaser (a) is a national bank or a banking institution organized under the laws of any State, U.S.
territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State
or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited
net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto,
as of a date not more than 16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. bank, and
not more than 18 months preceding such date of sale for a foreign bank or equivalent institution.

		___	Savings and Loan. The Purchaser (a) is a savings and loan association, building and loan association, cooperative
bank, homestead association or

 

9
Delete if the Seller is Citigroup Commercial Mortgage Securities Inc.

10
Purchaser must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Purchaser is a dealer,
and, in that case, Purchaser must own and/or invest on a discretionary basis at least $10,000,000 in securities.

    	 	Annex-1-1	 

    	 

    

similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent
institution and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements,
a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Transferred Certificate
in the case of a U.S. savings and loan association, and not more than 18 months preceding such date of sale for a foreign savings
and loan association or equivalent institution.

		___	Broker-dealer. The Purchaser is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934,
as amended.

		___	Insurance Company. The Purchaser is an insurance company whose primary and predominant business activity is the writing
of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance
commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia.

		___	State or Local Plan. The Purchaser is a plan established and maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political subdivisions, for the benefit of its employees.

		___	ERISA Plan. The Purchaser is an employee benefit plan within the meaning of Title I of the Employee Retirement Income
Security Act of 1974, as amended.

		___	Investment Advisor. The Purchaser is an investment advisor registered under the Investment Advisers Act of 1940, as
amended.

		___	Other. (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under
subsection (a) (1) of Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete
Annex 2 rather than this Annex 1.)

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

3.       The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser,
(ii) securities that are part of an unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer, (iii) bank
deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned
but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a

    	 	Annex-1-2	 

    	 

    

discretionary basis by the Purchaser, the Purchaser did not
include any of the securities referred to in this paragraph.

4.       For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Purchaser, the
Purchaser used the cost of such securities to the Purchaser, unless the Purchaser reports its securities holdings in its financial
statements on the basis of their market value, and no current information with respect to the cost of those securities has been
published, in which case the securities were valued at market. Further, in determining such aggregate amount, the Purchaser may
have included securities owned by subsidiaries of the Purchaser, but only if such subsidiaries are consolidated with the Purchaser
in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Purchaser’s direction. However, such securities were not included if the Purchaser is
a majority-owned, consolidated subsidiary of another enterprise and the Purchaser is not itself a reporting company under the Securities
Exchange Act of 1934, as amended.

5.       The
Purchaser acknowledges that it is familiar with Rule 144A and understands that the Seller and other parties related to the Transferred
Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Purchaser may
be in reliance on Rule 144A.

	 	 	 	 	 	Will the Purchaser be purchasing the
Transferred Certificate
	 	Yes 	 	No	 	only for the Purchaser’s own account

 

6.       If
the answer to the foregoing question is “no”, then in each case where the Purchaser is purchasing for an account other
than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning
of Rule 144A, and the “qualified institutional buyer” status of such third party has been established by the Purchaser
through one or more of the appropriate methods contemplated by Rule 144A.

7.       The
Purchaser will notify each of the parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Purchaser’s purchase of the Transferred Certificate will constitute a reaffirmation
of this certification as of the date of such purchase. In addition, if the Purchaser is a bank or savings and loan as provided
above, the Purchaser agrees that it will furnish to such parties any updated annual financial statements that become available
on or before the date of such purchase, promptly after they become available.

    	 	Annex-1-3	 

    	 

    

8.       Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
to which the Transferred Certificate was issued.

	 	Print Name of President
	 	 
	 	By:  	 
	 	Name:	   
	 	Title:	 
	 	Date	 
	 	 	 	 

    	 	Annex-1-4	 

    	 

    

 

ANNEX
2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[for Purchasers that are Registered
Investment Companies]

The undersigned hereby certifies as follows
to [Name of Seller] (the “Seller”) [, Citigroup Commercial Mortgage Securities Inc.]11
and Citibank, N.A., as Certificate Registrar, with respect to the mortgage pass-through certificate being transferred (the “Transferred
Certificate”) as described in the Investment Representation Letter to which this certification relates and to which this
certification is an Annex:

1.       As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Purchaser”) or, if the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)
because the Purchaser is part of a Family of Investment Companies (as defined below), is an executive officer of the investment
adviser (the “Adviser”).

2.       The
Purchaser is a “qualified institutional buyer” as defined in Rule 144A because (i) the Purchaser is an investment
company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Purchaser alone owned
and/or invested on a discretionary basis, or the Purchaser’s Family of Investment Companies owned, at least $100,000,000
in securities (other than the excluded securities referred to below) as of [[_____] (specific date since the close of the Purchaser’s
most recent fiscal year)] [the end of the Purchaser’s most recent fiscal year]. For purposes of determining the amount of
securities owned by the Purchaser or the Purchaser’s Family of Investment Companies, the cost of such securities was used,
unless the Purchaser or any member of the Purchaser’s Family of Investment Companies, as the case may be, reports its securities
holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of
those securities has been published, in which case the securities of such entity were valued at market.

		____	The Purchaser owned and/or invested on a discretionary basis $___________________ in securities (other than the excluded securities
referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being calculated in accordance with
Rule 144A).

		____	The Purchaser is part of a Family of Investment Companies which owned in the aggregate $______________ in securities (other
than the excluded securities referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being
calculated in accordance with Rule 144A).

3.       The
term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof)
that have the same investment adviser

 

 

11 Delete if the Seller is Citigroup Commercial
Mortgage Securities Inc.

    	 	Annex-2-1	 

    	 

    

or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other).

4.       The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser
or are part of the Purchaser’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement
and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Purchaser, or owned by the Purchaser’s Family of Investment Companies, the
securities referred to in this paragraph were excluded.

5.       The
Purchaser is familiar with Rule 144A and understands that the parties to which this certification is being made are relying
and will continue to rely on the statements made herein because one or more sales to the Purchaser will be in reliance on Rule 144A.

______Will the Purchaser be purchasing the
Transferred Certificate

YesNoonly for the Purchaser’s own account

6.       If
the answer to the foregoing question is “no”, then in each case where the Purchaser is purchasing for an account other
than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning
of Rule 144A, and the “qualified institutional buyer” status of such third party has been established by the Purchaser
through one or more of the appropriate methods contemplated by Rule 144A.

7.       The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.
Until such notice, the Purchaser’s purchase of the Transferred Certificate will constitute a reaffirmation of this certification
by the undersigned as of the date of such purchase.

8.       Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
to which the Transferred Certificate was issued.

	 	Print Name of Purchaser or Adviser
	 	 
	 	By:  	 
	 	Name:	   
	 	Title:	 
	 	Date	 
	 	 	 	 

		IF AN ADVISER:
	 	 
	 	 
	 	Print Name of Purchaser
	 	 
	 	Date: _____________________________________

 

    	 	Annex-2-2	 

    	 

    

EXHIBIT L-5A

FORM
OF TRANSFEREE Certificate for Transfer of CLASS VRR CERTIFICATES 

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Citi Real Estate Funding Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        Citi Real Estate Funding Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

	
        Citi Real Estate Funding Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com
	 

    	 	L-5A-1	 

    	 

    

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank
National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee

Ladies and Gentlemen:

[_____] (the “Purchaser”)
hereby agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar, Retaining
Sponsor and Depositor, that:

		1.	The Purchaser is acquiring from [__________] (the “Transferor”) $[_____] principal
balance of the Class VRR Certificates (the “Transferred Interest”).

		2.	The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.

		3.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of any ERISA Restricted Certificate constituting a portion of the Transferred Interest, (a) all of the conditions of Parts I and
III of PTCE 95-60 will be satisfied with respect to the acquisition of such ERISA Restricted Certificate and (b) the acquisition
of such ERISA Restricted Certificate will be effected through Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Deutsche
Bank Securities Inc. or J.P. Morgan Securities LLC, or an affiliate thereof.

		4.	Check one of the following:

☐       The
Purchaser agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar,
Retaining Sponsor and Depositor, that the transfer will occur during the VRR Interest Transfer Restriction Period and that:

		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).

		B.	The Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a Majority-Owned Affiliate, and that for so

    	 	L-5A-2	 

    	 

    

long as it retains its interest
in the Transferred Interest, it will remain a Majority-Owned Affiliate.

		C.	The Purchaser has executed and delivered a joinder agreement substantially in the form attached
as Exhibit C to the Vertical Credit Risk Retention Agreement, dated and effective as of January 29, 2021 (the “Vertical
Credit Risk Retention Agreement”), between Citi Real Estate Funding Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank,
National Association, Goldman Sachs Mortgage Company, German American Capital Corporation and the Depositor, pursuant to which
the Purchaser has agreed to be bound by the terms of the Vertical Credit Risk Retention Agreement to the same extent as if the
Purchaser was the Transferor.

		D.	The Purchaser hereby makes each representation set forth in Section 4(b) of the Vertical Credit
Risk Retention Agreement, other than the representations in Sections 4(b)(viii) and 4(b)(ix) [and except that it is a [_____],
duly organized, validly existing and in good standing under the laws of [_____]].

		E.	The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy
the risk retention requirements of the Transferor, in its capacity as [the retaining sponsor][an originator] under Regulation RR.

☐       The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the VRR Interest Transfer Restriction Period.

Capitalized terms
used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

 

	 	[PURCHASER]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

    	 	L-5A-3	 

    	 

    

 

The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

[APPLICABLE
RETAINING PARTY]12

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 [Medallion
Stamp Guarantee]

 

[CITI
REAL ESTATE FUNDING INC.]13

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

CITIGROUP
COMMERCIAL MORTGAGE SECURITIES INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

 

 

12 Signature of Retaining Party
is required if the Retaining Party is different than the transferor

13 Signature of Retaining
Sponsor is required if the Retaining Sponsor is different than the applicable Retaining Party

    	 	L-5A-4	 

    	 

    

EXHIBIT L-5B

[RESERVED]

    	 	L-5B-1	 

    	 

    

EXHIBIT L-5C

FORM
OF TRANSFEREE Certificate for Transfer of 360rr INTEREST 

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

        with a copy by electronic mail to lainie.kaye@db.com and
        to cmbs.requests@db.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

	 	 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank
National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee

    	 	L-5C-1	 

    	 

    

Ladies and Gentlemen:

[_____] (the “Purchaser”)
hereby agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar, 360
Spear Retaining Sponsor and Depositor, that:

		1.	The Purchaser is acquiring from [__________] (the “Transferor”) $[_____] principal
balance of the Class 360V Certificates (the “Transferred Interest”).

		2.	The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.

		3.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of any ERISA Restricted Certificate constituting a portion of the Transferred Interest, (a) all of the conditions of Parts I and
III of PTCE 95-60 will be satisfied with respect to the acquisition of such ERISA Restricted Certificate and (b) the acquisition
of such ERISA Restricted Certificate will be effected through Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Deutsche
Bank Securities Inc. or J.P. Morgan Securities LLC, or an affiliate thereof.

		4.	Check one of the following:

☐       The
Purchaser agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar,
360 Spear Retaining Sponsor and Depositor, that the transfer will occur during the 360RR Transfer Restriction Period and that:

		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).

		B.	The Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Transferred Interest, it
will remain a Majority-Owned Affiliate.

		C.	The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy
the risk retention requirements of the Transferor, in its capacity as [the retaining sponsor][an originator] under Regulation RR.

☐       The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, 360 Spear Retaining
Sponsor and Depositor, that the transfer will occur after the termination of the 360RR Transfer Restriction Period.

    	 	L-5C-2	 

    	 

    

Capitalized terms
used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

 

	 	[PURCHASER]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

    	 	L-5C-3	 

    	 

    

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

APPLICABLE RETAINING PARTY

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

[Medallion Stamp Guarantee]

 

[GERMAN AMERICAN CAPITAL CORPORATION]14

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

14 Signature of 360 Spear Retaining Sponsor is
required if the 360 Spear Retaining Sponsor is different than the applicable Retaining Party

    	 	L-5C-4	 

    	 

    

EXHIBIT L-6A

FORM
OF TRANSFEROR Certificate for Transfer of cLASS VRR CERTIFICATES

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        [Citi Real Estate Funding Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com]1

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        [Citi Real Estate Funding Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com]1

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

         

	
        [Citi Real Estate Funding Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com]1
	 

 

Re:Benchmark 2021-B23 Mortgage
Trust, Commercial Mortgage Pass-Through Certificates,

Series 2021-B23 (the “Certificates”)

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[_____] principal
balance of the Class VRR Certificates (the “Transferred Interest”).

 

 

1 Include only if the Transferor
is not the Retaining Sponsor

    	 	L-6A-1	 

    	 

    

The Certificates were
issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have
the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants
to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:

		1.	The transfer is in compliance with Sections 5.02 and 5.03 of the Pooling and Servicing Agreement.

		2.	Check one of the following:

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar[, Retaining Sponsor]2
and Depositor, that the transfer will occur during the VRR Interest Transfer Restriction Period and that:

A.   
The transfer is in compliance with the Vertical Credit Risk Retention Agreement, between Citi Real Estate Funding Inc.,
Goldman Sachs Bank USA, JPMorgan Chase Bank, National Association, Goldman Sachs Mortgage Company, German American Capital Corporation
and the Depositor, dated and effective as of January 29, 2021 (the “Vertical Credit Risk Retention Agreement”).

B.    
The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor.

C.    
The Transferor has complied in all material respects with all of the covenants in the Vertical Credit Risk Retention Agreement
during the period from the date of the Vertical Credit Risk Retention Agreement through and including the date of this transfer.

D.   
All of the representations and warranties made by the Transferor in the Vertical Credit Risk Retention Agreement are true
and correct as of the date of the transfer.

E.    
All of the requirements set forth in Section 3(c) of the Vertical Credit Risk Retention Agreement have been complied with
through and including the date of the transfer.

 

 

2
Include only if the Transferor is not the Retaining Sponsor

    	 	L-6A-2	 

    	 

    

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar[, Retaining Sponsor]3
and Depositor, that the transfer will occur after the termination of the VRR Interest Transfer Restriction Period.

3.     
The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the
Pooling and Servicing Agreement as Exhibit L-5A. The Transferor does not know or believe that any representation contained
therein is false.

IN WITNESS WHEREOF,
the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

 

	 	[TRANSFEROR]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

3 Include only if the Transferor
is not the Retaining Sponsor

    	 	L-6A-3	 

    	 

    

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

[APPLICABLE RETAINING PARTY]4

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

[Medallion Stamp Guarantee]

[CITI REAL ESTATE FUNDING INC.]5

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

4 Signature of Retaining Party is required if
the Retaining Party is different than the transferor

5 Signature of Retaining
Sponsor is required if the Retaining Sponsor is different than the applicable Retaining Party

    	 	L-6A-4	 

    	 

    

EXHIBIT L-6B

[RESERVED]

 

    	 	L-6B-1	 

    	 

    

EXHIBIT L-6C

FORM
OF TRANSFEROR Certificate for Transfer of 360RR INTEResT

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        [German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

        with a copy by electronic mail to lainie.kaye@db.com and
        to cmbs.requests@db.com]1

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

         

	 	 

 

	Re:		Benchmark 2021-B23
                                         Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”)

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[_____] principal
balance of the Class 360V Certificates (the “Transferred Interest”).

The Certificates were
issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank

 

1 Include only if the Transferor
is not the 360 Spear Retaining Sponsor

    	 	L-6C-1	 

    	 

    

National Association and Situs Holdings,
LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank,
N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby
certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, 360 Spear Retaining Sponsor
and Depositor, that:

		1.	The transfer is in compliance with Sections 5.02 and 5.03 of the Pooling and Servicing Agreement.

		2.	Check one of the following:

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar [, 360 Spear Retaining Sponsor]2
and Depositor, that the transfer will occur during the 360RR Transfer Restriction Period and that:

		A.	The transfer is
in compliance with the Credit Risk Retention Agreement, dated and effective as of January 28, 2021 (the “360 Spear Credit
Risk Retention Agreement”) between German American Capital Corporation and the Depositor.

		B.	The Transferee
is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor.

		C.	The Transferor
has complied in all material respects with all of the covenants in the 360 Spear Credit Risk Retention Agreement during the period
from the date of the 360 Spear Credit Risk Retention Agreement through and including the date of this transfer.

		D.	All of the representations
and warranties made by the Transferor in the 360 Spear Credit Risk Retention Agreement are true and correct as of the date of
the transfer.

		E.	All of the requirements
set forth in Section [3(c)] of the 360 Spear Credit Risk Retention Agreement have been complied with through and including the
date of the transfer.

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar[, 360 Spear Retaining Sponsor]2 and Depositor, that the transfer will occur after the termination of the 360RR
Transfer Restriction Period.

 

 

 

2 Include only if the Transferor
is not the 360 Spear Retaining Sponsor

 

    	 	L-6C-2	 

    	 

    

		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the
Pooling and Servicing Agreement as Exhibit L-5C. The Transferor does not know or believe that any representation contained
therein is false.

IN WITNESS WHEREOF,
the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

	 	[TRANSFEROR]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

    	 	L-6C-3	 

    	 

    

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

[APPLICABLE RETAINING PARTY]3

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

[Medallion Stamp Guarantee]

 

 

[GERMAN AMERICAN CAPITAL CORPORATION]4

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

 

3 Signature of Retaining
Party is required if the Retaining Party is different than the transferor

4 Signature of 360 Spear
Retaining Sponsor is required if the 360 Spear Retaining Sponsor is different than the applicable Retaining Party

    	 	L-6C-4	 

    	 

    

 

EXHIBIT L-7A

FORM OF TRANSFEREE CERTIFICATE
FOR TRANSFER OF UNCERTIFICATED VRR INTEREST

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Citi Real Estate Funding Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        Citi Real Estate Funding Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

	
        Citi Real Estate Funding Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com
	 	 

 

    	 	L-7A-1	 

    	 

    

		Re:	Benchmark
                                         2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
                                         a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
                                         LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
                                         Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer,
                                         Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association,
                                         as Trustee

Ladies and Gentlemen:

[_____] (the “Transferee”)
hereby agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar, Retaining
Sponsor and Depositor, that:

		1.	[[_____] (the “Transferor”) is transferring $[____] Uncertificated VRR Interest
Balance of the Uncertificated VRR Interest (the “Transferred Interest”) to [______] (the “Transferee”).]
[[_____] (the “Transferor”) is transferring $[____] Uncertificated VRR Interest Balance of the Uncertificated
VRR Interest (the “Transferred Interest”) to [_____] (“Transferee”) that is a Permitted Lender
in a repurchase transaction.] [[_____] (the “Transferor”) is granting a security interest in the Uncertificated
VRR Interest to [_____] (the “Transferee”) that is a Permitted Lender.].

		2.	The transfer or the pledge contemplated in Paragraph 1 (a “Transfer”) is in
compliance with (A) Sections 5.02 and 5.03 of the Pooling and Servicing Agreement and (B) the Vertical Credit Risk Retention Agreement,
dated and effective as of January 29, 2021 (the “Vertical Credit Risk Retention Agreement”), between Citi Real
Estate Funding Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, National Association, Goldman Sachs Mortgage Company, German
American Capital Corporation and the Depositor.

		3.	The Transferee is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Transferee unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The Transferee expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.

		4.	If the Transferee (A) is not and will not be an employee benefit plan or other plan subject to
the fiduciary responsibility or prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) or section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”, and
any such employee benefit plan or other plan, a “Plan”) or an entity or collective investment fund the assets
of which are considered Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA
(including an insurance company that is using the

    	 	L-7A-2	 

    	 

    

assets of separate accounts or
general accounts which include assets of Plans (or which are deemed pursuant to ERISA or Similar Law to include assets of Plans)),
or other person acting on behalf of any such Plan or using assets of any such Plan and (B) is not and will not be a governmental
plan or other plan subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility
or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf
of any such governmental plan or other plan or using the assets of such governmental plan to acquire the Transferred Interest.

		5.	Check one of the following:

☐       The
Transferee agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar,
Retaining Sponsor and Depositor, that the transfer will occur during the VRR Interest Transfer Restriction Period and that:

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”);

		B.	The Transferee is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Transferred Interest, it
will remain a Majority-Owned Affiliate;

		C.	The Transferee is not a Non-Exempt Person; and

		D.	The Transferee has executed and delivered a joinder agreement substantially in the form attached
as Exhibit C to the Vertical Credit Risk Retention Agreement, pursuant to which the Transferee has agreed to be bound by
the terms of the Vertical Credit Risk Retention Agreement to the same extent as if the Transferee was the Transferor;

		E.	The Transferee hereby makes each representation set forth in Section 4(b) of the Vertical Credit
Risk Retention Agreement, other than the representations in Sections 4(b)(viii) and 4(b)(ix) [and except that it is a [_____],
duly organized, validly existing and in good standing under the laws of [_____]].

		F.	The Transferee consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy
the risk retention requirements of the Retaining Sponsor, in its capacity as the retaining sponsor under Regulation RR.

☐       The
Transferee certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur during the VRR Interest Transfer Restriction Period and that:

    	 	L-7A-3	 

    	 

    

		A.	The Transferee is a Person that provides financing permitted under Regulation RR and Section 3(d)
of the Vertical Credit Risk Retention Agreement (as defined below) (a “Permitted Lender”);

		B.	It is not acquiring an interest in the Transferred Interest as a nominee, trustee or agent for
any person that is not a Permitted Lender, and that for so long as it retains its interest in the Transferred Interest, it will
remain a Permitted Lender;

		C.	The Transferee has executed and delivered the acknowledgement and the agreement contemplated by
clauses (1) and (2), respectively, of Section 3(d)(ii)(C) of the Vertical Credit Risk Retention Agreement; and

		D.	The Transferee consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of an interest in the Transferred Interest
will satisfy the risk retention requirements of the Retaining Sponsor, in its capacity as the retaining sponsor under the Risk
Retention Rule.

☐       The
Transferee certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the VRR Interest Transfer Restriction Period.

6.       Check
one of the following:

☐       The
Transferee is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

☐       The
Transferee is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Transferee has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Transferee as the beneficial owner of the Transferred Certificate(s) and states that such Transferee is not a U.S. Person,
(ii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS
Form W-8ECI (or successor form), which identify such Transferee as the beneficial owner of the Transferred Certificate(s) and state
that interest and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with
a U.S. trade or business. The Transferee agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form
W-8 BEN-E, IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications
as the Certificate Administrator may reasonably request, on or before the date that any such IRS form or certification expires
or becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Administrator.

    	 	L-7A-4	 

    	 

    

For the purposes of
this paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

		7.	All distributions to be made to the Transferee pursuant to the Pooling and Servicing Agreement
should be made to:

[INSERT
WIRE TRANSFER INFORMATION]

		Bank:	
	 	Account
                                         No.:	 
	 	Attention:	 
	 	Ref:	 
	 	ABA
                                         No.:	 

 

		8.	Any communications to the Transferee pursuant to the Pooling and Servicing Agreement should be
provided to:

 

[INSERT CONTACT
INFORMATION]

 

		[NAME]	

		[ADDRESS]	

Fax number:

		Telephone:	

E-mail: 

Capitalized terms
used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

IN WITNESS WHEREOF,
the Transferee has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

 

 

	 	[TRANSFEREE]

 

    	 	L-7A-5	 

    	 

    

 

	 	 
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

[APPLICABLE RETAINING PARTY]

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

[Medallion
Stamp Guarantee]

 

CITI REAL ESTATE FUNDING INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

CITIGROUP COMMERCIAL
MORTGAGE SECURITIES INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

    	 	L-7A-6	 

    	 

    

EXHIBIT L-7B

FORM OF TRANSFEROR CERTIFICATE
FOR TRANSFER OF UNCERTIFICATED VRR INTEREST

[Date]

 

	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention: Securities Window

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Citi Real Estate Funding Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        Citi Real Estate Funding Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

	
        Citi Real Estate Funding Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com
	 	 

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23 (the “Certificates”) issued, and the Uncertificated VRR Interest created, pursuant to the Pooling
and Servicing Agreementdated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park
Bridge Lender Services LLC, as Operating Advisor and Asset

    	 	L-7B-1	 

    	 

    

Representations Reviewer, Citibank,
N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee

Ladies and Gentlemen:

[_____] (the “Transferor”)
hereby agrees with, and certifies, represents and warrants to, you, in your respective capacities as Certificate Registrar, Retaining
Sponsor and Depositor, that:

		1.	[[_____] (the “Transferor”) is transferring $[____] Uncertificated VRR Interest Balance
of the Uncertificated VRR Interest (the “Transferred Interest”) to [______] (the “Transferee”).]
[[_____] (the “Transferor”) is transferring $[____] Uncertificated VRR Interest Balance of the Uncertificated
VRR Interest (the “Transferred Interest”) to [_____] (the “Transferee”) that is a Permitted
Lender in a repurchase transaction.] [[_____] (the “Transferor”) is granting a security interest in the $[____]
Uncertificated VRR Interest Balance of the Uncertificated VRR Interest (the “Transferred Interest”) to [_____]
(the “Transferee”) that is a Permitted Lender.]

		2.	The transfer or the pledge contemplated in Paragraph 1 (a “Transfer”) is in
compliance with the Pooling and Servicing Agreement and the Vertical Credit Risk Retention Agreement, dated and effective as of
January 29, 2021 (the “Vertical Credit Risk Retention Agreement”), between Citi Real Estate Funding Inc., Goldman
Sachs Bank USA, JPMorgan Chase Bank, National Association, Goldman Sachs Mortgage Company, German American Capital Corporation
and the Depositor.

		3.	The Transferor is aware that the Certificate Registrar will not recognize any Transfer of any portion
of the $[____] Uncertificated VRR Interest Balance of the Uncertificated VRR Interest by the Transferor unless the Transferor,
or the Transferor’s agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the
same form as this certificate. The Transferor expressly agrees that it will not consummate any such Transfer if it knows or believes
that any representation contained in such certificate is false.

		4.	Check one of the following:

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the Transfer will occur during the VRR Interest Transfer Restriction Period and
that:

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR (a “Majority-Owned Affiliate”), of the Transferor;

		B.	To the Transferor’s knowledge, the Transferee is not acquiring the Uncertificated VRR Interest
as a nominee, trustee or agent for any person that is not a Majority-Owned Affiliate of the Transferor;

		C.	The Transferor has complied in all material respects with all of the covenants in the Vertical
Credit Risk Retention Agreement during the period from the

    	 	L-7B-2	 

    	 

    

date of the Vertical Credit Risk
Retention Agreement through and including the date of the Transfer.

D.   
All of the representations and warranties made by the Transferor in the Vertical Credit Risk Retention Agreement are true
and correct as of the date of the Transfer.

E.    
All of the requirements set forth in Section 3(c) of the Vertical Credit Risk Retention Agreement have been complied with
through and including the date of the Transfer.

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur after the termination of the VRR Interest Transfer Restriction
Period, and that:

		A.	The Transferee is a Person that provides financing permitted under Regulation RR and Section 3(d)
of the Vertical Credit Risk Retention Agreement (a “Permitted Lender”);

		B.	The Transferor’s knowledge, the Transferee is not a Non-Exempt Person.

		C.	To the knowledge of the Transferor, the Transferee is not acquiring an interest in the Uncertificated
VRR Interest as a nominee, trustee or agent for any person that is not a Permitted Lender, and that for so long as it retains its
interest in the Uncertificated VRR Interest, it will remain a Permitted Lender.

		D.	The Transferor has complied in all material respects with all of the covenants in the Vertical
Credit Risk Retention Agreement during the period from the date of the Vertical Credit Risk Retention Agreement through and including
the date of the Transfer.

		E.	All of the representations and warranties made by the Transferor in the Vertical Credit Risk Retention
Agreement are true and correct as of the date of the Transfer.

		F.	All of the requirements set forth in Section 3(d) of the Vertical Credit Risk Retention Agreement
have been complied with through and including the date of the Transfer.

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur after the termination of the VRR Interest Transfer Restriction
Period.

		5.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Pooling and Servicing Agreement as Exhibit L-7A. The Transferor does not know or believe that any
representation contained therein is false.

    	 	L-7B-3	 

    	 

    

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

IN WITNESS WHEREOF,
the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

	 	[TRANSFEROR]
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

  

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

[APPLICABLE RETAINING PARTY]24

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

[Medallion
Stamp Guarantee]

 

CITI REAL ESTATE FUNDING INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

 

 

 

24 Signature of Retaining Party is required if
the Retaining Party is different than the transferor

 

    	 	L-7B-4	 

    	 

    

CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC.

	 	 
	 	 
	 By:  	 	 
	 	Name:   		 
	 	Title: 	 	 
	 	 	 	 

    	 	L-7B-5	 

    	 

    

EXHIBIT M-1A

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE, A CONTROLLING CLASS CERTIFICATEHOLDER, THE LOAN-SPECIFIC CONTROLLING
CLASS REPRESENTATIVE AND/OR A LOAN-SPECIFIC CONTROLLING CLASS CERTIFICATEHOLDER)

[Date]

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

	
        Situs Holdings, LLC,

           as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com
	 

    	 	M-1A-1	 

    	 

    

 

		Re:	Benchmark
                                         2021-B23 Mortgage Trust, Commercial Mortgage

                                         Pass-Through Certificates, Series 2021-B23

 

In accordance
with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2021
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is [the][a] [[investment advisor or manager of a][Certificateholder][Certificate Owner][prospective purchaser] of the
Class ___ Certificates] [Uncertificated VRR Interest Owner][prospective purchaser of the Uncertificated VRR Interest] [Risk Retention
Consultation Party][Serviced Companion Loan Holder][Companion Loan Holder Representative], and is not the Controlling Class Representative,
a Controlling Class Certificateholder, the Loan-Specific Controlling Class Representative or a Loan-Specific Controlling Class
Certificateholder.

2.       The
undersigned has received a copy of the Prospectus.25

3.       The
undersigned is not a Borrower Party.

4.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
[Master Servicer’s website][Certificate Administrator’s Website] and/or is requesting the information identified on
the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Agreement.

In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from
such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification
substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan
Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

 

25 Only required for
a Certificate Holder, a Certificate Owner, the Uncertificated VRR Interest Owner, a Risk Retention Consultation Party or a prospective
purchaser of a Certificate ( or an investment advisor or manager of the foregoing).

    	 	M-1A-2	 

    	 

    

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such
breach by the undersigned or any of its Representatives.

6.       The
undersigned agrees that each time it accesses the [Master Servicer’s website][Certificate Administrator’s Website],
the undersigned is deemed to have recertified that the representations and covenants contained herein remain true and correct.

7.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name
to be signed hereto by its duly authorized signatory, as of the day and year written above.

 

	 	[[Investment advisor or manager of a]
	 	[Certificateholder][Certificate Owner]
	 	[Uncertificated VRR Interest Owner]
	 	[Prospective Purchaser][Risk Retention
	 	Consultation Party][Serviced Companion Loan
	 	Holder][Companion Loan Holder
	 	Representative]
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 

 

    	 	M-1A-3	 

    	 

    

EXHIBIT M-1B

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE, A CONTROLLING CLASS CERTIFICATEHOLDER, THE LOAN-SPECIFIC CONTROLLING CLASS REPRESENTATIVE
AND/OR A LOAN-SPECIFIC CONTROLLING CLASS CERTIFICATEHOLDER)

[Date]

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

    	 	M-1B-1	 

    	 

    

 

	
        Situs Holdings, LLC,

        as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com
	 

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

In accordance
with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2021
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder][the Loan-Specific Controlling Class
Representative][a Loan-Specific Controlling Class Certificateholder].

2.       The
undersigned is not a Borrower Party.

3.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such
breach by the undersigned or any of its Representatives.

5.       At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit M-1C to the Agreement and shall deliver to the applicable parties the notices attached as Exhibit M-1F and
Exhibit M-1G to the Agreement.

    	 	M-1B-2	 

    	 

    

6.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly provide
such Excluded Information to (A) any related Borrower Party, (B) any Excluded Controlling Class Holder, (C) any employees or personnel
of the undersigned, (D) any Affiliate involved in the management of any investment in any related Borrower Party or the related
Mortgaged Property or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any
related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above.

 

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

	 	[The Controlling Class
Representative][a
	 	Controlling Class Certificateholder][the Loan-
	 	Specific Controlling Class Representative][a 
	 	Loan-Specific Controlling
Class 
	 	Certificateholder]
	 	
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 

    	 	M-1B-3	 

    	 

    

EXHIBIT M-1C

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE, A CONTROLLING CLASS CERTIFICATEHOLDER, THE LOAN-SPECIFIC CONTROLLING CLASS REPRESENTATIVE
AND/OR A LOAN-SPECIFIC CONTROLLING CLASS CERTIFICATEHOLDER)

[Date]

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

   as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

	
        Situs Holdings, LLC,

        as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        
	 

 

    	 	M-1C-1	 

    	 

    

 

 

	 	email: staceyciarlanti@situsamc.com
	 	 	 
		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

In accordance
with the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2021
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder][the Loan-Specific Controlling Class
Representative][a Loan-Specific Controlling Class Certificateholder].

2.       The
undersigned is a Borrower Party with respect to the following Mortgage Loans (the “Excluded Controlling Class Mortgage
Loans”):

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

3.       Except
with respect to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Agreement to
certain information (the “Information”) on the Certificate Administrator’s Website.

In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

4.       The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using, and shall not access, review
or use, Excluded Information (as defined in the Agreement) relating to the Excluded Controlling Class Mortgage Loans to the

    	 	M-1C-2	 

    	 

    

extent the undersigned receives
access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded
Information in connection with its duties, or exercise of its rights pursuant to the Agreement.

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such
breach by the undersigned or any of its Representatives.

6.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly provide
such Excluded Information to (A) any related Borrower Party, (B) any Excluded Controlling Class Holder, (C) any employees or personnel
of the undersigned, (D) any Affiliate involved in the management of any investment in any related Borrower Party or the related
Mortgaged Property or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any
related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above.

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

	 	[The Controlling Class
Representative] [a 
	 	Controlling Class Certificateholder][the Loan-
	 	Specific Controlling Class Representative][a
	 	Loan-Specific Controlling
Class 
	 	Certificateholder]
	 	
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 

    	 	M-1C-3	 

    	 

    

 

    	 	M-1C-4	 

    	 

    

EXHIBIT M-1D

FORM OF INVESTOR CERTIFICATION
for Borrower PartY

(for Persons other than the CONTROLLING CLASS REPRESENTATIVE, a Controlling Class Certificateholder, A RISK RETENTION CONSULTATION
PARTY, A HOLDER OF CLASS VRR CERTIFICATE(S), THE UNCERTIFICATED VRR INTEREST OWNER, THE LOAN-SPECIFIC CONTROLLING CLASS REPRESENTATIVE
AND/OR A LOAN-SPECIFIC CONTROLLING CLASS CERTIFICATEHOLDER)

[Date]

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

         

          

	
        Situs Holdings, LLC,

        as a Special Servicer

        101 Montgomery Street, Suite 2250

        

	 

 

    	 	M-1D-1	 

    	 

    

 

	
        

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com
	 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23

In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the
“Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and
Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is [the][a] [[investment advisor or manager of a][Certificateholder][Certificate Owner][prospective purchaser] of the
Class ___ Certificates][Serviced Companion Loan Holder][Companion Loan Holder Representative].

2.       The
undersigned is not the Controlling Class Representative, a Controlling Class Certificateholder, the Loan-Specific Controlling Class
Representative or a Loan-Specific Controlling Class Certificateholder.

3.       The
undersigned is not a Risk Retention Consultation Party and is neither a Holder of any Class VRR Certificate nor the Uncertificated
VRR Interest Owner.

4.       The
undersigned has received a copy of the Prospectus.26

5.       The
undersigned is a Borrower Party.

6.       The
undersigned is requesting access pursuant to the Agreement to the Distribution Date Statement (the “Information”)
on the Certificate Administrator’s Website.

In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from
such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification
substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan
Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed
by the undersigned or by

 

 

 

26 Only required for a Certificate
Holder, a Certificate Owner or a prospective purchaser of a Certificate (or an investment advisor or manager of the foregoing).

    	 	M-1D-2	 

    	 

    

its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part,
unless required to do so by law.

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

7.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such
breach by the undersigned or any of its Representatives.

8.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

9.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

10.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the day and year written above.

	 	[[Investment advisor or manager of a]
	 	 	[Certificateholder][Certificate
	 	 	Owner][Prospective Purchaser]]
	 	 	[Serviced Companion Loan Holder][Companion
	 	 	Loan Holder Representative]
	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	Company:	 
	 	 	 	 
	 	 	Phone:	 

 

    	 	M-1D-3	 

    	 

    

EXHIBIT M-1E

FORM OF INVESTOR CERTIFICATION
for Borrower PartY

(for A Risk Retention Consultation Party, a Holder of Class VRR Certificate(S) OR THE UNCERTIFICATED VRR INTEREST OWNER)

[Date]

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

	
        Situs Holdings, LLC,

        as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com
	 

    	 	M-1E-1	 

    	 

    

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through 

Certificates,
Series 2021-B23

In accordance with
the requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the
“Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and
Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is a Risk Retention Consultation Party, a Holder of the Class VRR Certificates or the Uncertificated VRR Interest Owner.

2.       The
undersigned has received a copy of the Prospectus.

3.       The
undersigned is a Borrower Party.

4.       The
undersigned is requesting access pursuant to the Agreement to the Distribution Date Statement (the “Information”)
on the Certificate Administrator’s Website.

In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from
such governmental or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification
substantially similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan
Securities (if applicable)), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

5.       To
the extent undersigned receives access pursuant to the Agreement to any information relating to an Excluded RRCP Mortgage Loan
(or a Mortgage Loan with respect to which the undersigned is otherwise a Borrower Party) and/or the related Mortgaged Property
(which shall include any Major Decision Reporting Package, Asset Status Reports, Final Asset Status Reports (or summaries thereof),
inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any Excluded Mortgage Loan Special
Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator regarding

    	 	M-1E-2	 

    	 

    

the Special Servicer’s net present
value determination, Collateral Deficiency Amount determination or any Appraisal Reduction Amount calculations, and any Officer’s
Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance, but in each case other than information with respect to such Mortgage Loan
that is aggregated with information of other Mortgage Loans at a pool level), whether on the Certificate Administrator’s
Website or otherwise, the undersigned hereby agrees that it (i) will not provide any such information to (A) any related Borrower
Party, (B) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the limitations described in clause (i) above. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any such Excluded Mortgage Loan) shall be considered information
that is aggregated with information of other Mortgage Loans at a pool level.

6.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master
Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such
breach by the undersigned or any of its Representatives.

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the day and year written above.

 

	 	[Risk Retention Consultation Party][Holder of Class
	 	 	VRR Certificate(s)] [Uncertificated VRR 	 
	 	 	Interest Owner]	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 

 

 

    	 	M-1E-3	 

    	 

    

 

	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	Company:	 
	 	 	 	 
	 	 	Phone:	 

 

 

    	 	M-1E-4	 

    	 

    

EXHIBIT M-1F

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

[Date]

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

	
        Situs Holdings, LLC,

           as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com
	 

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through

 Certificates,
Series 2021-B23

    	 	M-1F-1	 

    	 

    

THIS NOTICE IDENTIFIES AN “EXCLUDED
CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE Benchmark 2021-B23 Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2021-B23, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION
4.02(A) OF THE POOLING AND SERVICING AGREEMENT.

In accordance with Section 4.02(a) of the
Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer,
CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

1.                 
The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder][the Loan-Specific Controlling
Class Representative][a Loan-Specific Controlling Class Certificateholder] as of the date hereof.

2.                 
The undersigned has become an Excluded Controlling Class Holder with respect to the following [Mortgage Loan(s)][and][Loan
Combination(s)] (“Excluded Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

3.                 
As of the date above, the undersigned is the beneficial owner of the following Certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among
other things, the Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination
Event is in effect with respect to the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such Mortgage Loan
is an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 

    	 	M-1F-2	 

    	 

    

 

	 	 	 	 
	 	 	 	 

4.                 
The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit M-1G to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information related to the Excluded Controlling Class Mortgage Loans
and made available on the Certificate Administrator’s Website or otherwise pursuant to the Agreement unless and until it
(i) is no longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has
delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted a new Investor
Certification in accordance with Section 4.02(a) of the Agreement.

5.                 
The undersigned agrees to indemnify and hold harmless each party to the Agreement, the Underwriters, the Initial Purchasers
and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above.

6.                 
The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed
to have recertified that the representations and covenants contained herein remain true and correct.

 

7.                 
Except with respect to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the
related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law. The undersigned will not use or disclose the Information
in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities
Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously
registered pursuant to Section 5 of the Securities Act.

8.                 
To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website
or otherwise receives access to such Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly
provide such Excluded Information to (A) any related Borrower Party, (B) any Excluded Controlling Class

    	 	M-1F-3	 

    	 

    

Holder, (C) any employees or personnel of the undersigned,
(D) any Affiliate involved in the management of any investment in any related Borrower Party or the related Mortgaged Property
or (E) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in any related Borrower Party,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

9.                 
The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

Capitalized terms used but not defined
herein have the respective meanings given to them in the Agreement.

IN WITNESS WHEREOF, the undersigned has
made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its duly
authorized signatory, as of the day and year written above.

	 	[Controlling Class Representative] [a Controlling
Class
	 	 	Certificateholder][the Loan-Specific 
	 	 	Controlling Class Representative][a Loan-Specific
	 	 	Controlling Class Certificateholder]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 		Title:
	 	 	 	Phone:
	 	 		Email:
	 	 	 	Address:

    	 	M-1F-4	 

    	 

    

EXHIBIT M-1G

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

[Date]

	
        Via: Email

        Citibank, N.A.

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	 

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

In accordance with Section 4.02(a) of the
Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, CWCapital Asset Management LLC, KeyBank
National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee, with respect to the above-referenced certificates (the “Certificates”), the undersigned (the “Excluded
Controlling Class Holder”) hereby directs you as follows:

1.                 
The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder][the Loan-Specific Controlling
Class Representative][a Loan-Specific Controlling Class Certificateholder] as of the date hereof.

2.                 
The undersigned has become an Excluded Controlling Class Holder with respect to the following [Mortgage Loan(s)][and][Loan
Combination(s)] (“Excluded Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

3.                 
The following CitiDirect Login USER IDs are affiliated with the undersigned and access to any information on the Certificate
Administrator’s Website with

    	 	M-1G-1	 

    	 

    

respect to the Benchmark 2021-B23 Mortgage Trust securitization
should be revoked as to such users:

__________________________________________

__________________________________________

__________________________________________

__________________________________________

4.                 
The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such Excluded Controlling Class Mortgage Loan(s) on the Certificate Administrator’s Website unless and until it (i) is
no longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loan(s), (ii) has delivered
notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification
in the form of Exhibit M-1B to the Pooling and Servicing Agreement.

Capitalized terms used but not defined
herein have the respective meanings given to them in the Agreement.

IN WITNESS WHEREOF, the undersigned has
made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its duly
authorized signatory, as of the day and year written above.

	 	[Controlling Class Representative][a Controlling
	 	 	Class
Certificateholder][the Loan-Specific 
	 	 	Controlling Class Representative][a Loan-Specific
	 	 	Controlling Class Certificateholder]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 		Title:
	 	 	 	Phone:
	 	 		Email:
	 	 	 	Address:

Dated: _______

 

cc: Citigroup Commercial Mortgage Securities Inc.

    	 	M-1G-2	 

    	 

    

The undersigned hereby acknowledges that

access to CitiDirect has been revoked for

the users listed in Paragraph 3.

Citibank, N.A.,

Certificate Administrator

 

	Name:   		 
	Title: 	 	 
	 	 	 

    	 	M-1G-3	 

    	 

    

EXHIBIT M-1H

Form
of Certification of the Controlling Class Representative and the LOAN-SPECIFIC Controlling Class Representative

 

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

        as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

	
        Situs Holdings, LLC,

           as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com
	 

 

		Re:	Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

 

    	 	M-1H-1	 

    	 

    

In accordance with
Section 6.09(d) of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

1.       The
undersigned has been appointed to act as the [Controlling Class Representative][Loan-Specific Controlling Class Representative].
[The undersigned’s address for the purposes of Section 12.04 of the Pooling and Servicing Agreement is as follows:
[INSERT ADDRESS OF CONTROLLING CLASS REPRESENTATIVE OR LOAN-SPECIFIC CONTROLLING CLASS REPRESENTATIVE, AS APPLICABLE]27.

2.       The
undersigned is not a Borrower Party.

3.       If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit M-1C to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit M-1F and Exhibit M-1G to the Pooling and Servicing Agreement.

4.       The
undersigned hereby certifies that an executed copy of this certification has been delivered to the Certificate Administrator (which
party is required to forward this notice to each of the other addressees listed above pursuant to Section 6.09(d) of the
Pooling and Servicing Agreement) in accordance with the notice provisions of the Pooling and Servicing Agreement (a) by overnight
courier, (b) mailed by registered mail, postage prepaid, or (c) if the electronic mail address of the Certificate Administrator
is specified in the notice provisions of the Pooling and Servicing Agreement, by electronic mail.

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

 

27 Applicable for a Controlling
Class Representative that is not the initial Controlling Class Representative.

    	 	M-1H-2	 

    	 

    

	 	[The Controlling Class Representative][The
	 	 	Loan-Specific Controlling Class
	 	 	Representative]
	 	 	 
	 	 	By:	 
	 	 		Title:
	 	 	 	Company:
	 	 	 	Phone:

    	 	M-1H-3	 

    	 

    

EXHIBIT M-1I

Form
of Certification of A Risk Retention Consultation Party

	
         

        Midland Loan Services, a Division of PNC Bank, National Association,

           as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

	
        Citibank, N.A.,

           as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com
	
        Park Bridge Lender Services LLC

           as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        (with a copy sent contemporaneously via

        email to cmbs.notices@parkbridgefinancial.com)

         

	
        CWCapital Asset Management LLC,

           as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com
	
        KeyBank National Association,

           as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         

	
        Situs Holdings, LLC,

           as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        

         

 

    	 	M-1I-1	 

    	 

    

 

	
        

        E-mail: raul.d.orozco@citi.com

         
	
        

        E-mail: ryan.m.oconnor@citi.com

         

		Re:	Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

In accordance with
Section 6.09(i) of, and the definition of “Risk Retention Consultation Party” in, the Pooling and Servicing Agreement,
the undersigned hereby certifies and agrees as follows:

1.       The
undersigned has been appointed to act as the [VRR1][VRR2][VRR3][360 Spear] Risk Retention Consultation Party.

2.       The
undersigned’s address for the purposes of Section 12.04 of the Pooling and Servicing Agreement is as follows:

[INSERT ADDRESS
OF RISK RETENTION CONSULTATION PARTY]

3.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier, (b) mailed
by registered mail, postage prepaid or (c) if the electronic mail address of the Certificate Administrator is specified in the
notice provisions of the Pooling and Servicing Agreement, by electronic mail.

4.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

	 	[RISK RETENTION CONSULTATION PARTY]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated: __________

 

    	 	M-1I-2	 

    	 

    

EXHIBIT M-2A

FORM OF INVESTOR CERTIFICATION
FOR EXERCISING VOTING RIGHTS OR POOLED VOTING RIGHTS FOR NON-BORROWER PARTY

 

[Date]

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

 

Attention:Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

In accordance with
the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is a [Certificateholder][Certificate Owner] of Class ___ Certificates [with an aggregate [principal balance][notional
amount] of $[________]][representing a [__]% Percentage Interest in the applicable Class].

2.       The
undersigned has received a copy of the Prospectus.

3.       The
undersigned is not a Borrower Party.

4.       The
undersigned is not the Uncertificated VRR Interest Owner.

5.       The
undersigned is permitted and intends to exercise Voting Rights [or Pooled Voting Rights]1
under the Agreement and certifies that (please check one of the following):

		___	The undersigned is the Depositor, the Master Servicer, the Special Servicer, an Excluded Mortgage
Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or
a

 

 

1 Applicable only in the case
of Certificate or Certificate Owners of Pooled Certificates.

    	 	M-2A-1	 

    	 

    

Mortgage Loan Seller, and the undersigned
is not prohibited from such exercise of Voting Rights [or Pooled Voting Rights]2
based on the definition of “Certificateholder” in the Agreement by reason of acting in such capacity.

		___	The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, an
Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or a Mortgage Loan Seller, and the undersigned is not prohibited from such exercise of Voting Rights [or Pooled Voting
Rights]2 based on the definition of “Certificateholder” in the Agreement by reason of its Affiliate acting
in such capacity.

		___	The undersigned is not the Depositor, the Master Servicer, the Special Servicer, an Excluded Mortgage
Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, a
Mortgage Loan Seller or an Affiliate of any of the foregoing.

6.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) and shall indemnify the Depositor, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer
and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any
of its Representatives.

7.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the day and year written above.

	 	[Certificateholder] [Certificate Owner]
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 

 

2 Applicable
only in the case of Certificateholders or Certificate Owners of Pooled Certificates.

    	 	M-2A-2	 

    	 

    

EXHIBIT M-2B

FORM OF INVESTOR CERTIFICATION
FOR EXERCISING VOTING RIGHTS OR POOLED VOTING RIGHTS FOR BORROWER PARTY

 

[Date]

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

 

Attention:Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

In accordance with
the requirements for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021
(the “Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is a [Certificateholder][Certificate Owner] of Class ___ Certificates [with an aggregate [principal balance][notional
amount] of $[________]][representing a [__]% Percentage Interest in the applicable Class].

2.       The
undersigned has received a copy of the Prospectus.

3.       The
undersigned is a Borrower Party.

4.       Check
one of the following:

☐       The
undersigned is not the Controlling Class Representative, a Controlling Class Certificateholder, the Loan-Specific Controlling Class
Representative or a Loan-Specific Controlling Class Certificateholder.

☐       The
undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder][the Loan-Specific Controlling Class
Representative][a Loan-Specific Controlling Class Certificateholder]. The undersigned is an Excluded Controlling Class Holder with
respect to the following [Mortgage Loan(s)][and][Loan Combination(s)] (“Excluded Controlling Class Mortgage Loans”):

    	 	M-2B-1	 

    	 

    

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 

5.       The
undersigned is not the Uncertificated VRR Interest Owner.

6.       The
undersigned is permitted and intends to exercise Voting Rights [or Pooled Voting Rights]*
under the Agreement and certifies that (please check all that apply):

		___	Such exercise of Voting Rights [or Pooled Voting Rights]* does not involve giving any
consent, approval or waiver or taking any other action with respect to any Mortgage Loan as to which the undersigned is a Borrower
Party.

		___	The undersigned is not the Depositor, the Master Servicer, the Special Servicer, an Excluded Mortgage
Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, a
Mortgage Loan Seller or an Affiliate of any of the foregoing.

		___	The undersigned is the Depositor, the Master Servicer, the Special Servicer, an Excluded Mortgage
Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or
a Mortgage Loan Seller, and the undersigned is not prohibited from such exercise of Voting Rights [or Pooled Voting Rights]* based
on the definition of “Certificateholder” in the Agreement by reason of acting in such capacity.

		___	The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, an
Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or a Mortgage Loan Seller, and the undersigned is not prohibited from such exercise of Voting Rights [or Pooled Voting
Rights]* based on the definition of “Certificateholder” in the Agreement by reason of its Affiliate acting
in such capacity.

		7.	The undersigned shall be fully liable for any breach of this agreement by itself or any of its
officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) and
shall indemnify the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee,
the Master Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to
any such breach by the undersigned or any of its Representatives.

 

 

* Applicable
only in the case of Certificateholders or Certificate Owners of Pooled Certificates.

    	 	M-2B-2	 

    	 

    

8.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the day and year written above.

	 	[Certificateholder] [Certificate Owner]
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 

 

    	 	M-2B-3	 

    	 

    

EXHIBIT M-3

FORM OF ONLINE VENDOR CERTIFICATION

 

This Certification
has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction
of the Depositor. If you represent a Vendor Provider not listed herein and would like access to the information, please contact
[the Certificate Administrator’s customer service desk at [1-888-855-9695]]

In connection with
the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

1.       The
undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc.,
CMBS.com, Inc., Moody’s Analytics, Markit Group Limited, RealINSIGHT, Thompson Reuters Corporation, Intercontinental Exchange
| ICE Data Services, KBRA Analytics, LLC or a market data provider that has been given access to the Distribution Date Statements,
CREFC reports and supplemental notices on https://sf.citidirect.com (“CitiDirect”) by request of the Depositor.

2.       The
undersigned agrees that each time it accesses CitiDirect, the undersigned is deemed to have recertified that the representation
above remains true and correct.

3.       The
undersigned acknowledges and agrees that the provision to it of information and/or reports on CitiDirect is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the
Rule 17g-5 Information Provider’s Website shall also be applicable to information obtained from CitiDirect.

4.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated
as of February 1, 2021, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”),
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank
National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor
and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as
Trustee.

    	 	M-3-1	 

    	 

    

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

	 	[                            ]
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 

 

    	 	M-3-2	 

    	 

    

EXHIBIT M-4

FORM OF CONFIDENTIALITY AGREEMENT

 

	
        Midland Loan Services, a Division of PNC Bank, National Association,

        as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Wilmington Trust, National Association,

        as Trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Email: cmbstrustee@wilmingtontrust.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        CWCapital Asset Management LLC,

        as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

         
	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

         

	
        KeyBank National Association,

        as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com

         
	
        Situs Holdings, LLC,

        as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com

 

		Re:	Benchmark
2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

Ladies and Gentlemen:

    	 	M-4-1	 

    	 

    

In connection with
the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”),
we acknowledge that we will be furnished by [Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer][,][and]
[CWCapital Asset Management LLC, as Special Servicer][,][and] [KeyBank National Association, as Special Servicer][,][and] [Situs
Holdings, LLC, as Special Servicer] (and may have been previously furnished) with certain information (the “Information”).
For the purposes of this letter agreement (this “Agreement”),
“Representative” of a Person refers to such
Person’s directors, officers, employees, and agents; and “Person”
refers to any individual, group or entity.

In connection with
and in consideration of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use
the Information solely for purposes of making investment decisions and/or exercising the rights of the applicable [Directing Holder][Consulting
Party] with respect to the [above-referenced Certificates and the related Mortgage Loans] [[NAME OF SERVICED LOAN COMBINATION]
Loan Combination] and will not disclose such Information to any Person other than (i) our Representatives, (ii) our auditors
and regulators and (iii) any Person contemplating the purchase of [any Certificate][the [NAME OF SERVICED COMPANION LOAN]
Companion Loan] held by the undersigned or of an interest therein (or such outside Persons as are assisting it in making an evaluation
in connection with purchasing the [related Certificates][the [NAME OF SERVICED COMPANION LOAN] Companion Loan] (but only if such
Persons confirm in writing such contemplation of a prospective ownership interest and agree in writing to keep such Information
confidential)), (iv) our accountants and attorneys, and (v) such governmental or banking authorities or agencies to which
the undersigned is subject; and such Information will not, without the prior written consent of the Master Servicer or the Special
Servicer, as applicable, and the Trustee, be otherwise disclosed by the undersigned or by its Representatives in any manner whatsoever,
in whole or in part, unless required to do so by law.

The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

This Agreement shall
not apply to any of the Information which: (i) is or becomes generally available and known to the public other than as a result
of a disclosure directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential
basis from a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation
of confidentiality to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to
us by you.

Capitalized terms
used but not defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as
of February 1, 2021, between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings,
LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer,

    	 	M-4-2	 

    	 

    

Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee.

This Agreement, when
signed by us, will constitute our agreement with respect to the subject matter contained herein.

	 	Very truly yours,
	 	 
	 	 
	 	[NAME OF ENTITY]
	 	 

	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Company:	 
	 	Phone:	 

		cc:	Citigroup Commercial Mortgage Securities Inc.

[Trustee]

    	 	M-4-3	 

    	 

    

EXHIBIT M-5

 

FORM OF NRSRO CERTIFICATION

 

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23

 

Ladies and Gentlemen:

 

In accordance with the requirements
for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, with respect to
the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.       The undersigned, a nationally
recognized statistical rating organization (“NRSRO”) within the meaning of Section 3(a)(62) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”);

(a)              
has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e); and

(b)              
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Rule 17g-5 Information Provider’s Website pursuant to the provisions of the Pooling and Servicing Agreement, and in
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except to the extent such information has been made available to the general public), and such Information will not,
without the prior written consent of the Certificate Administrator, be otherwise disclosed by the undersigned or by its officers,
directors, partners, employees, agents, or representatives (collectively, the “Representatives”) in any manner
whatsoever, in whole or in part.

 

    	 	M-5-1	 

    	 

    

2.       The undersigned agrees
that each time it accesses the Rule 17g-5 Information Provider’s Website, it is deemed to have recertified that the representations
herein contained remain true and correct.

 

Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its
duly authorized signatory, as of the day and year first written above.

	 	Very truly yours,
	 	 
	 	 
	 	[NRSRO Name]
	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Company:	 
	 	Phone:	 

 

 

Dated:

 

 

    	 	M-5-2	 

    	 

    

EXHIBIT N

CUSTODIAN CERTIFICATION

 

[DATE]

 

[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]

[Each Initial Purchaser]

[The related Serviced Companion Loan Holder (upon request,
in the case of a Serviced Loan Combination)]

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark 2021-B23 Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23

Ladies and Gentlemen:

In accordance with the provisions of Section
2.02(b) of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with respect to each Mortgage Loan and
Trust Subordinate Companion Loan, and subject to the exceptions noted in the schedule of exceptions attached hereto, (i) all
documents specified in clauses (1), (2), (3) and (4) (other than with respect to an Outside Serviced
Mortgage Loan), (5), (6) (provided that the undersigned has been notified of any related modification), (7),
(15) and (20) (for each Mortgage Loan that is part of a Loan Combination and the Trust Subordinate Companion Loan)
of the definition of “Mortgage File” are in its possession; (ii) the recordation/filing contemplated by Section 2.01(c)
of the Pooling and Servicing Agreement has been completed (based solely on receipt by the undersigned of the particular recorded/filed
documents); (iii) all documents received by the undersigned with respect to such Mortgage Loan or Trust Subordinate Companion
Loan have been reviewed by the undersigned and (A) appear regular on their face (handwritten additions, changes or corrections
shall not constitute irregularities if initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and
(C) purport to relate to such Mortgage Loan or Trust Subordinate Companion Loan; and (iv) based on the examinations referred
to in Section 2.02(a) and Section 2.02(b) of the Pooling and Servicing Agreement and only as to the foregoing
documents (together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the information set forth
in the Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition
of “Mortgage Loan Schedule” accurately reflects the information set forth in the Mortgage File.

The undersigned makes no representations
as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained in each Mortgage
File or any of the Mortgage Loans and the Trust Subordinate Companion Loan identified in the

    	 	N-1	 

    	 

    

Mortgage Loan Schedule, or (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan or Trust Subordinate Companion Loan.

The scope of the Custodian’s review
of the Mortgage Files is limited solely to confirming that certain documents in Mortgage Files have been received and appear regular
on their face and to confirm certain other information as set forth in Section 2.02 of the Pooling and Servicing Agreement. 
The Custodian’s review of the Mortgage Files and any certification with respect thereto is not intended to and shall not
be deemed to constitute “due diligence services” or a “third party due diligence report” as such terms
are defined in Rules 17g-10 and 15Ga-2, respectively, under the Exchange Act.  Any recipient of the Custodian’s certification
or a copy thereof by its receipt thereof is deemed to agree that it shall not share such certification with any rating agency or
any party not addressed on such certification.

Capitalized words and phrases used herein
and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is subject in all respects to the terms of the Pooling and Servicing Agreement. 

	 	Citibank, N.A.,as Custodian
	 	 
	 	 By:  	 
	 	 	Name:  	
	 	 	Title: 	 
	 	 	 	 

 

    	 	N-2	 

    	 

    

 

SCHEDULE OF EXCEPTIONS

[          ]

 

    	 	N-3	 

    	 

    
 

EXHIBIT O

SERVICING CRITERIA TO BE ADDRESSED
IN ASSESSMENT OF COMPLIANCE

The assessment of
compliance to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable
Servicing Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit O, other than with respect to Item 1122(d)(2)(iii), references to Master Servicer and Special Servicer below shall include
any Sub-Servicer engaged by the Master Servicer or Special Servicer, as applicable.

 

	applicable Servicing Criteria 	applicable party
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	
        Master Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	
        Master Servicer

        Special Servicer

        Certificate Administrator

         

	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer

Custodian (in the case of the Custodian, if such entity is not also the Certificate Administrator)
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	
        Master Servicer

        Special Servicer

        Certificate Administrator

	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	
        Master Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate Administrator

 
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	
        Master Servicer

        Special Servicer

        Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar year)

	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Master Servicer

Special Servicer

Certificate Administrator

 

    	 	O-1	 

    	 

    

 

 

	applicable Servicing Criteria 	applicable party
	Reference	Criteria	 
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Master Servicer

Special Servicer

Certificate Administrator
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Master Servicer

Special Servicer

Certificate Administrator
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer

Certificate Administrator
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Reporting Servicer.	Certificate Administrator

Operating Advisor (excluding clauses (C) and (D) in the case of the Operating Advisor)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Certificate Administrator
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Reporting Servicer’s investor records, or such other number of days specified in the transaction agreements.	Certificate Administrator
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate Administrator
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Master Servicer

Special Servicer

Custodian
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer

Certificate Administrator
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer

    	 	O-2	 

    	 

    

 

	applicable Servicing Criteria 	applicable party
	Reference	Criteria	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Advisor
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

    	 	O-3	 

    	 

    

EXHIBIT P

[Reserved]

    	 	P-1	 

    	 

    

EXHIBIT Q

RETAINED DEFEASANCE RIGHTS AND
OBLIGATIONS MORTGAGE LOANS

 

	Loan Number	Mortgage Loan / Property Name	Mortgage Loan Seller
	8	Leonardo DRS Industrial	CREFI
	12	Knitting Mills	CREFI
	13	First Republic Center	GACC
	16	JW Marriott Nashville	GSMC
	18	Selig Office Portfolio	GSMC
	20	711 Fifth Avenue	GSMC
	22	360 Neptune Avenue	CREFI
	23	Central Missouri Distribution Center	CREFI
	25	2601 Wilshire	GACC
	26	Brookfield Place Richmond	CREFI
	27	104 Delancey Street	CREFI
	29	1400 North 25th Avenue	CREFI
	30	Luna Apartments	CREFI
	33	Backlot Apartments	GACC
	34	1623 Flatbush	CREFI
	35	Trepte Industrial Park	GSMC
	36	206-20 Linden Boulevard	CREFI
	37	Rent A Space Portfolio	CREFI
	38	The Centre at Stirling & Palm	CREFI
	39	Baxter International Production Center	GSMC
	41	Spring Glen Apartments	GACC
	42	Fountainbleau Self Storage	CREFI
	43	Tesla Schaumberg	GACC
	44	211 Saw Mill	GACC
	45	E&B Brewery Lofts	CREFI
	46	4 Storage - Bristol	CREFI
	47	Excess Self Storage	GACC
	48	Mechanicsburg Self Storage	CREFI
	49	VanWest Storage Portfolio	CREFI
	51	Woodbridge Group HQ	CREFI
	52	Secure Store Self Storage	CREFI
	53	30222 Esperanza	CREFI

 

    	 	Q-1	 

    	 

    

EXHIBIT R

FORM OF OPERATING ADVISOR ANNUAL
REPORT1

 

Report Date: Report will be delivered
annually (pursuant to Section 3.29(d) of the Pooling and Servicing Agreement) no later than [INSERT DATE]

 

Transaction: Benchmark 2021-B23 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2021-B23

 

Operating Advisor: Park Bridge Lender Services LLC

 

Special Servicer as of December 31: [CWCapital Asset Management
LLC (other than with respect to the 360 Spear Loan Combination, Pittock Block Loan Combination [and [LIST ANY EXCLUDED SPECIAL
SERVICER MORTGAGE LOAN])]

[KeyBank National Association (with respect to the 360 Spear Loan Combination)] [Situs Holdings, LLC (with respect to Pittock Block
Loan Combination)]

 

Directing Holder: [                    ]

 

I.       Population
of Mortgage Loans that Were Considered in Compiling This Report

A.       [  ]
Serviced Loans were Specially Serviced Loans during the prior calendar year [INSERT YEAR].

(a)               
[  ] of those Specially Serviced Loans were transferred to special servicing in the prior calendar year [INSERT
YEAR].

(b)              
[[    ] of those Specially Serviced Loans were transferred to special servicing in the year before the
prior calendar year [INSERT YEAR].]

(c)               
[[    ] of those Specially Serviced Loans were transferred to special servicing 2 or more calendar years
ago.]

(d)              
[  ] of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development
of an Asset Status Report.

(e)               
[  ] of such Specially Serviced Loans had Final Asset Status Reports. The Final Asset Status Reports may not yet
be fully implemented.

 

 

 

1   This
report is an indicative report and does not reflect the final form of annual report to be used in any particular year. The Operating
Advisor will have the ability to modify or alter the organization and content of any particular report, subject to compliance
with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

    	 	R-1	 

    	 

    

(f)               
 With respect to [ ] of such Specially Serviced Loans, the Operating Advisor has determined that the Special Servicer has
not delivered a Final Asset Status Report in accordance with the Pooling and Servicing Agreement for a period of at least 180 consecutive
days, any portion of which occurred during the prior calendar year [INSERT YEAR].

B.       A
Control Termination Event [existed during some or all] [did not exist during any portion] of the prior calendar year [INSERT YEAR].

C.       [  ]
Performing Serviced Loans were, during the prior calendar year [INSERT YEAR], the subject of a Major Decision as to which the Operating
Advisor has consultation rights pursuant to Section 3.29(h) of the Pooling and Servicing Agreement.

II.Executive
Summary

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings,
LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank,
N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, as well as the items listed below,
the Operating Advisor has undertaken a review of the Special Servicer’s actions and decisions in respect of (A) Specially
Serviced Loans and, (B) solely in connection with Major Decisions as to which the Operating Advisor has consultation rights following
a Control Termination Event, Performing Serviced Loans, in each case in light of (1) the Servicing Standard and (2) the requirements
of the Pooling and Servicing Agreement. Based on such review, the Operating Advisor [believes / does not believe], in its sole
discretion exercised in good faith, that the Special Servicer is performing its duties in compliance with (1) the Servicing Standard
and (2) the Special Servicer’s obligations under the Pooling and Servicing Agreement. [IDENTIFY ANY MATERIAL DEVIATIONS FROM
(I) THE SERVICING STANDARD OR (II) THE SPECIAL SERVICER’S OBLIGATIONS UNDER THE POOLING AND SERVICING AGREEMENT] In addition,
the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

In connection with
the assessment set forth in this report, the Operating Advisor:

Reviewed (A) any annual
compliance statement, assessment of compliance and/or attestation report delivered to, or made available to, the Operating Advisor
pursuant to the Pooling and Servicing Agreement with respect to the Special Servicer, and (B) any (1) Final Asset Status Reports,
(2) during the existence of a Control Termination Event, other Asset Status Reports, (3) net present value calculations, (4) Appraisal
Reduction Amount calculations and Collateral Deficiency Amount calculations, (5) Major Decision Reporting Packages, and (6) [LIST
OTHER REVIEWED INFORMATION] for the following [  ] Serviced Loans, in each case, to the extent prepared by the Special
Servicer and delivered, or otherwise made available

    	 	R-2	 

    	 

    

on the Certificate Administrator’s
Website, to the Operating Advisor pursuant to the Pooling and Servicing Agreement: [LIST APPLICABLE MORTGAGE LOANS]

III.       Specific
Items of Review

1.       The
Operating Advisor reviewed the following items in connection with the generation of this report: [LIST MATERIAL ITEMS].

2.       During
the prior year, if a Control Termination Event existed, the Operating Advisor consulted with the Special Servicer regarding its
Major Decisions related to the following Serviced Loans: [LIST]. The Operating Advisor participated in discussions and made strategic
observations and recommended alternative courses of action to the extent it deemed such observations and recommendations appropriate.
The Special Servicer [agreed with/did not agree with] the recommendations made by the Operating Advisor. Such recommendations generally
included the following: [LIST].

3.       Appraisal
Reduction Amount calculations, Collateral Deficiency Amount calculations and net present value calculations:

(a)               
The Operating Advisor [received/did not receive] information necessary to recalculate and verify the accuracy of the mathematical
calculations and the corresponding application of the non-discretionary portions of the applicable formulas required to be utilized
in connection with any (i) Appraisal Reduction Amount, (ii) Collateral Deficiency Amount or (iii) net present value calculations
used in the Special Servicer’s determination of the course of action to be taken in connection with the workout or liquidation
of a Specially Serviced Loan prior to the utilization by the Special Servicer.

(b)              
The Operating Advisor [agreed/did not agree] with the [mathematical calculations] [and/or] [the application of the applicable
non-discretionary portions of the formula] required to be utilized for such calculation.

(c)               
After consultation with the Special Servicer to resolve any inaccuracy in the mathematical calculations or the application
of the non-discretionary portions of the related formula in arriving at those mathematical calculations, such inaccuracy [has been/
has not been] resolved.

4.       The
following is a general discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].

5.       In
addition to the other information presented herein, the Operating Advisor notes the following additional items: [LIST ADDITIONAL
ITEMS].

IV.       Qualifications
Related to the Work Product Undertaken and Opinions Related to this Report

1.       In
accordance with the terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access
to, the Special Servicer’s and the

    	 	R-3	 

    	 

    

applicable Directing Holder’s
discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the applicable
Directing Holder directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon
its interaction with the Special Servicer in gathering the relevant information to generate this report.

2.       The
Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

3.       Confidentiality
and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of certain information
it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all
the relevant information that the Operating Advisor is given access to by the Special Servicer.

4.       The
Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors
have questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate
Administrator’s Website.

5.       The
ability to perform the duties of the Operating Advisor and the quality and the depth of any annual report will be dependent upon
the timely receipt of information required to be delivered to the Operating Advisor and the accuracy and the completeness of such
information.

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement.

 

[                          ]

 

 

By: ____________________________________

Name:

Title:

 

    	 	R-4	 

    	 

    

EXHIBIT S

SUBSERVICING AGREEMENTS

 

	Mortgage Loan/Property Name	Sub-Servicer Name
	Pittock Block	Jones Lang LaSalle 
	Leonardo DRS Industrial	Jones Lang LaSalle
	The Village at Meridian	Jones Lang LaSalle
	The Trails at Silverdale	Jones Lang LaSalle
	Treasure Valley Marketplace	Jones Lang LaSalle
	E&B Brewery Lofts	Berkadia Commercial Mortgage LLC

 

 

    	 	S-1	 

    	 

    

EXHIBIT T

 

FORM OF RECOMMENDATION OF SPECIAL SERVICER
TERMINATION

 

Wilmington Trust, National Association, as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2021-B23

 

Citibank, N.A., as Certificate Administrator

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

 

[CWCapital Asset Management LLC,

as a Special Servicer

900 19th Street, NW, 8th Floor

Washington, D.C. 20006

Attention: Legal Department (BMARK 2021-B23)

with a copy to: CWCAMnoticesBMARK2021-B23@cwcapital.com]

 

[KeyBank National Association,

as a Special Servicer

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Email: keybank_notices@keybank.com]

[Situs Holdings, LLC,

as a Special Servicer

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

email: staceyciarlanti@situsamc.com]

		Re:	Benchmark 2021-B23 Mortgage Trust,

Commercial Mortgage
Pass-Through Certificates, Series 2021-B23         

Ladies and Gentlemen:

This letter is delivered
pursuant to Section 6.08(b)(i) of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
Reviewer,

    	 	T-1	 

    	 

    

Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee, on behalf of the holders of Benchmark 2021-B23 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”) regarding the replacement of the Special
Servicer. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in
the Pooling and Servicing Agreement.

Based upon our review
of the operational practices of [               ],
in its current capacity as Special Servicer [with respect to [IF SUBJECT PARTY IS NOT THE SPECIAL SERVICER FOR ALL SERVICED TRUST
LOANS, SPECIFY APPLICABLE SERVICED LOAN OR GROUP OF SERVICED LOANS FOR WHICH IT SO ACTS]], conducted pursuant to and in accordance
with the Pooling and Servicing Agreement, it is our determination, in our sole discretion exercised in good faith, that (1) [               ],
in its current capacity as Special Servicer [with respect to [IF SUBJECT PARTY IS NOT THE SPECIAL SERVICER FOR ALL SERVICED TRUST
LOANS, SPECIFY APPLICABLE SERVICED TRUST LOAN OR GROUP OF SERVICED TRUST LOANS FOR WHICH IT SO ACTS]], has failed to comply with
the Servicing Standard and (2) a replacement of the Special Servicer would be in the best interest of the Pooled Certificateholders
and the Uncertificated VRR Interest Owner (as a collective whole). The following factors support our determination: [               ].

Based upon such determination,
we further hereby recommend that [               ]
be removed as Special Servicer [with respect to [IF SUBJECT PARTY IS NOT THE SPECIAL SERVICER FOR ALL SERVICED TRUST LOANS, SPECIFY
APPLICABLE SERVICED LOAN OR GROUP OF SERVICED LOANS FOR WHICH IT SO ACTS]] and that [               ]
be appointed its successor in such capacity.

	 	Very truly yours,
	 	 	 
	 	 	 
	 	 	[The Operating Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Dated:

 

 

    	 	T-2	 

    	 

    

EXHIBIT U

ADDITIONAL FORM 10-D DISCLOSURE

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.04 of the Pooling
and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, any information
described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party
has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent rolls required to be provided
in connection with Item 6 below, possession) (in each case, after complying with its affirmative obligations, if any, under the
Pooling and Servicing Agreement to obtain such information) of such information (other than information as to such party itself
which such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set
forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage
Loan Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified
as such in the Prospectus. For this Benchmark 2021-B23 Pooling and Servicing Agreement, each of the Certificate Administrator,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no
provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other
than a party identified as such in the Prospectus.

 

	Item on Form 10-D	Party Responsible 
	
        Item 1: Distribution and Pool Performance Information

         

        Any information required by Item 1121 of Regulation
        AB which is NOT included on the Distribution Date Statement
	
        Certificate Administrator

        Depositor

        Master Servicer (only with respect to Item 1121(a)(12)
        of Regulation AB as to Performing Serviced Loans)

        Special Servicer (only with respect to Item
        1121(a)(12) of Regulation AB as to Specially Serviced Loans)

        Each Mortgage Loan Seller (only with respect to Item 1121(c)(2) of Regulation AB as to itself)

 

    	 	U-1	 

    	 

    

 

 

	Item on Form 10-D	Party Responsible 
	
        Item 1A: Asset-Level Information

        disclosure per Items 1111(h) and 1125 of Regulation
        AB
	Master
Servicer1
	
        Item 1B: Asset Representations Reviewer and
        Investor Communication

         
	
        Asset Representations Reviewer (with respect
        to Item 1121(d) of Regulation AB)

         

        Certificate Administrator (with respect to Item
        1121(e) of Regulation AB )

         

	
        Item 2: Legal Proceedings

         

        per Item 1117 of Regulation AB
	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	Item 3:  Sale of Securities and Use of Proceeds	Depositor
	Item 4:  Defaults Upon Senior Securities	Certificate Administrator
	Item 5:  Submission of Matters to a Vote of Security Holders2	
        Certificate Administrator

        Trustee

	Item 6:  Significant Obligors of Pool Assets	
        Master Servicer (excluding information for which
        the Special Servicer is the “Party Responsible”)

        Special Servicer (as to Specially Serviced Loans
        and REO Properties)

	Item 7: Change in Sponsor Interest in the Securities	Each Mortgage Loan Seller as to itself and its affiliates

 

 

1 For the avoidance of doubt, the Certificate Administrator, not the Master Servicer,
shall be responsible for filing any Additional Form 10-D Disclosure required by Item 1A on Form 10-D in accordance with Section
10.04 of this Agreement.

2 No disclosure is required for so long
as Item 5 of Form 10-D requires the inclusion of information related to mine safety disclosures. 

 

    	 	U-2	 

    	 

    

 

 

	Item on Form 10-D	Party Responsible 
	Item 8:  Significant Enhancement Provider Information	Depositor
	
        Item 9: Other Information

         

        (i) Balances of the Distribution Account, the Interest Reserve Account,
        the Excess Interest Distribution Account, Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution Account, Collection
        Account, any Loan Combination Custodial Account and each REO Account as of the related Distribution Date and the preceding Distribution
        Date; and

         

         (ii) information other than those specified in
clause (i) above, but only to the extent of any information that meets all the following conditions: (a) such information constitutes
“Form 8-K Disclosure” pursuant to Exhibit Z, (b) such information is required to be reported as “Form 8-K Disclosure”
during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Form 8-K Disclosure”.
	
        Any party responsible for disclosure items on
        Form 8-K to the extent of such items

         

        Certificate Administrator (with respect to the
        balances of the Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, Excess Liquidation
        Proceeds Reserve Account and the Exchangeable Distribution Account as of the related Distribution Date and the preceding Distribution
        Date)

         

        Master Servicer (with respect to the balances
        of the Collection Account and any Loan Combination Custodial Account as of the related Distribution Date and the preceding Distribution
        Date)

         

        Special Servicer (with respect to the balance
        of each REO Account as of the related Distribution Date and the preceding Distribution Date)

	Item 10:  Exhibits	
        Certificate Administrator

        Depositor

 

 

    	 	U-3	 

    	 

    

EXHIBIT V

ADDITIONAL FORM 10-K DISCLOSURE

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.05 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other
Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting
purposes, any information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column
to the extent such party has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent
rolls required to be provided in connection with the Additional Item below consisting of disclosure per Item 1112(b) of Regulation
AB, possession) (in each case, after complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement
to obtain such information) of such information (other than information as to such party itself which such party is obligated to
provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to
rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the
Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the
Certificate Administrator, the Trustee, the Master Servicer and
the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the Prospectus. For this Benchmark 2021-B23 Pooling and Servicing Agreement, each of the
Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-K	Party Responsible 
	
        Item 1B: Unresolved Staff Comments

         

         
	Depositor
	Item 9B:  Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 15:  Exhibits, Financial Statement Schedules	
        Certificate Administrator

        Depositor

	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB
	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer, the Depositor and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such

    	 	V-1	 

    	 

    

 

  

	Item on Form 10-K	Party Responsible 
	 	litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB
	
        (i) All parties to the Pooling and Servicing
        Agreement as to themselves (in the case of the Master Servicer, only as to 1119(a) affiliations with Significant Obligors identified
        in the Pooling and Servicing Agreement, the Trustee, the Certificate Administrator,
        the Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations
        with Significant Obligors identified in the Pooling and Servicing Agreement, the Trustee, the Certificate
        Administrator, the Master

        Servicer or a sub-servicer described in 1108(a)(3)),
        (ii) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110 originator with respect to such Mortgage
        Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such
        Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts, (iii) the Depositor as to the enhancement or support
        provider

	
        Additional Item:

        Disclosure per Item 1112(b) of Regulation AB
	
        Master Servicer (excluding information for which
        the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties)

	
        Additional Item:

        Disclosure per Items 1114(b)(2) and 1115(b)
        of Regulation AB
	Depositor

 

    	 	V-2	 

    	 

    

EXHIBIT W-1

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

**SEND VIA FAX TO [ 212-816-5527]
AND VIA EMAIL TO THE E-MAIL ADDRESSES IMMEDIATELY BELOW AND VIA OVERNIGHT MAIL TO THE PHYSICAL ADDRESSES IMMEDIATELY BELOW**

 

	
        Citibank, N.A.,

        as Certificate Administrator

        388 Greenwich Street

        New York, New York 10013

        Attention: Global Transaction Services – Benchmark 2021-B23

        Email: ratingagencynotice@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         

	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

         

RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required

Ladies and Gentlemen:

In accordance with
Section [  ] of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings,
LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank,
N.A., as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, the undersigned, as [          ],
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

List of any Attachments hereto to
be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

    	 	W-1-1	 

    	 

    

 

Any inquiries related
to this notification should be directed to [                      ],
phone number: [           ]; email address: [                      ].

	 	[NAME OF PARTY],

as [role]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	 	W-1-2	 

    	 

    

EXHIBIT W-2

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION (ACCOUNTS)

 

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

 

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

 

Ladies and Gentlemen:

In accordance with
Section 10.04 of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee, the undersigned, as [          ],
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

[With respect to the securitization accounts balance information:

	Account Name	
        Beginning Balance as of 

        MM/DD/YYYY
	
        Ending Balance as of 

        MM/DD/YYYY

	Collection Account	 	 
	
        Loan Combination Custodial Account(s) :

          [                           ]
Loan Combination

          [                           ]
Loan Combination

          [                           ]
Loan Combination

          [                           ]
Loan Combination

          [                           ]
Loan Combination
	 	 
	REO Account(s)	 	 

 

    	 	W-2-1	 

    	 

    

List of any Attachments hereto to
be included in the Additional Form [10-D][10-K][8-K] Disclosure:

  

Any inquiries related
to this notification should be directed to [                           ],
phone number: [                     ];
email address: [                           ].

	 	[NAME OF PARTY],

as [role]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

    	 	W-2-2	 

    	 

    

EXHIBIT W-3

 

Form
of Notice of ADDITIONAL 

INDEBTEDNESS
NOTIFICATION

 

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

 

Ref: Benchmark 2021-B23, Additional Debt Notice for Form 10-D

 

The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 10.04(c) of the Pooling and Servicing Agreement

	 	Portfolio Name	Mortgage Loan	Position in Debt Stack	Additional Debt	OPB	OPB Date	Appraised Value	Appraised Value Date	Aggregate LTV	Aggregate NCF DSCR	Aggregate NCF DSCR Date	Primary Servicer	Master Servicer	Lead Servicer	Prospectus ID
	1	Benchmark 2021-B23	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	
        $
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	Benchmark 2021-B23	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	
        $
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	Benchmark 2021-B23	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	
        $
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    	 	W-3-1	 

    	 

    

EXHIBIT X

FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K

CERTIFICATIONS

I, [identifying the
certifying individual], certify that:

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K, of Benchmark 2021-B23 Mortgage Trust (the “Exchange
Act Periodic Reports”);

		2.	Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;

		4.	Based on my knowledge and the servicer compliance statement(s) required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicers have fulfilled their obligations
under the servicing agreement(s) in all material respects; and

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I
have reasonably relied on information provided to me by the following unaffiliated parties: [Master Servicer][Special Servicer][Certificate
Administrator][Trustee][Custodian][Operating Advisor][Outside Servicer][Outside Special Servicer]

	 	 	 
	Date: ______________________________	 	 
	 	 	 
	 	 	 
	[Signature]	 	 
	[Title]	 	 

 

    	 	X-1	 

    	 

    

EXHIBIT Y-1

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a special servicer, Park
Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator
(in such capacity, the “Certificate Administrator”), and Wilmington Trust, National Association, as trustee.                                                                           

I, [identifying the
certifying individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to Citigroup Commercial Mortgage Securities Inc., each
Other Depositor and their respective officers, directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that:

1.                 
I have reviewed the annual report on Form 10-K for the fiscal year 20__, and all reports on Form 10-D and Form 8-K required
to be filed in respect of periods covered by that annual report on Form 10-K, of the Trust (the “Exchange
Act Periodic Reports”);

2.                 
Based on my knowledge, the distribution information in Exchange Act Periodic Reports, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by that report on Form 10-K;

3.                 
Based on my knowledge, all of the distribution, servicing and other information required to be provided by the Certificate
Administrator pursuant to the Pooling and Servicing Agreement for inclusion in the Exchange Act Periodic Reports is included
in such reports; and

4.                 
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered by the Certificate
Administrator in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material
instances of noncompliance with the Relevant Servicing Criteria (as defined in the Pooling and Servicing Agreement).

    	 	Y-1-1	 

    	 

    

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 

 

    	 	Y-1-2	 

    	 

    

EXHIBIT Y-2

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a special servicer (in such capacity, the “Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator (in
such capacity, the “Certificate Administrator”), and Wilmington Trust, National Association, as trustee                                                                                                                                                                   

I, [identify the certifying
individual], a [title] of [MASTER SERVICER], certify to Citigroup Commercial Mortgage Securities Inc., each Other Depositor and
their respective officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification
in delivering the certification required by the Pooling and Servicing Agreement relating to the Certificates and/or the certification
required by the applicable Other Pooling and Servicing Agreement relating to the securities issued by the applicable Other Securitization
Trust (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing
Agreement), that:

		(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports covering
the fiscal year 20__ required to be delivered by the Master Servicer to the Certificate
Administrator and each applicable Other Exchange Act Reporting Party in accordance with the Pooling and Servicing Agreement;

		(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information in these reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these servicing reports;

		(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information required to be provided in these servicing reports to the Certificate
Administrator and each applicable Other Exchange Act Reporting Party by

    	 	Y-2-1	 

    	 

    

the Master Servicer under the
Pooling and Servicing Agreement is included in the servicing reports delivered by the Master Servicer to the Certificate
Administrator and each applicable Other Exchange Act Reporting Party;

		(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the compliance review conducted
in preparing the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect
to the Master Servicer, and except as disclosed in such compliance statement delivered by the Master Servicer under Section 10.08
of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such review applies; and

		(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.

Further, notwithstanding
the foregoing certifications, the Master Servicer does not make any certification under the foregoing clauses 1 through 5 that
is in turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement that the
Master Servicer entered into in connection with the issuance of the Certificates, or upon the performance by any such sub-servicer
of its obligations pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually
provided by such sub-servicer to the Master Servicer with respect to the information that is subject of such certification.

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 

 

    	 	Y-2-2	 

    	 

    

EXHIBIT Y-3

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER

		Re:	Benchmark
                                         2021-B23 Mortgage Trust (the “Trust”), Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-B23 (the “Certificates”), issued pursuant
                                         to the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
                                         as master servicer (in such capacity, the “Master Servicer”), CWCapital
                                         Asset Management LLC, as a special servicer [(in such capacity, the “Special
                                         Servicer”)], KeyBank National Association, as a special servicer [(in such
                                         capacity, the “Special Servicer”)], Situs Holdings, LLC, as a special
                                         servicer [(in such capacity, the “Special Servicer”)], Park Bridge
                                         Lender Services LLC, as operating advisor and asset representations reviewer, Citibank,
                                         N.A., as certificate administrator (in such capacity, the “Certificate Administrator”),
                                         and Wilmington Trust, National Association,
                                         as trustee                                                                                                                                                                   

I, [identify the certifying
individual], a [title] of [SPECIAL SERVICER], certify to Citigroup Commercial Mortgage Securities Inc., each Other Depositor and
their respective officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification
in delivering the certification required by the Pooling and Servicing Agreement relating to the Certificates and/or the certification
required by the applicable Other Pooling and Servicing Agreement relating to the securities issued by the applicable Other Securitization
Trust (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing
Agreement), that:

1.     
Based on my knowledge, the servicing information in the servicing reports or information covering the fiscal year 20__ required
to be delivered by the Special Servicer to the Master Servicer under the Pooling and Servicing Agreement, taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by these servicing
reports;

2.     
Based on my knowledge, the servicing information required to be provided to the Master Servicer by the Special Servicer
under the Pooling and Servicing Agreement for inclusion in the reports to be filed by the Certificate
Administrator is included in the servicing reports delivered by the Special Servicer to the Master Servicer;

3.     
I am, or an employee under my supervision is, responsible for reviewing the activities performed by the Special Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer
compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with

    	 	Y-3-1	 

    	 

    

respect to the Special Servicer, and
except as disclosed in such compliance statement delivered by the Special Servicer under Section 10.08 of the Pooling and Servicing
Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects
in the year to which such review applies; and

4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant
Servicing Criteria.

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

 

    	 	Y-3-2	 

    	 

    

EXHIBIT Y-4

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a special servicer, Park
Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer, Citibank, N.A., as certificate administrator (in such capacity, the “Certificate Administrator”),
and Wilmington Trust, National Association, as trustee   

I, [identify the certifying
individual], a [title] of [OPERATING ADVISOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

1.     
Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Operating Advisor covering the fiscal year 20__, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by these reports;

2.     
Based on my knowledge, the information required to be provided to the Certificate
Administrator by the Operating Advisor under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports
to be filed by the Certificate Administrator is included in the
reports delivered by the Operating Advisor to the Certificate Administrator;

3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Operating Advisor
under the Pooling and Servicing Agreement and based upon my knowledge the Operating Advisor has, except as described in any information
provided to the Certificate Administrator by the Operating Advisor covering the fiscal year 20[__], fulfilled its obligations under
the Pooling and Servicing Agreement in all material respects in the year to which such review applies; and

4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing

    	 	Y-4-1	 

    	 

    

criteria for asset-backed securities
required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all
material instances of noncompliance with the Relevant Servicing Criteria.

[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].]

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

 

    	 	Y-4-2	 

    	 

    

EXHIBIT Y-5

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE CUSTODIAN

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a special servicer, Park
Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator
(in such capacity, the “Certificate Administrator”) and custodian (in such capacity, the “Custodian”),
and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”)                                                   

I, [identify the certifying
individual], a [title] of [CUSTODIAN], certify to Citigroup Commercial Mortgage Securities Inc., each Other Depositor and their
respective officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in
delivering the Sarbanes-Oxley Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the
Certificates and/or the Sarbanes-Oxley Act certification required by the applicable Other Pooling and Servicing Agreement relating
to the securities issued by the applicable Other Securitization Trust (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

1.     
Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator and each applicable Other Exchange Act Reporting Party by the Custodian covering the fiscal year 20__, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
these reports;

2.     
Based on my knowledge, the information required to be provided to the Certificate
Administrator by the Custodian under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be
filed by the Certificate Administrator is included in the reports
delivered by the Custodian to the Certificate Administrator;

3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Custodian under the
Pooling and Servicing Agreement and based upon my knowledge the Custodian has, except as described in any information provided
to the Certificate Administrator by the Custodian covering the fiscal year 20[__], fulfilled its

    	 	Y-5-1	 

    	 

    

obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such review applies; and

4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant
Servicing Criteria.

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

    	 	Y-5-2	 

    	 

    

EXHIBIT Y-6

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial Mortgage
Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and Servicing
Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a special servicer, Park Bridge Lender
Services LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator (in such capacity,
the “Certificate Administrator”), and Wilmington Trust, National Association, as trustee (in such capacity,
the “Trustee”)               

I, [identify the certifying
individual], a [title] of [TRUSTEE], certify to Citigroup Commercial Mortgage Securities Inc., each Other Depositor and their respective
officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering
the Sarbanes-Oxley Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates
and/or the Sarbanes-Oxley Act certification required by the applicable Other Pooling and Servicing Agreement relating to the securities
issued by the applicable Other Securitization Trust (capitalized terms used herein without definition shall have the meanings assigned
to such terms in the Pooling and Servicing Agreement), that:

1.     
Based on my knowledge, the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator and each applicable Other Exchange Act Reporting Party by the Trustee covering the fiscal year 20__, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
these reports;

2.     
Based on my knowledge, the information required to be provided to the Certificate
Administrator by the Trustee under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed
by the Certificate Administrator is included in the reports delivered
by the Trustee to the Certificate Administrator;

3.     
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Trustee under the
Pooling and Servicing Agreement and based upon my knowledge the Trustee has, except as described in any information provided to
the Certificate Administrator by the Trustee covering the fiscal year 20[__], fulfilled its obligations under the

    	 	Y-6-1	 

    	 

    

Pooling and Servicing Agreement in all
material respects in the year to which such review applies; and

4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section
10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant
Servicing Criteria.

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

    	 	Y-6-2	 

    	 

    

EXHIBIT Y-7

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE ASSET REPRESENTATIONS REVIEWER

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a special servicer, Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”), Citibank, N.A., as certificate administrator
(in such capacity, the “Certificate Administrator”), and Wilmington Trust, National Association, as trustee
(in such capacity, the “Trustee”)                                                                                                      

I, [identify the certifying
individual], a [title] of [ASSET REPRESENTATIONS REVIEWER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

1.     
Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”),
all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, Trustee or
Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on
Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”)
(such information provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic
Information”) have been submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, the Trustee
or the Certificate Administrator, as applicable, for inclusion in the Reports;

2.     
Based on my knowledge, the Asset Representations Reviewer Periodic Information contained in the Reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form
10-K;

    	 	Y-7-1	 

    	 

    

3.     
 I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Asset Representations
Reviewer under the Pooling and Servicing Agreement and based upon my knowledge the Asset Representations Reviewer has, except as
described in any information provided to the Certificate Administrator by the Asset Representations Reviewer covering the fiscal
year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which
such review applies; and

[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].]

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

 

    	 	Y-7-2	 

    	 

    

EXHIBIT Y-8

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY A SUB-SERVICER

		Re:	Benchmark 2021-B23 Mortgage Trust (the “Trust”), Commercial
Mortgage Pass-Through Certificates, Series 2021-B23 (the “Certificates”), issued pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), CWCapital Asset Management LLC, KeyBank National Association
and Situs Holdings, LLC, each as a special servicer (in such capacity, the “Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer, Citibank, N.A., as certificate administrator (in such capacity, the “Certificate Administrator”),
and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”)

and

Sub-servicing agreement, dated as of [______], 2021 (the “Sub-Servicing Agreement”) between [_____________]
and [SUB-SERVICER], as sub-servicer (the “Sub-Servicer”),                                                                       

I, [identify the certifying
individual], a [title] of [SUB-SERVICER], certify to Citigroup Commercial Mortgage Securities Inc., each Other Depositor and their
respective officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in
delivering the certification required by the Pooling and Servicing Agreement relating to the Certificates and/or the certification
required by the applicable Other Pooling and Servicing Agreement relating to the securities issued by the applicable Other Securitization
Trust (capitalized terms used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing
Agreement), that:

		(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports submitted
by the Sub-Servicer to the Master Servicer, the Certificate Administrator and/or
each applicable Other Exchange Act Reporting Party pursuant to the Sub-Servicing Agreement (the “Sub-Servicer Reports”)
for inclusion in the annual report on Form 10-K or any report on Form 10-D with respect to the Trust covering the fiscal year 20     ;

		(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information in the Sub-Servicer Reports, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make

    	 	Y-8-1	 

    	 

    

the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by the Sub-Servicer
Reports;

		(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Sub-Servicer), the servicing information required to be provided in the Sub-Servicer Reports to the Master Servicer, the Certificate
Administrator and/or each applicable Other Exchange Act Reporting Party by the Sub-Servicer under the Sub-Servicing Agreement
is included in the Sub-Servicer Reports delivered by the Sub-Servicer to the Master Servicer the Certificate Administrator and/or
each applicable Other Exchange Act Reporting Party;

		(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Sub-Servicer under the Sub-Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing
the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect to the Sub-Servicer,
and except as disclosed in such compliance statement delivered by the Sub-Servicer under Section 10.08 of the Pooling and Servicing
Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects in the year
to which such review applies; and

		(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.

	Date:	 	 
	 	 	 
	[                          ]	 

 

	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

    	 	Y-8-2	 

    	 

    

EXHIBIT Z

FORM 8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other
Depositor and Other Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange Act reporting
purposes, the occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form
8-K” column to the extent such party has actual knowledge (after
complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement to obtain such information) of such
information (other than information as to such party itself which such party is obligated to provide). Each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no
“significant obligor” other than a party identified as such in the Prospectus. For this Benchmark 2021-B23 Pooling
and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its
capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement	
        Master Servicer, Special Servicer and the Trustee
        (in the case of the Master Servicer, Special Servicer, and the Trustee, only as to agreements it is a party to or entered into
        on behalf of the Trust)

        Certificate Administrator (other than as to agreements to which
        the Depositor (and no other party to the Pooling and Servicing Agreement) is a party)

        Depositor

	Item 1.02- Termination of a Material Definitive Agreement	
        Master Servicer, Special Servicer and the Trustee
        (in the case of the Master Servicer, Special Servicer and the Trustee, only as to agreements it is a party to or entered into on
        behalf of the Trust)

        Certificate
        Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing Agreement)
        is a party)

        Depositor

 

    	 	Z-1	 

    	 

    

 

 

	Item on Form 8-K	Party Responsible 
	Item 1.03- Bankruptcy or Receivership	Depositor

Each Mortgage Loan Seller as to itself

Each other party to the Pooling and Servicing Agreement (as to itself)
	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	Depositor

Certificate Administrator
	Item 3.03- Material Modification to Rights of Security Holders	Certificate Administrator
	Item 5.03- Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	Depositor
	Item 5.07:  Submission of Matters to a Vote of Security Holders	
        Certificate Administrator

        Trustee

	Item 6.01- ABS Informational and Computational Material	Depositor
	Item 6.02- Change of Master Servicer, Special Servicer or Trustee	
        Master Servicer (as to itself or a servicer
        retained by it)

        Special Servicer (as to itself or a servicer
        retained by it)

        Trustee

        Certificate Administrator (as to itself or a servicer retained by it)

        Depositor

	Item 6.03- Change in Credit Enhancement or Other External Support	Depositor

Certificate Administrator
	Item 6.04- Failure to Make a Required Distribution	Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure	Depositor
	Item 7.01- Regulation FD Disclosure	Depositor
	Item 8.01 – Other Events	Depositor
	Item 9.01 – Financial Statements and Exhibits	Depositor

 

 

    	 	Z-2	 

    	 

    

EXHIBIT AA-1

FORM OF POWER OF ATTORNEY FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax number: 1-888-706-3565

Email: NoticeAdmin@midlandls.com

                                                                                                                                                                                                                               

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee (the “Trustee”)
for Benchmark 2021-B23 Mortgage Trust pursuant to that Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Agreement”)
between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a special servicer,
Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator,
and Wilmington Trust, National Association, as trustee, relating to the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2021-B23, hereby constitutes and appoints Midland Loan Services, a Division of PNC Bank, National
Association (the “Servicer”), by and through the Servicer’s officers, the Trustee’s true and lawful
Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage
loans serviced by the Servicer (the “Mortgage Loans”) and all properties administered by the Servicer (“Properties”)
pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably
necessary and appropriate to effectuate the enumerated transactions described in items (1) through (13) below with respect to the
Mortgage Loans and Properties; provided however, that the documents described below may only be executed and delivered by such
Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise
defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting such Mortgage

    	 	AA-1-1	 

    	 

    

or deed of trust to conform same to
the original intent of the parties thereto or to correct title errors discovered after such title insurance was issued; provided
that said modification or re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust
as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public
utility company or a government agency or unit with powers of eminent domain; this section shall include, without limitation, the
execution of partial satisfactions/releases, partial reconveyances or the execution of requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property
to be acquired as real estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and
discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with
the sale or repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured
thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes,
Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged
Property on behalf of the Trust, foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial
foreclosure and/or any related litigation, including without limitation, guaranty or receivership litigation, or litigation on
the note, or the termination, cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of
eviction actions or proceedings with respect to, or the termination, cancellation or rescission of any such eviction actions or
proceedings, the initiation or defense of any litigation related to the ownership of any REO Property, and the pursuit of title
insurance, hazard insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

    	 	AA-1-2	 

    	 

    

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;

 

		i.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		j.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
including, without limitation, the execution of the following documentation:

		a.	listing agreements;

		b.	purchase and sale agreements;

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;

		d.	escrow instructions; and

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property
or reserves for replacement of personal property.

 

		12.	Execute and/or file such documents and take such other action as is proper and necessary to defend
the Trustee, solely in its capacity as Trustee, in litigation and

    	 	AA-1-3	 

    	 

    

to resolve such litigation, provided
that such resolution shall not include any admission of fault or wrongdoing by the Trustee or, without the Trustee’s consent,
subject the Trustee to any form of injunctive relief.

 

		13.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, or otherwise,
documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties
(including agreements and requests by any borrower with respect to modifications of the standards of operation and management of
such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, managing agreements, any easements, covenants, conditions, restrictions,
equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties, instruments relating to the
custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or
accomplish the Master Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of [EXECUTION DATE OF POA].

    	 	AA-1-4	 

    	 

    

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Servicer has
the power to delegate its rights or obligations under the Agreement, the Servicer also has the power to delegate the authority
given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing
its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for
such purpose. The Servicer's attorneys-in-fact shall have no greater authority than that held by the Servicer.

 

Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association, then
the Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended
to extend the powers granted to the Servicer under the Agreement or to allow the Servicer to take any action with respect to Mortgages,
deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Servicer hereby agrees to indemnify and
hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Servicer. The
foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney is entered into
and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely
upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney
shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by
the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for Benchmark 2021-B23 Mortgage Trust has caused its corporate seal to be hereto affixed and these presents
to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this                                
day of                                .

 

    	 	AA-1-5	 

    	 

    

 

	 	
        Wilmington Trust, National Association,

        as Trustee for Benchmark 2021-B23 Mortgage Trust

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Witness:	 	 
	 	 	 
	 	 	 
	Witness:	 	 
	 	 	 
	 	 	 
	Prepared by:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

	Address:	 	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

 

 

A notary public or other officer completing
this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and
not the truthfulness, accuracy, or validity of that document.

 

STATE OF DELAWARE

COUNTY OF NEW CASTLE

 

 

On                           
before me,                                                   ,
a Notary Public, personally appeared                                            ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed that same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

    	 	AA-1-6	 

    	 

    

 

 

I certify under PENALTY OF PERJURY under the laws of the State of
Delaware that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official seal.	 	 
	(SEAL)	 	 
	 	 	 
	 	 	Signature of Notary Public

 

 

    	 	AA-1-7	 

    	 

    

EXHIBIT AA-2

FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

[CWCapital Asset Management LLC

900 19th Street, NW, 8th Floor

Washington, D.C. 20006

Attention: Legal Department (BMARK 2021-B23)

with a copy to:

Email: CWCAMnoticesBMARK2021-B23@cwcapital.com]

 

[KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Email: keybank_notices@keybank.com]

[Situs Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

email: staceyciarlanti@situsamc.com]

                                                                                                                                                                                                                               

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee (the “Trustee”)
for Benchmark 2021-B23 Mortgage Trust pursuant to that Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Agreement”)
between Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, CWCapital Asset Management LLC, as a special servicer [(in such capacity, the “Special Servicer”)],
KeyBank National Association, solely with respect to the 360 Spear Loan Combination, as a special servicer [(in such capacity,
the “Special Servicer”)], Situs Holdings, LLC, solely with respect to the Pittock Block Loan Combination, as
a special servicer [(in such capacity, the “Special Servicer”)], Park Bridge Lending Services LLC, as operating
advisor and asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Trust, National Association,
as trustee, relating to the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23,
hereby constitutes and appoints the Special Servicer, by and through the Special Servicer’s officers, the Trustee’s
true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection
with all mortgage loans serviced by the Special Servicer (the “Mortgage Loans”) and all properties administered
by the Special Servicer (“REO

    	 	AA-2-1	 

    	 

    

Properties”) pursuant to the Agreement,
to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items (1) through (13) below with respect to the Mortgage Loans and REO
Properties; provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if
such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have
the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto
or to correct title errors discovered after such title insurance was issued; provided that said modification or re-recording,
in either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise
conforms to the provisions of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public
utility company or a government agency or unit with powers of eminent domain; this section shall include, without limitation, the
execution of partial satisfactions/releases, partial reconveyances or the execution of requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property
to be acquired as real estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and
discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with
the sale or repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured
thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

    	 	AA-2-2	 

    	 

    

		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes,
Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged
Property on behalf of the Trust, foreclosure, the taking of a deed in lieu of foreclosure, or the completion of judicial or non-judicial
foreclosure and/or any related litigation, including without limitation, guaranty or receivership litigation, or litigation on
the note, or the termination, cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of
eviction actions or proceedings with respect to, or the termination, cancellation or rescission of any such eviction actions or
proceedings, the initiation or defense of any litigation related to the ownership of any REO Property, and the pursuit of title
insurance, hazard insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;

 

		i.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		j.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

    	 	AA-2-3	 

    	 

    

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
including, without limitation, the execution of the following documentation:

		a.	listing agreements;

		b.	purchase and sale agreements;

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;

		d.	escrow instructions; and

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property
or reserves for replacement of personal property.

 

		12.	Execute and/or file such documents and take such other action as is proper and necessary to defend
the Trustee, solely in its capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall
not include any admission of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to
any form of injunctive relief.

 

		13.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property
or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged
Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management
of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights,
powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination
agreements, non-disturbance and attornment agreements or other leasing or rental

    	 	AA-2-4	 

    	 

    

arrangements, managing agreements,
any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the
Mortgaged Properties or REO Properties, instruments relating to the custody of any collateral that now secures or hereafter may
secure any Mortgage Loan and any other consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or
accomplish the Special Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of [EXECUTION DATE OF POA].

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Special Servicer
has the power to delegate its rights or obligations under the Agreement, the Special Servicer also has the power to delegate the
authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes
of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are
necessary for such purpose. The Special Servicer's attorneys-in-fact shall have no greater authority than that held by the Special
Servicer.

 

Nothing contained herein shall: (i) limit in
any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Special Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended
to extend the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer to take any action with
respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Special Servicer hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Special Servicer.
The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement.

    	 	AA-2-5	 

    	 

    

 

This Limited Power of Attorney is entered into
and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely
upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney
shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by
the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for Benchmark 2021-B23 Mortgage Trust has caused its corporate seal to be hereto affixed and these presents
to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this                        
day of                        

 

	 	
        Wilmington Trust, National Association,

        as Trustee for Benchmark 2021-B23 Mortgage Trust

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Witness:	 	 
	 	 	 
	 	 	 
	Witness:	 	 
	 	 	 
	 	 	 
	Prepared by:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

	Address:	 	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

 

 

    	 	AA-2-6	 

    	 

    

 

 

A notary public or other officer completing
this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and
not the truthfulness, accuracy, or validity of that document.

 

STATE OF DELAWARE

COUNTY OF NEW CASTLE

 

 

On                             
before me,                                                       ,
a Notary Public, personally appeared                                            ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed that same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State of
Delaware that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official seal.	 	 
	(SEAL)	 	 
	 	 	 
	 	 	Signature of Notary Public

 

 

 

    	 	AA-2-7	 

    	 

    

EXHIBIT BB

CLASS A-AB SCHEDULED PRINCIPAL BALANCE

	
        Distribution
        Date
	
        Balance
	 	
        Distribution
        Date
	
        Balance

	3/15/2021	 $19,922,000.00	 	10/15/2025	 $19,922,000.00 
	4/15/2021	 $19,922,000.00	 	11/15/2025	 $19,922,000.00 
	5/15/2021	 $19,922,000.00	 	12/15/2025	 $19,922,000.00 
	6/15/2021	 $19,922,000.00	 	1/15/2026	 $19,921,886.27 
	7/15/2021	 $19,922,000.00	 	2/15/2026	 $19,586,598.03 
	8/15/2021	 $19,922,000.00	 	3/15/2026	 $19,173,622.37 
	9/15/2021	 $19,922,000.00	 	4/15/2026	 $18,820,536.44 
	10/15/2021	 $19,922,000.00	 	5/15/2026	 $18,446,076.31 
	11/15/2021	 $19,922,000.00	 	6/15/2026	 $18,090,787.96 
	12/15/2021	 $19,922,000.00	 	7/15/2026	 $17,714,189.94 
	1/15/2022	 $19,922,000.00	 	8/15/2026	 $17,356,685.93 
	2/15/2022	 $19,922,000.00	 	9/15/2026	 $16,998,099.98 
	3/15/2022	 $19,922,000.00	 	10/15/2026	 $16,618,301.01 
	4/15/2022	 $19,922,000.00	 	11/15/2026	 $16,257,479.58 
	5/15/2022	 $19,922,000.00	 	12/15/2026	 $15,875,510.63 
	6/15/2022	 $19,922,000.00	 	1/15/2027	 $15,512,440.26 
	7/15/2022	 $19,922,000.00	 	2/15/2027	 $15,148,270.98 
	8/15/2022	 $19,922,000.00	 	3/15/2027	 $14,723,158.03 
	9/15/2022	 $19,922,000.00	 	4/15/2027	 $14,356,597.35 
	10/15/2022	 $19,922,000.00	 	5/15/2027	 $13,969,057.35 
	11/15/2022	 $19,922,000.00	 	6/15/2027	 $13,600,213.22 
	12/15/2022	 $19,922,000.00	 	7/15/2027	 $13,210,456.67 
	1/15/2023	 $19,922,000.00	 	8/15/2027	 $12,839,315.35 
	2/15/2023	 $19,922,000.00	 	9/15/2027	 $12,467,050.48 
	3/15/2023	 $19,922,000.00	 	10/15/2027	 $12,073,973.44 
	4/15/2023	 $19,922,000.00	 	11/15/2027	 $11,699,390.81 
	5/15/2023	 $19,922,000.00	 	12/15/2027	 $11,304,063.93 
	6/15/2023	 $19,922,000.00	 	1/15/2028	 $10,927,149.59 
	7/15/2023	 $19,922,000.00	 	2/15/2028	 $10,549,094.08 
	8/15/2023	 $19,922,000.00	 	3/15/2028	 $10,111,110.71 
	9/15/2023	 $19,922,000.00	 	4/15/2028	 $9,713,151.55 
	10/15/2023	 $19,922,000.00	 	5/15/2028	 $9,293,392.33 
	11/15/2023	 $19,922,000.00	 	6/15/2028	 $8,892,955.24 
	12/15/2023	 $19,922,000.00	 	7/15/2028	 $8,470,790.70 
	1/15/2024	 $19,922,000.00	 	8/15/2028	 $8,067,860.76 
	2/15/2024	 $19,922,000.00	 	9/15/2028	 $7,663,710.10 
	3/15/2024	 $19,922,000.00	 	10/15/2028	 $7,237,940.81 
	4/15/2024	 $19,922,000.00	 	11/15/2028	 $6,831,274.97 
	5/15/2024	 $19,922,000.00	 	12/15/2028	 $6,403,064.19 
	6/15/2024	 $19,922,000.00	 	1/15/2029	 $5,993,868.03 
	7/15/2024	 $19,922,000.00	 	2/15/2029	 $5,583,431.99 
	8/15/2024	 $19,922,000.00	 	3/15/2029	 $5,111,179.92 
	9/15/2024	 $19,922,000.00	 	4/15/2029	 $4,698,067.04 
	10/15/2024	 $19,922,000.00	 	5/15/2029	 $4,263,598.16 
	11/15/2024	 $19,922,000.00	 	6/15/2029	 $3,847,916.16 
	12/15/2024	 $19,922,000.00	 	7/15/2029	 $3,410,953.42 
	1/15/2025	 $19,922,000.00	 	8/15/2029	 $2,992,686.83 
	2/15/2025	 $19,922,000.00	 	9/15/2029	 $2,573,152.67 
	3/15/2025	 $19,922,000.00	 	10/15/2029	 $2,132,450.65 
	4/15/2025	 $19,922,000.00	 	11/15/2029	 $1,710,308.71 
	5/15/2025	 $19,922,000.00	 	12/15/2029	 $1,267,075.33 
	6/15/2025	 $19,922,000.00	 	1/15/2030	 $842,309.91 
	7/15/2025	 $19,922,000.00	 	2/15/2030	 $416,257.07 
	8/15/2025	 $19,922,000.00	 	3/15/2030 and thereafter	 $0.00 
	9/15/2025	 $19,922,000.00 	 	 	 

 

    	 	BB-1	 

    	 

    

EXHIBIT CC-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

[Date]

 

	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

         

	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com
	 	 

 

		Re:	Benchmark 2021-B23 Mortgage Trust,
                                         Commercial Mortgage Pass-Through Certificates, Series 2021-B23                                                                                              

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by                                   
(the “Transferor”) to                                   
(the “Transferee”) of the Excess Servicing Fee Right (as defined below) established under the Pooling and Servicing
Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer,
CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as
Depositor, that:

1.       The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”),
with the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

    	 	CC-1-1	 

    	 

    

2.       Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	CC-1-2	 

    	 

    

EXHIBIT CC-2

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

[Date]

	
        Midland Loan Services, a Division of PNC Bank, National Association,

        as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Email: NoticeAdmin@midlandls.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Telecopy number: (347) 394-0898

        E-mail: raul.d.orozco@citi.com

         

	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Telecopy number: (646) 328-2943

        E-mail: richard.simpson@citi.com

         
	 	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Telecopy number: (646) 862-8988

        E-mail: ryan.m.oconnor@citi.com

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23                                                                          

Ladies and Gentlemen:

This letter is delivered
to you in connection with the transfer by                                     
(the “Transferor”) to                                     
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of February 1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage
Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital
Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services
LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust,
National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor
and the Master Servicer, that:

1.       The
Transferee is acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its
own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole
or in part, in any manner

    	 	CC-2-1	 

    	 

    

which would violate the Securities Act
of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

2.       The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit CC-1 to the Pooling and Servicing Agreement, and (B) each of Midland Loan Services, a Division of PNC Bank, National
Association and the Depositor has received a certificate from the prospective transferee substantially in the form attached as
Exhibit CC-2 to the Pooling and Servicing Agreement.

3.       The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

4.       Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

5.       The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.

6.       The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1),

    	 	CC-2-2	 

    	 

    

(2), (3) and (7) of Rule 501(a) under
the Securities Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess
Servicing Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete
loss of such investment.

7.       The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives (collectively, “Representatives”) not to disclose such information, in any manner
whatsoever, in whole or in part, to any other Person other than the Transferee’s auditors, legal counsel and regulators,
except to the extent such disclosure is required by law, court order or other legal requirement or to the extent such information
is of public knowledge at the time of disclosure by such Person or has become generally available to the public other than as a
result of disclosure by such Person; provided, however, that the Transferee or any of its Representatives may provide all or any
part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and only
if, such other Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information confidential,
not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act
or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities Act and not to disclose
such information, and to cause its officers, directors, partners, employees, agents or representatives not to disclose such information,
in any manner whatsoever, in whole or in part, to any other Person other than such other Person’s auditors, legal counsel
and regulators.

8.       The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	 	CC-2-3	 

    	 

    

EXHIBIT DD

FORM OF NOTICE AND CERTIFICATION REGARDING
DEFEASANCE OF MORTGAGE LOAN

		To:	S&P Global Ratings

55 Water Street,
41st Floor

New York, New York
10041

Attention: Commercial
Mortgage Surveillance Manager

Email: cmbs_info_17g5@spglobal.com

Fitch Ratings,
Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 635-0295

E-mail: Info.cmbs@fitchratings.com

DBRS, Inc.

140 Broadway, 43rd Floor

New York, New York 10005

Attention: CMBS Surveillance

Email: CMBS.surveillance@morningstar.com

		From:	Midland Loan Services, a Division of PNC Bank, National Association, in its capacity as Master Servicer
(the “Master Servicer”) under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, the Master Servicer,
CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee.

		Date:	, 20     

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23
[Mortgage Loan][Trust Subordinate Companion Loan] (the “Subject Mortgage Loan”) heretofore secured by real property
known as                             
[Include the following, with appropriate modification, if there is pari passu or AB debt: as evidenced by that certain Promissory
Note [A-[  ]][A] in the amount of $                   ,
which Promissory Note [A-[  ]][A] is owned by the Trust, and Promissory Note [    ] in the amount
of $                   ,
which Promissory Note [       ] is owned by                             ]

Capitalized terms
used but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.

    	 	DD-1	 

    	 

    

THE STATEMENTS
SET FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE SERVICING STANDARD
SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B) WITHOUT INTENDING TO WARRANT
THE ACCURACY THEREOF OR UNDERTAKE ANY DUTY OR STANDARD OF CARE GREATER THAN THE DUTIES OF SERVICER UNDER THE POOLING AND SERVICING
AGREEMENT AND THE SERVICING STANDARD.

We hereby notify
you and confirm that each of the following is true, subject to those exceptions, if any, set forth on Exhibit A hereto, which exceptions
the Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse effect on the Subject
Mortgage Loan or the defeasance transaction:

1.                 
The Mortgagor has consummated a defeasance of the Subject Mortgage Loan of the type checked below:**

        
a full defeasance of the entire outstanding principal balance ($                           )
of the Subject Mortgage Loan; or

        
a partial defeasance of a portion ($                           )
of the Subject Mortgage Loan that represents       % of the entire principal balance of the
Subject Mortgage Loan ($                           ).

2.                 
The defeasance was consummated on                            ,
20     .

3.                 
The defeasance was completed in all material respects in accordance with the conditions for defeasance specified in the
Loan Documents and in accordance with the Servicing Standard.

[Include the following
if there is pari passu or AB debt:

4.                 
In accordance with the Loan Documents, the defeasance occurred such that:

        
Promissory Notes [A-[     ]][A] and [     ] were defeased simultaneously
in their entirety; or

        
Promissory Note [     ] was paid off in full.]

5.                 
To the knowledge of the Master Servicer any other debt related to the Subject Mortgage Loan (including mezzanine debt, senior
secured debt, pari passu debt or subordinate secured debt was either paid off in full or defeased. Such debt consists of the following:
[Describe debt and holder of the debt and if it was paid off or defeased].

6.                 
The defeasance collateral consists only of one or more of the following: (i) direct debt obligations of the U.S. Treasury,
(ii) direct debt obligations of the Federal National Mortgage Association, (iii) direct debt obligations of the Federal Home Loan
Mortgage

    	 	DD-2	 

    	 

    

Corporation, (iv) interest-only direct
debt obligations of the Resolution Funding Corporation, (v) consolidated debt obligations of the Federal Home Loan Bank or (vi)
securities covered by the Federal Deposit Insurance Corporation’s (the “FDIC”) Temporary Liquidity Guarantee
Program (“TLGP”). Based upon a written report from an independent certified accountant, such defeasance collateral
consists of securities that (i) if they include a principal obligation, the principal due at maturity cannot vary or change, (ii)
provide for interest at a fixed rate and (iii) are not callable prior to their respective maturity dates. In addition, if the defeasance
collateral contains any TLGP securities, then:

		·	Such securities are eligible under TLGP;

		·	The master servicer (and the trustee, if it serves as the back-up advancing agent for the transaction)
has waived its right to (i) collect interest on advances made on behalf of the borrower holding TLGP securities, and (ii) collect
for expenses incurred in making demand on the FDIC;

		·	If the TLGP debt is to be used to satisfy a balloon payment, a reserve conforming to the criteria
for eligible accounts was funded with a minimum of 90 days interest on the defeasance collateral to cover potential delays in receipt
of the balloon payment;

		·	The TLGP securities mature before June 30, 2012; and

		·	The master servicer’s error and omissions insurance policy covers losses to the CMBS trust
caused by the master servicer’s failure to make timely demand on the FDIC’s guarantee.

7.                 
After the defeasance, the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that: (i) is the original Mortgagor, (ii) is a Single-Purpose Entity (as described in S&P’s criteria), (iii) is subject
to restrictions in its organizational documents substantially similar to those contained in the organizational documents of the
original Mortgagor with respect to bankruptcy remoteness and single purpose, (iv) has been designated as the Defeasance Obligor
by the originator of the Subject Mortgage Loan pursuant to the terms of the Loan Documents, or (v) has previously received confirmation
from Standard & Poor’s that the organizational documents of such Defeasance Obligor conform with applicable Standard
& Poor’s criteria. The Defeasance Obligor owns no assets other than defeasance collateral and (only in the case of the
original Mortgagor) real property securing one or more Mortgage Loans included in the pool under the Pooling and Servicing Agreement
(the “Pool”).

8.                 
If such Defeasance Obligor (together with its affiliates) holds more than one defeased loan, it does not (together with
its affiliates) hold defeased loans aggregating more than $35 Million or more than five percent (5%) of the aggregate certificate
balance of the Certificates, as of the date of the most recent Certificate Administrator’s Distribution Date Statement received
by the Master Servicer (the “Current Report”), except to the extent the Defeasance Obligor is of the type specified
in paragraph 7(v) above or the original Loan Documents do not limit the amount of defeased loans that it may hold.

    	 	DD-3	 

    	 

    

9.                 
 The defeasance documents require that the defeasance collateral be credited to an eligible account (as defined in S&P’s
criteria) that must be maintained as a securities account by a securities intermediary that is at all times an Eligible Institution
(as defined in S&P’s criteria). The securities intermediary may reinvest proceeds of the defeasance collateral only in
Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).

10.             
The securities intermediary is obligated to pay from the proceeds of the defeasance collateral, directly to the Master Servicer’s
collection account, all scheduled payments on the Subject Mortgage Loan or, in a partial defeasance, the portion of such scheduled
payments attributed to the allocated loan amount for the real property defeased including any defeasance premiums set forth in
the loan documents (the “Scheduled Payments”).

11.             
The Master Servicer received written confirmation from an independent certified public accountant stating that (i) revenues
from the defeasance collateral (without taking into account any earnings on reinvestment of such revenues) will be sufficient to
timely pay each of the Monthly Payments including the payment in full of the Subject Mortgage Loan (or the allocated portion thereof
in connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date),
(ii) except as otherwise disclosed in the written report from an independent certified public accountant, [and disclosed below,]
the revenues received in any month from the defeasance collateral will be applied to make Monthly Payments within four (4) months
after the date of receipt, (iii) the defeasance collateral is not callable prior to their respective maturity dates, and (iv) interest
income from the defeasance collateral to the Defeasance Obligor in any tax year will not exceed such Defeasance Obligor’s
interest expense for the Subject Mortgage Loan (or the allocated portion thereof in a partial defeasance) for such year, other
than in the year in which the Maturity Date or Anticipated Repayment Date will occur, when interest income will exceed interest
expense.

12.             
The Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not
cause any Trust REMIC to fail to qualify as a REMIC for purpose of the Code, (ii) the agreements executed by the Mortgagor and
the Defeasance Obligor in connection with the defeasance are enforceable against them in accordance with their terms, [and] (iii)
the Trustee will have a perfected, first priority security interest in the defeasance collateral.

13.             
The agreements executed in connection with the defeasance (i) prohibit subordinate liens against the defeasance collateral,
(ii) provide for payment from sources other than the defeasance collateral of all fees and expenses of the securities intermediary
for administering the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance
Obligor, (iii) permit release of surplus defeasance collateral and earnings on reinvestment to the Defeasance Obligor only after
the Subject Mortgage Loan has been paid in full, (iv) include representations and/or covenants of the Mortgagor and/or securities
intermediary substantially as set forth on Exhibit B hereto, (v) provide for survival of such representations; and (vi) do not
permit waiver of such representations and covenants.

14.             
At the time of the defeasance of the Subject Mortgage Loan, the Subject Mortgage Loan is (x) not one of the ten largest
Mortgage Loans by Stated Principal Balance,

    	 	DD-4	 

    	 

    

(y) a Mortgage Loan with a Stated
Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that represents less than 5% of the Stated Principal
Balance of all Mortgage Loans.

15.             
Copies of all material agreements, instruments, organizational documents, opinions of counsel, accountant’s report
and other items delivered in connection with the defeasance will be provided to you upon request.

16.             
The individual executing this notice is an authorized officer or a servicing officer of the Master Servicer.

IN WITNESS WHEREOF,
the Master Servicer has caused this notice to be executed as of the date captioned above.

	 	[MASTER SERVICER]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	DD-5	 

    	 

    

 

EXHIBIT A

Exceptions

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	DD-6	 

    	 

    

 

EXHIBIT B

Sample Perfected
Security Interest Representations

General:

1.                 
[The defeasance agreements] create a valid and continuing security interest (as defined in the applicable UCC) in the [Collateral,
Securities Account and Deposit Account] in favor of the [Secured Party], which security interest is prior to all other [Liens],
and is enforceable as such as against creditors of and purchasers from [Debtor].

Note that “Collateral”
means securities, permitted investments and other assets credited to securities accounts.

1.                 
The [Deposit Account] constitutes a “deposit account” within the meaning of the applicable UCC.

2.                 
All of the [Collateral] has been and will have been credited to a [Securities Account]. The securities intermediary for
the [Securities Account] has agreed to treat all assets credited to the [Securities Account] as “financial assets”
within the meaning of the UCC.

Creation:

1.                 
The Defeasance Account Agreement provides that the Pledgee shall have “control” (as defined in the applicable
UCC).

2.                 
[Debtor] has received all consents and approvals required by the terms of the [Collateral] to the transfer to the [Secured
Party] of its interest and rights in the [Collateral] hereunder.

Perfection:

1.                 
[Debtor] has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in
the [Collateral, Securities Account and Deposit Account] to the [Secured Party] hereunder.

2.                 
[Debtor] has delivered to[Secured Party] a fully executed agreement pursuant to which the securities intermediary or the
account bank has agreed to comply with all instructions originated by the [Secured Party] relating to the [Securities Account]
or directing disposition of the funds in the [Deposit Account] without further consent by the [Debtor].

3.                 
[Debtor] has taken all steps necessary to cause the securities intermediary to identify in its records the [Secured Party]
as the person having a security entitlement against the securities intermediary in the [Securities Account].

4.                 
To the extent a Deposit Account exists, [Debtor] has taken all steps necessary to cause [Secured Party] to become the account
holder of the [Deposit Account].

    	 	DD-7	 

    	 

    

Priority:

1.                 
Other than the security interest granted to the [Secured Party] pursuant to this Agreement, [Debtor] has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the [Collateral, Securities Account and Deposit Account]. [Debtor]
has not authorized the filing of and is not aware of any financing statements against [Debtor] that include a description of collateral
covering the [Collateral, Securities Account and Deposit Account] other than any financing statement relating to the security interest
granted to the [Secured Party] hereunder or that has been terminated. Debtor is not aware of any judgment or tax lien filings against
[Debtor].

2.                 
The [Securities Account and Deposit Account] are not in the name of any person other than the [Debtor] or the [Secured Party].
The [Debtor] has not consented to the securities intermediary of any [Securities Account] or the account bank of any [Deposit Account]
to comply with entitlement orders or instructions of any person other than the [Secured Party].

 

 

    	 	DD-8	 

    	 

    

EXHIBIT EE

FORM OF CERTIFICATION WITH RESPECT
TO THE 2601 WILSHIRE MORTGAGE LOAN

NOTICE 

CERTIFICATION AND ACKNOWLEDGMENT OF

SECTIONS 5950-5955 OF CALIFORNIA GOVERNMENT
CODE

                       
      , 2020

 

VIA OVERNIGHT DELIVERY 

Return receipt requested 

 

County of Los Angeles

Chief Executive Office - Real Estate Division

320 West Temple Street, 7th Floor

Los Angeles, CA 90012

Attention: Director of Real Estate

 

 

		RE:	Lease Agreement dated February 11, 2020, between 211 East Ocean, LLC, a Delaware limited liability
company, as landlord, and County of Los Angeles, a body corporate and politic, as tenant (as the same may be amended, supplemented
and/or modified from time to time, the “Lease”)

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Lease. Capitalized terms used but not defined herein shall have the meanings given to them in the Lease.

211
East Ocean, LLC, a Delaware limited liability company (“Landlord”) is the owner of that certain
fee simple estate in and to the premises described on Exhibit A hereto commonly known as 2601 Wilshire Boulevard, Los Angeles,
California (the “Property”), which Property is currently subject to the Lease. In connection with the
Property, DBR INVESTMENTS CO. LIMITED (together with its successors and assigns,
“Lender”) made a loan to Landlord secured by, among other things, a Security Agreement. The Lender subsequently
assigned all of its rights and title under the Security Agreement to German American Capital Corporation (“GACC”),
its affiliate.  GACC subsequently assigned all of its rights and title under the Security Agreement to the Benchmark 2021-B23
Mortgage Trust (the “Trust”), pursuant to an assignment of deed of trust, assignment of leases and rents,
security agreement and fixture filing, dated February 18, 2021.

Pursuant to Section
32.3(c) of the Lease, the Trust hereby certifies and agrees that the Trust has read and is familiar with the requirements of Sections
5950-5955 of California Government Code, which prohibits the offer or sale of any security constituting a fractional interest in
this Lease or any portion thereof, without the prior written consent of the County.

Please acknowledge receipt
of this notification and confirmation that Landlord and the Trust are in compliance with Section 32 of the Lease by signing the
space provided below. This letter may be executed in any number of counterparts and all such taken together will be deemed to constitute
one and the same instrument.

    	 	 	 

    	 

    

 

 

[Signatures continue on following page]

 

    	 	 	 

    	 

    

 

	 	Sincerely,
	 	 	 
	 	BENCHMARK 2021-B23 MORTGAGE TRUST
	 	 	 
	 	 	By:
	 	 	 
	 	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as trustee of Benchmark 2021-B23 Trust
	 	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

cc:

 

County of Los Angeles

Office of the County Counsel

648 Kenneth Hahn Hall of Administration

500 West Temple Street

Los Angeles, CA 90012-2713

Attention: Property Division

 

    	 	 	 

    	 

    

 

Exhibit
A

 

Legal Description

 

 

Real property in the City of Los Angeles, County
of Los Angeles, State of California, described as follows:

 

PARCEL 1:

 

LOTS 1, 2 AND 3 OF TRACT NO. 6241, IN THE CITY
OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 55, PAGES 84 AND 85 OF MAPS, IN THE OFFICE
OF THE COUNTY RECORDER OF SAID COUNTY.

 

PARCEL 2:

 

LOTS 4, 5 AND 6 IN BLOCK 6 OF THE WILSHIRE
BOULEVARD TRACT, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 66, PAGE 5
OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

 

PARCEL 3:

 

THE SOUTHERLY 54 FEET OF LOT 3 IN BLOCK 6 OF
WILSHIRE BOULEVARD TRACT, BEING A SUBDIVISION OF LOT 2 IN BLOCK 25 OF HANCOCK'S SURVEY, IN THE CITY OF LOS ANGELES, COUNTY OF LOS
ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 66, PAGE 5 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER
OF SAID COUNTY.

 

    	 	EE-1	 

    	 

    

EXHIBIT FF-1

 

FORM OF NOTICE REGARDING OUTSIDE 

SERVICED MORTGAGE LOAN

(MGM Grand & Mandalay Bay)

[Date]

	
        KeyBank National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Michael Tilden

        Facsimile: (877) 379-1625

        Email: michael_a_tilden@keybank.com
	
        Situs Holdings, LLC

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        E-mail: stacey.ciarlanti@situsamc.com

         

        with a copy to:

         

        Situs Group, LLC

        5065 Westheimer, Suite 700E

        Houston, Texas 77056

        Attention: Legal Department

        E-mail: legal@situsamc.com

         

	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – BX 2020-VIVA
        Fax number: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com
	
        Citibank, N.A.

        388 Greenwich Street

        New York, New York 10013

        Attention: Citibank Agency & Trust - BX
        2020-VIVA

        Fax number: (212) 816-5527

         

        and with respect to e-mail pursuant to this Agreement, at ratingagencynotice@citi.com

	 	 

		Re:	BX Commercial Mortgage Trust 2020-VIVA, Commercial Mortgage Pass-Through Certificates, Series 2020-VIVA                                                                  

Ladies and Gentlemen:

Reference is hereby
made to the Trust and Servicing Agreement, dated as of May 5, 2020 (the “BX 2020-VIVA TSA”), between Citigroup
Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer,
Wilmington Trust, National Association, as trustee, and Citibank, N.A., as certificate administrator. Capitalized terms used but
not defined herein shall have the meanings given to them in the BX 2020-VIVA TSA.

    	 	FF-1-1	 

    	 

    

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “B23 PSA”),
between (among others) Citigroup Commercial Mortgage Securities Inc., as depositor (the “B23 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “B23 Master Servicer”),
CWCapital Asset Management LLC, as a special servicer (in such capacity, the “B23 Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B23 Operating Advisor”) and asset representations
reviewer (in such capacity, the “B23 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator
(in such capacity, the “B23 Certificate Administrator”), and Wilmington Trust, National Association, as trustee
(in such capacity, the “B23 Trustee”), pursuant to which the Benchmark 2021-B23 Mortgage Trust (the “B23
Trust”) was established and a pool of commercial and multifamily mortgage loans were transferred to the B23 Trust as
of February 18, 2021 (the “Closing Date”), including the Companion Loans evidenced by promissory notes A-13-8
and A-15-8 (collectively, the “Subject Serviced Companion Loans”):

The undersigned
hereby notifies you that, as of the Closing Date:

1.       Wilmington
Trust, National Association, as trustee under the B23 PSA, is the holder of the Subject Serviced Companion Loans. You are directed
to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the B23 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer under the B23 PSA, all reports, statements, documents, communications and other
information that are to be forwarded, delivered or otherwise made available to the Companion Loan Holders with respect to the Subject
Serviced Companion Loans under the BX 2020-VIVA TSA and the Co-Lender Agreement, respectively. The wire instructions for Midland
Loan Services, a Division of PNC Bank, National Association, as B23 Master Servicer, are as follows:

 

[INSERT WIRE INSTRUCTIONS PROVIDED BY MIDLAND LOAN SERVICES,
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION]

2.       The
contact information for the B23 Trustee, the B23 Certificate Administrator, the B23 Master Servicer, the B23 Special Servicer,
the B23 Operating Advisor, the B23 Asset Representations Reviewer and the B23 Depositor with respect to the Subject Serviced Companion
Loans is as follows:

 

	B23 Trustee:	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Fax number: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

	B23 Certificate Administrator:	Citibank, N.A.

                                                                                388
Greenwich Street 

    	 	FF-1-2	 

    	 

    

		
        New York, New York 10013

        Attention: Citibank Agency & Trust - Benchmark 2021-B23

        Fax number: (212) 816-5527

         

        and with respect to e-mail
        pursuant to the B23 PSA, at ratingagencynotice@citi.com

	B23 Master Servicer 	
        Midland Loan Services, a Division
        of PNC Bank, National Association,

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President
        – Division Head

        Fax number: 1-888-706-3565

         

        with a copy to:

         

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Fax number: (816) 412-9338

         

        and with respect to e-mail pursuant to the B23 PSA, at NoticeAdmin@midlandls.com
        (with a copy to AskMidland@midlandls.com, solely with respect to notices under Section 12.06 and Section 12.13
        of the B23 PSA)

	B23 Special Servicer:	
        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

         

        with a copy to:

         

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

	B23 Operating Advisor and B23 Asset Representations Reviewer:	Park Bridge Lender Services LLC

                                                                                600 Third Avenue, 40th floor

                                                                                New York, New York 10016

                                                                                Attention: Benchmark 2021-B23—Surveillance Manger

    	 	FF-1-3	 

    	 

    

 

		
        

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

	B23 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

 

3.       The
B23 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

 

4.       Enclosed
herewith is a copy of an executed version of the B23 PSA.

 

5.       As
of the date hereof, the Controlling Class Representative (as defined in the B23 PSA) under the B23 PSA is LD II Holdco XV, LLC.

    	 	FF-1-4	 

    	 

    

 

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	 	FF-1-5	 

    	 

    

EXHIBIT FF-2

 

FORM OF NOTICE REGARDING OUTSIDE 

SERVICED MORTGAGE LOAN

(The Grace Building)

[Date]

	
        Wells Fargo Bank, National Association

        as servicer

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Grace 2020-GRCE Asset Manager

        Facsimile number: (704) 715-0036

         

        With a copy by email to: commercial.servicing@wellsfargo.com

         

        with a copy to:

        

        Wells Fargo Bank, National Association

        Legal Department

        301 South College Street

        Charlotte, North Carolina 28202-0166

        Attention: Commercial Mortgage Servicing Legal Support

        Facsimile number: (704) 383-0353

        Reference: Grace 2020-GRCE

         

        with a copy to:

        K&L Gates LLP

        300 South Tryon Street, Suite 1000

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Reference: Grace 2020-GRCE

        Facsimile number: (704) 353-3190

        Email: stacy.ackermann@klgates.com

         
	
        Situs Holdings, LLC

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        Email: staceyciarlanti@situsamc.com

         

        with a copy to:

         

        Situs Group, LLC

        5065 Westheimer, Suite 700E

        Houston, Texas 77056

        Attention: Legal Department

        Email: legal@situsamc.com;

         

	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington,
Delaware 19890

        Attention: CMBS Trustee – Grace
2020-GRCE

         
	
        Wells Fargo Bank, National Association

        as custodian

        1055 10th Avenue SE

        Minneapolis, Minnesota 55414

        Attention: Document Custody Group Grace

         

  

    	 	FF-2-1	 

    	 

    

 

	With a copy to

                                                          Email:  cmbstrustee@wilmingtontrust.com

                                                           
	200-GRCE

                                                          Email:  cmbscustody@wellsfargo.com

	
         Wells Fargo Bank, National
Association

        as certificate administrator

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services –
        Grace 2020-GRCE

        with a copy to:

        Facsimile number: (410) 715-2380

        Email: cts.cmbs.bond.admin@wellsfargo.com
        and

        trustadministrationgroup@wellsfargo.com
	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Grace 2020-GRCE-Surveillance Manager
        (with a copy sent

        contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

		Re:	Grace Trust 2020-GRCE, Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE                                                            

Ladies and Gentlemen:

Reference is hereby
made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “GRACE 2020-GRCE TSA”), between
Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo Bank, National Association, as servicer, Situs Holdings,
LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor. Capitalized terms used but
not defined herein shall have the meanings given to them in the GRACE 2020-GRCE TSA.

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “B23 PSA”),
between (among others) Citigroup Commercial Mortgage Securities Inc., as depositor (the “B23 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “B23 Master Servicer”),
CWCapital Asset Management LLC, as a special servicer (in such capacity, the “B23 Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B23 Operating Advisor”) and asset representations
reviewer (in such capacity, the “B23 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator
(in such capacity, the “B23 Certificate Administrator”), and Wilmington Trust, National Association, as trustee
(in such capacity, the “B23 Trustee”), pursuant to which the Benchmark 2021-B23 Mortgage Trust (the “B23
Trust”) was established and a pool of commercial and multifamily mortgage loans were transferred to the B23 Trust as
of February 18, 2021 (the “Closing Date”), including the Companion Loans evidenced by promissory notes A-2-4
and A-4-3 (the “Subject Serviced Companion Loans”):

The undersigned
hereby notifies you that, as of the Closing Date:

1.       Wilmington
Trust, National Association, as trustee under the B23 PSA, is the holder of the Subject Serviced Companion Loans. You are directed
to remit to Midland Loan

    	 	FF-2-2	 

    	 

    

Services, a Division of PNC Bank, National
Association, as master servicer under the B23 PSA, all amounts payable to, and to forward, deliver or otherwise make available,
as the case may be, to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the B23 PSA,
all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made
available to the Companion Loan Holders with respect to the Subject Serviced Companion Loans under the GRACE 2020-GRCE TSA and
the Co-Lender Agreement, respectively. The wire instructions for Midland Loan Services, a Division of PNC Bank, National Association,
as B23 Master Servicer, are as follows:

 

[INSERT WIRE INSTRUCTIONS PROVIDED BY MIDLAND LOAN SERVICES,
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION]

2.       The
contact information for the B23 Trustee, the B23 Certificate Administrator, the B23 Master Servicer, the B23 Special Servicer,
the B23 Operating Advisor, the B23 Asset Representations Reviewer and the B23 Depositor with respect to the Subject Serviced Companion
Loans is as follows:

 

	B23 Trustee:	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Fax number: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

	B23 Certificate Administrator:	
        Citibank, N.A.

        388 Greenwich Street

        New York, New York 10013

        Attention: Citibank Agency & Trust - Benchmark 2021-B23

        Fax number: (212) 816-5527

         

        and with respect to e-mail
        pursuant to the B23 PSA, at ratingagencynotice@citi.com

	B23 Master Servicer 	
        Midland Loan Services, a Division
        of PNC Bank, National Association,

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President
        – Division Head

        Fax number: 1-888-706-3565

         

        with a copy to:

         

        Stinson LLP

        

 

    	 	FF-2-3	 

    	 

    

  

	 	1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Fax number: (816) 412-9338

 

and with respect to e-mail pursuant to the B23 PSA, at NoticeAdmin@midlandls.com
(with a copy to AskMidland@midlandls.com, solely with respect to notices under Section 12.06 and Section 12.13
of the B23 PSA)

	B23 Special Servicer:	
        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

         

        with a copy to:

         

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

	B23 Operating Advisor and B23 Asset Representations Reviewer:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

	B23 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

        

 

 

    	 	FF-2-4	 

    	 

    

 

		
        

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

 

3.       The
B23 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

 

4.       Enclosed
herewith is a copy of an executed version of the B23 PSA.

 

5.       As
of the date hereof, the Controlling Class Representative (as defined in the B23 PSA) under the B23 PSA is LD II Holdco XV, LLC.

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	FF-2-5	 

    	 

    

EXHIBIT FF-3

 

FORM OF NOTICE REGARDING OUTSIDE 

SERVICED MORTGAGE LOAN

(Station Park & Station Park West and
Rugby Pittsburgh Portfolio)

[Date]

	
        Wells Fargo Bank, National Association

        as trustee and certificate administrator

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B22

         

        with copies to:

        cts.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellfargo.com

         
	
        Wells Fargo Bank, N.A. Document Custody Group

        as custodian

        1055 10th Avenue SE

        Minneapolis, Minnesota 55414

        Attention: Benchmark 2020-B22 – Document Custody Group

        Email: CMBSCustody@wellsfargo.com

	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BMARK 2020-B22 Transaction Manager

         

        with a copy sent via email to: notices@pentalphasurveillance.com
with BMARK 2020-B22 in the subject line 

        with a copy to:

        Bass, Berry & Sims PLC

        150 Third Avenue South

        Suite 2800

        Nashville, Tennessee 37201

        Attention: Jay H. Knight

        Email: jknight@bassberry.com

         
	
        Midland Loan Services, a Division of PNC Bank, National Association

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Facsimile: (888) 706-3565

        Email: NoticeAdmin@midlandls.com

         

        with a copy to:

         

        Eversheds Sutherland (US) LLP

        700 Sixth Street, NW, Suite 700

        Washington, DC 20001

        Attention: Lisa A. Rosen

        Facsimile: (202) 637-3593

        Email: lisarosen@eversheds-sutherland.com

	
        Rialto Capital Advisors, LLC

        Southeast Financial Center

        200 S. Biscayne Blvd, Suite 3550

        Miami, Florida 33131

        Attention: Liat Heller

        Facsimile number: (305) 229-6425

        Email: liat.heller@rialtocapital.com
	
         

         

  

    	 	FF-3-1	 

    	 

    

 

	
        Jeff Krasnoff

        Facsimile number: (305) 229-6425

        Email: jeff.krasnoff@rialtocapital.com

         

        Niral Shah

        Facsimile number: (305) 229-6426

        Email: niral.shah@rialtocapital.com

         

        Adam Singer

        Facsimile number: (305) 229-6425

        Email: adam.singer@rialtocapital.com
	
         

         

		Re:	Benchmark 2020-B22 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-B22                                                                            

Ladies and Gentlemen:

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of December 1, 2020 (the “BMARK 2020-B22 PSA”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as
trustee, certificate administrator, paying agent and custodian, and Pentalpha Surveillance LLC, as operating advisor and asset
representations reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the BMARK 2020-B22
PSA.

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “B23 PSA”),
between (among others) Citigroup Commercial Mortgage Securities Inc., as depositor (the “B23 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “B23 Master Servicer”),
CWCapital Asset Management LLC, as a special servicer (in such capacity, the “B23 Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B23 Operating Advisor”) and asset representations
reviewer (in such capacity, the “B23 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator
(in such capacity, the “B23 Certificate Administrator”), and Wilmington Trust, National Association, as trustee
(in such capacity, the “B23 Trustee”), pursuant to which the Benchmark 2021-B23 Mortgage Trust (the “B23
Trust”) was established and a pool of commercial and multifamily mortgage loans were transferred to the B23 Trust as
of February 18, 2021 (the “Closing Date”), including the following Companion Loans (the “Subject Serviced
Companion Loans”):

	Name of Mortgage Loan as identified on Mortgage Loan Schedule	Promissory Note Evidencing Subject Serviced Companion Loan
	Station Park & Station Park West	Note A-2

    	 	FF-3-2	 

    	 

    

 

	Name of Mortgage Loan as identified on Mortgage Loan Schedule	Promissory Note Evidencing Subject Serviced Companion Loan
	Rugby Pittsburgh Portfolio	Note A-2

 The undersigned
hereby notifies you that, as of the Closing Date:

1.       Wilmington
Trust, National Association, as trustee under the B23 PSA, is the holder of the Subject Serviced Companion Loans. You are directed
to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the B23 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer under the B23 PSA, all reports, statements, documents, communications and other
information that are to be forwarded, delivered or otherwise made available to the Companion Loan Noteholders with respect to the
Subject Serviced Companion Loans under the BMARK 2020-B22 PSA and the related Intercreditor Agreements, respectively. The wire
instructions for Midland Loan Services, a Division of PNC Bank, National Association, as B23 Master Servicer, are as follows:

 

[INSERT WIRE INSTRUCTIONS PROVIDED BY MIDLAND LOAN SERVICES,
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION]

 

2.       The
contact information for the B23 Trustee, the B23 Certificate Administrator, the B23 Master Servicer, the B23 Special Servicer,
the B23 Operating Advisor, the B23 Asset Representations Reviewer and the B23 Depositor with respect to the Subject Serviced Companion
Loans is as follows:

 

	B23 Trustee:	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Fax number: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

	B23 Certificate Administrator:	
        Citibank, N.A.

        388 Greenwich Street

        New York, New York 10013

        Attention: Citibank Agency & Trust - Benchmark 2021-B23

        Fax number: (212) 816-5527

         

        and with respect to e-mail
        pursuant to the B23 PSA, at ratingagencynotice@citi.com

 

    	 	FF-3-3	 

    	 

    

 

	B23 Master Servicer 	
        Midland Loan Services, a Division
        of PNC Bank, National Association,

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President
        – Division Head

        Fax number: 1-888-706-3565

         

        with a copy to:

         

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Fax number: (816) 412-9338

         

        and with respect to e-mail pursuant to the B23 PSA, at NoticeAdmin@midlandls.com
        (with a copy to AskMidland@midlandls.com, solely with respect to notices under Section 12.06 and Section 12.13
        of the B23 PSA)

	B23 Special Servicer:	
        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

         

        with a copy to:

         

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

	B23 Operating Advisor and B23 Asset Representations Reviewer:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

    	 	FF-3-4	 

    	 

    

 

	B23 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

 

3.       The
B23 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

 

4.       Enclosed
herewith is a copy of an executed version of the B23 PSA.

 

5.       As
of the date hereof, the Controlling Class Representative (as defined in the B23 PSA) under the B23 PSA is LD II Holdco XV, LLC.

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	 	FF-3-5	 

    	 

    

EXHIBIT FF-4

 

FORM OF NOTICE REGARDING OUTSIDE 

SERVICED MORTGAGE LOAN

(Selig Office Portfolio)

[Date]

	
        Midland Loan Services, a Division of PNC Bank, National Association,

        as master servicer and special servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head,

        fax number: (913) 253-9001,

        and with respect to e-mail, at NoticeAdmin@midlandls.com

         

        with a copy to

         

        Stinson Leonard Street LLP, 1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes,

        fax number: (816) 412-9338

         
	
        Citibank, N.A.,

        388 Greenwich Street, 14th Floor

        New York, New York 10013

        Attention: Citibank Agency & Trust - CGCMT 2015-GC29, fax number:
        (212) 816-5527, and with respect to e-mail, at ratingagencynotice@citi.com

	
        Deutsche Bank Trust Company Americas, 1761 East St. Andrew Place,
        Santa Ana, California, 92705-4934

        Attention: Trust Administration – CI1529

        fax number (714) 247-6022

        and with respect to e-mail, at holder.inquiry@db.com and dbsec.notifications@db.com
	
        Situs Holdings, LLC,

        2 Embarcadero, Suite 1300, San Francisco, California 94111, Attention:
        Stacey Ciarlanti, Vice President,

         

        with a copy to

         

        Situs Holdings, LLC

        5065 Westheimer Suite 700E

        Houston, Texas 77052

        Attention: Legal Department

         

        and with respect to e-mail, at Stacey.Ciarlanti@situs.com
        with a copy to legal@situs.com

		Re:	Commercial Mortgage Pass Through Certificates, Series 2015-GC29                     

Ladies and Gentlemen:

    	 	FF-4-1	 

    	 

    

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of April 1, 2015 (the “CGCMT 2015-GC29 PSA”), between
Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and special servicer, Situs Holdings, LLC, as operating advisor, Citibank, N.A., as certificate administrator,
and Deutsche Bank Trust Company Americas, as trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the CGCMT 2015-GC29 PSA.

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “B23 PSA”),
between (among others) Citigroup Commercial Mortgage Securities Inc., as depositor (the “B23 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “B23 Master Servicer”),
CWCapital Asset Management LLC, as a special servicer (in such capacity, the “B23 Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B23 Operating Advisor”) and asset representations
reviewer (in such capacity, the “B23 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator
(in such capacity, the “B23 Certificate Administrator”), and Wilmington Trust, National Association, as trustee
(in such capacity, the “B23 Trustee”), pursuant to which the Benchmark 2021-B23 Mortgage Trust (the “B23
Trust”) was established and a pool of commercial mortgage loans were transferred to the B23 Trust as of February 18,
2021 (the “Closing Date”), including the Companion Loan evidenced by promissory note A-5 (the “Subject
Serviced Companion Loan”):

The undersigned
hereby notifies you that, as of the Closing Date:

1.       Wilmington
Trust, National Association, as trustee under the B23 PSA, is the holder of the Subject Serviced Companion Loan. You are directed
to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the B23 PSA, all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer under the B23 PSA, all reports, statements, documents, communications and other
information that are to be forwarded, delivered or otherwise made available to the Serviced Companion Loan Holder with respect
to the Subject Serviced Companion Loan under the CGCMT 2015-GC29 PSA and the related Co-Lender Agreement, respectively. The wire
instructions for Midland Loan Services, a Division of PNC Bank, National Association, as B23 Master Servicer, are as follows:

 

[INSERT WIRE INSTRUCTIONS PROVIDED BY MIDLAND LOAN SERVICES,
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION]

2.       The
contact information for the B23 Trustee, the B23 Certificate Administrator, the B23 Master Servicer, the B23 Special Servicer,
the B23 Operating Advisor, the B23 Asset Representations Reviewer and the B23 Depositor with respect to the Subject Serviced Companion
Loan is as follows:

 

    	 	FF-4-2	 

    	 

    

 

	B23 Trustee:	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Fax number: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

	B23 Certificate Administrator:	
        Citibank, N.A.

        388 Greenwich Street

        New York, New York 10013

        Attention: Citibank Agency & Trust - Benchmark 2021-B23

        Fax number: (212) 816-5527

         

        and with respect to e-mail
        pursuant to the B23 PSA, at ratingagencynotice@citi.com

	B23 Master Servicer 	
        Midland Loan Services, a Division
        of PNC Bank, National Association,

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President
        – Division Head

        Fax number: 1-888-706-3565

         

        with a copy to:

         

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Fax number: (816) 412-9338

         

        and with respect to e-mail pursuant to the B23 PSA, at NoticeAdmin@midlandls.com
        (with a copy to AskMidland@midlandls.com, solely with respect to notices under Section 12.06 and Section 12.13
        of the B23 PSA)

	B23 Special Servicer:	
        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

         

        with a copy to: 

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

 

    	 	FF-4-3	 

    	 

    

 

		
        

        with a copy to: 

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

	B23 Operating Advisor and B23 Asset Representations Reviewer:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

	B23 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

3.       The
B23 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

 

    	 	FF-4-4	 

    	 

    

4.       Enclosed
herewith is a copy of an executed version of the B23 PSA.

 

5.       As
of the date hereof, the Controlling Class Representative (as defined in the B23 PSA) under the B23 PSA is LD II Holdco XV, LLC.

 

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	 	FF-4-5	 

    	 

    

EXHIBIT FF-5

 

FORM OF NOTICE REGARDING OUTSIDE 

SERVICED MORTGAGE LOAN

(711 Fifth Avenue)

[Date]

	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: GSMS 2020-GC47 Asset Manager

        Facsimile number: (704) 715-0036

        Email: commercial.servicing@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank, National Association Legal Department

        301 S. College St., TW-30

        Charlotte, North Carolina 28202

        Attention: Commercial Mortgage

        Reference: GSMS 2020-GC47

         

        with a copy to:

         

        K&L Gates LLP

        300 South Tryon Street, Suite 1000

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Reference: GSMS 2020-GC47

         
	
        KeyBank National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        (877) 379-1625

        Email: Keybank_notices@keybank.com

        

        with a copy to:

        

        Polsinelli PC

        900 West 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attn: Kraig Kohring

        Fax Number: (816) 753-1536

	
        Wilmington Trust, National Association

        100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee GSMS 2020-GC47

         

        -441- 

        with a copy to:

         

        CMBSTrustee@wilmingtontrust.com

        Facsimile No.: (302) 636-4140

         
	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention:  Corporate Trust Services (CMBS)

        GS Mortgage Securities Trust 2020-GC47

        Fax number:  (410) 715-2380

        

        with a copy to:

        

        E-Mail:  cts.cmbs.bond.admin@wellsfargo.com, and to 

    	 	FF-5-1	 

    	 

    

	
        CMBSTrustee@wilmingtontrust.com

Facsimile No.: (302) 636-4140 
	 trustadministrationgroup@wellsfargo.com
	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention:  GS 2020-GC47-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	
        Wells Fargo Bank, National Association

1055 10th Avenue, Southeast

Minneapolis, Minnesota 55414

Attention:  Document Custody Group – GSMS 2020-GC47 

        with a copy to: 

        cmbscustody@wellsfargo.com 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
2020-GC47                                                                           

Ladies and Gentlemen:

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “GSMS 2020-GC47 PSA”), among GS Mortgage
Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as master servicer, KeyBank National Association,
as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer. Capitalized terms
used but not defined herein shall have the meanings given to them in the GSMS 2020-GC47 PSA.

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “B23 PSA”),
between (among others) Citigroup Commercial Mortgage Securities Inc., as depositor (the “B23 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “B23 Master Servicer”),
CWCapital Asset Management LLC, as a special servicer (in such capacity, the “B23 Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B23 Operating Advisor”) and asset representations
reviewer (in such capacity, the “B23 Asset Representations Reviewer”), Citibank, N.A., as certificate administrator
(in such capacity, the “B23 Certificate Administrator”), and Wilmington Trust, National Association, as trustee
(in such capacity, the “B23 Trustee”), pursuant to which the Benchmark 2021-B23 Mortgage Trust (the “B23
Trust”) was established and a pool of commercial mortgage loans were transferred to the B23 Trust as of February 18,
2021 (the “Closing Date”), including the Serviced Pari Passu Companion Loan evidenced by promissory note A-1-3
(the “Subject Serviced Companion Loan”).

The undersigned
hereby notifies you that, as of the Closing Date:

1.       Wilmington
Trust, National Association, as trustee under the B23 PSA, is the holder of the Subject Serviced Companion Loan. You are directed
to remit to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer under the B23 PSA,

    	 	FF-5-2	 

    	 

    

all amounts payable to, and to forward,
deliver or otherwise make available, as the case may be, to Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer under the B23 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to the Serviced Companion Noteholder with respect to the Subject Serviced Companion Loan
under the GSMS 2020-GC47 PSA and the related Co-Lender Agreement, respectively. The wire instructions for Midland Loan Services,
a Division of PNC Bank, National Association, as B23 Master Servicer, are as follows:

 

[INSERT WIRE INSTRUCTIONS PROVIDED BY MIDLAND LOAN SERVICES,
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION]

 

2.       The
contact information for the B23 Trustee, the B23 Certificate Administrator, the B23 Master Servicer, the B23 Special Servicer,
the B23 Operating Advisor, the B23 Asset Representations Reviewer and the B23 Depositor with respect to the Subject Serviced Companion
Loan is as follows:

 

	B23 Trustee:	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2021-B23

        Fax number: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

	B23 Certificate Administrator:	
        Citibank, N.A.

        388 Greenwich Street

        New York, New York 10013

        Attention: Citibank Agency & Trust - Benchmark 2021-B23

        Fax number: (212) 816-5527

         

        and with respect to e-mail
        pursuant to the B23 PSA, at ratingagencynotice@citi.com

	B23 Master Servicer 	
        Midland Loan Services, a Division
        of PNC Bank, National Association,

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President
        – Division Head

        Fax number: 1-888-706-3565

         

        with a copy to:

         

        Stinson LLP

        

  

    	 	FF-5-3	 

    	 

    

 

		
        1201 Walnut Street, Suite
2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Fax number: (816) 412-9338

         

        and with respect to e-mail pursuant to the B23 PSA, at NoticeAdmin@midlandls.com
        (with a copy to AskMidland@midlandls.com, solely with respect to notices under Section 12.06 and Section 12.13
        of the B23 PSA)

	B23 Special Servicer:	
        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

         

        with a copy to:

         

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com

	B23 Operating Advisor and B23 Asset Representations Reviewer:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

	B23 Depositor	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

  

    	 	FF-5-4	 

    	 

    

 

		
        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

3.       The
B23 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

 

4.       Enclosed
herewith is a copy of an executed version of the B23 PSA.

 

5.       As
of the date hereof, the Controlling Class Representative (as defined in the B23 PSA) under the B23 PSA is LD II Holdco XV, LLC.

 

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	 	FF-5-5	 

    	 

    

EXHIBIT GG

 

SPECIFIED mortgage
LOANS

 

		1.	Holiday Inn & Suites Memphis/Germantown (Loan No. 40)

 

    	 	GG-1	 

    	 

    

EXHIBIT HH

FORM OF ASSET REVIEW REPORT BY THE

ASSET REPRESENTATIONS REVIEWER1

To: [Addresses of Recipients]

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified by the Certificate Administrator, and is hereby issuing the following Asset
Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Certificate Administrator
and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically detailed
on the scorecard attached hereto as Exhibit A] with respect to the Delinquent Loans.

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

  1  This report is an indicative
report, and the Asset Representations Reviewer will have the ability to modify or alter the organization and content of this report,
subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation, provisions relating
to Privileged Information.

    	 	HH-1	 

    	 

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	
        Test failures

         

	Loan #	Loan Name	Mortgage Loan Seller	R&W 

#	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 

 

 

 

    	 	HH-2	 

    	 

    

EXHIBIT II

FORM OF ASSET REVIEW REPORT SUMMARY

BY THE ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified by the Certificate Administrator, and is hereby issuing the following Asset
Review Report Summary.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Certificate Administrator
and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified on the summary
scorecard attached hereto as Exhibit A] with respect to the Delinquent Loans.

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

1 This report is an indicative
report, and the Asset Representations Reviewer will have the ability to modify or alter the organization and content of this report,
subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation, provisions relating
to Privileged Information. 

    	 	II-1	 

    	 

    

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	
        Test failures

         

	Loan #	Loan Name	Mortgage Loan Seller	Representations

and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

    	 	II-2	 

    	 

    

EXHIBIT JJ

ASSET REVIEW PROCEDURES 

Subject to the Pooling and Servicing Agreement, this Exhibit sets forth the Asset Representations Reviewer’s review
procedures for Asset Review of each Delinquent Loan. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ and the terms of
the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representations Reviewer’s
responsibilities and duties with respect to Asset Reviews.

Call for Review and Collection and
Inventory of Review Materials 

Step 1                  The
Asset Representations Reviewer (“ARR”) receives the following items before beginning its review:

		§	Notice of Asset Review Trigger (with attachments)

		§	Notice of Asset Review Vote Election

		§	Asset Review Notice

		§	List of all Delinquent Loans

		§	Review Materials for each Delinquent Loan via Secure Data Room access,
including, among other documents, the Diligence File

		§	Any Unsolicited Information (if applicable)

Step 2                   For
each Delinquent Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine
what, if any, Review Materials for such Delinquent Loan are missing, using the list of documents in the definition of “Mortgage
File” of this Agreement, any comparable lists included in the related Loan Purchase Agreement, and any closing checklist
from the origination of such Delinquent Loan, to guide its review and determination

Step 3                   If
ARR determines that the Review Material made available or delivered to it in the Secure Data Room with respect to any Delinquent
Loan is missing any documents required to complete an Asset Review of such Delinquent Loan, ARR shall prepare list of such missing
documents and notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to
Specially Serviced Loans) of such missing documents. If any missing documents are not provided by the Master Servicer or the Special
Servicer, as applicable, the ARR shall request such documents from the related Mortgage Loan Seller.

    	 	JJ-1	 

    	 

    

Analysis and
Testing of Representations and Warranties

Step 4                    For
each Delinquent Loan for which ARR has received all Review Materials required to complete an Asset Review of such Delinquent Loan,
ARR tests such Delinquent Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller with
respect to such Delinquent Loan as follows:

		§	ARR reviews each representation and warranty and each item included
in the Review Materials applicable or related to such representation or warranty to determine whether there is any evidence that
such representation or warranty was not true when made by the related Mortgage Loan Seller

		§	For each representation and warranty, ARR lists 

		·	all items from the Review Materials reviewed or used in its testing
of such representation and warranty

		·	whether ARR has determined that there is any evidence that such representation
or warranty was not true when made by the related Mortgage Loan Seller, and

		o	if so, stating the aspect of the applicable representation or warranty
that does not appear to have been true when made by the related Mortgage Loan Seller and ARR’s basis for its conclusion

		o	completing the Asset Review Report by setting forth, for each Delinquent
Loan, the information contemplated herein with respect to each representation and warranty

ARR will not attempt (and has no obligation) to determine
the materiality of any potential breach of a representation or warranty that it discovers evidence of during its review as contemplated
herein.

 

    	 	JJ-2	 

    	 

    

EXHIBIT KK

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services – Benchmark 2021-B23

		Attention:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23                                                      

 

In accordance with
the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2021 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, CWCapital Asset Management
LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer, Park Bridge Lender Services LLC, as Operating
Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator, and Wilmington Trust, National Association,
as Trustee, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

		1.	The undersigned is an authorized representative of [                                                ].

		2.	The undersigned acknowledges and agrees that (a) access to the Secure Data
Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling and Servicing
Agreement, (b) it will not disseminate or otherwise make information contained on the Secure Data Room available to any other person
except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor and (c) it
will only access information relating to the Mortgage Loans to which the Asset Review relates.

		3.	The undersigned agrees that each time it accesses the Secure Data Room,
the undersigned is deemed to have recertified that the representations above remains true and correct.

		4.	[TThe undersigned is not a Certificateholder, a beneficial owner or a prospective
purchaser of any Certificate, the Uncertificated VRR Interest Owner or a prospective purchaser of the Uncertificated VRR Interest.]1

 

___________________

1 Required to the extent that a party other than the Asset Representations
Reviewer is identified by the Depositor as needing access to the Secure Data Room.

    	 	KK-1	 

    	 

    

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

	 	[                         ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Name:

Dated:                   

 

	
        [Citigroup Commercial Mortgage Securities Inc.

        as Depositor]1
	 
	 	 	 
	By:	 	 
	 	[Name]	 
	 	[Title]	 

    	 	KK-2	 

    	 

    

EXHIBIT LL

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
LOAN][CESSATION OF DELINQUENT LOAN][CESSATION OF ASSET REVIEW TRIGGER]

[Date]

	
        Midland Loan Services, a Division of PNC Bank, National Association,

        as Master Servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (888) 706-3565

        Email: NoticeAdmin@midlandls.com
	
        Park Bridge Lender Services LLC

        as Operating Advisor and Asset Representations Reviewer

        600 Third Avenue, 40th floor

        New York, New York 10016

        Attention: Benchmark 2021-B23— Surveillance Manager

        with a copy sent via email to: cmbs.notices@parkbridgefinancial.com
        (with Benchmark 2021-B23 in the subject line)

         

	
        [CWCapital Asset Management LLC,

        as a Special Servicer

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMARK 2021-B23)

        with a copy to:

        Email: CWCAMnoticesBMARK2021-B23@cwcapital.com]
	
        [KeyBank National Association,

        as a Special Servicer

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Alan Williams

        Email: keybank_notices@keybank.com]

	
        [Situs Holdings, LLC,

        as a Special Servicer

        101 Montgomery Street, Suite 2250

        San Francisco, California 94104

        Attention: Stacey Ciarlanti

        email: staceyciarlanti@situsamc.com]
	 

		Attention:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage

Pass-Through Certificates, Series 2021-B23                                                      

In accordance with
Section 11.01(a) of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, CWCapital Asset Management LLC, KeyBank National Association and Situs Holdings, LLC, each as a Special Servicer,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Citibank, N.A., as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee, the Certificate Administrator hereby notifies you that as of [RELATED
DISTRIBUTION DATE]:

    	 	LL-1	 

    	 

    

		1.	       
  An additional Mortgage Loan has become a Delinquent Loan.*

		2.	          A
                                         Mortgage Loan has ceased to be a Delinquent Loan.†

		3.	          An
                                         Asset Review Trigger has ceased to exist.

(check all that apply)

Capitalized terms
used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

	 	Citibank, N.A., as Certificate Administrator for the Holders of the Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2021-B23 and the Uncertificated VRR Interest Owner
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

* Each additional Mortgage Loan that has become a Delinquent Loan is identified on Exhibit
A hereto.

† Each Mortgage Loan that has ceased to be a Delinquent Loan is identified on Exhibit B hereto. 

 

    	 	LL-2	 

    	 

    

 

Exhibit A

    	 	LL-3	 

    	 

    

 

Exhibit B

 

    	 	LL-4	 

    	 

    

EXHIBIT MM

Form
of Certificate Administrator Receipt in Respect of RISK RETENTION Certificates

[Date]

 

[Name and Address of Retaining Party]

		Re:	Benchmark 2021-B23 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2021-B23 (Citigroup Commercial Mortgage Securities Inc. as Depositor)                                                                        

In accordance with
Section 5.02(f) of the Pooling and Servicing Agreement, dated as of February 1, 2021 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees that
it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto
(the “Subject Certificates”), which constitute some or all of the Class [VRR][360V] Certificates, for the benefit
of [Name of Retaining Party], the registered holder of the Subject Certificates, pursuant to the Agreement. Payments on the Subject
Certificates will be made to the registered holder thereof in accordance with the Agreement, including pursuant to any written
wiring instructions provided in accordance with the Agreement.

This receipt is solely
for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will not entitle such
Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject to the restrictions
on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in accordance with, the
Agreement.

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Agreement.

	 	Citibank, N.A.,

not in its individual capacity

but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

 

    	 	MM-1	 

    	 

    

Schedule I

 

Certificates Registered in the Name of [Retaining
Party]

	
        Class

        (CUSIP)
	
        Certificate

        No.
	
        Initial

        Certificate Balance

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	MM-2	 

    	 

    

EXHIBIT NN

INITIAL
SERVICED COMPANION LOAN HOLDERS

	Serviced Companion Loan	Initial Serviced Companion Loan Holder	Address
	Phillips Point	Goldman Sachs Bank USA (Note A-2, A-3 and A-4 Holder)	
        Goldman Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Leah Nivison

        Email: leah.nivison@gs.com

        with a copy to:

        Goldman Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Joe Osborne

        Email: joe.osborne@gs.com and gs-refgsecuritization@gs.com

        and:

        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street

        New York, New York 10281

        Attention: Lisa Pauquette, Esq.

        Facsimile No.: (212) 504-6666

        E-mail: lisa.pauquette@cwt.com

         

	Millennium Corporate Park	Goldman Sachs Bank USA (Note A-2 Holder)	
        Goldman Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Leah Nivison

        Email: leah.nivison@gs.com

        with a copy to:

        Goldman Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Joe Osborne

        Email: joe.osborne@gs.com and gs-refgsecuritization@gs.com

         

        and:

         

        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street

        New York, New York 10281

        Attention: Lisa Pauquette, Esq.

        Facsimile No.: (212) 504-6666

        E-mail: lisa.pauquette@cwt.com

         

	Pittock Block	JPMorgan Chase Bank, National Association (Note 2 and Note A-3 Holder)	
        JPMorgan Chase Bank, National Association

        383 Madison Avenue, 8th Floor

        New York, New York 10179

        Attention: Thomas Nicholas Cassino

        E-mail: thomas.cassino@jpmorgan.com

        with a copy to: 

  

    	 	NN-1	 

    	 

    

 

			
        JPMorgan Chase Bank, National Association

        SPG Middle Office/CIB

        4 Chase Metrotech Center, 4th Floor

        Brooklyn, New York 11245-0001

        Attention: Nancy S. Alto

        E-mail: nancy.s.alto@jpmorgan.com

        and

        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street, New York, NY 10281

        Attention: Lisa J. Pauquette, Esq.

        Email: lisa.pauquette@cwt.com

         

	Pittock Block	[________] (Note B Holder)	[_______________]
	JW Marriott Nashville	
        GS Mortgage Securities Trust 2020-GSA2 (Notes A-3 and A-6 Holder)

         
	
        Wells Fargo Bank, National Association

        as Trustee

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services (CMBS) – GSMS 2020-GSA2

        with a copy to: cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com

         

        Midland Loan Services, a Division of PNC Bank, National Association

        as Master Servicer

        10851 Mastin Street

        Building 82, Suite 300

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Telecopy number: 1-888-706-3565

        Email: NoticeAdmin@midlandls.com

        with a copy to:

         

        Eversheds Sutherland (US) LLP

        700 6th Street, NW, 7th Floor

        Washington, DC 20001

        Attention: Lisa A. Rosen

        Email: lisarosen@eversheds-sutherland.com

         

	JW Marriott Nashville	Benchmark 2020-B21 Mortgage Trust (Note A-4 Holder)	
        Wells Fargo Bank, National Association

        as Trustee

        9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BMARK 2020-B21

with a copy to: cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com 

        Midland Loan Services, a Division of PNC Bank, National
Association

 

    	 	NN-2	 

    	 

    

 

			
        as Master Servicer

        10851 Mastin Street

        Building 82, Suite 300

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Telecopy number: 1-888-706-3565

        Email: NoticeAdmin@midlandls.com

         

        with a copy to:

Stinson LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com 

	JW Marriott Nashville	Benchmark 2020-B22 Mortgage Trust (Note A-5 Holder)	
        Wells Fargo Bank, National Association

        as Trustee

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B22

         with copies to:

         cts.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellfargo.com

         

        Midland Loan Services, a Division of PNC Bank, National Association

        as Master Servicer 

        10851 Mastin Street, Suite 700 

        Overland Park, Kansas 66210 

        Attention: Executive Vice President – Division Head 

        Facsimile: (888) 706-3565 

        Email: NoticeAdmin@midlandls.com

         with a copy to:

        

        Eversheds Sutherland (US) LLP

        700 Sixth Street, NW, Suite 700

        Washington, DC 20001

        Attention: Lisa A. Rosen

        Facsimile: (202) 637-3593

        Email: lisarosen@eversheds-sutherland.com

	JW Marriott Nashville	Goldman Sachs Bank USA (Notes A-2, A-7, A-8 and A-9 Holder)	
        Goldman Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Leah Nivison

 

 

    	 	NN-3	 

    	 

    

 

			
        Email: leah.nivison@gs.com
        
with a copy to:

        Goldman Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Joe Osborne

        Email: joe.osborne@gs.com and gs-refgsecuritization@gs.com

        and:

        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street

        New York, New York 10281

        Attention: Lisa Pauquette, Esq.

        Facsimile No.: (212) 504-6666

        E-mail: lisa.pauquette@cwt.com

	The Village at Meridian	JPMorgan Chase Bank, National Association (Note A-2 Holder)	
        JPMorgan Chase Bank, National Association

        383 Madison Avenue, 8th Floor

        New York, New York 10179

        Attention: Kunal K. Singh

        E-mail: US_CMBS_Notice@jpmorgan.com

        -and-

        JPMorgan Chase Bank, National Association

        4 New York Plaza, 21st Floor

        New York, New York 10004-2413

        Attention: SPG Legal

        Email: US_CMBS_Notice@jpmorgan.com

        with a copy to:

        Cadwalader, Wickersham & Taft LLP

        227 West Trade Street

        Charlotte, NC 28202

        Attention: David Burkholder

        Facsimile No.: (704) 348-5309

         

	Hotel ZaZa Houston Museum District	GS Mortgage Securities Trust 2020-GSA2 (Note A-1-1 Holder)	
        Wells Fargo Bank, National Association

        as Trustee

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services (CMBS) – GSMS 2020-GSA2

        with a copy to: cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com

         

        Midland Loan Services, a Division of PNC Bank, National Association

        as Master Servicer

        10851 Mastin Street

        Building 82, Suite 300

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Telecopy number: 1-888-706-3565

        Email: NoticeAdmin@midlandls.com

        with a copy to:

  

    	 	NN-4	 

    	 

    

 

			
         Eversheds Sutherland (US) LLP

        700 6th Street, NW, 7th Floor

        Washington, DC 20001

        Attention: Lisa A. Rosen

        Email: lisarosen@eversheds-sutherland.com

	Hotel ZaZa Houston Museum District	Benchmark 2020-B22 Mortgage Trust (Notes A-1-2, A-1-3, A-1-4, A-2-2 Holder)	
        Wells Fargo Bank, National Association

        as Trustee

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – Benchmark 2020-B22

         with copies to:

         cts.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellfargo.com

         

        Midland Loan Services, a Division of PNC Bank, National Association

        as Master Servicer 

        10851 Mastin Street, Suite 700 

        Overland Park, Kansas 66210 

        Attention: Executive Vice President – Division Head 

        Facsimile: (888) 706-3565 

        Email: NoticeAdmin@midlandls.com

         with a copy to:

        

        Eversheds Sutherland (US) LLP

        700 Sixth Street, NW, Suite 700

        Washington, DC 20001

        Attention: Lisa A. Rosen

        Facsimile: (202) 637-3593

        Email: lisarosen@eversheds-sutherland.com

         

         

    	 	NN-5Exhibit
4.3

 

EXECUTION
VERSION

	 

 

BANC
OF AMERICA MERRILL LYNCH LARGE LOAN, INC., 

Depositor,

 

Wells
farGO bank, national association,

Servicer,

 

SITUS
HOLDINGS, LLC,

Special Servicer,

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

Trustee,

 

Wells
Fargo bank, national association,

Certificate Administrator, Paying Agent and Custodian,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor

 

 

 

TRUST
AND SERVICING AGREEMENT

Dated as of November 18, 2020

 

 

 

Grace
Trust 2020-GRCE

Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE

	 

 

     

     

    

 

Table
of Contents

 

Page

 

	Article
    I
	 
	DEFINITIONS
	 
	Section 1.01	Defined Terms	3
	Section 1.02	Certain Calculations	65
	Section 1.03	Certain Constructions	69
	 	 	 
	Article
    II
	 
	CONVEYANCE OF THE MORTGAGE LOAN;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.01	Conveyance of the
    Trust Loan; Assignment of Trust Loan Purchase Agreements	69
	Section 2.02	Acceptance by Custodian
    and the Trustee	74
	Section 2.03	Representations,
    Warranties and Covenants of the Depositor; Repurchase of Trust Loan	76
	Section 2.04	Representations,
    Warranties and Covenants of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating
    Advisor	82
	Section 2.05	Execution and Delivery
    of Certificates; Issuance of Lower-Tier Regular Interests; Issuance of Upper-Tier Interests	88
	Section 2.06	Miscellaneous REMIC
    Provisions	88
	 	 	 
	Article III
	 	 
	ADMINISTRATION AND SERVICING
	OF THE TRUST FUND
	 
	Section 3.01	The Servicer to
    Act as Servicer; Special Servicer To Act as Special Servicer; Administration of the Whole Loan	88
	Section 3.02	Liability of the
    Servicer and the Special Servicer When Sub-Servicing	92
	Section 3.03	Collection of Whole
    Loan Payments	92
	Section 3.04	Collection of Taxes,
    Assessments and Similar Items; Escrow Accounts	92
	Section 3.05	Collection Account;
    Distribution Accounts and Interest Reserve Account	94
	Section 3.06	Permitted Withdrawals
    from the Collection Account and the Distribution Accounts; Trust Ledger	97
	Section 3.07	Investment of Funds
    in the Collection Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	104
	Section 3.08	Maintenance of Insurance
    Policies and Errors and Omissions and Fidelity Coverage	106
	Section 3.09	Enforcement of Due-on-Sale
    Clauses; Assumption Agreements; Defeasance Provisions	109
	Section 3.10	Appraisals; Realization
    upon Defaulted Mortgage Loan	113
	Section 3.11	Custodian to Cooperate;
    Release of Mortgage File	119

 

    -i-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 3.12	Servicing Fees,
    Trustee/Certificate Administrator Fees and Special Servicing Compensation	119
	Section 3.13	Reports to the Certificate
    Administrator; Collection Account Statements	124
	Section 3.14	Access to Certain
    Documentation	129
	Section 3.15	Title and Management
    of REO Property and REO Accounts	135
	Section 3.16	Sale of a Specially
    Serviced Loan or the REO Property	139
	Section 3.17	Additional Obligations
    of the Servicer and the Special Servicer; Inspections	142
	Section 3.18	Authenticating Agent	143
	Section 3.19	Appointment of Custodians	144
	Section 3.20	Lock-Box Accounts,
    Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	145
	Section 3.21	Property Advances	145
	Section 3.22	Appointment of Special
    Servicer	148
	Section 3.23	Transfer of Servicing
    Between the Servicer and the Special Servicer; Record Keeping; Asset Status Report; Notice of Mezzanine Foreclosure	150
	Section 3.24	Special Instructions
    for the Servicer and/or Special Servicer	155
	Section 3.25	Certain Rights and
    Obligations of the Servicer and/or the Special Servicer	155
	Section 3.26	Modification, Waiver,
    Amendment and Consents	156
	Section 3.27	Annual Compliance
    Statements	158
	Section 3.28	Annual Reports on
    Assessment of Compliance with Servicing Criteria	158
	Section 3.29	Annual Independent
    Public Accountants’ Servicing Report	159
	Section 3.30	No Downgrade Confirmation	159
	Section 3.31	Certain Co-Lender
    Matters Relating to the Whole Loan	161
	Section 3.32	Horizontal Credit
    Risk Retention	164
	Section 3.33	Resignation Upon
    Prohibited Credit Risk Retention Affiliation	164
	 	 	 
	Article
    IV
	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.01	Distributions	165
	Section 4.02	Statements to Certificateholders;
    Reports by Certificate Administrator; Other Information Available to the Holders and Others	170
	Section 4.03	Compliance with
    Withholding Requirements	180
	Section 4.04	REMIC Compliance	180
	Section 4.05	Imposition of Tax
    on the Trust Fund	182
	Section 4.06	Remittances	183
	Section 4.07	P&I Advances
    and Administrative Advances	183
	Section 4.08	Appraisal Reductions;
    Collateral Deficiency Amounts	187
	 	 	 
	Article
    V
	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	189
	Section 5.02	Registration, Transfer
    and Exchange of Certificates	192

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 5.03	Mutilated, Destroyed,
    Lost or Stolen Certificates	202
	Section 5.04	Appointment of Paying
    Agent	203
	Section 5.05	Access to Certificateholders’
    Names and Addresses; Special Notices	203
	Section 5.06	Actions of Certificateholders	203
	Section 5.07	Rule 144A Information	204
	 	 	 
	Article
    VI
	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DIRECTING HOLDER
	 	 	 
	Section 6.01	Liability of the
    Depositor, the Servicer, the Special Servicer and the Operating Advisor.	204
	Section 6.02	Merger or Consolidation
    of either the Servicer, the Special Servicer, the Operating Advisor or the Depositor	204
	Section 6.03	Limitation on Liability
    of the Depositor, the Servicer and Others	205
	Section 6.04	Limitation on Resignation
    of the Servicer and the Special Servicer; Termination of the Servicer and the Special Servicer	206
	Section 6.05	Rights of the Depositor
    and the Trustee in Respect of the Servicer and the Special Servicer	207
	Section 6.06	The Servicer or
    Special Servicer as Owners of a Certificate	208
	Section 6.07	Selection and Removal
    of the Directing Holder	209
	Section 6.08	Limitation on Liability
    of Directing Holder; Acknowledgements of the Certificateholders	211
	Section 6.09	Rights and Powers
    of the Directing Holder	211
	Section 6.10	Directing Holder
    and Operating Advisor Contact with Servicer and Special Servicer	213
	Section 6.11	The Operating Advisor	214
	 	 	 
	Article
    VII
	 
	TERMINATION EVENTS
	 	 	 
	Section 7.01	Servicer Termination
    Events	219
	Section 7.02	Trustee to Act;
    Appointment of Successor	227
	Section 7.03	Notification to
    Certificateholders and Other Persons	228
	Section 7.04	Other Remedies of
    Trustee	229
	Section 7.05	Waiver of Past Servicer
    Termination Events; Termination	229
	Section 7.06	Trustee as Maker
    of Advances	229
	 	 	 
	Article
    VIII
	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of Trustee
    and Certificate Administrator	230
	Section 8.02	Certain Matters
    Affecting the Trustee and the Certificate Administrator	232

 

    -iii-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 8.03	Trustee and Certificate
    Administrator Not Liable for Certificates or the Trust Loan	234
	Section 8.04	Trustee and Certificate
    Administrator May Own Certificates	235
	Section 8.05	Payment of Trustee’s
    and Certificate Administrator’s Fees and Expenses; Indemnification	236
	Section 8.06	Eligibility Requirements
    for Trustee and Certificate Administrator	238
	Section 8.07	Resignation and
    Removal of Trustee and Certificate Administrator	239
	Section 8.08	Successor Trustee
    and Certificate Administrator	240
	Section 8.09	Merger or Consolidation
    of Trustee or Certificate Administrator	241
	Section 8.10	Appointment of Co-Trustee
    or Separate Trustee	241
	 	 	 
	Article
    IX
	 
	TERMINATION
	 	 	 
	Section 9.01	Termination	242
	 	 	 
	Article
    X
	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 10.01	Counterparts	246
	Section 10.02	Limitation on Rights
    of Certificateholders	247
	Section 10.03	Governing Law	247
	Section 10.04	Waiver of Jury Trial;
    Consent to Jurisdiction	248
	Section 10.05	Notices	248
	Section 10.06	Severability of
    Provisions	254
	Section 10.07	Notice to the Depositor
    and Each Rating Agency	254
	Section 10.08	Amendment	256
	Section 10.09	Confirmation of
    Intent	258
	Section 10.10	No Intended Third-Party
    Beneficiaries	259
	Section 10.11	Entire Agreement	259
	Section 10.12	Third Party Beneficiaries	259
	 	 	 
	Article
    XI
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 11.01	Intent of the Parties;
    Reasonableness	260
	Section 11.02	Succession; Sub-Servicers;
    Subcontractors	260
	Section 11.03	Other Securitization
    Trust’s Filing Obligations	262
	Section 11.04	Form 10-D Disclosure	262
	Section 11.05	Form 10-K Disclosure	262
	Section 11.06	Form 8-K Disclosure	263
	Section 11.07	Annual Compliance
    Statements	263
	Section 11.08	Annual Reports on
    Assessment of Compliance with Servicing Criteria	264

 

    -iv-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 11.09	Annual Independent
    Public Accountants’ Servicing Report	265
	Section 11.10	Significant Obligor	266
	Section 11.11	Sarbanes-Oxley Backup
    Certification	267
	Section 11.12	Indemnification	267
	Section 11.13	Amendments	270
	Section 11.14	Termination of the
    Certificate Administrator	270
	Section 11.15	Termination of Sub-Servicing
    Agreements	270
	Section 11.16	Notification Requirements
    and Deliveries in Connection with Securitization of a Companion Loan	270

 

    -v-

     

    

 

	TABLE OF SCHEDULES
	 	 
	Schedule I	Servicing Criteria to Be Addressed in Assessment
    of Compliance
	 	 
	TABLE OF EXHIBITS
	 	 
	Exhibit A-1	Form of Class A Certificate
	Exhibit A-2	Form of Class X Certificate
	Exhibit A-3	Form of Class B Certificate
	Exhibit A-4	Form of Class C Certificate
	Exhibit A-5	Form of Class D Certificate
	Exhibit A-6	Form of Class E Certificate
	Exhibit A-7	Form of Class F Certificate
	Exhibit A-8	Form of Class HRR Certificate
	Exhibit A-9	Form of Class LR Certificate
	Exhibit A-10	Form of Class R Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Certificate
	Exhibit C-3	Form of Transferee Certificate for Transfer
    of Risk Retained Certificates
	Exhibit C-4	Form of Transferor Certificate for Transfer
    of Risk Retained Certificates
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted Period
	Exhibit I	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or
    Transfer from Regulation S Global Certificate to Rule 144A Global Certificate
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1-A	Form of Investor Certification for Non-Borrower
    Related Parties
	Exhibit L-1-B	Form of Investor Certification for Borrower
    Related Parties
	Exhibit L-1-C	Form of Certification of the Directing Holder
	Exhibit L-1-D	Form of Notice of Conflicted Controlling Class
    Holder Who Becomes a Borrower Related Party
	Exhibit L-2	Form of Investor Certification to Exercise Voting
    Rights
	Exhibit L-3	Form of Online Vendor Certification
	Exhibit L-4	Form of CREFC® Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of NRSRO Certification
	Exhibit P-1	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit P-2	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit Q	Form of Power of Attorney to the Servicer and
    Special Servicer
	Exhibit R	[Reserved]
	Exhibit S	Form of Operating Advisor Annual Report

 

    -vi-

     

    

 

	Exhibit T	Form of Notice from Operating
    Advisor Recommending Replacement of Special Servicer
	Exhibit U	Form of Notice of Mezzanine Collateral Foreclosure
	Exhibit V	Form of Certificate Administrator Receipt of
    Class HRR Certificates
	Exhibit W	Additional Form 10-D Disclosure
	Exhibit X	Additional Form 10-K Disclosure
	Exhibit Y	Form 8-K Disclosure Information
	Exhibit Z	Additional Disclosure Notification
	Exhibit AA	Initial Sub-Servicers
	Exhibit BB	Form of Backup Certification
	Exhibit CC	Form of Companion Loan Holder Certification

  

    -vii-

     

    

 

Trust
and Servicing Agreement, dated as of November 18, 2020, among Banc of America Merrill Lynch Large Loan, Inc., as Depositor,
Wells Fargo Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, as Paying Agent and as Custodian, and Park Bridge
Lender Services LLC, as Operating Advisor.

 

PRELIMINARY
STATEMENT:

 

Terms
not defined in this Preliminary Statement shall have the meanings specified in Article 1 hereof.

 

Bank
of America, National Association (together with its successors-in-interest, “BANA”), JPMorgan Chase Bank, National
Association (together with its successors-in-interest, “JPMCB”), DBR Investments Co. Limited (together with
its successors-in-interest, “DBRI”) Column Financial, Inc. (together with its successors-in-interest, “Column”),
co-originated a floating rate loan (the “Whole Loan”) pursuant to a Mortgage Loan Agreement (as may be amended,
modified, supplemented or restated from time to time, the “Loan Agreement”), dated as of November 17,
2020, among BANA, JPMBC, DBRI and Column, as lenders, and 1114 6th Avenue Owner LLC, a Delaware limited liability company
(the “Borrower”), and is evidenced by twenty-two (22) promissory notes (as the same may hereafter be amended,
restated, supplemented or otherwise modified, the “Notes”) listed below. Shortly after November 17, 2020
and prior to the Closing Date, DBRI sold its respective portion of any right, title and interest in, to and under the Trust Loan
to German American Capital Corporation (“GACC”).

 

	Note
	Trust
                                         /

                                         Non-Trust
	Loan
                                         Seller / Companion 

                                         Loan Holder
	Senior/
                                         

                                         Subordinate(1)
	Original
                                         

                                         Principal Balance
	Note
                                         Rate

	Note A-1-1	Trust
    Note	BANA	Senior	$114,900,000	2.6921%
	Note A-1-2	Non-Trust
    Note	BANA	Senior	$75,000,000
    	2.6921%
	Note
    A-1-3	Non-Trust
    Note	BANA	Senior	$75,000,000
    	2.6921%
	Note A-2-1	Trust
    Note	JPMCB	Senior	$114,900,000
    	2.6921%
	Note A-2-2	Non-Trust
    Note	JPMCB	Senior	$30,000,000	2.6921%
	Note
    A-2-3	Non-Trust
    Note	JPMCB	Senior	$30,000,000	2.6921%
	Note A-2-4	Non-Trust
    Note	JPMCB	Senior	$30,000,000	2.6921%
	Note
    A-2-5	Non-Trust
    Note	JPMCB	Senior	$20,000,000	2.6921%
	Note A-2-6	Non-Trust
    Note	JPMCB	Senior	$20,000,000	2.6921%
	Note A-2-7	Non-Trust
    Note	JPMCB	Senior	$20,000,000	2.6921%
	Note A-3-1	Trust
    Note	Column	Senior	$76,600,000
    	2.6921%
	Note A-3-2	Non-Trust
    Note	Column	Senior	$30,000,000
    	2.6921%
	Note
    A-3-3	Non-Trust
    Note	Column	Senior	$30,000,000
    	2.6921%
	Note
    A-3-4	Non-Trust
    Note	Column	Senior	$20,000,000
    	2.6921%
	Note
    A-3-5	Non-Trust
    Note	Column	Senior	$20,000,000
    	2.6921%
	Note A-4-1	Trust
    Note	GACC	Senior	$76,600,000
    	2.6921%
	Note A-4-2	Non-Trust
    Note	DBRI	Senior	$40,000,000
    	2.6921%
	Note
    A-4-3	Non-Trust
    Note	DBRI	Senior	$30,000,000
    	2.6921%
	Note A-4-4	Non-Trust
    Note	DBRI	Senior	$20,000,000
    	2.6921%
	Note
    A-4-5	Non-Trust
    Note	DBRI	Senior	$10,000,000
    	2.6921%
	Note B-1	Trust
    Note	BANA	Subordinate	$110,100,000
    	2.6921%
	Note
    B-2	Trust
    Note	JPMCB	Subordinate	$110,100,000
    	2.6921%
	Note
    B-3	Trust
    Note	Column	Subordinate	$73,400,000
    	2.6921%
	Note
                                         B-4
	Trust
    Note	GACC	Subordinate	$73,400,000
    	2.6921%

 

Each
Note with an “A-” designation in the chart above is individually referred to herein as a “Senior Note”
and are collectively referred to as the “Senior Notes”.

 

Each
Note with an “A-” designation and the designation “Trust Note” in the chart above is individually referred
to herein as a “Senior Trust Note” and are collectively referred to as the “Senior Trust Notes.”

 

     

     

    

 

Each
Note with an “B-” designation in the chart above is individually referred to herein as a “Junior Note”
and are collectively referred to as the “Junior Notes” and the Junior Notes, together with the Senior Trust
Notes are collectively referred to as the “Trust Notes.”

 

Each
Note with the designation “Non-Trust Note” in the chart above is individually referred to herein as a “Non-Trust
Note” and are collectively referred to as the “Non-Trust Notes.”

 

The
portion of the Whole Loan evidenced by the Trust Notes, referred to herein as the “Trust Loan,” has an aggregate
principal balance as of the Cut-off Date of $750,000,000. The portion of the Whole Loan evidenced by Non-Trust Notes, collectively
referred to as the “Companion Loan”, has an aggregate principal balance as of the Cut-off Date of $500,000,000.
The Trust Notes and the Non-Trust Notes are collectively referred to herein as the “Notes” and, each, as a
“Note.”

 

Each
Loan Seller sold and assigned its respective portion of the Trust Loan to the Depositor pursuant to the related Trust Loan Purchase
Agreement. The Companion Loan will not be an asset of the Trust.

 

The
Depositor intends to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence
the entire beneficial ownership interest in the Trust Fund consisting primarily of the Trust Loan.

 

The
Trust Fund will consist of two REMICs, the “Lower-Tier REMIC” and the “Upper-Tier REMIC.”
The Lower-Tier REMIC will hold the Trust Loan and certain other related assets subject to this Agreement, and will issue (a) the
Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”), as classes
of “regular interests” in the Lower-Tier REMIC and (b) the Class LR Certificates, as the sole class of residual
interests in the Lower-Tier REMIC.

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will
issue (a) the Class A, Class X, Class B, Class C, Class D, Class E, Class F and Class HRR Certificates, each of which
is a class of “regular interests” in the Upper-Tier REMIC and (b) the Class R Certificates, as the sole class
of residual interests in the Upper-Tier REMIC.

 

The
following table sets forth the designation and Certificate Balance or Notional Amount, as applicable, of each Class of Certificates
(other than the Class R and Class LR Certificates) (collectively, the “Corresponding Certificates”),
and the corresponding Lower-Tier Regular Interest (the “Corresponding Lower-Tier Regular Interest”) and the
Corresponding Components of the Class X Certificates (the “Corresponding Component”) for each Class of Corresponding
Certificates and each Corresponding Lower-Tier Regular Interest.

 

	Class
                                         of

                                         Certificates
	Certificate
                                         Balance, 

                                         Notional Amount
	Corresponding
                                         

                                         Lower-Tier Regular 

                                         Interests(1)
	Lower-Tier
                                         

                                         Principal Balance
	Corresponding
                                         

                                         Component

	Class
    A	$     304,700,000	LA	$304,700,000	XA
	Class
    X 	$     348,800,000	N/A	     N/A	N/A
	Class
    B 	$     44,100,000	LB	$44,100,000	XB
	Class
    C 	$     34,200,000	LC	$34,200,000	N/A
	Class
    D 	$     124,700,000	LD	$124,700,000	N/A
	Class
    E 	$     135,300,000	LE	$135,300,000	N/A
	Class
    F 	$     60,630,000	LF	$60,630,000	N/A
	Class
    HRR 	$     46,370,000	LHRR	$46,370,000	N/A
	 	 	 	 	 

 

 

 

     -2-

     

    

 

		(1)	The
                                         Lower-Tier Regular Interest and the Components of the Class X Certificates that correspond
                                         to any particular Class of Certificates also correspond to each other and, accordingly,
                                         constitute the (i) “Corresponding Lower-Tier Regular Interest” and
                                         (ii) “Corresponding Component” respectively, with respect to each
                                         other. The Component Notional Amount for each such Corresponding Component of the Class
                                         X Certificates shall at all times equal the then Lower-Tier Principal Balance of the
                                         Corresponding Lower-Tier Regular Interest.

 

The
initial Certificate Balance of each of the Class R and Class LR Certificates is zero. Additionally, the Class R
and Class LR Certificates do not have a Notional Amount. The Certificate Balance of any Class of Certificates outstanding
at any time represents the maximum amount which holders thereof are entitled to receive as distributions allocable to principal
from the cash flow on the Trust Loan and the other assets in the Trust Fund; provided, however, that in the event
that amounts previously allocated as Realized Losses to a Class of Certificates in reduction of the Certificate Balance thereof
are subsequently recovered (including, without limitation, after the reduction of the Certificate Balance of such Class to zero),
such Class may receive distributions in respect of such recoveries in accordance with the priorities set forth in Section 4.01.

 

The
foregoing REMIC structure is intended to cause all of the cash from the Trust Loan to flow through to the Upper-Tier REMIC as
cash flow on the Upper-Tier REMIC regular interests, without creating any shortfall, actual or potential (other than for credit
losses), to any REMIC regular interests. To the extent that the structure is believed to diverge from such intention, the parties
identifying such ambiguity shall notify the other parties hereto and the parties involved will resolve such ambiguities to accomplish
the intended result and will, to the extent necessary, rectify any drafting errors or seek clarification to the structure without
Certificateholder approval (but with guidance of counsel) to accomplish such intention, including, to the extent necessary, making
any amendments in accordance with Section 10.08.

 

As
of the Cut-off Date, the Trust Loan has a Stated Principal Balance equal to approximately $750,000,000.

 

In
consideration of the mutual agreements herein contained, the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and the other parties hereto hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.01            Defined Terms. Whenever used in this Agreement,
the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article.

 

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

 

“17g-5
Information Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at
www.ctslink.com, under the “NRSRO” tab of the respective transaction, access to which is limited to NRSROs who have
provided an NRSRO Certification to the 17g-5 Information Provider.

 

“30/360
Basis”: The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

“AB
Modified Loan”: Any Corrected Loan (a) that became a Corrected Loan due to a modification thereto that resulted
in the creation of an A/B note structure (or similar structure) and as to which the new junior note(s) did not previously exist
or the principal amount of the new junior note(s) was previously part of either an A note held by the Trust or the original unmodified
Trust Loan and (b) as to which an Appraisal Reduction Amount is not in effect.

 

     -3-

     

    

 

“Acceptable
Insurance Default”: With respect to the Whole Loan, any Default arising when the Loan Documents require that the Borrower
must maintain standard extended coverage casualty insurance or other insurance that covers acts of terrorism and the Special Servicer
has determined, in accordance with the Servicing Standard, that either (a) such insurance is not available at commercially reasonable
rates and the subject hazards are not at the time commonly insured against for properties similar to the Property and located
in or around the geographic region in which the Property is located (but only by reference to such insurance that has been obtained
by such owners at current market rates), or (b) such insurance is not available at any rate. In making this determination, the
Special Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant (such
expense to be advanced as a Property Advance).

 

“Accrued
AB Loan Interest”: With respect to any AB Modified Loan and any date of determination, accrued and unpaid interest that
remains unpaid with respect to the new junior note(s) of such AB Modified Loan.

 

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

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.

 

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

 

“Additional
Form 10-D Disclosure”: The information described in the Form 10-D items set forth under the “Item on Form 10-D”
column on Exhibit W hereto.

 

“Additional
Form 10-K Disclosure”: The information described in the Form 10-K items set forth under the “Item on Form 10-K”
column on Exhibit X hereto.

 

“Additional
Servicer”: Each Affiliate of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Loan
Sellers or the Initial Purchasers (other than an Affiliate of any such party acting in the capacity of a Sub-Servicer), that services
the Trust Loan, and each Person, other than the Special Servicer, who is not an Affiliate of any of the Servicer, the Certificate
Administrator, the Trustee, the Loan Sellers or the Initial Purchasers, who services 10% or more of the Trust Loan (based on its
Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any extraordinary expense incurred with respect to the Trust Fund (including interest on Advances
(to the extent such amounts cannot be paid from Default Interest or late payment fees on the Whole Loan), Special Servicing Fees,
Liquidation Fees and Workout Fees) and not otherwise treated as a Realized Loss that would result in the Holders of any Class
of Regular Certificates receiving less than the full amount of principal and/or the Interest Distribution Amount to which they
are entitled on any Distribution Date. Expenses incurred as a result of the exercise of the Servicer or Special Servicer, as applicable,
of any right granted under the Loan Documents to obtain terrorism insurance in the event that the Borrower (a) is not required
to purchase such terrorism insurance or (b) is only required to purchase terrorism insurance up to a cap shall be an Additional
Trust Fund Expense.

 

“Administrative
Advance”: As defined in Section 4.07(c).

 

“Administrative
Fee Rate”: The percentage rate per annum equal to the sum of (a) the Servicing Fee Rate, (b) the Trustee/Certificate
Administrator Fee Rate, (c) the CREFC® License Fee Rate and (d) the

 

     -4-

     

    

 

Operating Advisor Fee Rate. The Administrative
Fee Rate is equal to 0.01220% per annum and accrues on the same basis as interest accrues on the Whole Loan.

 

“Advance”:
Any P&I Advance, Property Advance or Administrative Advance.

 

“Advance
Interest Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances, Property Advances and Administrative
Advances for which the Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on
which such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount
of interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance was made,
the Borrower makes a payment of an amount in respect of which such Advance was made with interest at the Default Rate or a late
payment fee, the Advance Interest Amount payable to the Servicer or the Trustee shall be paid first, from Default Interest
and late payment fees in the manner set forth in Section 9(d) of the Co-Lender Agreement, and then, upon determining
in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from such amounts from other amounts
on deposit in the Collection Account.

 

“Advance
Rate”: A per annum rate equal to the Prime Rate. Interest at the Advance Rate will accrue from (and including)
the date on which the related Advance is made or the related expense incurred to (but excluding) the date on which such amounts
are recovered out of amounts received on the Trust Loan as to which such Advances were made or servicing expenses incurred or
the first Servicer Remittance Date after a determination of non-recoverability, as the case may be, is made; provided that
such interest at the Advance Rate will continue to accrue to the extent funds are not available in the Collection Account for
such reimbursement of such Advance.

 

“Adverse
REMIC Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (a) cause
either Trust REMIC to fail to qualify as a REMIC or (b) result in the imposition of a tax upon either Trust REMIC or the
Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2)
of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on
“net income from foreclosure property”).

 

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

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Servicer,
the Special Servicer, the Operating Advisor or the Depositor to determine whether any Person is an Affiliate of such party.

 

“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or
an affiliate, as defined in Rule 405 of the Act, of such Person.

 

“Agent
Member”: Members of, or Depository Participants in, the Depository.

 

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

 

“Annual
Budget”: As defined in the Loan Agreement.

 

     -5-

     

    

 

“Anticipated
Final Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant
to Section 9.01(c).

 

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

 

“Applicable
KBRA Permitted Investment Rating”: (a) In the case of such investments with maturities of thirty (30) days or less,
the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “K3” by KBRA or the long-term
obligations (or, if applicable, deposit accounts) of which are rated at least “BBB-” by KBRA, (b) in the case of such
investments with maturities of three months or less, but more than thirty (30) days, the short-term obligations (or, if applicable,
deposit accounts) of which are rated at least “K3” by KBRA or the long-term obligations (or, if applicable, deposit
accounts) of which are rated at least “BBB-” by KBRA, (c) in the case of such investments with maturities of six months
or less, but more than three months, the short-term obligations (or, if applicable, deposit accounts) of which are rated at least
“K1” by KBRA or the long-term obligations (or, if applicable, deposit accounts) of which are rated at least “A-”
by KBRA, (d) in the case of such investments with maturities of 365 days or less, but more than six months, the short-term obligations
(or, if applicable, deposit accounts) of which are rated at least “K1” by KBRA or the long-term obligations (or, if
applicable, deposit accounts) of which are rated “A-” by KBRA.

 

“Applicable
Law”: As defined in Section 8.02(f).

 

“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A).

 

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

 

“Appraisal”:
With respect to the Property or the REO Property, an appraisal of such Property or REO Property, conducted by an Independent MAI
appraiser in accordance with the standards of the Appraisal Institute and certified by such Independent MAI appraiser as having
been prepared in accordance with the requirements of the Standards of Professional Practice of the Appraisal Institute with an
“MAI” designation and the Uniform  Standards of Professional Appraisal Practice of the Appraisal Foundation,
as well as the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended; provided that after an initial
“Appraisal” has been obtained pursuant to the terms of this Agreement, an update of such initial Appraisal shall be
considered an “Appraisal” hereunder for all purposes. All Appraisals (and updates thereof) obtained pursuant to the
terms of this Agreement shall include a valuation using the “income capitalization – discounted cash flow approach”
and set forth the discount rate and terminal capitalization rate utilized by the Independent Appraiser. All calculations under
this Agreement requiring that a “value” or “appraised value” be used with respect to the Property or the
REO Property shall use the most recently determined appraised value set forth in an Appraisal (or update thereof) unless a different
valuation is specifically required (such as the appraised value of the Property at origination).

 

“Appraisal
Reduction Amount”: For any Distribution Date as to which an Appraisal Reduction Event has occurred, an amount calculated
by the Servicer by the first Determination Date that is at least ten (10) Business Days following the date the Servicer receives
from the Special Servicer the required Appraisal (and thereafter by the first Determination Date following any change in the amounts
set forth in

 

     -6-

     

    

 

the following equation) and receipt of any additional relevant information from the Special Servicer equal to the
excess, if any, of (a) the sum of (without duplication) (i) the Stated Principal Balance of the Whole Loan, plus (ii) to
the extent not previously advanced by the Servicer, the Trustee, the Other Servicer or the Other Trustee, all unpaid interest
on the Whole Loan at a per annum rate equal to the Whole Loan Rate, plus (iii) all unreimbursed Advances, and all
unpaid interest on Advances at the Advance Rate in respect of the Trust Loan or the Companion Loan, plus (iv) any other unpaid
Additional Trust Fund Expenses of the Trust and all unreimbursed monthly debt service advances made by the master servicer or
the trustee under any Companion Loan securitization and interest thereon in respect of the Whole Loan, plus (v) all currently
due and unpaid real estate taxes, ground rents and assessments and insurance premiums (net of any escrows and reserves therefor)
and all other amounts (excluding principal, Default Interest, late charges, penalty charges, exit fees, Prepayment Premiums and
any similar amounts) due and unpaid with respect to the Whole Loan (which taxes, premiums (net of any escrows and reserves therefor)
and other amounts that have not been the subject of an Advance by the Servicer or the Trustee, as applicable), over (b) the sum
of (without duplication) (i) 90% of the appraised value (net of any prior mortgage liens) of the Property as determined by
an Updated Appraisal obtained by the Special Servicer (the costs of which shall be paid by the Servicer as a Property Advance)
minus, solely for purposes of determining the amount by which P&I Advances or monthly debt service advances under any Companion
Loan securitization made by the Servicer or Other Servicer with respect to the Trust Loan or the Companion Loan, as applicable,
is to be reduced, any downward adjustments the Special Servicer deems appropriate in accordance with the applicable Servicing
Standard (without implying any duty to do so) based upon its review of the Appraisal and any other information it may deem appropriate,
plus (ii) all escrows, letters of credit and reserves (other than escrows and reserves for taxes, ground rents, assessments
and insurance), plus (iii) all insurance and casualty proceeds and condemnation awards that constitute collateral for the
Whole Loan (whether paid or then payable by any insurance company or government authority); provided, that the Appraisal Reduction
Amount shall be reduced to zero as of the date the Whole Loan becomes a Corrected Loan; provided, further, that
without limiting the Special Servicer’s obligation to order and obtain such Appraisal, if the Special Servicer has not obtained
an Appraisal or an Updated Appraisal, as applicable, referred to above within sixty (60) days of the Appraisal Reduction Event
(or in the case of an Appraisal Reduction Event occurring by reason of clause (ii) of the definition thereof,
within thirty (30) days of such Appraisal Reduction Event), solely for purposes of determining the amount by which P&I Advances
or monthly debt service advances under any Companion Loan securitization made by the Servicer or Other Servicer with respect to
the Trust Loan or the Companion Loan, as applicable, are to be reduced (and not for the purpose of determining whether a Subordinate
Control Period or Subordinate Consultation Period has occurred and is continuing or for reducing the Voting Rights of Certificateholders),
the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal Balance of the Whole
Loan until such time as such Updated Appraisal referred to above is received and the Appraisal Reduction Amount is calculated
(an “Assumed Appraisal Reduction Amount”).

 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to the Whole Loan or the REO Property will
be reduced to zero as of the date the Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust
Fund. In addition, to the extent an Appraisal Reduction Event has occurred, the Whole Loan shall no longer be subject to the Appraisal
Reduction Amount if (a) the Whole Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to
the Whole Loan) or (b) an Updated Appraisal is obtained and after giving effect thereto, no Appraisal Reduction Amount exists;
provided that in case of either of clause (a) or (b), no other Appraisal Reduction Event has occurred
and is continuing. The Trust Loan and the Companion Loan shall be treated as a single mortgage loan for purposes of calculating
an Appraisal Reduction Amount with respect to the mortgage loans that comprise such Whole Loan. Any Appraisal Reduction Amount
in respect of the Whole Loan shall be allocated first, to the Junior Notes up to the full outstanding principal balances
thereof, pro rata, and second, to the Senior Notes up to the full outstanding principal balances thereof, pro
rata.

 

     -7-

     

    

 

“Appraisal
Reduction Event”: With respect to the Whole Loan, on the earliest of the following (a) the date on which the Whole
Loan becomes a Modified Loan, (b) the 90th day following the occurrence of any uncured Delinquency in Monthly Payments, (c) receipt
of notice that the Borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in such
capacity in respect of the Property or the 60th day after the Borrower becomes the subject of involuntary bankruptcy proceedings
and such proceedings are not dismissed in respect of the Property, (d) the date on which the Property becomes an REO Property
and (e) a payment default shall have occurred with respect to the related Balloon Payment; provided, however,
that for purposes of clause (e) above, if (i) the Borrower is diligently seeking a refinancing commitment or
sale of the Property (and delivers a statement to that effect to the Servicer within thirty (30) days after the default, which
shall promptly deliver a copy to the Special Servicer), (ii) the Borrower continues to make the Assumed Scheduled Payment
and (iii) no other Appraisal Reduction Event has occurred with respect to the Whole Loan, then an Appraisal Reduction Event
will not occur until sixty (60) days beyond the Maturity Date, unless extended by the Special Servicer in accordance with the
Loan Documents or this Agreement; and provided, further, that if the Borrower has delivered to the Servicer (which
shall promptly deliver a copy to the Special Servicer) on or before the 60th day after the Maturity Date, a refinancing commitment,
letter of intent or otherwise binding application for refinancing or similar document, in each case from a lender reasonably acceptable
to the Servicer, or a signed purchase agreement reasonably acceptable to the Servicer, and the Borrower continues to make the
Assumed Scheduled Payments (and no other Appraisal Reduction Event has occurred with respect to the Whole Loan), an Appraisal
Reduction Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date (or extended Maturity Date)
and (2) the termination of such refinancing commitment, letter of intent or otherwise binding application for refinancing
or similar document. The Special Servicer shall notify the Servicer promptly upon the occurrence of any of the foregoing events
if the Whole Loan is a Specially Serviced Loan.

 

“Appraised-Out
Class” As defined in Section 4.08(b).

 

“Asset
Status Report”: As defined in Section 3.23(e).

 

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

 

“Assignment
of Management Agreement”: As defined in the Loan Agreement.

 

“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Property is located to reflect of record the sale of
the Mortgage.

 

“Assumed
Scheduled Payment”: If the Trust Loan is delinquent in respect of its Balloon Payment (including any REO Loan), an amount
equal to the sum of (a) the principal portion, if any, of the Monthly Payment that would have been due on the Trust Loan
on the related Due Date (or portion thereof not received), based on the constant payment required by the Trust Notes or, if applicable,
the amortization or payment schedule thereof (as calculated with interest at the Trust Note Rate), assuming such Balloon
Payment had not become due, after giving effect to any prior modification, and (b) interest at the Trust Note Rate minus
the applicable Servicing Fee Rate.

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Servicer or the Special Servicer in connection
with an assumption of the Whole Loan or related substitution of the

 

     -8-

     

    

 

Borrower (or an interest therein) thereunder (in each case,
as permitted or set forth in the Loan Documents or under the provisions of this Agreement).

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18.

 

“Available
Funds”: For any Distribution Date the sum of (a) all previously undistributed Monthly Payments or other receipts
on account of principal and interest on or in respect of the Trust Loan (including Unscheduled Payments and Net REO Proceeds,
if any, transferred from an REO Account pursuant to Section 3.15(b)) received by or on behalf of the Servicer in the Collection
Period relating to such Distribution Date, (b) all P&I Advances made by the Servicer or the Trustee, as applicable, in
respect of the Trust Loan as of such Distribution Date, (c) all other amounts received by the Servicer in the Collection
Period and required to be deposited in the Collection Account by the Servicer pursuant to 3.05, (d) without
duplication, any late Monthly Payments on the Trust Loan received after the end of the Collection Period relating to such Distribution
Date but prior to the close of business on the Business Day prior to the related Servicer Remittance Date, (e) any Servicer
Prepayment Interest Shortfall Amount remitted by the Servicer to the Collection Account, (f) with respect to the Distribution
Date in March of each calendar year (or February if the final Distribution Date occurs in such month), the Withheld Amounts then
on deposit in the Interest Reserve Account by the Certificate Administrator in accordance with Section 3.05; but excluding
(without duplication) the following (in no order of priority), and (g) solely with respect to the Distribution Date occurring
in December 2020, the Initial Deposit Amount:

 

(a)            all amounts permitted to be used to reimburse the Servicer or the Trustee, as applicable, for previously unreimbursed Advances
and interest thereon as described in Section 3.06;

 

(b)            the aggregate amount of the Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee, the CREFC®
License Fee, the Special Servicing Fee, fees for primary servicing functions, Prepayment Interest Excess (net of any Prepayment
Interest Shortfall), Net Default Interest, late payment fees (to the extent not applied to the reimbursement of Advance Interest
Amounts and/or Additional Trust Fund Expenses as provided in Section 3.06), Workout Fees, Liquidation Fees, Assumption
Fees, Modification Fees, loan service transaction fees, Permitted Special Servicer/Affiliate Fees, defeasance fees, demand fees,
beneficiary statement charges and similar fees on the Trust Loan payable to the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, together with interest on Advances to the extent provided herein, and reinvestment earnings on
payments received for the Trust Loan (in the case of all of the foregoing, which the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee is entitled to retain as Servicing Compensation, Special Servicing Compensation or other compensation,
as applicable, and is allocable to the Trust Loan), in each case in respect of such Distribution Date;

 

(c)            to pay the Operating Advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the Borrower)

 

(d)            all amounts representing scheduled Monthly Payments on the Trust Loan due after the related Due Date;

 

(e)            to the extent permitted hereunder, that portion of Net Liquidation Proceeds, Net Insurance Proceeds and Net Condemnation Proceeds
with respect to the Trust Loan which represents any unpaid Servicing Fee, Servicing Compensation, Special Servicing Compensation,
Trustee/Certificate Administrator Fee, the Operating Advisor Fee and CREFC® License Fee, to which the Servicer,
the Special Servicer, any Sub-Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and/or CREFC®,
as the case may be, are entitled and is allocable to the Trust Loan;

 

     -9-

     

    

 

(f)             all amounts representing certain fees and expenses, including indemnity amounts, reimbursable or payable to the Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator (in all of its capacities under this Agreement), the Custodian
or the Trustee and other amounts permitted to be retained by the Servicer or withdrawn by the Servicer from the Collection Account
to the extent expressly set forth in this Agreement (including, without limitation, as provided in Section 3.06 and including
any indemnities provided for herein), including interest thereon as expressly provided in this Agreement (to the extent allocable
to the Trust Loan);

 

(g)            any interest or investment income on funds on deposit in the Collection Account or any interest on Permitted Investments in which
such funds may be invested;

 

(h)            all amounts received with respect to the Trust Loan if previously purchased or repurchased from the Trust Fund pursuant to Section
2.03(e), Section 3.16 or Section 9.01 or the Trust Loan Purchase Agreements or any mezzanine loan intercreditor
agreement during the related Collection Period and subsequent to the date as of when the Trust Loan was purchased or repurchased;

 

(i)             the amount reasonably determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local
taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC under the circumstances and to the extent described in Section
4.05;

 

(j)             Prepayment Premiums; and

 

with
respect to the Distribution Date occurring in (A) January of each calendar year that is not a leap year and (B) February of each
calendar year, in each case, unless such Distribution Date is the final Distribution Date, the Withheld Amounts deposited into
the Interest Reserve Account by the Certificate Administrator in accordance with Section 3.05(f). For the avoidance of
doubt, Available Funds will not include any amounts allocable to the Companion Loan under the Co-Lender Agreement.

 

“Balloon
Payment”: With respect to the Trust Loan or Whole Loan, as applicable, the scheduled payment of principal due on the
Maturity Date (less, principal included in the applicable amortization schedule or scheduled Monthly Payment).

 

“BANA”:
As defined in the Preliminary Statement.

 

“BANA
Indemnification Agreement”: The agreement dated as of the Pricing Date, among BANA, the Depositor and the Initial Purchasers.

 

“BANA
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Closing Date, between BANA
and the Depositor.

 

“Base
Interest Fraction”: With respect to any Principal Prepayment on the Trust Loan and for:

 

(a)       any
of the Class A, Class B, Class C, Class D, Class E and Class F Certificates with a Pass-Through Rate equal to either
the Net Trust Note Rate or the Net Trust Note Rate less a specified rate shall be a fraction (not greater than one) (i) the
numerator of which is the greater of zero and the amount, if any, by which (A) the Pass-Through Rate on such Class of Certificates,
exceeds (B) the yield rate (as provided by the Servicer) used in calculating the Prepayment Premiums with respect to such Principal
Prepayment and (ii) the denominator of which is the amount, if any, by which (A) the Net Trust Note Rate exceeds (B) the
Discount Rate (as provided by the Servicer) used in calculating the Prepayment Premiums with respect to such Principal Prepayment;
provided that if such Discount Rate is greater than or equal to the Net Trust Note Rate, then the Base Interest Fraction
shall be zero; provided, further, that if such yield rate

 

     -10-

     

    

 

is greater than or equal to the Net Trust Note Rate, but
less than the Pass-Through Rate described in clause (i)(A) above, then the Base Interest Fraction shall be one; and

 

(b)       any
of the Class A, Class B, Class C, Class E and Class F Certificates with a Pass-Through Rate equal to a fixed per
annum rate, shall be a fraction (not greater than one) (i) the numerator of which is the greater of zero and the amount,
if any, by which (A) the Pass-Through Rate on such Class of Certificates, exceeds (B) the yield rate (as provided by the Servicer)
used in calculating the Prepayment Premiums with respect to such Principal Prepayment and (ii) the denominator of which is
the amount, if any, by which (A) the Trust Note Rate (net of the Administrative Fee Rate) multiplied by 365/360 exceeds (B) the
Discount Rate (as provided by the Servicer) used in calculating the Prepayment Premiums with respect to such Principal Prepayment;
provided that if such Discount Rate is greater than or equal to the amount set forth in clause (ii)(A) above,
then the Base Interest Fraction shall be zero; provided, further, that if such yield rate is greater than or equal
to the amount set forth in clause (ii)(A) above, but less than the Pass-Through Rate described in clause (i)(A)
above, then the Base Interest Fraction shall be one.

 

To
the extent that the “yield rate” referred to in the immediately preceding paragraph to be provided by the Servicer
is not provided in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to
the yield, on the U.S. Treasury primary issue with a maturity date closest to the Maturity Date for the Trust Loan. If there are:
(x) two or more U.S. Treasury issues with the same coupon the issue with the lower yield shall be selected and (y) two or more
U.S. Treasury issues with maturity dates equally close to the Maturity Date for the Trust Loan, the issue with an earlier maturity
date shall be selected.

 

“Beneficial
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository) with respect to such
Classes. Each of the Trustee, the Certificate Administrator, the Operating Advisor and the Servicer shall have the right to require,
as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person executes
an Investor Certification.

 

“Book-Entry
Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
1114 6th Avenue Owner LLC, a Delaware limited liability company (or the successor in interest to the foregoing under
the Loan Agreement).

 

“Borrower
Accounts”: As defined in Section 3.07(a).

 

“Borrower
Related Party”: Any of (a) the Borrower, any Approved Mezzanine Borrower (as defined in the Loan Agreement), any SPE
Component Entity (as defined in the Loan Agreement), any TRS Entity (as defined in the Loan Agreement), any Affiliated Manger,
any Guarantor, or a Restricted Holder, (b) any other Person controlling or controlled by or under common control with the Borrower,
any Approved Mezzanine Borrower, any SPE Component Entity, any TRS Entity, any Affiliated Manger, any Guarantor, or a Restricted
Holder, as applicable, or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in the
Borrower, any Approved Mezzanine Borrower, any SPE Component Entity, any TRS Entity, any Affiliated Manger, any Guarantor, or
a Restricted Holder, as applicable. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

     -11-

     

    

 

“Breach”:
As defined in Section 2.03(e).

 

“Business
Day”: Any day other than (a) a Saturday or a Sunday, (b) a legal holiday in New York, New York, Concord, California,
Charlotte, North Carolina, or any principal city in which the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Operating Advisor conduct servicing, trust administration or surveillance operations, or (c) any day on which the Federal
Reserve Bank of New York or banking institutions or savings associations in New York, New York, Concord, California, Charlotte,
North Carolina or any principal city in which the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or
the Operating Advisor are located or conducts servicing, trust administration, certificate transfers or surveillance operations
are authorized or obligated by law or executive order to be closed.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (a) for principal and interest
payment on the Trust Loan or Whole Loan or sale of a Defaulted Mortgage Loan, the highest of (i) the rate determined by the Servicer
or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrower on similar non-defaulted
debt of the Borrower as of such date of determination, (ii) the Trust Note Rate or Whole Loan Rate, as applicable, and (iii) the
yield on 10-year U.S. treasuries as of such date of determination and (b) for all other cash flows, including property cash flow,
the “discount rate” set forth in the most recent Appraisal (or Updated Appraisal).

 

“Cash
Collateral Account”: Any account or accounts created pursuant to a Mortgage, Loan Agreement, Cash Collateral Account
Agreement or other Loan Document into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee,
on behalf of the Certificateholders and the Companion Loan Holder, as successor to the Loan Sellers. Any Cash Collateral Account
shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive all reinvestment income or
gain thereon in accordance with the terms and provisions of the Loan Agreement and Section 3.07, which Person shall be
taxed on all reinvestment income or gain thereon in accordance with the terms of the Loan Agreement. The Servicer shall be permitted
to make withdrawals therefrom for deposit into the Collection Account. To the extent not inconsistent with the terms of the related
Loan Documents, the Cash Collateral Account shall be an Eligible Account.

 

“Cash
Collateral Account Agreement”: The cash collateral account agreement between the Originators and the Borrower, pursuant
to which the Cash Collateral Account, if any, may have been established.

 

“Cash
Management Agreement”: As defined in the Loan Agreement.

 

“Certificate”:
Any Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R or Class LR
Certificate issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor certificate administrator appointed as herein provided. Wells Fargo
Bank, National Association will perform the certificate administrator role through its Corporate Trust Services division (including,
as applicable, any agents or affiliates utilized thereby).

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.ctslink.com.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates (a) on or prior to the first Distribution
Date, an amount equal to the aggregate initial Certificate Balance of such Class, as

 

     -12-

     

    

 

specified in the Preliminary Statement to
this Agreement and (b) as of any date of determination after the first Distribution Date, the Certificate Balance of such
Class of Principal Balance Certificates on the Distribution Date immediately prior to such date of determination less any distributions
allocable to principal and any allocations of Realized Losses made thereon on such prior Distribution Date.

 

“Certificate
Custodian”: Initially, the Certificate Administrator performing its duties hereunder through its Document Custody division;
thereafter, any other Certificate Custodian acceptable to the Depository and selected by the Certificate Administrator.

 

“Certificate
Interest Accrual Period”: With respect to any Class of Certificates and any Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs.

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02.

 

“Certificateholder”:
The Person whose name a Certificate is registered in the Certificate Register, subject to the following:

 

(a)            except as provided in clauses (b) and (d), solely for the purpose of giving any consent or taking any action
pursuant to this Agreement, any Certificate beneficially owned by (i) the Depositor, the Servicer, the Special Servicer (in its
individual capacity), the Operating Advisor, the Certificate Administrator, the Trustee (in its individual capacity) or any Person
known to a Responsible Officer of the Certificate Registrar to be an Affiliate of any of the foregoing parties or (ii) any Borrower
Related Party, shall be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken into account
in determining whether the requisite percentage of Voting Rights necessary to effect any such consent or take any such action
has been obtained;

 

(b)            for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificates beneficially owned
by the Servicer or the Special Servicer or an Affiliate thereof shall be deemed to be outstanding for all purposes if such amendment
does not relate to the increase in compensation or material reduction in obligations of the Servicer or the Special Servicer in
any material respect, provided that if such amendment does relate to such matters, such Certificates shall be deemed not
to be outstanding with respect to such matters;

 

(c)            for purposes of obtaining the consent of Certificateholders (other than the Controlling Class Certificateholders or the Directing
Holder) to any action proposed to be taken by the Special Servicer with respect to the Whole Loan, any Certificates beneficially
owned by the Special Servicer or an Affiliate thereof shall be deemed not to be outstanding; and

 

(d)            for purposes of providing or distributing any reports, statements or other information required or permitted to be provided to
a Certificateholder hereunder, a Certificateholder shall include any Beneficial Owner, or (subject to the execution of an Investor
Certification) any Person identified by a Beneficial Owner as a prospective transferee of a Certificate beneficially owned by
such Beneficial Owner, but only if the Certificate Administrator or another party hereto furnishing such report, statement or
information has been provided with the name of the Beneficial Owner of the related Certificate or the Person identified as a prospective
transferee thereof.

 

Notwithstanding
anything to the contrary in this paragraph, the limitations set forth in the foregoing clauses (a), (b), (c)
and (d) shall not be construed so as to limit or prevent a Controlling Class Certificateholder or the Directing Holder,
solely based on it being an Affiliate of the Special Servicer, from exercising any appointment, consent, consultation or any other
rights (including, without limitation, Voting Rights) it may have under this Agreement solely in its capacity as Controlling Class
Certificateholder or

 

     -13-

     

    

 

Directing Holder (unless, for the avoidance of doubt, the Controlling Class Certificateholder or Directing
Holder is a Borrower Related Party).

 

For
purposes of the foregoing, the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Trustee, the Paying Agent or other such Person may rely, without limitation, on a Depository Participant listing from the
Depository or statements furnished by a Person that on their face appear to be statements from a Depository Participant to such
Person indicating that such Person beneficially owns Certificates.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(b) (other than at the recommendation of the Operating Advisor), the holders of Principal Balance Certificates
evidencing at least 66-2⁄3% of the aggregate Voting Rights (taking into account Realized Losses and the application of any
Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan to notionally reduce the Certificate
Balances of the Principal Balance Certificates) of all Principal Balance Certificates on an aggregate basis.

 

“Certification
Parties”: As defined in Section 11.11.

 

“Certifying
Certificateholder”: A Certificateholder or Beneficial Owner of a Certificate that has provided the Certificate Administrator
with an executed Investor Certification.

 

“Certifying
Person”: As defined in Section 11.11.

 

“Certifying
Servicer”: As defined in Section 3.27.

 

“Class”:
All of the Certificates bearing the same alphabetical or alphanumeric Class designation or each separately designated Lower-Tier
Regular Interest.

 

“Class A
Certificate”: Any one of the Certificates with a “Class A” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-1 to this Agreement.

 

“Class A
Pass-Through Rate”: A per annum rate equal to 2.347000% for the related Distribution Date.

 

“Class B
Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-3 to this Agreement.

 

“Class B
Pass-Through Rate”: A per annum rate equal to 2.600000% for the related Distribution Date.

 

“Class C
Certificate”: Any one of the Certificates with a “Class C” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-4 to this Agreement.

 

“Class C
Pass-Through Rate”: A per annum rate equal to the Net Trust Note Rate for the related Distribution Date.

 

     -14-

     

    

 

“Class D
Certificate”: Any one of the Certificates with a “Class D” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-5 to this Agreement.

 

“Class D
Pass-Through Rate”: A per annum rate equal to the Net Trust Note Rate for the related Distribution Date.

 

“Class E
Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-6 to this Agreement.

 

“Class E
Pass-Through Rate”: A per annum rate equal to the Net Trust Note Rate for the related Distribution Date.

 

“Class F
Certificate”: Any one of the Certificates with a “Class F” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-7 to this Agreement.

 

“Class F
Pass-Through Rate”: A per annum rate equal to the Net Trust Note Rate for the related Distribution Date.

 

“Class HRR
Certificate”: Any one of the Certificates with a “Class HRR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-8 to this Agreement.

 

“Class HRR
Pass-Through Rate”: A per annum rate equal to the Net Trust Note Rate for the related Distribution Date.

 

“Class
Interest Shortfall”: With respect to any Distribution Date (subsequent to the initial Distribution Date) for any Class
of Regular Certificates, the excess, if any, of (a) the Interest Distribution Amount and any Class Interest Shortfall for such
Class of Regular Certificates for the immediately preceding Distribution Date over (b) all distributions of interest made on such
Class of Regular Certificates on the immediately preceding Distribution Date. No interest shall accrue on any Class Interest Shortfall.
The Class Interest Shortfall for each Class of Regular Certificates for the initial Distribution Date shall be zero.

 

“Class
LA Interest”, “Class LB Interest”, “Class LC Interest”, “Class LD Interest”,
“Class LE Interest”, “Class LF Interest” and “Class LHRR Interest”: Each,
a regular interest in the Lower-Tier REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01.

 

“Class LR
Certificate”: Any one of the Certificates with a “Class LR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-9 to this Agreement. The Class LR Certificates have no Pass-Through Rate, Certificate Balance.

 

“Class R
Certificate”: Any one of the Certificates with a “Class R” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-10 to this Agreement. The Class R Certificates have no Pass-Through Rate or Certificate Balance.

 

     -15-

     

    

 

“Class
X Certificates”: Any one of the Certificates with a “Class X” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of Exhibit A-2 to this Agreement.

 

“Class X
Component”: Each of Component XA and Component XB.

 

“Class X
Notional Amount”: As of any date of determination, the aggregate then Component Notional Amount of the Class X Components.

 

“Class X
Pass-Through Rate”: With respect to any Distribution Date, a variable rate per annum equal to the weighted average
of the Class X Strip Rates for each Class X Component for such Distribution Date (adjusted to accrue, if necessary, on a 30/360
Basis), wighted on the basis of the respective Lower-Tier Principal Balances outstanding immediately prior to such Distribution
Date. The Class X Pass-Through Rate for the initial Distribution Date is approximately 0.300912% per annum.

 

“Class
X Strip Rate”: With respect to each Class X Component for any Distribution Date, the excess, if any, of (a) the
Net Trust Note Rate for such Distribution Date over (b) the Pass-Through Rate of the Class of Corresponding Certificates.

 

“Clearstream”:
Clearstream Banking, S.A.

 

“Closing
Date”: November 18, 2020.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Co-Lender
Agreement”: The co-lender agreement, dated as of November 18, 2020, among BANA, JPMCB, Column and DBRI.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any date of determination, an amount equal to the excess
of (a) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu
notes included therein), over (b) the sum of (solely to the extent allocable to the Trust Loan) (i) the most recent appraised
value for the Property, plus (ii) solely to the extent not reflected or taken into account in such appraised value and
to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital
or additional collateral contributed by the Borrower at the time the Whole Loan became (and as part of the modification related
to) such AB Modified Loan for the benefit of the Property, plus (iii) any other escrows or reserves (in addition to any
amounts set forth in the immediately preceding clause (ii)) held by the lender in respect of such AB Modified Loan
as of the date of such determination. The Special Servicer and the Certificate Administrator will be entitled to conclusively
rely on the Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

“Collection
Account”: The trust account, accounts or sub-accounts created and maintained by the Servicer pursuant to Section
3.05(a), which shall be entitled “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust,
National Association, as Trustee, in trust for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE, Collection Account” and “Wells Fargo Bank, National Association, as Servicer, for
the benefit of the Companion Loan Holders, relating to the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates,
Series 2020-GRCE, Collection Account” and each of which must be an Eligible Account.

 

     -16-

     

    

 

“Collection
Period”: With respect to any Distribution Date, the period that begins immediately following the Determination Date
in the calendar month preceding the month in which such Distribution Date occurs (or, in the case of the initial Distribution
Date, immediately following the Cut-off Date) and ending at the close of business on such Determination Date in the calendar month
in which the Distribution Date occurs.

 

“Column”:
As defined in the Preliminary Statement.

 

“Column
Indemnification Agreement”: The agreement dated as of the Pricing Date, among COLUMN, the Depositor and the Initial
Purchasers.

 

“Column
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Closing Date, between Column
and the Depositor.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion
Loan”: As defined in the Preliminary Statement. As of the date hereof, the Companion Loan has an outstanding principal
balance as of the Closing Date of $500,000,000.

 

“Companion
Loan Advance”: With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of delinquent
scheduled payments with respect to such Companion Loan made by the master servicer or trustee with respect to such Other Securitization
Trust.

 

“Companion
Loan Holder”: Any holder of a Companion Loan.

 

“Companion
Loan Rating Agency”: With respect to a Companion Loan, any rating agency that was engaged by a participant in the securitization
of such Companion Loan to assign a rating to the related Companion Loan Securities.

 

“Companion
Loan Register”: As defined in Section 3.31(b).

 

“Companion
Loan Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets
of an Other Securitization Trust, which assets include a Companion Loan (or a portion thereof or interest therein).

 

“Companion
Loan Service Provider”: With respect to any Companion Loan that has been deposited into a securitization trust, the
related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal and/or
interest advances in respect of such Companion Loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Component”:
Each of the Component XA and the Component XB.

 

“Component
Notional Amount”: With respect to each Component and any date of determination, an amount equal to the then Lower-Tier
Principal Balance of such Component’s Corresponding Lower-Tier Regular Interest.

 

“Component XA”:
The component of the Class X Certificates having a Component Notional Amount equal to the then current Lower-Tier Principal Balance
of Lower-Tier Regular Interest LA as of any date of determination.

 

     -17-

     

    

 

“Component XB”:
The component of the Class X Certificates having a Component Notional Amount equal to the then current Lower-Tier Principal Balance
of Lower-Tier Regular Interest LB as of any date of determination.

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to the Property by or to any governmental, quasi-governmental authority or private
entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of the Property or
released to the Borrower in accordance with the terms of the REMIC Provisions and the Whole Loan).

 

“Conflicted
Controlling Class Holder”: The Directing Holder or any Controlling Class Certificateholder, as applicable, that becomes
a Borrower Related Party. Immediately upon obtaining actual knowledge of any such party becoming a “Conflicted Controlling
Class Holder”, the Directing Holder or Controlling Class Certificateholder, as applicable, shall not be considered a Privileged
Person and shall provide notice in the form of Exhibit L-1-D hereto to the Servicer, the Special Servicer, the Operating
Advisor, the Trustee and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section
10.05 and shall specifically identify the Conflicted Controlling Class Holder. As of the Closing Date, the Directing Holder
is not a Conflicted Controlling Class Holder.

 

“Controlling
Class”: The most subordinate of the Class F or Class HRR Certificates so long as such Class has an outstanding Certificate
Balance (as reduced by any principal payments and Realized Losses and notionally reduced by any Appraisal Reduction Amounts and
Collateral Deficiency Amounts allocated to the Trust Loan and allocable to such Class) that is equal to or greater than 25% of
the initial Certificate Balance of such Class. If neither the Class F or the Class HRR Certificates satisfy the preceding requirement,
then there will be no Controlling Class. No other Class of Certificates shall be eligible to act as the Controlling Class. No
Holder of Certificates of the Controlling Class that is a Borrower Related Party shall (a) be permitted to appoint the Directing
Holder or (b) be entitled to exercise any consent, consultation or direction rights that may otherwise be exercised by a holder
of Certificates of the Controlling Class. Notwithstanding anything to the contrary, neither the Depositor nor any Affiliate thereof
may serve as the Controlling Class Certificateholder, and solely for purposes of determining the identity of or selecting the
Directing Holder, any portion of the Controlling Class held by the Depositor or any Affiliate thereof shall be deemed not to be
outstanding. The Controlling Class as of the Closing Date will be the Class HRR Certificates.

 

“Controlling
Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of the Controlling Class of Certificates,
as determined by the Certificate Registrar from time to time in accordance with the terms of Section 6.07(a).

 

“Corporate
Trust Office”: (a) With respect to the Trustee, the corporate trust office of Wilmington Trust, National Association,
initially located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS – Grace 2020-GRCE, or the principal
trust office of any successor trustee qualified and appointed pursuant to this Agreement; and (b) With respect to the Certificate
Administrator, located at 9062 Old Annapolis Road, Columbia, Maryland 21045. Attention: Corporate Trust Services - Grace 2020-GRCE,
or, in the case of any surrender, transfer or exchange, at Wells Fargo Bank, National Association, 600 South 4th Street,
7th Floor, MAC N9300-070, Minneapolis, Minnesota 55479, Attention: CTS - Certificate Transfer Services, Grace Trust
2020-GRCE, or the principal trust office of any successor certificate administrator qualified and appointed pursuant to this Agreement.

 

“Corrected
Loan”: As defined under the definition of Specially Serviced Loan.

 

“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest
or any Corresponding Component.

 

     -18-

     

    

 

“Corresponding
Component”: As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding
Lower Tier Regular Interest.

 

“Corresponding
Lower-Tier Regular Interest”: As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates
or any Corresponding Component.

 

“Credit
Risk Retention Affiliate” or “Credit Risk Retention Affiliated”: As “affiliate” or “affiliated”
are defined in §246.2 of the Credit Risk Retention Rules.

 

“Credit
Risk Retention Rule”: The final rule that was promulgated to implement the credit risk retention requirements under
Section 15G of the Exchange Act, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(79 F.R. 77601; pages 77740-77766), as such rule may be amended from time to time, and subject to such clarification and interpretation
as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the
Federal Housing Finance Agency, the Commission and the Department of Housing and Urban Development in the adopting release (79
F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time,
in each case, as effective from time to time.

 

“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is
a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and
whose principal purpose is the establishment of industry standards for reporting transaction-specific information relating to
commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed
properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other
association or organization. If an organization or association described in one of the preceding sentences of this definition
does not exist, “CREFC®” shall be deemed to refer to such other association or organization as shall
be selected by the Servicer and reasonably acceptable to the Certificate Administrator, the Trustee and the Special Servicer.

 

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

 

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

 

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

 

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

 

     -19-

     

    

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Whole Loan, or such other form for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally. In connection with preparing the CREFC® Comparative Financial Status Report,
the Servicer shall process (a) interim financial statements beginning with interim financial statements for the fiscal quarter
ending March 2021, and (b) annual financial statements beginning with annual financial statements for the 2020 fiscal year (for
the 2020 fiscal year, to the extent the Borrower provides sufficient information to report in accordance with CREFC®
guidelines).

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than ninety (90) days after its adoption, such other form for the presentation of such information
and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage
securities transactions generally.

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Investor Reporting Package (CREFC® IRP)”:

 

(a)            The following seven electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic
Update File, (iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC®
Financial File, (vi) CREFC® Collateral Summary File and (vii) CREFC® Special Servicer
Loan File;

 

(b)            The following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC®
Historical Loan Modification/Forbearance and Corrected Loan Report, (iii) CREFC® REO Status Report,
(iv) CREFC® Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status
Report, (vi) CREFC® Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC

 

     -20-

     

    

 

Report, (viii) CREFC®
NOI Adjustment Worksheet, (ix) CREFC® Advance Recovery Report, (x) CREFC® Total
Loan Report and (xi) CREFC® Reconciliation of Funds Report;

 

(c)            the following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer
Realized Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC®
Significant Insurance Event Template; and

 

(d)            such other reports and data files as CREFC® may designate as part of the “CREFC® Investor
Reporting Package (CREFC® IRP)” from time to time generally.

 

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

 

“CREFC®
License Fee”: With respect to the Trust Loan (including any REO Loan or the Trust Loan if it has been defeased)
for any related Certificate Interest Accrual Period, the amount of interest accrued during such related Certificate Interest Accrual
Period at the CREFC® License Fee Rate on the same balance, in the same manner and for the same number of days as
interest at the applicable Trust Note Rate accrued with respect to the Trust Loan during such related Certificate Interest Accrual
Period is computed. Any payments of the CREFC® License Fee shall be made to “CRE Finance Council” and
delivered by wire transfer pursuant to the following instructions (or such other instructions as may hereafter be furnished by
CREFC® to the Servicer in writing at least two Business Days prior to the Servicer Remittance Date):

 

Account
Name: Commercial Real Estate Finance Council (CREFC®)

Bank Name: JPMorgan Chase Bank, National Association

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

“CREFC®
License Fee Rate”: 0.00050% per annum.

 

“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective
from time to time on the CREFC® Website and; provided that each CREFC® Loan Periodic Update
File shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month,
and all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the
downloadable form of the “CREFC® Loan Setup File” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC®
Website.

 

     -21-

     

    

 

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

 

“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for,
in the downloadable form of the “CREFC® Property File” available and effective from time to time on
the CREFC® Website.

 

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

 

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

 

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

 

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

 

“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC®
Historical Loan Modification/Forbearance and Corrected Loan Report, the CREFC® REO Status Report, the CREFC®
Servicer Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial
Status Report, the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC
Report, the CREFC® Advance Recovery Report and the CREFC® Total Loan Report.

 

“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

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

 

“Current
Interest Distribution Amount”: With respect to any Distribution Date for any Class of Regular Certificates is equal
to the related Regular Interest Distribution Amount.

 

“Custodial
Agreement”: The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the
Certificate Administrator, in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended
or modified from time to time in accordance with the terms thereof. No Custodial Agreement will be required if the Custodian is
the same party as the Certificate Administrator.

 

     -22-

     

    

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19. If a Custodian is not so appointed, then the Custodian shall be the Certificate
Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Servicer or any Affiliate
of the Certificate Administrator, the Trustee or the Servicer. Wells Fargo Bank, National Association will perform its duties
as Custodian hereunder through its Document Custody Group (including, as applicable, any agents or affiliates utilized thereby).

 

“Cut-off
Date”: November 18, 2020.

 

“DBRI”:
As defined in the Preliminary Statement.

 

“DBRS
Morningstar”: DBRS, Inc., or any successor thereto. If neither DBRS Morningstar nor any successor remains in existence,
“DBRS Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other
comparable Person designated by the Depositor, notice of which designation shall be given to the other parties hereto and specific
ratings of DBRS Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Debt
Service Coverage Ratio”: As of any date of determination and for any period, the ratio calculated by dividing the net
operating income or net cash flow, as applicable, of the Property, for the most recently ended 12-month trailing or one-year period
for which data is available from the Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on the Trust Loan or Whole Loan, as applicable, but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for the
Property by the Servicer or Special Servicer, if applicable, pursuant to Section 3.13, by the annual debt service required
by the Trust Loan or Whole Loan, as applicable. Annual debt service shall be calculated by multiplying the Monthly Payment in
effect on such date of determination by 12 (or such fewer number of months for which related information is available).

 

“Default”:
An event of default under the Loan Documents, or an event which, with the passage of time or the giving of notice, or both, would
constitute an event of default under the Loan Documents.

 

“Default
Interest”: Interest accrued on each Note, the Trust Loan or Whole Loan, as applicable, at the excess of (a) the
Default Rate over (b) the Trust Note Rate or the Whole Loan Rate, as applicable.

 

“Default
Rate”: The per annum rate at which interest accrues on the Trust Loan or Whole Loan, as applicable, following
any Default thereunder, including a default in the payment of a Monthly Payment or a Balloon Payment.

 

“Defaulted
Mortgage Loan”: The Whole Loan, if it is delinquent at least sixty (60) days in respect of its Monthly Payments or more
than sixty (60) days delinquent in respect of its Balloon Payment, if any, in either case such Delinquency to be determined without
giving effect to any grace period permitted by the Loan Documents and without regard to any acceleration of payments under the
Whole Loan.

 

“Defect”:
As defined in Section 2.03(e).

 

“Deficient
Exchange Act Deliverable”: With respect to the Servicer, the Special Servicer, the Custodian, the Certificate Administrator,
the Trustee and each Servicing Function Participant retained by it (other than a Sub-Servicer), any item (a) regarding such party,
(b) prepared by such party or any registered public accounting firm, attorney or other agent retained by such party to prepare
such item and (c) delivered by or on behalf of such party pursuant to the delivery requirements under Article XI that does
not conform to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the
rules and regulations promulgated thereunder.

 

     -23-

     

    

 

“Delinquency”:
Any failure of the Borrower to make a scheduled Monthly Payment or Balloon Payment on a Due Date.

 

“Denomination”:
As defined in Section 5.01(a).

 

“Depositor”:
Banc of America Merrill Lynch Large Loan, Inc., a Delaware corporation, and its successors and assigns.

 

“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).

 

“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.

 

“Determination
Date”: With respect to each calendar month commencing in December 2020, the 6th day of such calendar month
or, if such 6th day is not a Business Day, then the immediately preceding Business Day.

 

“Directing
Holder”: The representative selected or designated, as applicable, by the Certificateholders representing more than
50% of the Controlling Class (by Certificate Balance) in accordance with Section 6.07; provided that if no Certificateholder
holds Certificates representing more than 50% of the Controlling Class (by Certificate Balance), then the Directing Holder shall
be the representative appointed by the Controlling Class Certificateholder that owns, and is identified (with contact information)
to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator as owning, the largest aggregate Certificate
Balance of Certificates of the Controlling Class. Notwithstanding anything to the contrary, neither the Depositor nor any Affiliate
thereof may serve as the Directing Holder, and solely for purposes of determining the identity of or selecting the Directing Holder
(or the Controlling Class Certificateholder), any portion of the Controlling Class held by the Depositor or any Affiliate thereof
shall be deemed not to be outstanding.

 

“Directly
Operate”: If the Property becomes an REO Property, the furnishing or rendering of services to the tenants thereof that
are not customarily provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury
Regulations Section 1.512(b)-1(c)(5), the management or operation of the REO Property, the holding of the REO Property primarily
for sale to customers in the ordinary course of a trade or business, or any use of the REO Property in a trade or business conducted
by the Trust Fund, or the performance of any construction work on the REO Property other than through an Independent Contractor;
provided, however, that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate
the REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect
to the REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to the Whole Loan or any REO Property, any compensation and other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any other fee-sharing
arrangement) received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without
limitation, the Trust, the Borrower, any Manager, any guarantor or indemnitor in respect of the Whole Loan and any purchaser of
the Whole Loan or the REO Property) in connection with the disposition, workout or foreclosure of the Whole Loan, the management
or disposition of the REO Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing
duties under this Agreement; provided that any compensation and other remuneration that the Servicer or the Certificate
Administrator is permitted to receive or retain pursuant to the terms of this Agreement in connection with its respective duties
in such

 

     -24-

     

    

 

capacity as master servicer or certificate administrator under this Agreement shall not be Disclosable Special Servicer
Fees.

 

“Disclosure
Parties”: As defined in Section 3.14(e).

 

“Discount
Rate” As defined in the Loan Agreement.

 

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

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and,
except for FHLMC, a majority of its board of directors is not selected by any such governmental unit), (b) a foreign government,
International Organization (as defined below) or agency or instrumentality of either of the foregoing, (c) an organization
that is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on unrelated business
taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R
or Class LR Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural
electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated
by the Certificate Registrar who is unable to provide an Opinion of Counsel to the Certificate Registrar to the effect that any
Transfer to such Person will not cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that
the Certificates are outstanding. For the purposes of this definition, the terms “United States”, “State”
and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account and the Lower-Tier Distribution Account, each of which
may be a sub-account of a single Eligible Account.

 

“Distribution
Date”: During each calendar month commencing in December 2020, the 4th Business Day following the Determination
Date in such calendar month.

 

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

 

“Do
Not Hire List”: The list, as may be updated at any time, provided by the Depositor to the Servicer, Special Servicer,
the Certificate Administrator, the Trustee and the Operating Advisor, which lists certain parties identified by the Depositor
as having failed to comply (after any applicable cure period) with their respective obligations under Sections 3.27,
3.28 or 3.29 or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting
requirements under any trust and servicing agreement relating to any other series of certificates offered by the Depositor.

 

“Due
Date”: With respect to (a) the Whole Loan on or prior to its Maturity Date, the day of the month set forth in the
Notes on which each Monthly Payment thereon is scheduled to be first due and (b) the

 

     -25-

     

    

 

Whole Loan after the Maturity Date therefore
or any REO Loan, the day of the month set forth in the Notes on which each Monthly Payment on the Whole Loan had been scheduled
to be first due.

 

“Early
Termination Notice Date”: Any date as of which the Stated Principal Balance of the Trust Loan is less than 1.0% of the
Stated Principal Balance of the Trust Loan as of the Cut-off Date.

 

“Eligible
Account”: Any of:

 

(a)            an account or accounts:

 

(i)             maintained with a depository institution or trust company, (1) the short-term unsecured debt obligations or commercial paper of
which are rated at least “F-1” by Fitch in the case of accounts in which funds are held for thirty (30) days or less
and (2) in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations
of which are rated at least “A” by Fitch, and at least “K3” by KBRA or the long-term obligations (or,
if applicable, deposit accounts) of which are rated at least “BBB-” by KBRA, or, if not rated by KBRA, an equivalent
(or higher) rating by any two (2) other NRSROs (which may include Fitch), and (2) in the case of such investments with maturities
of more than thirty (30) days, the short-term obligations of which are rated at least “F-1+” by Fitch or the long-term
obligations of which are rated at least “AA-” by Fitch and the short-term obligations (or, if applicable, deposit
accounts) of which are rated at least “K3” by KBRA or the long-term obligations (or, if applicable, deposit accounts)
of which are rated at least “BBB-” by KBRA, or, if not rated by KBRA, an equivalent (or higher) rating by any two
other NRSROs (which may include Fitch),

 

(ii)            maintained with Wells Fargo Bank, National Association, a subsidiary of Wells Fargo & Co., so long as (1) its long-term unsecured
debt rating is at least “A” by Fitch (if the deposits are to be held in the account for more than thirty (30) days),
or (2) its short-term deposit or short-term unsecured debt rating must be at least “F-1” by Fitch (if the deposits
are to be held in the account for thirty (30) days or less),

 

(iii)           maintained with Wells Fargo Bank, National Association, a wholly owned subsidiary of Wells Fargo & Co., so long as it meets
the eligibility standards of the Certificate Administrator pursuant to Section 8.06, or

 

(b)            a segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution,
financial institution or trust company (which, subject to the remainder of this clause (ii), may include the Certificate
Administrator or the Trustee) acting in its fiduciary capacity that has a Fitch rating of (and whose long term unsecured debt
obligations or deposits are rated) at least “A” and which, in either case, has a combined capital and surplus of at
least $50,000,000 and is subject to supervision or examination by federal or state authority and to regulations regarding fiduciary
funds on deposit substantially similar to Title 12 of the Code of Federal Regulations, Section 9.10(b),

 

(c)            such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (a) and (b) above, with respect to which a No Downgrade Confirmation has been obtained from
each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account,
or

 

(d)            any other account for which the Certificate Administrator, the Trustee, the Servicer or the Special Servicer, as applicable, receives
a No Downgrade Confirmation, which may be an account maintained by or with the Certificate Administrator, the Trustee, the Servicer
or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

     -26-

     

    

 

“Eligible
Investor”: Any of (a) a Qualified Institutional Buyer that is purchasing for its own account or for the account
of a Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A
or (b) (except with respect to the Class R and Class LR Certificates) an Institutional Accredited Investor that
is not a Qualified Institutional Buyer.

 

“Eligible
Operating Advisor”: An entity (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by a Rating Agency (including, in the case of the Operating Advisor, this transaction) but has not been special
servicer or operating advisor on a transaction for which a Rating Agency has qualified, downgraded or withdrawn its rating or
ratings of one or more classes of certificates for such transaction and cited servicing concerns with the special servicer or
operating advisor as the sole or a material factor in such rating action; (b) that can and will make the representations
and warranties of the Operating Advisor set forth in Section 2.04(f); (c) that is not (and is not a Credit Risk Retention
Affiliate of) the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Originators,
any Guarantor, any Borrower Related Party, the Directing Holder, or any of their respective affiliates; (d) that has not
been paid by the Special Servicer or successor special servicer any fees, compensation or other remuneration (i) in respect
of its obligations hereunder or (ii) for the appointment of, or recommendation for replacement of the Special Servicer by,
a successor special servicer; (e) that (i) has been regularly engaged in the business of analyzing and advising clients
in commercial mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss
projections and (ii) has at least five (5) years of experience in commercial real estate asset management and experience
in the workout and management of distressed commercial real estate assets; and (f) that does not directly or indirectly,
through one or more Affiliates or otherwise, own or have derivative exposure in any interest in any Certificates, the Trust Loan
or otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in fees
from its role as Operating Advisor.

 

“Environmental
Insurance Policy”: With respect to the Property or REO Property, any insurance policy covering pollution conditions
and/or other environmental conditions that is maintained from time to time in respect of the Property or REO Property, as the
case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders and the Companion Loan Holder.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“ERISA
Plan”: As defined in Section 5.02(k).

 

“Escrow
Account”: As defined in Section 3.04(b). Any Escrow Account may be a sub-account of the related Cash Collateral
Account.

 

“Escrow
Payment”: Any payment made by the Borrower to the Servicer pursuant to the Mortgage, Cash Collateral Account Agreement,
Lock-Box Agreement, Loan Agreement or other Loan Document for the account of the Borrower for application toward the payment of
taxes, insurance premiums, assessments, environmental remediation and similar items in respect of the Property or related to the
satisfaction of closing conditions for the Whole Loan.

 

“Euroclear”:
Euroclear Bank, as operator of the Euroclear System and its successors in interest.

 

“Excess
Prepayment Interest Shortfall”: With respect to any Distribution Date, any portion of the aggregate Prepayment Interest
Shortfalls for such Distribution Date in excess of the sum of (a) the Servicer Prepayment Interest Shortfall Amount with respect
to such Distribution Date and (b) any Prepayment Interest Excess with respect to such Distribution Date.

 

     -27-

     

    

 

“Excess
Servicing Fee Rate”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable),
a rate per annum equal to 0.0%; provided that such rate shall be subject to reduction at any time following any
resignation of a Servicer pursuant to Section 6.04 (if no successor is appointed in accordance with Section 6.04)
or any termination of the Servicer pursuant to Section 7.01, to the extent reasonably necessary (in the sole discretion
of the Trustee) for the Trustee to appoint a qualified successor Servicer (which successor may include the Trustee) that meets
the requirements of Section 7.02.

 

“Excess
Servicing Fee Right”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable),
the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Servicer shall
be the owner of such Excess Servicing Fee Right.

 

“Excess
Servicing Fees”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable),
that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

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

 

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

 

“FHLMC”:
The Federal Home Loan Mortgage Corporation, or any successor thereto.

 

“Final
Asset Status Report”: An Asset Status Report that is labeled as being a “Final Asset Status Report”, together
with such other data or supporting information provided by the Special Servicer to the Directing Holder, which does not include
any communications (other than the related Asset Status Report) between the Special Servicer and the Directing Holder; provided
that no Asset Status Report shall be considered a Final Asset Status Report unless (a) the Directing Holder (during any Subordinate
Control Period) has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has
exhausted all of its rights of approval or consent pursuant to this Agreement in respect of such action, or has been deemed to
approve or consent to such action or (b) the Asset Status Report is otherwise implemented by the Special Servicer in accordance
with the terms of this Agreement.

 

“Final
Recovery Determination”: With respect to the Whole Loan or REO Loan, including after it becomes subject to repurchase
by the Loan Sellers pursuant to Section 2.03(e) or subject to purchase pursuant to any related mezzanine intercreditor
agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Repurchase Price and other payments or recoveries
(including proceeds of the final sale of the REO Property) which the Servicer (or if the Whole Loan becomes a Specially Serviced
Loan or an REO Loan, the Special Servicer), in its reasonable judgment, as evidenced by a certificate of a Servicing Officer delivered
to the Trustee, the Certificate Administrator, the Custodian and the Operating Advisor (and the Servicer, if the certificate is
from the Special Servicer), expects to be finally recoverable. The Servicer shall maintain records, prepared by a Servicing Officer,
of each Final Recovery Determination until the earlier of (a) its termination as the Servicer hereunder and the transfer
of such records to a successor servicer and (b) five years following the termination of the Trust Fund.

 

“Financial
Market Publisher”: BlackRock Financial Management, Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Moody’s
Analytics, Interactive Data Corporation, Markit LLC, KBRA Analytics, Inc. and Thomson Reuters Corporation, or any successor entities
thereof.

 

“Fitch”:
Fitch Ratings, Inc., or any of its successors in interest. If neither Fitch nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given

 

     -28-

     

    

 

to the other parties hereto and specific ratings of Fitch herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“FNMA”:
The Federal National Mortgage Association or any successor thereto.

 

“Form
8-K Disclosure” The information described in the Form 8-K items set forth under the “Item on Form 8-K” column
on Exhibit Y hereto.

 

“GACC”:
As defined in the Preliminary Statement.

 

“GACC
Indemnification Agreement”: The agreement dated as of the Pricing Date, among GACC, the Depositor and the Initial Purchasers.

 

“GACC
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Closing Date, between GACC
and the Depositor.

 

“Global
Certificates”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates if and so long
as such class of Regular Certificates is registered in the name of a nominee of the Depository.

 

“Guarantor”:
As defined in the Loan Agreement.

 

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

 

“Holder”:
With respect to (a) any Certificate, a Certificateholder; and (b) with respect to any Lower-Tier Regular Interest, the Trustee.

 

“Impermissible
Credit Risk Retention Affiliate”: As defined in Section 3.33.

 

“Impermissible
Operating Advisor Affiliate”: As defined in Section 3.33.

 

“Impermissible
TPP Affiliate”: As defined in Section 3.33.

 

“Indemnified
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable, as the
context requires.

 

“Indemnifying
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable, as the
context requires.

 

“Independent”:
When used with respect to any specified Person, any such Person who (a) does not have any direct financial interest, or any
material indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special
Servicer, the Directing Holder, the Operating Advisor, the Borrower or any Manager or any Affiliate thereof, and (b) is not
connected with any such Person thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions.

 

     -29-

     

    

 

“Independent
Contractor”: Either (a) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates); provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is
at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Servicer
nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (a) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Servicer or
the Special Servicer, as applicable, the Operating Advisor, the Certificate Administrator and the Trustee has been delivered to
the Certificate Administrator to that effect) or (b) any other Person (including the Servicer and the Special Servicer) if
the Servicer or the Special Servicer, as applicable, on behalf of itself, the Operating Advisor, the Certificate Administrator
and the Trustee has received an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor)
to the effect that the taking of any action in respect of the REO Property by such Person, subject to any conditions therein specified,
that is otherwise herein contemplated to be taken by an Independent Contractor will not cause the REO Property to cease to qualify
as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to
the exception applicable for purposes of Section 860D(a) of the Code) or cause any income realized in respect of the REO
Property to fail to qualify as Rents from Real Property (provided that such income would otherwise so qualify).

 

“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.

 

“Initial
Deposit Amount”: An initial deposit made by the Depositor on the Closing Date in an amount equal to $1,682,562.50.

 

“Initial
Purchasers”: BofA Securities, Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities
Inc., and their respective successors in interest.

 

“Initial
Resolution Period”: As defined in Section 2.03(e).

 

“Inquiries”:
As defined in Section 4.02(c).

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act or any entity with respect to which the equity owners of which each qualify as an “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Act.

 

“Insurance
Proceeds”: Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to the
Whole Loan (including any amounts paid by the Servicer pursuant to Section 3.08).

 

“Interest
Distribution Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to
the Current Interest Distribution Amount for such Class and such Distribution Date, less any Excess Prepayment Interest Shortfall
allocable to such Class.

 

“Interest
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e); which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE Interest Reserve Account” and which

 

     -30-

     

    

 

must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset of the Lower-Tier
REMIC.

 

“Interested
Person”: As of any date of determination, the Depositor, the Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Trustee, the Directing Holder, any Certificateholder, the Companion Loan Holder, any Independent
Contractor engaged by the Special Servicer pursuant to Section 3.15, or any Person known to a Responsible Officer of the
Trustee or the Certificate Administrator, or to a Servicing Officer of the Special Servicer, to be an Affiliate of any of them,
or any Borrower Related Party.

 

“Investment
Account”: As defined in Section 3.07(a).

 

“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A).

 

“Investor
Certification”: A certificate (which may be in electronic form or “click-through format”) representing that
such Person executing the certificate is a Certificateholder, a Directing Holder, a Beneficial Owner or a prospective purchaser
of a Certificate and that (a) for purposes of obtaining certain information and notices (including access to information and notices
on the Certificate Administrator’s Website) pursuant to this Agreement, such Person (i) is not a Borrower Related Party
or (ii) is a Borrower Related Party, substantially in the form of Exhibit L-1-A (in the case of clause (ii))
or Exhibit L-1-B (in the case of clause (ii)) to this Agreement or in the form of an electronic certification
contained on the Certificate Administrator’s Website and/or (b) for purposes of exercising Voting Rights, such Person is
not the Depositor, the Certificate Administrator, the Trustee or a Borrower Related Party, substantially in the form of Exhibit L-2
to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website.
The Certificate Administrator may require that Investor Certifications are resubmitted from time to time in accordance with its
policies and procedures.

 

“Investor
Q&A Forum”: As defined in Section 4.02(c).

 

“Investor
Registry”: As defined in Section 4.02(d).

 

“IRS”:
The Internal Revenue Service.

 

“JPMCB”:
As defined in the Preliminary Statement.

 

“JPMCB
Indemnification Agreement”: The agreement dated as of the Pricing Date, among JPMCB, the Depositor and the Initial Purchasers.

 

“JPMCB
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Closing Date, between JPMCB
and the Depositor.

 

“Junior
Notes”: As defined in the Preliminary Statement. The Junior Notes have an aggregate original principal amount of $367,000,000.

 

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

 

“Late
Collections”: With respect to the Whole Loan, all amounts received thereon during any Collection Period (or within the
related grace period), whether as payments, Insurance Proceeds,

 

     -31-

     

    

 

Condemnation Proceeds, Liquidation Proceeds or otherwise, which
represent late payments or collections of principal or interest due in respect of the Whole Loan (without regard to any acceleration
of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously recovered. If
the Whole Loan becomes an REO Loan, all amounts received in connection with the REO Property during any Collection Period (including
any grace period applicable under the original Whole Loan), whether as Insurance Proceeds, Condemnation Proceeds, Liquidation
Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest due or deemed due in respect
of the REO Loan or the predecessor Whole Loan (without regard to any acceleration of amounts due under the predecessor Whole Loan
by reason of default) on a Due Date in a previous Collection Period and not previously recovered. The term “Late Collections”
shall specifically exclude Penalty Charges.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in connection with the liquidation
of the Whole Loan or the liquidation of the REO Property or the sale of the Whole Loan pursuant to Section 3.16 or Section
9.01 (including, without limitation, legal fees and expenses, committee or referee fees, and, if applicable, brokerage commissions,
and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer pursuant to Section 3.12(c) with respect to the Whole Loan (if repurchased
in accordance with Section 2.03(e)), Specially Serviced Loan or REO Loan (except as specified in the following paragraph),
in each case as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrower, a loan purchaser
or the Loan Sellers, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which
a Workout Fee has been paid, or will be payable), equal to the product of 0.25% and the proceeds of such full, partial or discounted
payoff or the Net Liquidation Proceeds related to such liquidated or repurchased Whole Loan or Specially Serviced Loan, as the
case may be, in each case exclusive of any portion of such full, partial or discounted payoff or Net Liquidation Proceeds that
represents Penalty Charges; subject to a cap of $1,250,000; provided that with respect to any particular liquidation (or
partial liquidation), as reduced by the amount of any and all related Offsetting Modification Fees received by the Special Servicer
as additional servicing compensation relating to the Specially Serviced Loan, REO Loan or Whole Loan.

 

No
Liquidation Fee shall be payable (a) with respect to clause (e) of the definition of Liquidation Proceeds; (b) in
the case of clause (f) of the definition of Liquidation Proceeds if exercised within ninety (90) days after the first
time that such holder’s option to purchase the Whole Loan becomes exercisable, provided, however, that even if the
purchase occurs before such expiration the Liquidation Fee will be payable to the extent paid by, and collected from, the related
borrower or the mezzanine lender; (c) in the case of a repurchase of the related Loan Seller Percentage Interest in the Trust
Loan (or the REO Loan, if applicable) by a Loan Seller pursuant to the related Trust Loan Purchase Agreement, if such Loan Seller
repurchases the related Loan Seller Percentage Interest in the Trust Loan within the resolution time period set forth in Section
2.03(e) (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set forth in
Section 2.03(e)); (d) in connection with the purchase of the Trust Loan if it has become a Defaulted Mortgage Loan
by the Special Servicer or any Affiliate thereof within ninety (90) days after the transfer of the Defaulted Mortgage Loan to
special servicing; (e) in connection with any indemnification payment made by a Loan Seller as a result of a Material Breach or
Material Document Defect pursuant to Section 2.03(e), if such Loan Seller makes such indemnification payment within the
resolution time period set forth in Section 2.03(e) (and giving effect to any applicable extension period beyond the end
of the Initial Resolution Period set forth in Section 2.03(e)); (f) if the Whole Loan becomes a Specially Serviced Loan
only because of an event described in clause (a) of the definition of “Specially Serviced Loan” and the related
Liquidation Proceeds are received within three months following the related maturity date as a result of the related Whole Loan
being refinanced or otherwise repaid in full (provided that the Special Servicer may collect from the Borrower and retain
(i) a liquidation fee, (ii) such other fees

 

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as are provided for in the Loan Documents, and (iii) other appropriate fees in connection
with such liquidation)s; (g) the purchase of the Trust Loan by the holder of the related mezzanine loan pursuant to the mezzanine
intercreditor agreement within ninety (90) days after the first time that such holder’s option to purchase the Whole Loan
becomes exercisable (provided, that for the avoidance of doubt, if there are one or more purchase notices that are delivered subsequent
to the initial purchase notice, as long as the event that resulted in the first purchase notice (or the preceding purchase notice)
has, within the 90-day period from the date the applicable purchase notice was given to such holder of a mezzanine loan, ceased,
been cured, been waived by the Servicer or the Special Servicer in writing, or otherwise was no longer in effect during such period,
such 90-day period will commence on the date of any subsequent purchase notice given to such holder of a mezzanine loan) and (h)
with respect to an Other Securitization Trust, in connection with (i) a repurchase or replacement of such Companion Loan by the
applicable Loan Seller due to a breach of a representation or warranty or a document defect under the related mortgage loan purchase
agreement related to the Other Pooling and Servicing Agreement prior to the expiration of the cure period (including any applicable
extension thereof) set forth therein or (ii) a purchase of such Companion Loan pursuant to a clean-up call or similar liquidation
under the related Other Pooling and Servicing Agreement.

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Servicer or the Special Servicer in connection with: (a) the liquidation of the Property or other collateral constituting
security for the Defaulted Mortgage Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise,
exclusive of any portion thereof required to be released to the Borrower in accordance with applicable law and the terms and conditions
of the Notes and the Mortgage, (b) the realization upon any deficiency judgment obtained against the Borrower, (c) the
sale of the Defaulted Mortgage Loan, (d) a repurchase of the related Loan Seller Percentage Interest in the Trust Loan (or
REO Loan) by a Loan Seller pursuant to the related Trust Loan Purchase Agreement, (e) the purchase of the Trust Loan and all property
acquired in respect of the Trust Loan by the Sole Certificateholder, the Special Servicer or the Servicer pursuant to Section
9.01, (f) the purchase of the Whole Loan by the holder of the related mezzanine loan pursuant to the mezzanine intercreditor
agreement, or (g) the purchase of the Trust Loan by the Companion Loan Holder.

 

“Loan
Agreement”: As defined in the Preliminary Statement.

 

“Loan
Documents”: The documents executed or delivered in connection with the origination or any subsequent modification of
the Whole Loan or subsequently added to the Mortgage File.

 

“Loan
Interest Accrual Period”: With respect to the Whole Loan, the period commencing on the 6th day of each calendar month
during the term of the Whole Loan and ending on and including the 5th day of the next occurring calendar month.

 

“Loan
Seller Percentage Interest”: As to BANA, an approximately 30% interest in the Trust Loan, as to JPMCB, an approximately
30% interest in the Trust Loan, as to Column, an approximately 20% interest in the Trust Loan and as to GACC, an approximately
20% interest in the Trust Loan.

 

“Loan
Seller Transferred Interests”: (a) In the case of BANA, the portion of the Trust Loan evidenced by Note A-1-1 and Note
B-1, (b) in the case of JPMCB, the portion of the Trust Loan evidenced by Note A-2-1 and Note B-2, (c) in the case of Column,
the portion of the Trust Loan evidenced by Note A-3-1 and Note B-3 and (d) in the case of GACC, the portion of the Trust Loan
evidenced by Note A-4-1 and Note B-4.

 

“Loan
Sellers”: BANA, JPMCB, Column and GACC.

 

“Lock-Box
Account”: With respect to the Property, if applicable, any account created pursuant to the Loan Documents to receive
revenues therefrom. Any Lock-Box Account shall be beneficially owned

 

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for federal income tax purposes by the Person who is entitled
to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the Whole Loan and Section
3.07, which Person shall be taxed on all reinvestment income or gain thereon. The Servicer shall be permitted to make withdrawals
therefrom for deposit into the related Cash Collateral Accounts in accordance with the terms of the Whole Loan.

 

“Lock-Box
Agreement”: The lock-box agreement, if any, between the Originators and the Borrower, pursuant to which the Lock-Box
Account, if any, may have been established.

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b), which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in trust for the benefit
of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Lower-Tier Distribution
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier Distribution Account
shall be an asset of the Lower-Tier REMIC.

 

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

 

“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interest, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses allocable thereto in all prior periods as described
in Section 4.01, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest shall equal the
Certificate Balance of its Corresponding Certificates.

 

“Lower-Tier
Regular Interests”: The Class LA Interest, the Class LB Interest, the Class LC Interest, the Class LD Interest, the
Class LE Interest, the Class LF Interest and the Class LHRR Interest issued by the Lower-Tier REMIC and held by the Trustee as
assets of the Upper-Tier REMIC. Each Lower-Tier Regular Interest (a) is designated as a “regular interest” in
the Lower-Tier REMIC (b) relates to its Corresponding Certificates, (c) is uncertificated, (d) has an initial Lower-Tier
Principal Balance equal to the original Lower-Tier Principal Balance set forth in the Preliminary Statement herein, (e) has
a Pass-Through Rate equal to the Net Trust Note Rate, (f) has a “latest possible maturity date”, within the meaning
of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution Date and (g) is entitled to the distributions
in the amounts and at the times specified in Section 4.01(a).

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Trust Loan, collections thereon, the Trust’s
interest in any REO Property acquired in respect thereof, amounts related thereto held from time to time in the Collection Account
and the Lower-Tier Distribution Account, any REO Account, related amounts in the Interest Reserve Account and all other property
included in the Trust Fund that is not in the Upper-Tier REMIC.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: Any of the following:

 

(a)           any substitution or release of real property collateral for the Whole Loan (other than in connection with a defeasance or condemnation)
except as expressly permitted by the Loan Documents;

 

(b)           any waiver of or determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such
clause is not exercisable under applicable law);

 

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(c)           any transfer of the Property or any portion of the Property, or any transfer of any direct or indirect ownership interest in the
Borrower to the extent lender consent under the Loan Documents is required, except in each case as expressly permitted by the
Loan Documents, and for which there is no material lender discretion, or in connection with a pending or threatened condemnation;

 

(d)           any consent to the incurrence of direct or indirect debt by the Borrower or mezzanine debt by a direct or indirect parent of the
Borrower, including modification of the terms of any document evidencing or securing any such additional debt and of any intercreditor
or subordination agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any
such document or agreement, in each case to the extent lender approval is required by the Loan Documents;

 

(e)           any proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of REO Properties) of the ownership
of the Property;

 

(f)            any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest but including,
without limitation, the timing of payments and the acceptance of discounted payoffs) or material non-monetary term of the Whole
Loan or any extension of the maturity date of the Whole Loan to the extent lender approval is required by the Loan Documents;

 

(g)           following a Loan Event if Default, any exercise of remedies, including the acceleration of the Whole Loan or initiation of judicial,
bankruptcy or similar proceedings under the Loan Documents or with respect to the Borrower or the Property;

 

(h)           any sale or other disposition of the Whole Loan or the Property (including any REO Property) for less than the Repurchase Price;

 

(i)            any determination to bring the Property or an REO Property into compliance with applicable environmental laws or to otherwise
address hazardous material located at the Property or a REO Property;

 

(j)            any modification, waiver or amendment of any intercreditor agreement, co-lender agreement (other than any modification of the
Co-Lender Agreement in connection with the splitting of any Note as permitted pursuant to the terms of the Co-Lender Agreement),
participation agreement or similar agreement with any mezzanine lender or subordinate debt holder (or holder of preferred equity
that is substantially equivalent to a mezzanine loan) related to the Whole Loan, or an action to enforce rights (or decision not
to enforce rights) with respect thereto, or any modification, waiver, or amendment of such agreements and/or the exercise of rights
and powers granted under any intercreditor agreement, Co-Lender Agreement, participation agreement or similar agreement to the
lender to the extent such rights or powers affect the priority of payment, consent rights or security interest with respect to
the Whole Loan;

 

(k)           any Manager changes with respect to the Whole Loan, to the extent lender approval is required by the Loan Documents;

 

(l)            releases of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves, other than those
required pursuant to the specific terms of the Whole Loan and for which there is no material lender discretion;

 

(m)          any acceptance of an assumption agreement releasing the Borrower, any Guarantor or other obligor from liability under the Whole
Loan or the Loan Documents other than as permitted pursuant to the specific terms of such Loan Documents and for which there is
no lender discretion;

 

(n)           any determination of an Acceptable Insurance Default under the Loan Documents;

 

     -35-

     

    

 

(o)           any consent to (i) the termination or surrender of any “major lease” under the Loan Agreement, (ii) the Borrower entering
into a “major lease” under the Loan Agreement or (iii) the execution, termination or renewal of a ground lease or
any other lease, to the extent such lease constitutes a “major lease” under the Loan Agreement, including any consent
to entering into any subordination, non-disturbance and attornment agreement, in each case, solely to the extent the Lender’s
approval or discretion is required by the Loan Documents;

 

(p)           any adoption or implementation of the annual budget for which lender consent is required under the Loan Documents;

 

(q)           the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrower;

 

(r)            approval of casualty/condemnation insurance settlements other than pursuant to the specific terms of the Whole Loan, and any
determination to apply casualty proceeds or condemnation awards to the reduction of the debt rather than to the restoration of
the Property if application of such proceeds would not result in payment in full of the Whole Loan;

 

(s)           any proposed modification or waiver of any provision of any Loan Documents which reduces the types, nature or amounts of insurance
coverage, including terrorism insurance, required to be obtained and maintained by the Borrower (to the extent the Lender’s
approval is required under the Loan Documents);

 

(t)            if the Property is a REO Property, approval of operating and business plans or asset sale and disposition plans of such REO Property
(including incurring financing, restructuring or refinancing debt, engaging or replacing the Manager or leasing agent, decisions
with respect to operating and capital expenses, etc.; and

 

(u)           any calculation of debt yield or determination of whether a Trigger Period (as defined in the Loan Agreement) is in effect when
required for any purposes under the Loan Documents solely to the extent such calculation or determination waives a requirement
in any material respect or reflects a material change in the methodology of the applicable calculation or determination.

 

“Major
Decision Reporting Package”: As defined in Section 6.09.

 

“Majority
Controlling Class Certificateholders”: The Holder(s) of Certificates representing more than 50% of the aggregate Certificate
Balance of the Controlling Class.

 

“Management
Agreement”: With respect to the Property, the property management agreement, if any, by and between a Manager and the
Borrower (or an affiliate), or any successor property management agreement between such parties.

 

“Manager”:
With respect to the Property, any property manager for the Property.

 

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

 

“Material
Breach”: As defined in Section 2.03(e).

 

“Material
Document Defect”: As defined in Section 2.03(e).

 

“Maturity
Date”: The scheduled maturity date on December 6, 2030.

 

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“Mezzanine
Loan”: Any mezzanine indebtedness (if any) related to the Whole Loan.

 

“Modification
Fees”: With respect to the Whole Loan, any and all fees with respect to a modification, restructure, extension, waiver
or amendment that modifies, restructures, extends, amends or waives any term of the Loan Documents (as evidenced by a signed writing)
agreed to by the Servicer or the Special Servicer (other than all defeasance fees, Assumption Fees, consent fees, assumption application
fees, and fees similar to the foregoing). For the avoidance of doubt, Special Servicing Fees, Workout Fees and Liquidation Fees
due to the Special Servicer in connection with a modification, restructure, extension, waiver or amendment shall not be considered
Modification Fees. For each modification, restructure, extension, waiver or amendment in connection with working out the Whole
Loan after it has become a Specially Serviced Loan, the Modification Fees collected from the Borrower shall be subject to a cap
of 1.0% of the outstanding principal balance of the Whole Loan on the closing date of the related modification, restructure, extension,
waiver or amendment (prior to giving effect to such modification, restructure, extension, waiver or amendment); provided
that no aggregate cap exists in connection with the amount of Modification Fees which may be collected from the Borrower with
respect to a Specially Serviced Loan or REO Loan.

 

“Modified
Loan”: A Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 in
a manner that:

 

(a)            reduces or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing
current Monthly Payments with respect to the Trust Loan or Companion Loan), including any reduction in the Monthly Payment;

 

(b)            except as expressly contemplated by the Loan Documents, results in a release of the lien of the Mortgage on any material portion
of the Property without a corresponding Principal Prepayment in an amount not less than the fair market value (as is), as determined
by an Appraisal delivered to the Special Servicer (at the expense of the Borrower and upon which the Special Servicer may conclusively
rely), of the property to be released; or

 

(c)            in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for the
Whole Loan or reduces the likelihood of timely payment of amounts due thereon.

 

“Monthly
Payment”: With respect to the Trust Loan or Whole Loan (in each case, other than an REO Loan) and any Due Date, the
scheduled monthly payment of principal (to the extent due, but excluding any Balloon Payment) and interest at the Trust Note Rate
or Whole Loan Rate, as applicable, due on such Due Date (but not excluding any constant Monthly Payment due on the Trust Loan).
The Monthly Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the Due Date
had the Trust Loan not been discharged, determined as set forth in the preceding sentence and on the assumption that all other
amounts, if any, due thereunder are paid when due.

 

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

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in the Property
securing the Notes.

 

     -37-

     

    

 

“Mortgage
File”: Collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xx) pertaining
to the Whole Loan and any additional documents required to be added to the Mortgage File pursuant to the express provisions; provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor or the
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received.

 

“Mortgage
Loan Schedule”: The schedule attached as Exhibit B to this Agreement, which schedule shall set forth the following
information:

 

(a)            the Trust Loan name;

 

(b)            the street address (including city, state and zip code) of the Property;

 

(c)            the Trust Note Rate and Whole Loan Rate in effect as of the Cut-off Date;

 

(d)            the original principal balance of the Whole Loan and the Trust Loan;

 

(e)            the Stated Principal Balance as of the Cut-off Date for the Trust Loan and the Whole Loan;

 

(f)             the Maturity Date for the Whole Loan;

 

(g)            the Due Date;

 

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

 

(i)             the Servicing Fee Rate, the master servicing fee rate, the primary servicing fee rate, the Trustee/Certificate Administrator Fee
Rate, the Operating Advisor Fee Rate, CREFC® License Fee Rate and the Administrative Fee Rate; and

 

(j)              whether any letter of credit is held by the lender as a beneficiary or is assigned as security for the Whole Loan.

 

“Net
Condemnation Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration,
preservation or repair of the related Property or released to the Borrower in accordance with the express requirements of the
Loan Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net
Default Interest”: With respect to any Distribution Date, an amount equal to the sum of (a) the amount of Default
Interest received during the preceding Collection Period, minus (b) any portions thereof withdrawn from the applicable Collection
Account pursuant to Section 3.06(a)(vi) for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses (including
Special Servicing Fees, Liquidation Fees and Workout Fees) incurred on the Trust Loan or Whole Loan, as applicable, during or
prior to such Collection Period.

 

“Net
Insurance Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.

 

     -38-

     

    

 

“Net
Liquidation Proceeds”: The Liquidation Proceeds received with respect to the Trust Loan net of the amount of (a) Liquidation
Expenses incurred with respect thereto and (b) with respect to proceeds received in connection with the taking of the Property
(or portion thereof) by the power of eminent domain in condemnation, amounts required to be applied to the restoration or repair
of the Property.

 

“Net
REO Proceeds”: With respect to any REO Property, REO Proceeds net of any insurance premiums, taxes, assessments and
other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b).

 

“Net
Trust Note Rate”: With respect to any Distribution Date, the rate at which interest accrues on the Trust Loan (net of
the Administrative Fee Rate and excluding Default Interest) during the related Loan Interest Accrual Period. Notwithstanding the
foregoing, the Net Trust Note Rate (which accrues interest on an Actual/360 Basis) for any Loan Interest Accrual Period will be
the annualized rate at which interest would have to accrue in respect of the Trust Loan on a 30/360 Basis in order to produce
the aggregate amount of interest actually accrued in respect of the Trust Loan at the related Net Trust Note Rate during such
Loan Interest Accrual Period; provided that the Net Trust Note Rate for the one-month period (a) preceding the Distribution
Dates in (i) January and February in each year that is not a leap year or (ii) February only in each year that is a leap year
(in either case, unless the related Distribution Date is the final Distribution Date) (commencing in 2021), shall be determined
net of any Withheld Amounts from that month and (b) preceding the Due Date in March (or February if the related Distribution Date
is the final Distribution Date), shall be determined inclusive of the Withheld Amounts, if applicable, from the immediately preceding
February, and, if applicable, January; provided, further, that for purposes of calculating Pass-Through Rates, the
Net Trust Note Rate shall be determined without regard to any modification, waiver or amendment of the terms of the Trust Loan,
whether agreed to by the Servicer or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving
the Borrower or otherwise.

 

“New
Lease”: Any lease of an REO Property entered into on behalf of the Lower-Tier REMIC, if such Trust REMIC has the right
to renegotiate the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.

 

“No
Downgrade Confirmation” shall mean, with respect to any matter, confirmation in writing (which may be in electronic
form and may be in the form of a press release) by each applicable Rating Agency that a proposed action, failure to act or other
event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating
assigned to any Class of Certificates if then rated by the Rating Agency (with respect to the Certificates) and the credit rating
of any certificates, notes or other securities in connection with any single asset securitization or pooled asset securitization
of a Companion Loan (or any portion thereof or interest therein) (in the case of a rating agency with respect to such certificates,
notes or other securities); provided that a written waiver or other acknowledgment from any Rating Agency indicating its
decision not to review the matter for which the No Downgrade Confirmation is sought shall be deemed to satisfy the requirement
for the No Downgrade Confirmation from such Rating Agency with respect to such matter and the Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as applicable, may proceed with the contemplated action(s) as if such party had
received the No Downgrade Confirmation. At any time during which no Certificates are rated by a Rating Agency, No Downgrade Confirmation
shall be required from that Rating Agency.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for which
(a)(i) the initial Certificate Balance of such Class of Principal Balance Certificates minus (ii) the sum (without duplication)
of, as such date of determination (x) the aggregate payments of principal (whether as principal prepayments or otherwise)
previously distributed to the Holders of such Class of Principal Balance Certificates, as of such date of determination, (y) any
Appraisal Reduction Amounts and Collateral Deficiency Amounts then allocable to such Class of Principal

 

     -39-

     

    

 

Balance Certificates,
a of such date of determination and (z) any Realized Losses previously allocated to such Class of Principal Balance Certificates
as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the initial Certificate
Balance of such Class of Principal Balance Certificates, less (ii) any payments of principal (whether as principal prepayments
or otherwise) previously distributed to the Holders of that Class of Principal Balance Certificates as of such date of determination.

 

“Non-Trust
Notes”: As defined in the Preliminary Statement. The Non-Trust Notes have an aggregate principal amount of $500,000,000.

 

“Non-U.S.
Person”: A person that is not a U.S. Person.

 

“Nonrecoverable
Administrative Advance”: Any Administrative Advance previously made or proposed to be made in respect of the Trust Loan
or REO Loan which, in the reasonable judgment of the Servicer, the Special Servicer, in each case in accordance with the Servicing
Standard and Section 4.07(d), or the Trustee in its reasonable judgment, as applicable, would not be ultimately recoverable,
together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation
Proceeds and other collections on or in respect of the Trust Loan or REO Loan, which shall be evidenced by an Officer’s
Certificate as provided by Section 4.07(d).

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Property Advance or Nonrecoverable Administrative Advance.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of the Trust Loan or REO Loan
which, in the reasonable judgment of the Servicer, the Special Servicer, in each case in accordance with the Servicing Standard
and Section 4.07(d) and Section 4.07(e), or the Trustee in its reasonable judgment, as applicable, would not be
ultimately recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance
Proceeds, Liquidation Proceeds and other collections on or in respect of the Trust Loan or REO Loan, which shall be evidenced
by an Officer’s Certificate as provided by Section 4.07(d).

 

“Nonrecoverable
Property Advance”: Any Property Advance previously made or proposed to be made in respect of the Whole Loan or REO Loan
that, as determined by the Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section
3.21(d), or the Trustee in its reasonable judgment, as applicable, would not be ultimately recoverable, together with any
accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other
collections on or in respect of the Whole Loan or REO Loan, which shall be evidenced by an officer certificate as provided by
Section 3.21(d).

 

“Notes”:
As described in the Preliminary Statement, collectively, as of any date of determination, the notes or other evidence of indebtedness
and/or agreements evidencing the indebtedness of the Borrower under the Whole Loan including any amendments or modifications,
or any renewal or substitution note, as of such date.

 

“Notice
of Termination”: Any of the notices given to the Trustee, the Certificate Administrator, the Special Servicer and the
Servicer by the Special Servicer, the Servicer or the Certificateholder owning a majority of the Percentage Interest in the Class
R and Class LR Certificates, as applicable, pursuant to Section 9.01(c).

 

“Notional
Amount”: As of any date of determination, with respect to the Class X Certificates as a Class, the Class X Notional
Amount and, with respect to any of the Class X Certificates, the product of the Percentage Interest evidenced by such Certificate
and the Class X Notional Amount.

 

     -40-

     

    

 

“NRSRO”:
Any nationally recognized statistical ratings organization within the meaning of Section 3(a)(62) of the Exchange Act.

 

“NRSRO
Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in
the form attached hereto as Exhibit O or (b) provided electronically and executed by an NRSRO by means of a “click-through”
confirmation on the 17g-5 Information Provider’s Website.

 

“Offering
Circular”: That certain Offering Circular, dated November 10, 2020, relating to the offering of the Certificates.

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a
Vice President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Servicer, the Special Servicer or Operating Advisor customarily performing functions
similar to those performed by any of the above designated officers, any Servicing Officer and also with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject, or an authorized officer of the Depositor, and delivered to the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Special Servicer or the Servicer, as the case may be.

 

“Offsetting
Modification Fees”: With respect to the Whole Loan or REO Loan and with respect to the Workout Fee or Liquidation Fee
payable by the Trust, any and all Modification Fees collected by the Special Servicer as additional servicing compensation, but
only to the extent that (a) such Modification Fees were earned and collected by the Special Servicer (i) in connection with the
workout or liquidation (including partial liquidation) of a Specially Serviced Loan or REO Loan as to which the subject Workout
Fee or Liquidation Fee became payable or (ii) in connection with any workout of a Specially Serviced Loan that closed within the
prior 18 months (determined as of the closing day of the workout or liquidation as to which the subject Workout Fee or Liquidation
Fee became payable) and (b) such Modification Fees were earned in connection with a modification, restructure, extension, waiver
or amendment of the Whole Loan or REO Loan at a time when the Whole Loan or REO Loan was a Specially Serviced Loan.

 

“Operating
Advisor”: Park Bridge Lender Services LLC, in its capacity as operating advisor, and its successors in interest, or
any successor operating advisor appointed as herein provided.

 

“Operating
Advisor Annual Report”: As defined in Section 6.11.

 

“Operating
Advisor Consultation Period”: Any period when (a) the Certificate Balance of the Class HRR Certificates (taking into
account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Certificates) is less
than 25% of the initial Certificate Balance of the Class HRR Certificates or (b) a Subordinate Consultation Period is in effect.

 

“Operating
Advisor Consulting Fee”: A fee for each Asset Status Report and Major Decision as to which the Operating Advisor has
consultation obligations and performed its duties with respect to such Asset Status Report or Major Decision equal to $10,000
(or such lesser amount that the Borrower pays), payable pursuant to Section 6.11(l); provided, that the Operating Advisor
may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Asset Status Report or Major Decision;
provided, further, that the Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the Borrower if it determines that such full or partial waiver is in accordance with the Servicing
Standard (provided that the Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with
the Operating Advisor prior to any such waiver or reduction), but may in no event take any enforcement action with respect to
the collection of such Operating Advisor Consulting Fee other than requests for collection.

 

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

 

“Operating
Advisor Fee”: The fee payable to the Operating Advisor pursuant to Section 6.11(j).

 

“Operating
Advisor Fee Rate”: With respect to each Certificate Interest Accrual Period related to any Distribution Date, a rate
equal to 0.00220% per annum.

 

“Operating
Advisor Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust Fund and in the
best interest of and for the benefit of the Certificateholders (as a collective whole as if such Certificateholders constituted
a single lender) and not for the benefit of any particular Class of Certificateholders (as determined by the Operating Advisor
in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship
that the Operating Advisor or any of its Affiliates may have with the Borrower, any Manager of the Property, any Guarantor, the
Loan Sellers, the Depositor, the Servicer, the Special Servicer, the Directing Holder or any of their respective Affiliates.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Operating
Advisor, the Special Servicer or the Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee,
except that any opinion of counsel relating to (a) qualification of either Trust REMIC as a REMIC or the imposition of tax
under the REMIC Provisions on any income or property of either Trust REMIC, (b) compliance with the REMIC Provisions (including
application of the definition of “Independent Contractor”), or (c) a resignation of the Servicer or the Special
Servicer pursuant to Section 6.04(b), must be an opinion of counsel who is Independent of the Depositor, the Servicer and
the Special Servicer.

 

“Originators”:
Each of BANA, JPMCB, Column and DBRI, in its capacity as co-originator of the Whole Loan under the Loan Agreement.

 

“Other
Asset Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling
and Servicing Agreement relating to a Companion Loan.

 

“Other
Certificate Administrator”: The applicable other “certificate administrator” under an Other Pooling and
Servicing Agreement relating to a Companion Loan.

 

“Other
Depositor”: With respect to any Other Securitization Trust, the related “depositor” (within the meaning
of Item 1101(e) of Regulation AB).

 

“Other
Exchange Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements
of the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related
Other Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and Form 10-K
with respect to such Other Securitization Trust, as identified in writing to the parties to this Agreement; and, with respect
to any Other Securitization Trust that is not subject to the reporting requirements of the Exchange Act and for the purposes of
Sections 11.07, 11.08, 11.09 and 11.16 only, the trustee, certificate administrator, master servicer,
special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation
and/or dissemination of periodic distribution date statements or similar reports, as identified in writing to the parties to this
Agreement.

 

“Other
Operating Advisor”: The applicable other “operating advisor” under an Other Pooling and Servicing Agreement
relating to a Companion Loan.

 

“Other
Pooling and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation
of any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust.

 

“Other
Securitization Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds
a Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.

 

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“Other
Servicer”: The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating
to a Companion Loan.

 

“Other
Special Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement
relating to a Companion Loan.

 

“Other
Trustee”: The applicable other “trustee” under an Other Pooling and Servicing Agreement relating to a Companion
Loan.

 

“Ownership
Interest”: Any record or beneficial interest in a Class R or Class LR Certificate.

 

“P&I
Advance”: Any advance made by the Servicer or the Trustee pursuant to Section 4.07. Each reference to the payment
or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred to and without duplication,
payment or reimbursement of interest thereon at the Advance Rate. Neither the Servicer nor the Trustee will be required to make
P&I Advances with respect to any delinquent payment amounts due on the Companion Loan.

 

“P&I
Advance Determination Date”: With respect to the Distribution Date, the second Business Day prior to such Distribution
Date.

 

“PACE
Loan”: Any (a) “Property-Assessed Clean Energy loan” or (b) other indebtedness, without regard to the name
given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency,
increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through
multi-year assessments against the Property.

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates, the rate for such Class as set forth below.

 

	Class
	Pass-Through
                                         Rate

	Class A	Class A
    Pass-Through Rate
	Class X	Class X
    Pass-Through Rate
	Class B	Class B
    Pass-Through Rate
	Class C	Class C
    Pass-Through Rate
	Class D	Class D
    Pass-Through Rate
	Class E	Class E
    Pass-Through Rate
	Class F	Class F
    Pass-Through Rate
	Class
    HRR	Class
    HRR Pass-Through Rate

 

With
respect to each Class of Lower-Tier Regular Interests, the Net Trust Note Rate.

 

“Paying
Agent”: The paying agent appointed pursuant to Section 5.04.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty
Charges”: With respect to the Whole Loan (or successor REO Loan), any amounts collected thereon from the Borrower that
represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Prepayment Premium.

 

“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Certificate (except

 

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the Class R and Class LR Certificates), the percentage
interest is equal to the initial denomination of such Certificate as of the Closing Date divided by the initial Certificate Balance
or Notional Amount, as applicable, of such Class of Certificates. With respect to any Class R or Class LR Certificate,
the percentage interest is set forth on the face thereof.

 

“Performing
Loan”: The Whole Loan if it is not a Specially Serviced Loan or REO Loan.

 

“Performing
Party”: As defined in Section 11.12.

 

“Permitted
Investments”: Any one or more of the following obligations or securities acquired at a purchase price of not greater
than par, payable on demand or having a maturity date not later than the Business Day immediately prior to the first Due Date
following the date of acquiring such investment and meeting one of the appropriate standards set forth below:

 

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

 

(b)            repurchase agreements on obligations specified in clause (a) of this definition, with a party agreeing to repurchase such
obligations that, in each case, satisfy the Applicable KBRA Permitted Investment Rating and the Applicable Fitch Permitted Investment
Rating (or, in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating
to the Certificates and any Companion Loan Securities);

 

(c)            federal funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances
of any bank or trust company organized under the laws of the United States or any state thereof, that, in each case, satisfy the
Applicable Fitch Permitted Investment Rating and the Applicable KBRA Permitted Investment Rating (or, in the case of any such
Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion
Loan Securities);

 

(d)            commercial paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation
not so incorporated, provided that the commercial paper is United States Dollar denominated and amounts payable thereunder
are not subject to any withholding imposed by any non-United States jurisdiction) provided, further that such investments, in
each case, satisfy the Applicable KBRA Permitted Investment Rating and the Applicable Fitch Permitted Investment Rating (or, in
the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates
and any Companion Loan Securities);

 

(e)            (i) units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net
asset value per share (including the Federated Prime

 

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Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells
Fargo Money Market Funds) so long as any such fund has the highest rating obtainable from Fitch (if rated by Fitch) and has the
highest rating obtainable from KBRA (or, if not rated by such Rating Agency, an equivalent rating (or higher) by at least two
(2) NRSROs) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a No Downgrade Confirmation relating
to the Certificates and any Companion Loan Securities by such Rating Agency, and (ii) units of money market funds that (A) have
substantially all of its assets invested continuously in the types of investments referred to in clause (a) above, (B) has
net assets of not less than $5,000,000,000, and (C) has a the highest rating obtainable from Fitch (if rated by Fitch) and has
the highest rating obtainable from KBRA (or, if not rated by such Rating Agency, an equivalent rating (or higher) by at least
two (2) NRSROs); and

 

(f)             any other demand, money market or time deposit, demand obligation or any other obligation, security or investment, provided
that the Servicer, Special Servicer or Certificate Administrator, as applicable, has received a No Downgrade Confirmation
relating to the Certificates and any Companion Loan Securities.

 

Notwithstanding
the foregoing, “Permitted Investments” (i) shall be limited to investments that have an unqualified rating (i.e.,
one with no qualifying suffix), with the exception of ratings with regulatory indicators, such as the “sf” or “(sf)”
subscript, and unsolicited ratings; (ii) shall be limited to those instruments that have a predetermined fixed dollar of
principal due at maturity that cannot vary or change; and (iii) shall exclude any investment where the right to receive principal
and interest derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at
par of such underlying investment. Interest may either be fixed or variable, and any variable interest must be tied to a single
interest rate index plus a single fixed spread (if any), and move proportionately with that index. No investment shall be made
that requires a payment above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior
to its maturity. All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier
of (x) three months from the date of their purchase and (y) the Business Day preceding the day before the date such
amounts are required to be applied hereunder. Permitted Investments may not be purchased at a price in excess of par.

 

“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title
agency fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to the Whole Loan or REO Property.

 

“Permitted
Transferee”: With respect to a Class R or Class LR Certificate, any Person or agent thereof that is a Qualified
Institutional Buyer or an Affiliated Person, other than (a) a Disqualified Organization, (b) a Person that is a Disqualified
Non-U.S. Person, (c) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel
(provided at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer of an Ownership
Interest in any Class R or Class LR Certificate to such Person will not cause either Trust REMIC to fail to qualify
as a REMIC at any time that the Certificates are outstanding, (d) an entity treated as a domestic partnership for U.S. federal
income tax purposes, one or more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which
is (or is permitted under the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (e) a U.S. Person
with respect to whom income on the Class R or Class LR Certificate is attributable to a fixed base or foreign permanent
establishment, within the meaning of an applicable income tax treaty, of such transferee or any other U.S. Person.

 

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

 

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“Plan”:
As defined in Section 5.02(k).

 

“Prepayment
Assumption”: The assumption that the Trust Loan does not prepay prior to its Maturity Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, if the Whole Loan was subject to Principal Prepayment in full
or in part, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by
the Servicer or Special Servicer for application to the Whole Loan, in each case after the Due Date in the related Collection
Period and on or prior to the close of business on the Business Day prior to the related Servicer Remittance Date, the aggregate
amount of interest accrued at the Whole Loan Rate on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date in the related Collection Period and accruing in the manner set forth in
the Loan Documents, to the extent such interest is collected by the Servicer or the Special Servicer (without regard to any Prepayment
Premiums actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, if the Whole Loan was subject to a Principal Prepayment
in full or in part which did not include a full month’s interest during the related Collection Period, or as to which Insurance
Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Servicer or Special Servicer for
application to the Whole Loan, in each case on or prior to the Due Date in the related Loan Interest Accrual Period preceding
such Distribution Date, the shortfall in the amount of interest that would have accrued and been payable through the end of the
Loan Interest Accrual Period at the Whole Loan Rate on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation
Proceeds or Condemnation Proceeds had such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds
not been made (without regard to any Prepayment Premiums actually collected).

 

“Prepayment
Premiums”: Any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to
be paid under the Loan Documents in connection with a Principal Prepayment in respect of the Trust Loan and which are intended
to compensate the mortgagee for an early and unscheduled receipt of principal. Any breakage costs payable to the “lender”
(as such term is used in the related Loan Documents) under the Whole Loan and actually collected from the Borrower in connection
with a Principal Prepayment during or after a “lockout” period shall constitute Prepayment Premiums.

 

“Pricing
Date”: November 10, 2020.

 

“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of The Wall Street
Journal, Eastern edition (or, if such section or publication is no longer available, such other comparable publication as
determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime
Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable
discretion) as may be in effect from time to time. The Certificate Administrator shall notify in writing the Servicer and the
Special Servicer with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal
Balance Certificates”: The Class A, Class B, Class C, Class D, Class E, Class F and Class HRR Certificates.

 

“Principal
Distribution Amount”: For any Distribution Date, an amount equal to (a) the sum of (without duplication and to
the extent not already included in the Principal Distribution Amount, if any, for the prior Distribution Date and other than amounts
received with respect to the Trust Loan as recoveries of Realized Losses):

 

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(i)             the principal component, if any, of the scheduled Monthly Payment (other than any Balloon Payment) due on the Trust Loan on the
Due Date in the related Collection Period (if received during the related Collection Period or advanced);

 

(ii)            the principal component, if any, of the Assumed Scheduled Payment deemed due on the Due Date in the related Collection Period
(if received during the related Collection Period or advanced) with respect to the Trust Loan if it is delinquent in respect of
its Balloon Payment;

 

(iii)           the Stated Principal Balance of the Trust Loan if it was, during the Collection Period, repurchased from the Trust Fund in connection
with a Breach or Defect pursuant to Section 2.03, purchased from the Trust Fund pursuant to Section 3.16, or purchased
from the Trust Fund pursuant to Section 9.01;

 

(iv)           the portion of Unscheduled Payments allocable to principal of the Trust Loan received during the Collection Period;

 

(v)            the principal component of any Balloon Payment and any other principal payment on the Trust Loan received on or after the Maturity
Date thereof, to the extent received during the Collection Period;

 

(vi)           all other Principal Prepayments on the Trust Loan received in the related Collection Period;

 

(vii)          any indemnification payment made by any Loan Seller as a result of a Material Breach or Material Document Defect pursuant to Section
2.03(e) to the extent that such amount was transferred into the Collection Account pursuant to Section 3.05(a)(xi)
during the related Collection Period;

 

(viii)         any other full or partial recoveries in respect of principal of the Trust Loan, including Net Insurance Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and Net REO Proceeds received in the related Collection Period; and

 

(ix)            the principal component of any late Monthly Payments or Unscheduled Payments on the Trust Loan received after the end of the Collection
Period relating to such Distribution Date but prior to the close of business on the Business Day prior to the related Servicer
Remittance Date;

 

(b)            as
reduced by the principal portion of all previously unreimbursed P&I Advances that are paid or reimbursed from the principal
collections on the Trust Loan described in clause (a) of this definition.

 

The
principal component of the amounts set forth above shall be determined in accordance with Section 1.02.

 

“Principal
Prepayment”: Any payments of principal made by the Borrower on the Trust Loan that are received in advance of its scheduled
Due Date and which are not accompanied by an amount of interest representing the full amount of scheduled interest due with respect
to the related Loan Interest Accrual Period. Principal Prepayments include any payment of principal on the Whole Loan that is
made out of remaining funds in the Cash Management Account in accordance with the Loan Agreement and the Co-Lender Agreement.

 

“Privileged
Information”: Any (a) correspondence or other communications between the Directing Holder (or the Controlling Class)
on the one hand, and the Special Servicer (or the Servicer), on the other

 

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hand, related to the Whole Loan if the Whole Loan becomes
a Specially Serviced Loan or the exercise of the consent or consultation rights of the Directing Holder under this Agreement and
the Co-Lender Agreement, (b) strategically sensitive information that the Special Servicer has reasonably determined could compromise
the Trust’s position in any ongoing or future negotiations with the Borrower or other interested party and (c) information
subject to attorney-client privilege; provided that the summary of any Final Asset Status Report prepared pursuant to this
Agreement is deemed not to be Privileged Information (although no such summary shall be made available to any Borrower Related
Party).

 

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

 

“Privileged
Person”: A party to this Agreement, the Loan Sellers, a Rating Agency, a designee of the Depositor (including any financial
market publisher), the Initial Purchasers, the Directing Holder (but only during any Subordinate Control Period and any Subordinate
Consultation Period), the Companion Loan Holders or any other person who delivers a certification substantially in the form of
Exhibit CC, any other person who delivers to the Certificate Administrator an Investor Certification (which may be provided by
the Certificate Administrator upon request) and any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider
substantially in the form of Exhibit O to this Agreement, which Investor Certification and NRSRO Certification may
be submitted electronically via the Certificate Administrator’s Website in a “click-through” format. For purposes
of obtaining information or access to the Certificate Administrator’s Website, each Borrower Related Party shall be prohibited
from obtaining such information or access pursuant to the terms of this Agreement (other than the Distribution Date Statement)
and will not be considered Privileged Persons.

 

“Prohibited
Party”: Any proposed Servicing Function Participant (a) that is listed on the Depositor’s Do Not Hire List or
(b) for which the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee that seeks
to retain such Servicing Function Participant has actual knowledge obtained by written notice or through actual experience that
such party at any point prior to such hiring, assignment or transfer failed to comply with the Servicing Function Participant’s
reporting obligations under Regulation AB with respect to any other securitization.

 

“Property”:
As “Property” is defined in the Loan Agreement.

 

“Property
Advance”: Any advance made by the Servicer or the Trustee, as applicable, in respect of Property Protection Expenses
or any expenses incurred to protect, preserve and enforce the security for the Whole Loan or to pay taxes and assessments or insurance
premiums with respect to the Property, to the extent the making of any such advance is specifically provided for in this Agreement,
including, but not limited to, any advance made pursuant to Section 3.02 or Section 3.21, as applicable. Each reference
to the payment or reimbursement of a Property Advance shall be deemed to include, whether or not specifically referred to, payment
or reimbursement of interest thereon at the Advance Rate. Notwithstanding anything to the contrary, “Property Advance”
shall not include allocable overhead of the Servicer or the Special Servicer, as applicable, such as costs for office space, office
equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs
and expenses incurred by any such party in connection with its purchase of the Whole Loan or REO Property.

 

“Property
Protection Expenses”: Any costs and expenses incurred by the Servicer or the Special Servicer pursuant to Section
3.04, Section 3.08(a), Section 3.10, Section 3.11, Section 3.15(a), Section

 

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3.15(b), Section
3.15(c), Section 3.16(c) or Section 3.24(a) or indicated herein as being payable as a Property Advance or as
a cost or expense of the Trust Fund and the Companion Loan Holder but subject to the provisions of Section 1.02(e) or the
Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Qualified
Affiliate”: Any Person (a) that is organized and doing business under the laws of any state of the United States
or the District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans, and (c) as
to which 50% or greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Servicer
or the Special Servicer, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests
in the Servicer or the Special Servicer, as applicable.

 

“Qualified
Bidder”: As defined in Section 7.01(a).

 

“Qualified
Institutional Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified
Insurer”: As used in Section 3.08: (a) an insurance company or security or bonding company qualified to write
the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated at least “A” by
Fitch and “A-” or its equivalent by KBRA (or, if not rated by KBRA and/or Fitch, an equivalent (or higher) rating
by at least two (2) NRSROs (which may include Fitch or KBRA)); (b) in the case of the fidelity bond and the errors and omissions
insurance required to be maintained pursuant to Section 3.08(d), a company that shall have a claims paying ability rated
at least equal to any one of the following: (i) “A-” or better by S&P, (ii) “A3” or better by Moody’s,
(iii) “A-” or better by Fitch, (iv) “A (low)” or better by DBRS Morningstar, (v) “A-:X”
or better by A.M. Best or (vi) an equivalent rating by KBRA; and (c) in the case of clauses (i) and (ii), such other
rating as to which a No Downgrade Confirmation has been obtained from each Rating Agency and, if applicable, each rating agency
relating to an Other Securitization Trust for which the minimum rating set forth in the applicable clause is not satisfied.

 

“Qualified
Mortgage”: An obligation that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation
as a qualified mortgage), or any substantially similar successor provision.

 

“Qualified
Replacement Special Servicer”: A replacement Special Servicer (a) that is a Qualified Servicer, (b) that is not the
Operating Advisor or an affiliate of the Operating Advisor, (c) that is not obligated to pay the Operating Advisor (i) any fees
or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, or (ii) for the appointment
of the successor Special Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become
the Special Servicer, (d) that is not entitled to receive any compensation from the Operating Advisor other than compensation
that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement
Special Servicer, (e) that is not entitled to receive any fee from the Operating Advisor for its appointment as successor Special
Servicer, in each case, unless expressly approved by 100% of the Certificateholders, (f) currently has a special servicer
rating of at least “CSS3” or “CLLSS3” from Fitch or (g) KBRA has not cited servicing concerns of the applicable
replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in a CMBS transaction serviced by the applicable
servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

“Qualified
Servicer”: As defined in Section 3.30.

 

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“Rated
Final Distribution Date”: With respect to the Regular Certificates, the Distribution Date in December 2040.

 

“Rating
Agency”: Any of Fitch and KBRA.

 

“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 3.14(d).

 

“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which the aggregate Certificate Balance of the
Principal Balance Certificates after giving effect to distributions of principal on such Distribution Date exceeds the Stated
Principal Balance of the Trust Loan immediately following the Determination Date preceding such Distribution Date.

 

“Record
Date”: With respect to each Distribution Date, the close of business on the last Business Day of the calendar month
immediately preceding the month in which such Distribution Date occurs.

 

“Regular
Certificates”: The Class A, Class X, Class B, Class C, Class D, Class E, Class F and Class HRR Certificates.

 

“Regular
Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to, (a) for any Class of
Principal Balance Certificates, interest for the related Certificate Interest Accrual Period at the applicable Pass-Through Rate
for such Class on the related Certificate Balance immediately prior to such Distribution Date; and (b) for the Class X Certificates,
interest for the related Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Class on the related
Notional Amount immediately prior to such Distribution Date.

 

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

 

“Regulation D”:
Regulation D under the Act.

 

“Regulation S”:
Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class A, Class X, Class B, Class C, Class D, Class E and Class
F Certificates issued as such on the Closing Date and registered in the name of a nominee of the Depository, interest in which
is to be held by Regulation S Investors.

 

“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B).

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the
Servicer and the Special Servicer, on Schedule I to this Agreement). For clarification purposes, multiple Reporting Servicers
can have responsibility for the same Relevant Servicing Criteria and some of the Servicing Criteria will not be applicable to
certain Reporting Servicers. With respect to a Servicing Function Participant engaged by the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria” refers to the items of the Relevant
Servicing Criteria applicable to the Servicer, the Special Servicer, the Certificate Administrator or the

 

     -51-

     

    

 

Trustee that engaged
such Servicing Function Participant that are applicable to such Servicing Function Participant based on the functions it has been
engaged to perform.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.

 

“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Sections 860A through 860G 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.

 

“Remittance
Amount”: For each distribution date that a Servicer is required to make a distribution to the Companion Loan Holder
pursuant to Section 3.05(h), the amounts received by the Servicer (or, with respect to an REO Property, the Special Servicer)
during the related Collection Period pursuant to the Co-Lender Agreement and available for payment after withdrawals from the
Collection Account payable to the Companion Loan Holder pursuant to the Co-Lender Agreement.

 

“Rents
from Real Property”: With respect to the REO Property, gross income of the character described in Section 856(d)
of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)            except as provided in Section 856(d)(4) of the Code or (6), any amount received or accrued, directly or indirectly, with
respect to the REO Property, if the determination of such amount depends in whole or in part on the income or profits derived
by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes
Rents from Real Property);

 

(b)            any amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including
by attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) of the
Code and (d)(5) of the Code;

 

(c)            any amount received or accrued, directly or indirectly, with respect to the REO Property if any Person Directly Operates the REO
Property;

 

(d)            any amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as the REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether
or not such charges are separately stated); and

 

(e)            rent attributable to personal property unless such personal property is leased under, or in connection with, the lease of the
REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or
accrued under, or in connection with, the lease.

 

“REO
Account”: As defined in Section 3.15(b).

 

“REO
Loan”: The Whole Loan if the Property has become an REO Property.

 

“REO
Proceeds”: With respect to the REO Property and the REO Loan, all revenues received by the Special Servicer with respect
to the REO Property or REO Loan which do not constitute Liquidation Proceeds.

 

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“REO
Property”: The Property, if title to which has been acquired by the Special Servicer on behalf of the Trust Fund through
foreclosure, deed-in-lieu of foreclosure or otherwise.

 

“Reportable
Event”: As defined in Section 11.06.

 

“Reporting
Requirements”: As defined in Section 11.12.

 

“Reporting
Servicer”: As defined in Section 3.28.

 

“Repurchase
Communication”: For purposes of Section 2.03(d) only, any communication, whether oral or written, which need
not be in any specific form.

 

“Repurchase
Price”: With respect to the Trust Loan if it is to be repurchased or purchased pursuant to Section 2.03(e) or
Section 9.01, or if the Trust Loan becomes a Specially Serviced Loan or REO Loan that is to be sold pursuant to Section
3.16, an amount, calculated by the Servicer or the Special Servicer, as applicable, equal to:

 

(a)            the outstanding principal balance of the Trust Loan as of the date of purchase; plus

 

(b)           all accrued and unpaid interest on the Trust Loan at the Trust Note Rate in effect from time to time, to but not including the
Due Date in the month of purchase (or, in the case of a purchase occurring after the Determination Date in the related month,
to but not including the Due Date in the month immediately succeeding such purchase), but excluding any yield maintenance or other
prepayment penalty; plus

 

(c)           all related unreimbursed Property Advances and Administrative Advances plus accrued and unpaid interest on related Advances at
the Advance Rate, and all Special Servicing Fees and Workout Fees allocable to the Trust Loan; plus

 

(d)           any Liquidation Fee due pursuant to Section 3.12 allocable to the Trust Loan or Specially Serviced Loan; plus

 

(e)            all Additional Trust Fund Expenses; plus

 

(f)             if the Trust Loan (or REO Loan), or a portion thereof, is being purchased by a Loan Seller pursuant to the related Trust Loan
Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this definition,
all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Servicer, the Special Servicer, the Depositor,
the Certificate Administrator and the Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including
any such expenses arising out of the enforcement of the repurchase obligation, including, without duplication, any such expenses
previously reimbursed from the Collection Account, plus accrued and unpaid interest thereon at the Advance Rate, to the extent
payable to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee.

 

For
purposes of this Agreement, the “Repurchase Price” (i) in respect of a Companion Loan that is purchased by the Loan
Seller shall be the repurchase price paid by the related Loan Seller under the related Other Pooling and Servicing Agreement or
the applicable servicing agreement and (ii) with respect to a sale of an REO Property, the term Whole Loan or REO Loan shall be
construed to include the Companion Loan.

 

“Repurchase
Request”: As defined in Section 2.03(d).

 

“Repurchase
Request Recipient”: As defined in Section 2.03(d).

 

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“Repurchase
Request Rejection”: As defined in Section 2.03(d).

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(d).

 

“Request
for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E
to this Agreement.

 

“Requesting
Party”: As defined in Section 3.30(b).

 

“Reserve
Accounts”: Reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account.
Any Reserve Account may be a sub-account of a related Cash Collateral Account. Any Reserve Account shall be beneficially owned
for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance
with the terms and provisions of the Whole Loan and Section 3.07, which Person shall be taxed on all reinvestment income
or gain thereon. The Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account,
if applicable, or the Collection Account or for the purposes set forth under the Loan Documents for the Whole Loan.

 

“Residual
Certificates”: The Class R and Class LR Certificates, collectively.

 

“Resolution
Extension Period”:

 

(a)             For purposes of remediating a Material Breach with respect to the Trust Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)             For purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is not a Specially Serviced Loan
at the commencement of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period
commencing at the end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th
day following the end of such Initial Resolution Period and (ii) the 45th day following the Loan Sellers’ receipt of
written notice from the Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to the
Trust Loan subsequent to the end of such Initial Resolution Period;

 

(c)             For purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a not a Specially Serviced Loan
as of the commencement of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such
Initial Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including,
the 90th day following the earlier of the end of such Initial Resolution Period and the Loan Sellers’ receipt of written
notice from the Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)             For purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a Specially Serviced Loan as of
the commencement of the applicable Initial Resolution Period, zero days; provided that, if the Loan Sellers did not receive
written notice from the Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the commencement of the
applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during such Initial
Resolution Period and clause (c) of this definition will be deemed to apply.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or
the Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct
responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the
case of any certification

 

     -54-

     

    

 

required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears
on a list of corporate trust officers furnished to the Servicer by the Trustee and the Certificate Administrator, as such list
may from time to time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k).

 

“Restricted
Holder”: Any Certificateholder, beneficial owner of a Certificate or prospective purchaser of a Certificate (whether
legally, beneficially or otherwise) or any other person that as of the time of the events in clauses (a), (b) and
(c) below is also a holder of a related mezzanine loan (or any affiliate or agent thereof) or an owner in any interest
in any related mezzanine loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing a related
mezzanine loan, a holder of a participation interest in a related mezzanine loan or a beneficial owner of any securities collateralized
by a related mezzanine loan) (a) as to which an event of default has occurred under such mezzanine loan giving rise to an automatic
acceleration of such mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan, (b) as to which foreclosure
or enforcement proceedings against the related collateral have been initiated (and in respect of which, the Special Servicer has
received notice thereof) or (c) at any time when any Servicing Transfer Event has occurred and is continuing with respect to the
Whole Loan as a result of any determination by the Servicer or the Special Servicer that a default in the payment of principal
or interest under the Whole Loan is reasonably foreseeable or there is a significant risk of such default.

 

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

 

“Retaining
Party”: The Third Party Purchaser, or any successor Holder of all or part of the Class HRR Certificates.

 

“Retaining
Sponsor”: BANA, acting as retaining sponsor as such term is defined in the Credit Risk Retention Rule.

 

“Risk
Retained Certificates”: The Class HRR Certificates.

 

“Risk
Retained Certificate Safekeeping Account”: As defined in Section 5.02(a).

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A
Global Certificate”: Each of the Class A, Class X, Class B, Class C, Class D, Class E and Class
F Certificates issued as such on the Closing Date and registered in the name of a nominee of the Depository, interest in which
is to be held by Qualified Institutional Buyers.

 

“Rule
15Ga-1 Notice”: As defined in Section 2.03(d).

 

“Rule
15Ga-1 Notice Provider”: As defined in Section 2.03(d).

 

“S&P”:
S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and its successors in interest, or
any successor thereto. If neither S&P nor any successor remains in existence, “S&P” shall be deemed to refer
to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor, notice of
which designation shall be given to the other parties hereto and specific ratings of S&P herein referenced shall be deemed
to refer to the equivalent ratings of the party so designated.

 

     -55-

     

    

 

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

 

“Sarbanes-Oxley
Certification”: With respect to an Other Securitization Trust, the certification required to be filed together with
such Other Securitization Trust’s Exchange Act report on Form 10-K pursuant to Rule 13a-14 and Rule 15d-14 of the Exchange
Act.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii).

 

“Senior
Notes”: As defined in the Preliminary Statement.

 

“Senior
Trust Notes”: As defined in the Preliminary Statement. The Senior Trust Notes have an aggregate principal amount of
$383,000,000.

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Trust Loan or any other assets of the Trust by an
entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the disclosure
requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall
have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Servicer”:
Wells Fargo Bank, National Association, a national banking association, its successor in interest (in such capacity), or if any
successor Servicer is appointed as herein provided, such successor Servicer or any successor master servicer appointed as herein
provided.

 

“Servicer
Prepayment Interest Shortfall Amount”: As defined in Section 3.17(c).

 

“Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.

 

“Servicer
Termination Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicer’s
Website”: Shall mean the internet website maintained by the Servicer; initially located at “www.wellsfargo.com/com/comintro”.

 

“Servicing
Compensation”: With respect to any Collection Period, the related Servicing Fee, Prepayment Interest Excess (if any
and to the extent any such Prepayment Interest Excess exceeds the amount of any Prepayment Interest Shortfalls) and any other
fees, charges or other amounts payable to the Servicer under this Agreement for such period.

 

“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time
to time.

 

“Servicing
Fee”: With respect to the Trust Loan or the Whole Loan, as the case may be, and for any Distribution Date, an amount
per Certificate Interest Accrual Period equal to interest at the Servicing Fee Rate accrued on the Stated Principal Balance of
the Trust Loan or the Whole Loan, as the case may be, as of the Due Date immediately preceding such Distribution Date (without
giving effect to payments of principal on the Trust Loan or the Whole Loan, as the case may be, on such Due Date). The Servicing
Fee shall be calculated in accordance with the provisions of Section 1.02(a). For the avoidance of doubt, the Servicing
Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

     -56-

     

    

 

“Servicing
Fee Rate”: (a) With respect to the Trust Loan, a master servicing fee rate equal to 0.00250% per annum, and (b)
with respect to the Whole Loan, a primary servicing fee rate equal to 0.00250% per annum.

 

“Servicing
File”: As defined in the Trust Loan Purchase Agreements.

 

“Servicing
Function Participant”: Any Person, other than the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Custodian or the Trustee, that, within the meaning of Item 1122 of Regulation AB, is performing activities
that address the Servicing Criteria, unless the Servicer has assumed responsibility for the servicing activity, as provided for
under Regulation AB.

 

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

 

“Servicing
Party”: As defined in Section 11.02.

 

“Servicing
Released Bid”: As defined in Section 7.01(a).

 

“Servicing
Retained Bid”: As defined in Section 7.01(a).

 

“Servicing
Standard”: With respect to the Servicer (with respect to the Whole Loan while it is not a Specially Serviced Loan or
REO Loan) and the Special Servicer (with respect to the Specially Serviced Loan or REO Loan) (in each case, directly or through
one or more sub-servicers), to diligently service and administer the Whole Loan, Specially Serviced Loan or REO Loan for which
each is responsible in the best interests of and for the benefit of all of the Certificateholders and the Companion Loan Holder
(as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), as determined
by the Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment, in accordance with applicable
law, the terms of this Agreement, the Loan Documents and the Co-Lender Agreement, and, to the extent not inconsistent with the
foregoing, in accordance with the higher of the following standards of care:

 

(a)            the same manner in which, and with the same care, skill, prudence and diligence with which, the Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, giving due consideration
to the customary and usual standards of practice of prudent institutional commercial and multifamily mortgage loan servicers servicing
their own mortgage loans with a view to the timely recovery of all payments of principal and interest under the Whole Loan or,
if the Whole Loan is a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present
value basis (determined in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation
Rate) on the Whole Loan, and the best interests of the Trust and the Certificateholders and the Companion Loan Holder (as a collective
whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), as determined by the Servicer
or the Special Servicer, as the case may be, in the exercise of its reasonable judgment; and

 

(b)            the same care, skill, prudence and diligence with which the Servicer or the Special Servicer, as the case may be, services and
administers commercial and multifamily mortgage loans owned, if any, by the Servicer or the Special Servicer, as the case may
be, with a view to the timely recovery of all

 

     -57-

     

    

 

payments of principal and interest under the Whole Loan or, if the Whole Loan is
a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value basis (determined
in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate) on the Whole Loan,
and the best interests of the Trust and the Certificateholders and the Companion Loan Holder (as a collective whole as if such
Certificateholders and the Companion Loan Holder constituted a single lender), as determined by the Servicer or the Special Servicer,
as the case may be, in the exercise of its reasonable judgment, but without regard to any potential conflict of interest arising
from: (i) any relationship that the Servicer or the Special Servicer, as the case may be, or any Affiliate of the Servicer
or the Special Servicer, may have with the Borrower, the Loan Sellers, the Companion Loan Holder, any other party to this Agreement
or any Affiliate of the foregoing; (ii) the ownership of any Certificate, Companion Loan, or any mezzanine loan related to
the Whole Loan by the Servicer or the Special Servicer, as the case may be, or any Affiliate of the Servicer or the Special Servicer;
(iii) the Servicer’s obligation to make Advances; (iv) the Servicer’s or the Special Servicer’s, as
the case may be, right to receive compensation for its services hereunder or with respect to any particular transaction; (v) the
ownership, servicing or management for others of the mezzanine loan or any other mortgage loans or mortgaged properties by the
Servicer or the Special Servicer or any Affiliate of the Servicer or the Special Servicer, as applicable; and (vii) any debt
that the Servicer or the Special Servicer or any Affiliate of the Servicer or the Special Servicer, as applicable, has extended
to the Borrower or an Affiliate of the Borrower (including, without limitation, any mezzanine financing).

 

“Servicing
Transfer Event”: An event specified in the definition of Specially Serviced Loan.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the distribution date under the related Other Pooling and Servicing
Agreement occurring on or immediately following the 60th day after the end of such calendar quarter.

 

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

 

“Similar
Law”: As defined in Section 5.02(k).

 

“Sole
Certificateholder”: Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding
Certificates (excluding the Class R and Class LR Certificates), or an assignment of the Voting Rights thereof.

 

“Special
Notice”: Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c), (b) notice of any
request by at least 25% of the Voting Rights allocable to the Principal Balance Certificates to terminate and replace the Special
Servicer pursuant to Section 3.22(b) and (c) notice of any request by at least 15% of the Voting Rights allocable to the
Non-Reduced Certificates to terminate and replace the Operating Advisor pursuant to Section 6.11(m).

 

“Special
Servicer”: Situs Holdings, LLC, a Delaware limited liability company, or if any successor special servicer is appointed
as herein provided, such successor special servicer.

 

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

 

“Special
Servicing Compensation”: With respect to the Whole Loan, any of the Special Servicing Fee, Workout Fee, Liquidation
Fee and any other fees, charges or other amounts which shall be due to the Special Servicer.

 

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“Special
Servicing Fee”: With respect to a Specially Serviced Loan (or REO Loan) for each calendar month (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest
accrual methodology that is applied with respect to the Whole Loan Rate for such Specially Serviced Loan or REO Loan for such
month) multiplied by the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to
all payments of principal on such Specially Serviced Loan or REO Loan on such Due Date) immediately preceding the applicable Distribution
Date (or, in the event that a Principal Prepayment in full or an event described in clauses (a)-(g) under
the definition of Liquidation Proceeds has occurred with respect to a Specially Serviced Loan or REO Loan on a date that is not
a Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date
to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of thirty (30) days);
provided however in no case shall such fee be greater than $750,000 per calendar year. For the avoidance of doubt, the Special
Servicing Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

“Special
Servicing Fee Rate”: A rate equal to 0.150% per annum.

 

“Specially
Serviced Loan”: Subject to Section 3.23, the Whole Loan if:

 

(a)            a payment default shall have occurred on the Whole Loan at its Maturity Date or, if the Maturity Date of the Whole Loan has been
extended in accordance with this Agreement, a payment default occurs on the Whole Loan at such extended Maturity Date; provided
that if (i) the Borrower is diligently seeking a refinancing commitment or sale of the Property (and delivers a statement
to that effect, within thirty (30) days after such default, to the Servicer, which shall promptly deliver a copy to the Special
Servicer), (ii) the Borrower continues to make its Assumed Scheduled Payment, and (iii) no other Servicing Transfer
Event shall have occurred with respect to the Whole Loan, a Servicing Transfer Event will not occur until sixty (60) days beyond
the Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents, this Agreement and the Co-Lender
Agreement; and provided, further, that if the Borrower delivers to the Servicer (which shall promptly deliver a
copy to the Special Servicer) on or before the 60th day after the related Maturity Date, a refinancing commitment, letter of intent
or otherwise binding application for refinancing or similar document, in each case from a lender reasonably acceptable to the
Servicer, or a signed purchase agreement reasonably acceptable to the Servicer, and the Borrower continues to make its Assumed
Scheduled Payments (and no other Servicing Transfer Event shall have occurred with respect to the Whole Loan), a Servicing Transfer
Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity Date and (2) the
termination of such refinancing commitment, letter of intent or otherwise binding application for refinancing or similar document;

 

(b)            any Monthly Payment (other than a Balloon Payment) or any amount due on a monthly basis as an Escrow Payment or reserve fund deposit,
is sixty (60) days or more delinquent;

 

(c)            the Servicer or Special Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing Standard,
that (x) a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there
is a significant risk of such default or (y) any other default that is likely to impair the use or marketability of the Property
or the value of the Property as security for the Whole Loan is reasonably foreseeable or there is a significant risk of such default,
which monetary or other default, in either case, would likely continue unremedied beyond the applicable grace period (or, if no
grace period is specified, for a period of sixty (60) days) and is not likely to be cured by the Borrower within sixty (60) days
or, except as provided in clause (a) above, in the case of a Balloon Payment, for at least thirty (30) days;

 

(d)            the Borrower has become a subject of a decree or order of a court or agency or supervisory authority having jurisdiction in the
premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the appointment
of a conservator, receiver or

 

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liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs;

 

(e)            the Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling
of assets and liabilities or similar proceedings of or relating to the Borrower of or relating to all or substantially all of
its property;

 

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

 

(g)            a default, of which the Servicer or Special Servicer has notice (other than a failure by the Borrower to pay principal or interest)
and that in the opinion of the Servicer or Special Servicer materially and adversely affects the interests of the Certificateholders
or the Companion Loan Holder, occurs and remains unremedied for the applicable grace period specified in the Loan Documents (or
if no grace period is specified for those defaults which are capable of cure, sixty (60) days);

 

(h)            the Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the Property; or

 

(i)             the Servicer or the Special Servicer receives actual notice that the Borrower has violated any “due-on-sale” or “due-on-encumbrance”
provision in the related Loan Documents;

 

provided,
however, that the Whole Loan will cease to be a Specially Serviced Loan (a “Corrected Loan”) (i) with
respect to the circumstances described in clauses (a) and (b) above, when the Borrower has brought the
Whole Loan current and thereafter made three consecutive full and timely Monthly Payments, including pursuant to any workout of
the Whole Loan, (ii) with respect to the circumstances described in clauses (c), (d), (e), (f)
and (h) above, when such circumstances cease to exist in the good faith judgment of the Special Servicer, or (iii) with
respect to the circumstances described in clauses (g) and (i) above, when such default is cured (as determined
by the Special Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided, in each
case, that at that time no circumstance exists (as described above) that would cause the Whole Loan to continue to be characterized
as a Specially Serviced Loan.

 

“Startup
Day”: In the case of the Upper-Tier REMIC and Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a).

 

“Stated
Principal Balance”: With respect to the Trust Loan, a Companion Loan or the Whole Loan, on any date of determination,
the principal balance as of the Cut-off Date of such Trust Loan, Companion Loan or Whole Loan, as reduced (to not less than zero)
on each Distribution Date by (a) all payments (or P&I Advances or Companion Loan Advances in lieu thereof) of, and all
other collections allocated as provided in Section 1.02 to, principal of or with respect to such Trust Loan, Companion
Loan or Whole Loan, as applicable, that are distributed to Certificateholders on such Distribution Date or Companion Loan Holder
on the related remittance date in the same calendar month as such Distribution Date or applied to any other payments required
under this Agreement or the Co-Lender Agreement on or prior to such Distribution Date, and (b) any principal forgiven by the Special
Servicer and other principal losses realized in respect of such Trust Loan, Companion Loan or Whole Loan during the related Collection
Period.

 

The
Trust Loan or the REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until
the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would
have been) distributed to Certificateholders. The Stated Principal Balance of the Whole Loan with respect to which the Servicer
or Special Servicer has made a Final Recovery Determination is zero.

 

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“Sub-Servicer”:
Any Person engaged by the Servicer or the Special Servicer to perform Servicing with respect to the Whole Loan or REO Loan.

 

“Sub-Servicing
Agreement”: The written contract between the Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Whole Loan as provided in Section 3.01(c).

 

“Sub-Servicing
Entity”: As defined in Section 7.01(a).

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage-backed securities market) of Whole Loan but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to Whole Loan under the direction or authority of the Servicer
or a Servicing Function Participant.

 

“Subordinate
Consultation Period”: Any period when both (a) the Certificate Balance of the Class F Certificates (taking into
account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan to notionally
reduce the Certificate Balance of such Certificates) is less than 25% of the initial Certificate Balance of the Class F Certificates
and (b) the Certificate Balance of the Class F Certificates (without regard to the application of any Appraisal Reduction
Amounts and Collateral Deficiency Amounts allocated to the Class F Certificates) is at least 25% of the initial Certificate Balance
of the Class F Certificates. If the Directing Holder or the Majority Controlling Class Certificateholder become a Borrower Related
Party, a Subordinate Consultation Period shall be deemed to be terminated (except for the purposes of determining whether the
Directing Holder or a Controlling Class Certificateholder has the right to appoint the successor special servicer to a Special
Servicer that has become a Borrower Related Party pursuant to Section 3.22(f)).

 

“Subordinate
Control Period”: Any period when the Certificate Balance of the Class F Certificates (taking into account the application
of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan to notionally reduce the Certificate
Balance of such Certificates) is at least 25% of the initial Certificate Balance of the Class F Certificates; provided
that if at any time the Certificate Balances of the Class A, Class B, Class C, Class D and Class E Certificates
have been reduced to zero as a result of the allocation of principal payments on the Trust Loan, then a Subordinate Control Period
shall be deemed to then be in effect. If the Directing Holder or the Majority Controlling Class Certificateholder become a Borrower
Related Party, a Subordinate Control Period shall be deemed to be terminated (except for the purposes of determining whether the
Directing Holder or a Controlling Class Certificateholder has the right to appoint the successor special servicer to a Special
Servicer that has become a Borrower Related Party pursuant to Section 3.22(f)).

 

“Subsequent
Third Party Purchaser”: as defined in the Credit Risk Retention Compliance Agreement.

 

“Successful
Bidder”: As defined in Section 7.01(a).

 

“Tax
Returns”: The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss
Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and
the Lower-Tier REMIC due to its classification as a REMIC under the REMIC Provisions, together with any and all other information,
reports or returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental
taxing authority under any applicable provisions of federal law or Applicable State and Local Tax Law.

 

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“Terminated
Party”: As defined in Section 7.01(d).

 

“Terminating
Party”: As defined in Section 7.01(d).

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.

 

“Third
Party Purchaser”: Core Credit Partners A LLC, or any Person that purchases the Class HRR Certificates in accordance
with this Agreement and applicable laws and regulations.

 

“Third
Party Reports”: With respect to the Property, the related Appraisal, Phase I Environmental Report, seismic report (if
any), engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R or Class LR Certificate.

 

“Transfer
Restriction Period”: The period from the Closing Date to the earliest of (a) the date on which the Third Party Purchaser
(or its “majority-owned affiliate” as defined in the Credit Risk Retention Rules) transfers all of the Class HRR Certificates
to a Subsequent Third Party Purchaser in accordance with the Credit Risk Retention Compliance Agreement, (b) the date that is
the latest of: (i) the date on which the total unpaid principal balance of the Trust Loan has been reduced to 33% of the total
unpaid principal balance of the Trust Loan as of the Cut-off Date; (ii) the date on which the total outstanding Certificate Balance
of the Certificates has been reduced to 33% of the total outstanding Certificate Balance of the Certificates as of the Closing
Date; or (iii) two years after the Closing Date, (c) the date on which all of the Trust Loan has been defeased in accordance with
the applicable risk retention requirements set forth in paragraph (b)(8)(i) of §246.7 of the Credit Risk Retention Rules
or (d) subject to the consent of the Retaining Sponsor (which consent shall not be unreasonably withheld), the date on which the
Credit Risk Retention Rules have been officially abolished or officially determined by the relevant regulatory authorities to
be no longer applicable to this securitization or the Class HRR Certificates.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii).

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of the Companion Loan
Holder therein): (a) the Trust Loan, together with the Mortgage File relating thereto; (b) all scheduled or unscheduled payments
on or collections in respect of the Trust Loan due after the Cut-off Date; (c) any REO Property; (d) all revenues received
in respect of any REO Property; (e) any indemnities or guaranties given as additional security for the Trust Loan; (f) a
security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts;
(g) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution
Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (h) a security
interest in any environmental indemnity agreements relating to the Property; (i) a security interest in all insurance policies
with respect to the Trust Loan and the Property; (j) the rights and remedies under the Trust Loan Purchase Agreements relating
to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Loan Sellers regarding
the Trust Loan; (k) the Lower-Tier Regular Interests; and (l) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts to the extent such interest
belongs to the Borrower). The Trust shall be named “Grace Trust 2020-GRCE”.

 

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“Trust
Ledger”: Amounts deposited in the Collection Account attributable to the Whole Loan, which are maintained pursuant to
Section 3.06 and held on behalf of the Trustee on behalf of the Certificateholders and the Companion Loan Holder.

 

“Trust
Loan”: As described, in the Preliminary Statement, the portion of the Whole Loan evidenced by the Senior Trust Notes
and the Junior Notes, which is transferred and assigned to the Trustee pursuant to Section 2.01 and held in the Trust Fund.
The Trust Loan originally so transferred, assigned and held is identified on the Mortgage Loan Schedule as of the Closing Date.
The term “Trust Loan” also includes an REO Loan, unless the context clearly indicates otherwise.

 

“Trust
Loan Purchase Agreements”: Each of the BANA Trust Loan Purchase Agreement, the Column Trust Loan Purchase Agreement,
the GACC Trust Loan Purchase Agreement and the JPMCB Trust Loan Purchase Agreement.

 

“Trust
Note Rate”: With respect to the Trust Loan and any Loan Interest Accrual Period, the weighted average (based on the
outstanding principal balances of the Trust Notes) of the annual rates at which interest accrues on the Trust Notes during such
period (in the absence of a default), as set forth in the related Trust Notes from time to time.

 

“Trust
Notes”: As described, in the Preliminary Statement, collectively, as of any date of determination, the notes or other
evidence of indebtedness and/or agreements evidencing the indebtedness of the Borrower under the Trust Loan including any amendments
or modifications, or any renewal or substitution note, as of such date. As of the Cut-off Date, the Senior Trust Notes and the
Junior Notes constitute the Trust Notes.

 

“Trust
REMICs”: The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
Wilmington Trust, National Association, a national banking association, in its capacity as Trustee, or its successor in interest,
or any successor Trustee appointed as herein provided.

 

“Trustee/Certificate
Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount per Certificate Interest
Accrual Period equal to interest at the Trustee/Certificate Administrator Fee Rate accrued on the Stated Principal Balance of
the Trust Loan as of the Due Date in the related Collection Period (without giving effect to payments of principal on the Trust
Loan on such Due Date). The Trustee/Certificate Administrator Fee shall be calculated in accordance with the provisions of Section
1.02(a). A monthly fee shall be paid by the Certificate Administrator to the Trustee as the Trustee’s fee, which amount
shall be paid from the Trustee/Certificate Administrator Fee.

 

“Trustee/Certificate
Administrator Fee Rate”: A rate equal to 0.00450% per annum.

 

“Underwriter
Exemption”: With respect to (a) BofA Securities, Inc., as Prohibited Transaction Exemption 93-31, 58 Fed. Reg. 28620
(May 14, 1993), (b) J.P. Morgan Securities LLC, as Prohibited Transaction Exemption 2002-19, 67 Fed. Reg. 14,979 (March 28, 2002),
as amended by Prohibited Transaction Exemption 2013-08, 78 Fed. Reg. 41090 (July 9, 2013), (c) Credit Suisse Securities (USA)
LLC, Prohibited Transaction Exemption 89-90, 54 Fed. Reg. 42597 (October 17, 1989) and (d) Deutsche Bank Securities Inc., Department
of Labor Final Authorization Number 97-03E (December 9, 1996), each as most recently amended by Prohibited Transaction Exemption
2013-08 and as further amended by the Department of Labor from time to time.

 

“Unscheduled
Payments”: With respect to the Whole Loan and any Collection Period, all Net Liquidation Proceeds, all Net Condemnation
Proceeds and Net Insurance Proceeds payable under the Trust Loan or the Whole Loan, as applicable, the Repurchase Price or purchase
price if the Trust Loan is

 

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repurchased or purchased pursuant to Section 2.03(e), Section 3.16 or Section 9.01
or by a mezzanine lender, any indemnification payment made by the Loan Sellers as a result of a Material Breach or Material
Document Defect pursuant to Section 2.03(e) and any other payments under or with respect to the Trust Loan or the Whole
Loan, as applicable, not scheduled to be made, including Principal Prepayments received by the Servicer (but excluding Prepayment
Premiums, if any) during such Collection Period.

 

“Updated
Appraisal”: An Appraisal of the Property or REO Property, as the case may be, conducted subsequent to any appraisal
performed on or prior to the Cut-off Date and in accordance with the Appraisal Institute standards, the costs of which shall be
paid as a Property Advance by the Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by
the Special Servicer.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(d), which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in trust for the benefit
of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Upper-Tier Distribution
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution Account
shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.

 

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

 

“Voting
Rights”: The portion of the voting rights of all Certificates that is allocated to any Certificateholder or Class of
Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class (other
than the Class R and Class LR Certificates) shall be: (a) 98% to be allocated among the Certificateholders of the respective Classes
of Principal Balance Certificates in proportion to the Certificate Balances of their Certificates, (b) 2% to be allocated among
the Certificateholders of the Class X Certificates for as long as any of the Class X Certificates are outstanding, and (c) except
as otherwise set forth in this Agreement with respect to any particular matter, 0%, in the case of the Class R and Class LR Certificates.
Voting Rights allocated to a Class of Certificates shall be allocated among Certificateholders of such Class in proportion to
their respective Percentage Interests.

 

“Whole
Loan”: As defined in the Preliminary Statement. References herein to the Whole Loan shall be construed to refer to the
aggregate indebtedness under each Senior Note and each Junior Note.

 

“Whole
Loan Rate”: With respect to the Whole Loan and any Loan Interest Accrual Period, the weighted average (based on the
outstanding principal balances of the Notes) of the annual rates at which interest accrues on the Notes during such period (in
the absence of a default), as set forth in the Notes from time to time.

 

“Withheld
Amount”: With respect to the Trust Loan and with respect to each Distribution Date occurring in January of each calendar
year that is not a leap year and February of each calendar year, unless

 

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in either case such Distribution Date is the final Distribution
Date, an amount equal to one day’s interest at the Net Trust Note Rate on the Stated Principal Balance as of the Due Date
in the month preceding the month in which such Distribution Date occurs, to the extent that a Monthly Payment or a P&I Advance
is made in respect thereof.

 

“Workout
Fee”: An amount equal to 0.25% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase by a Loan Seller of its respective Loan Seller Transferred Interest in the Trust Loan due to
a Material Document Defect or a Material Breach shall not be considered a prepayment for purposes of this definition), Balloon
Payments and payments at maturity, but excluding late payment charges and Default Interest) received if the Whole Loan is a Specially
Serviced Loan that becomes a Corrected Loan for so long as it remains a Corrected Loan, pursuant to Section 3.12(c), subject
to a cap of $1,250,000; provided, that no Workout Fee shall be payable by the Trust with respect to any Corrected Loan
if and to the extent that the Corrected Loan (a) became a Specially Serviced Loan under clause (c) of the definition of
“Specially Serviced Loan” and no event of default actually occurs, unless the Whole Loan is modified by the Special
Servicer in accordance with the terms of this Agreement or the Whole Loan subsequently qualifies as a Specially Serviced Loan
for a reason other than under clause (c) of the definition thereof, or (b) in connection with the purchase of a Specially
Serviced Loan that is subject to mezzanine indebtedness by the holder of the related mezzanine loan within ninety (90) days after
the first time that such holder’s option to purchase the Whole Loan becomes exercisable (provided, that for the avoidance
of doubt, if there are one or more purchase notices that are delivered subsequent to the initial purchase notice, as long as the
event that resulted in the first purchase notice (or the preceding purchase notice) has, within the 90-day period from the date
the applicable purchase notice was given to such holder of a mezzanine loan, ceased, been cured, been waived by the Servicer or
the Special Servicer in writing, or otherwise was no longer in effect during such period, such 90-day period will commence on
the date of any subsequent purchase notice given to such holder of a mezzanine loan); provided, further that if
the Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of
“Specially Serviced Loan” and the related collection of principal and interest is received within three (3) months
following the related maturity date as a result of the Whole Loan being refinanced or otherwise repaid in full, the Special Servicer
shall not be entitled to collect a Workout Fee out of the proceeds received in connection with such workout if such fee would
reduce the amount available for distributions to Certificateholders, but the Special Servicer may collect from the Borrower and
retain (i) a workout fee, (ii) such other fees as are provided for in the Loan Documents and (iii) other appropriate fees in connection
with such workout. The total amount of Workout Fees payable by the Trust with respect to the Corrected Loan and with respect to
any particular workout (assuming, for the purposes of this calculation, that the Corrected Loan continues to perform throughout
its term in accordance with the terms of the related workout) shall be reduced by the amount of any and all Offsetting Modification
Fees received by the Special Servicer as additional servicing compensation relating to the Corrected Loan; provided that
the Special Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such
reduced amount. For the avoidance of doubt, the Loan Sellers shall pay a Workout Fee in connection with a repurchase to the extent
the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or was previously
paid by the Trust and was not reimbursed by the Borrower immediately prior to such repurchase. In furtherance of the foregoing,
upon the Specially Serviced Loan becoming a Corrected Loan, the Special Servicer shall provide the Servicer with a calculation
of the total amount of Workout Fees expected to be payable by the Trust with respect to the Corrected Loan throughout its term
(which calculation shall be reasonably acceptable to the Servicer) and the total amount of Offsetting Modification Fees received
by the Special Servicer.

 

Section
1.02     Certain Calculations. Unless otherwise specified herein, the following provisions shall
apply:

 

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(a)       All
calculations of interest with respect to the Whole Loan (and of Advances in respect thereof) provided for herein shall be made
on Actual/360 Basis. The Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee and the CREFC®
License Fee for the Trust Loan shall accrue on the same basis as interest accrues on the Whole Loan. Each Class of Regular
Certificates will accrue interest on a 30/360 basis.

 

(b)       Any
Whole Loan payment is deemed to be received on the date such payment is actually received by the Servicer or the Certificate Administrator;
provided, however, that for purposes of calculating distributions on the Certificates and Prepayment Interest Excess,
Principal Prepayments with respect to the Whole Loan are deemed to be received on the date they are applied in accordance with
Section 3.01(b) to reduce the Stated Principal Balance of the Whole Loan on which interest accrues.

 

(c)       Except
as otherwise provided in the Loan Documents or the Co-Lender Agreement, any amounts received in respect of the Whole Loan as to
which a default has occurred and is continuing in excess of Monthly Payments shall be applied to Default Interest and other amounts
due on the Whole Loan prior to the application to late fees.

 

(d)       Allocations
of payments between the Trust Loan and the related Companion Loan shall be made in accordance with the Co-Lender Agreement.

 

(e)       All
amounts collected by or on behalf of the Trust in respect of the Whole Loan in the form of payments from the Borrower, Liquidation
Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the Companion Loan Holder pursuant
to the Co-Lender Agreement) shall be allocated to amounts due and owing under the Loan Documents (including for principal and
accrued and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender Agreement; provided,
however, that absent such express provisions, all such amounts collected (exclusive of any amounts payable to the Companion
Loan Holder pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under
the Whole Loan in the following order of priority:

 

(i)       as
a recovery of any unreimbursed Advances with respect to the Trust Loan or Whole Loan with respect to Property Advances or Nonrecoverable
Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the Whole Loan (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid
by the Trust from general collections);

 

(ii)       as
a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon, to the extent previously allocated to principal
collections with respect to the Trust Loan or Whole Loan, as applicable;

 

(iii)       to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of accrued and unpaid
interest on the Trust Loan (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the
Trust Loan at the Trust Note Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of
a full Monthly Payment from the Borrowers, through the related Due Date), over (B) the sum of (1) after taking into account any
allocations pursuant to Section 1.02(f)(v) on earlier dates, the aggregate portion of the accrued and unpaid interest described
in clause (A) of this Section 1.02(e)(iii) that (a)(x) was not advanced because of the reductions (if any) in the
amount of the interest portion of the related P&I Advances for the Trust Loan that have theretofore occurred under Section
4.07(e) in connection with Appraisal Reduction Amounts with respect to any accrued and unpaid interest or (y) was not advanced
due to a determination that the related P&I Advance would be a Nonrecoverable Advance, but (in the case of this clause
(y)) only up to the amount of interest that

 

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(absent such determination of nonrecoverability preventing such P&I Advance
from being made) would nonetheless not have been advanced because of the reductions in the amount of the related P&I Advances
for the Trust Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest
allocable to the Trust Loan;

 

(iv)       to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of principal of
the Trust Loan then due and owing, including by reason of acceleration of the Trust Loan following a default thereunder (or, if
the Trust Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)       as
a recovery of (a) accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of the interest portion of P&I Advances for the Trust Loan that have occurred under Section 4.07(e) in
connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts
but for such P&I Advances not having been made as a result of a determination that such P&I Advances would have been Nonrecoverable
Advances, and (b) Accrued AB Loan Interest (in each of clause (a) and (b), to the extent that collections have not
been allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)       as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to the Whole Loan (and allocable to the Trust Loan);

 

(vii)     as
a recovery of any other reserves to the extent then required to be held in escrow with respect to the Whole Loan (and allocable
to the Trust Loan);

 

(viii)    as
a recovery of any Prepayment Premiums then due and owing under the Trust Loan;

 

(ix)       as
a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust
Loan);

 

(x)        as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan;

 

(xi)       as
a recovery of any other amounts then due and owing under the Trust Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating
Advisor Consulting Fees); and

 

(xii)      as
a recovery of any remaining principal of the Trust Loan to the extent of its entire remaining unpaid principal balance;

 

provided
that, to the extent required under the REMIC Provisions of the Code, payments or proceeds received with respect to any partial
release of the Property (including following a condemnation) at a time when the loan-to-value ratio of the Whole Loan exceeds
125% (based solely on the value of real property and excluding personal property and going concern value) must be allocated to
reduce the principal balance of the Whole Loan in the manner permitted by such REMIC Provisions.

 

(f)        Collections
by or on behalf of the Trust in respect of the REO Property (exclusive of amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of the REO Property and exclusive of any amounts payable to the Companion
Loan Holder

 

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pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under
the Whole Loan in the following order of priority:

 

(i)        as
a recovery of any unreimbursed Advances with respect to the Trust Loan or Whole Loan with respect to Property Advances or Nonrecoverable
Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the Whole Loan (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid
by the Trust from general collections);

 

(ii)       as
a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon to the extent previously allocated to principal
collections with respect to the Trust Loan or Whole Loan, as applicable;

 

(iii)       to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of accrued and unpaid
interest on the Trust Loan (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the
Trust Loan at the Trust Note Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of
a full Monthly Payment from the Borrowers, through the related Loan Payment Date), over (B) the sum of (1) after taking into account
any allocations pursuant to Section 1.02(f)(v) or Section 1.02(e)(v) on earlier dates, the aggregate portion of
the accrued and unpaid interest described in clause (i) of this Section 1.02(f)(iii) that (a)(x) was not advanced
because of the reductions (if any) in the amount of the interest portion of the related P&I Advances for the Trust Loan that
have occurred in connection with related Appraisal Reduction Amounts with respect to any accrued and unpaid interest or (y) was
not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, but (in the case of this
clause (y)) only up to the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance
from being made) would nonetheless not have been advanced because of the reductions in the amount of the related P&I Advances
for the Trust Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (2) Accrued AB Loan Interest
allocable to the Trust Loan;

 

(iv)       to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of principal of
the Trust Loan to the extent of its entire unpaid principal balance;

 

(v)       as
a recovery of (a) accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of the interest portion of P&I Advances for the Trust Loan that have occurred under Section 4.07(e) in
connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts
but for such P&I Advances not having been made as a result of a determination that such P&I Advances would have been Nonrecoverable
Advances and (b) Accrued AB Loan Interest (in each of clause (a) and (b), to the extent that collections have not
theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) or Section 1.02(e)(v)
on earlier dates);

 

(vi)      as
a recovery of any Prepayment Premium then due and owing under the Trust Loan;

 

(vii)     as
a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust
Loan);

 

(viii)    as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan;
and

 

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(ix)       as
a recovery of any other amounts then due and owing under the Trust Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating
Advisor Consulting Fees).

 

(g)       The
applications of amounts received in respect of the Trust Loan pursuant to Section 1.02(e) shall be determined by the Servicer
in accordance with the Servicing Standard. The applications of amounts received in respect of the Trust Loan or any REO Property
pursuant to Section 1.02(f) shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

(h)       All
net present value calculations and determinations made hereunder with respect to the Trust Loan or the Property or REO Property
(including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan Documents
or, in the event the related Loan Documents are silent, using the Calculation Rate.

 

(i)       Neither
the Servicer nor the Special Servicer shall enter into, or structure (including, without limitation, by way of the application
of credits, discounts, forgiveness or otherwise), any modification, waiver, amendment, work-out, consent or approval with respect
to the Whole Loan in a manner that would be inconsistent with the allocation and payment priorities set forth above in Sections
1.02(e) and (f) or in the Co-Lender Agreement.

 

Section
1.03     Certain Constructions. For purposes of this Agreement, references to the most or next
most subordinate Class of Certificates outstanding at any time shall mean the most or next most subordinate Class of Certificates
then outstanding as among the Class A, Class X, Class B, Class C, Class D, Class E, Class F and Class HRR Certificates. For purposes
of this Agreement, each Class of Certificates (other than the Class LR and Class R Certificates) shall be deemed to be outstanding
only to the extent its respective Certificate Balance or Notional Amount, as applicable, has not been reduced to zero. For purposes
of this Agreement, the Class R and Class LR Certificates shall be outstanding so long as the Trust Fund has not been terminated
pursuant to Section 9.01 or any other Class of Certificates remains outstanding.

 

Article
II

CONVEYANCE OF the MORTGAGE LOAN;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section
2.01     Conveyance of the Trust Loan; Assignment of Trust Loan Purchase Agreements. (a) The Depositor,
concurrently with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated as “Grace
Trust 2020-GRCE”, appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey
to the Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Depositor in and
to the Trust Loan, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder
(whether in real or personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in
all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included
in the Trust Fund for the benefit of the Certificateholders and the Companion Loan Holder. Such transfer and assignment includes
all interest and principal due on or with respect to the Trust Loan after the Cut-off Date. The Depositor, concurrently with the
execution and delivery hereof, does also hereby transfer, assign, set over and otherwise convey to the Trustee without recourse
(except to the extent provided herein), for the benefit of the Certificateholders, all the right, title and interest of the Depositor
in, to and under the Trust Loan Purchase Agreements as provided therein (excluding Sections 6(f)-(h) and 9 of the Trust Loan Purchase
Agreements), and excluding the Depositor’s rights and remedies under the BANA Indemnification Agreement, the Column Indemnification

 

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Agreement, the GACC Indemnification Agreement and the JPMCB Indemnification Agreement to the extent related to the Trust Loan.
The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Whole Loan to be
transferred to and held in the name of the Servicer on behalf of the Trustee as successor to the Loan Sellers.

 

In
connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies
to the Servicer and the Special Servicer, the following documents or instruments with respect to the Whole Loan so assigned (provided,
however, that the original of documents specified in item (xix) shall be delivered to the Servicer):

 

(i)        each
original Trust Note, evidencing a portion of the related Loan Seller’s Loan Seller Transferred Interest in the Trust Loan,
bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee prior to the Trustee or,
if none, by the applicable Originator, without recourse, either in blank or to the order of the Trustee in the following form:
“Pay to the order of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Grace Trust 2020-GRCE
Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE without recourse”;

 

(ii)       the
original (or a copy thereof certified from the applicable recording office) of the Mortgage and, if applicable, the originals
(or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originators of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any,
in each case with evidence of recording indicated thereon;

 

(iii)       an
original Assignment of Mortgage, in recordable form, executed by the most recent assignee of record thereof prior to the Trustee
or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates
(and the Companion Loan Holder)”;

 

(iv)       (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originators of
the Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original assignment of any related
security agreement (if such item is a document separate from the Mortgage) executed by the most recent assignee thereof prior
to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates”, which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause
(iii) above;

 

(v)       (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originators of the Whole Loan (and each assignee of record prior
to the Trustee) in and to the personalty of the Borrower at the Property (in each case with evidence of filing or recording thereon)
and which were in the possession of the Loan Sellers (or their agents) at the time the Mortgage File was delivered to the Custodian,
together with original UCC-2 or UCC-3 assignment of financing statements showing a complete chain of assignment from the secured
party named in such UCC-1 financing statement to the most recent assignee of record thereof prior to the Trustee, if any, and
(B) if any such security interest is perfected and the earlier UCC financing statements and continuation statements were in the
possession of the Loan Sellers, an assignment of UCC financing statement by the most recent assignee of record prior to the Trustee
or, if none, by the

 

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Originators, evidencing the transfer of such security interest, either in blank or in favor of the Trustee
in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Grace Trust
2020-GRCE Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holder)”; provided that other evidence
of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering such UCC financing statements
including, without limitation, evidence of such filed or recorded UCC financing statement as shown on a written UCC search report
from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company, CT Corporation System and
the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized agents thereof;

 

(vi)      the
original or a copy of the Loan Agreement relating to the Whole Loan;

 

(vii)     the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Whole Loan, together
with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy, insuring
the lien of the Mortgage on the Property, or, subject to Section 2(d) of the Trust Loan Purchase Agreements, a “marked up”
commitment to insure marked as binding and countersigned by the related insurer or its authorized agent (which may be a pro
forma or specimen title insurance policy which has been accepted or approved as binding in writing by the related title insurance
company), or, subject to Section 2(d) of the Trust Loan Purchase Agreements, an agreement to provide the same pursuant to binding
escrow instructions executed by an authorized representative of the title company;

 

(viii)    (A)
the original or a copy of the related Assignment of Leases and Rents (if such item is a document separate from the Mortgage) and,
if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the
Originators of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any, in each case with evidence
of recording thereon; and (B) an original or copy of an assignment of any related Assignment of Leases and Rents (if such item
is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered in blank,
except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or, if none,
by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates (and the Companion
Loan Holder)”, which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause
(iii) above;

 

(ix)       the
original or a copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to
the Property required in connection with origination of the Whole Loan, if any;

 

(x)       an
original or a copy of the Assignment of Management Agreement and originals or copies of the currently effective Management Agreement,
if any, for the Property;

 

(xi)       the
original or copy of any ground leases, if applicable, and any related lessor estoppel or similar agreement or a copy thereof,
if any;

 

(xii)      an
original assignment of agreements, licenses, permits and contracts, executed by the most recent assignee of record thereof prior
to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates (and the Companion Loan Holder)”;

 

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(xiii)     if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
or a copy thereof and the assignment thereof to the Trustee (in such capacity, for the benefit of the Certificateholders and the
Companion Loan Holder);

 

(xiv)     if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, (A) a copy of the UCC-1 financing
statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the Reserve Accounts,
Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein, and (B) UCC-3 assignments of financing statements
assigning such UCC-1 financing statements to the Trustee (in such capacity, for the benefit of the Certificateholders and the
Companion Loan Holder);

 

(xv)     originals
or copies of all assumption, modification, written assurance and substitution agreements, with evidence of recording thereon if
appropriate, in those instances where the terms or provisions of the Mortgage, Trust Notes or any related security document have
been modified or the Whole Loan has been assumed;

 

(xvi)    the
original or a copy of any guaranty of the obligations of the Borrower under the Whole Loan together with, as applicable, (A) the
original or copies of any intervening assignments of such guaranty showing a complete chain of assignment from the Originators
of the Whole Loan to the most recent assignee thereof prior to the Trustee, if any, and (B) an original assignment of such guaranty
executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originators;

 

(xvii)   [reserved];

 

(xviii)  a
copy of the Co-Lender Agreement and any mezzanine loan intercreditor agreement;

 

(xix)     the
original (or copy, if the original is held by the Servicer pursuant to Section 2.01(c)) of any letter of credit held by
the lender as beneficiary or assigned as security for the Whole Loan; and

 

(xx)      an
original or a copy of the Cash Management Agreement;

 

provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor or the
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received. The original assignments referred to in clauses (iii), (iv)(B), (viii)(B) and (xvi)(B)
above, may be in the form of one or more instruments in recordable form in any applicable filing or recording offices.

 

On
or prior to the Closing Date, the Loan Sellers shall retain a third party vendor (which may be the Trustee or the Custodian) to
complete the assignment and recordation or filing of the Loan Documents in the name of the Trustee on behalf of the Certificateholders
and the Companion Loan Holder. On or promptly following the Closing Date, the Loan Sellers shall (A) promptly deliver or cause
to be delivered to such third party vendor recorded copies of the Mortgage and the documents described in Section 2.01(a)(v)(A),
(viii)(A) and (xiv)(A) and (B) cause such third party vendor, at the expense of the Loan Sellers (in proportion
to their respective Loan Seller Percentage Interest in the Trust Loan), (1) to promptly prepare and record (in favor of the Trustee,
for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates) in the appropriate public
recording office in no event

 

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later than thirty (30) Business Days following the receipt thereof, the Assignment of Mortgage referred
to in Section 2.01(a)(iii) which has not yet been submitted for recording; and (2) to prepare and file in the appropriate
public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(v)(B) and (xiv)(B)
which has not yet been submitted for filing or recording in no event later than sixty (60) days following the receipt thereof.
Each such document shall reflect that the recorded original should be returned by the public recording office to the Custodian
or its designee following recording, and each such document shall reflect that the file copy thereof should be returned to the
Custodian or its designee following filing; provided that in those instances where the public recording office retains
the original Assignment of Mortgage or Assignment of Leases and Rents, if applicable, the Custodian shall use commercially reasonable
efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any
such document or instrument in respect of the Whole Loan is lost or returned unrecorded or unfiled, as the case may be, because
of a defect therein, the Loan Sellers shall promptly prepare or cause the preparation of a substitute thereof or cure or cause
the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document to or at the
direction of the Custodian for recording or filing, as appropriate, at the expense of the Loan Sellers (as set forth in the Trust
Loan Purchase Agreements). The Loan Sellers shall, promptly upon receipt of the original recorded or filed copy (and in no event
later than five (5) Business Days following such receipt) deliver such original to the Custodian, with evidence of filing or recording
thereon. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording
office retains the original Mortgage, Assignment of Mortgage or Assignment of Leases and Rents, if applicable, after any has been
recorded, the obligations of the Loan Sellers under the Trust Loan Purchase Agreements shall be deemed to have been satisfied
upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment of Mortgage or Assignment of Leases
and Rents, if applicable.

 

If
the Loan Sellers cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy of the related lender’s
title insurance policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery
requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be
deemed to have been included in the Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned
by the title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted
or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter,
and the Loan Sellers shall be required to deliver to the Custodian, promptly following the receipt thereof, the original related
lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage and UCC assignments
of financing statements shall be held by the Custodian.

 

Subject
to the third preceding paragraph, all original documents relating to the Whole Loan which are not delivered to the Custodian are
and shall be held by the Depositor or the Servicer (or a Sub-Servicer on its behalf), as the case may be, in trust for the benefit
of the Certificateholders and the Companion Loan Holder. In the event that any such original document is required pursuant to
the terms of this Section to be a part of the Mortgage File in order to effectuate the purposes of this Agreement, such document
shall be delivered promptly to the Custodian.

 

(b)       In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, the Loan Sellers pursuant to the Trust Loan Purchase Agreements to deliver to and
deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date, for the Trust Loan
so assigned, among other things, the original Trust Notes, the original or a copy of the Mortgage and any intervening assignments
thereof, the original or a copy of the title policy for the Whole Loan, a copy of any ground lease, if applicable, for the Whole
Loan and an original (or copy, if the original is held by the Servicer pursuant to Section 2.01(c)) of any letters of credit
held by the lender as beneficiary or assigned as security

 

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for the Whole Loan, and, within thirty (30) days following the Closing
Date, the remaining applicable documents referred to in Section 2.01(a) for the Whole Loan, in each case with copies to
the Servicer and (ii) the Servicer, on or before the Closing Date, all documents and records that are part of each applicable
Servicing File. If the Loan Sellers cannot deliver, or cause to be delivered, as to the Trust Loan, the original Trust Notes,
the Loan Sellers shall deliver a copy or duplicate original of such Trust Notes, together with an affidavit certifying that the
original thereof has been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and
the Custodian.

 

If
the Loan Sellers or the Depositor cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy of any
of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(viii)(A) and Section
2.01(a)(xv) and the UCC financing statements and UCC assignments of financing statements referred to in Section 2.01(a)(v)(A)
and Section 2.01(a)(xiv)(A), with evidence of recording or filing thereon, solely because of a delay caused by the
public recording or filing office where such document or instrument has been delivered for recordation or filing, or because such
original recorded or filed document has been lost or returned from the recording or filing office and subsequently lost, as the
case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied as to such missing item,
and such missing item shall be deemed to have been included in the Mortgage File, provided that a copy of such document
or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents
and/or instruments) by the applicable public recording or filing office, the applicable title insurance company or a Loan Seller
to be a true and complete copy of the original thereof submitted for recording or filing, as the case may be) has been delivered
to the Custodian within sixty (60) days after the Closing Date, and either the original of such missing document or instrument,
or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered to the Custodian within 180
days after the Closing Date (or within such longer period after the Closing Date so long as the Loan Sellers have provided the
Custodian with evidence of such recording or filing, as the case may be, or has certified to the Custodian as to the occurrence
of such recording or filing, as the case may be, and is, as certified to the Custodian and the Trustee no less often than quarterly,
in good faith attempting to obtain from the appropriate county recorder’s or filing office such original or copy, provided
such extensions do not exceed twenty-four (24) months in the aggregate).

 

(c)       Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix), the Servicer shall
hold the original of each such document in trust on behalf of the Trust in order to draw on such letter of credit on behalf of
the Trust and each Loan Seller shall be deemed to have satisfied the delivery requirements of its respective Trust Loan Purchase
Agreement and this Section 2.01 by delivering the original of each such document to the Servicer, which shall forward a
copy of the applicable document to the Custodian. The Loan Sellers shall pay any costs of assignment or amendment of such letter
of credit (which amendment shall change the beneficiary of the letter of credit to the Trust in care of the Servicer) required
in order for the Servicer to draw on such letter of credit on behalf of the Trust. In the event that the documents specified in
Section 2.01(a)(xix) are missing because the related assignment or amendment documents have not been completed, the Loan
Sellers shall take all necessary steps to enable the Servicer to draw on the related letter of credit on behalf of the Trust including,
if necessary, drawing on the letter of credit in its own name pursuant to written instructions from the Servicer and immediately
remitting such funds (or causing such funds to be remitted) to the Servicer.

 

Section
2.02     Acceptance by Custodian and the Trustee. By its execution and delivery of this Agreement,
the Trustee (a) acknowledges the assignment to it of the Trust Loan in good faith without notice of adverse claims and (b) declares
that the Custodian holds and will hold such documents and all others delivered to it constituting the Mortgage File (to the extent
the documents constituting the Mortgage File are actually delivered to the Custodian) for the Trust Loan assigned to the Trustee
hereunder in trust, upon the conditions herein set forth, for the use and benefit of all present and future Certificateholders
and the Companion Loan Holder.

 

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The
Custodian hereby certifies to each of the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer
and the Loan Sellers that except as identified in the Custodian’s closing date certification, which shall be delivered no
later than two Business Days after the Closing Date, and which is attached as Exhibit N-1 to this Agreement, each Trust
Note is in its possession and has been reviewed by the Custodian and (i) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (ii) appears to have been executed (where appropriate)
and (iii) purports to relate to the Whole Loan and each of the documents specified in Section 2.01(a)(ii), Section 2.01(a)(vii)
and, to the extent delivered, Section 2.01(a)(xix) have been received, have been executed, appear to be what they purport
to be, purport to be recorded or filed (as applicable) and have not been torn or mutilated or otherwise defaced, and that such
documents relate to the Whole Loan identified in the Mortgage Loan Schedule. If the Custodian does not send a certification on
the Closing Date, it shall send an email confirmation to the Trustee and the Servicer on the Closing Date that it has received
the Trust Notes (or a copy or a lost note affidavit, as permitted), subject to any exceptions noted therein.

 

On
or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the
Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which
all material exceptions have been removed and (iii) the day on which the Loan Sellers have repurchased the Trust Loan), the Custodian
shall review each Mortgage File and shall certify to each of the Depositor, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor and the Loan Sellers in the form attached as Exhibit N-2 to this Agreement
that all documents (other than documents referred to in clauses Section 2.01(a)(xix) and Section 2.01(a)(xx), which
shall be delivered to the Servicer and the documents referred to in Section 2.01(a) (iii), (v)(B) and (viii)
and the assignments of financing statements referred to in Section 2.01(a)(xiv), which shall be delivered for filing
or recording by the Loan Sellers as provided herein) referred to in Section 2.01(a) above (in the case of the documents
referred to in Section 2.01(a)(iv), (v), (vi), (vii) (in the case of any endorsement thereto), (viii)
and (ix) through (xxi), as identified to it in writing as a document required to be delivered by the Loan Sellers)
and any original recorded documents included in the delivery of the Mortgage File has been received, has been executed, appear
to be what they purport to be, purport to be recorded or filed (as applicable) and has not been torn in any materially adverse
manner or mutilated or otherwise defaced, and that such documents relate to the Whole Loan. In so doing, the Custodian may rely
on the purported due execution and genuineness of any such document and on the purported genuineness of any signature thereon.

 

If
at the conclusion of such review any document or documents constituting a part of the Mortgage File has not been executed or received,
has not been recorded or filed (if required), is unrelated to the Whole Loan, appear not to be what they purport to be or has
been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall promptly so notify (in the form
attached as Exhibit M to this Agreement) the Trustee, the Depositor, the Certificate Administrator, the Servicer, the Special
Servicer, the Operating Advisor and the Loan Sellers by providing a written report, setting forth for the affected Whole Loan,
with particularity, the nature of the defective or missing document. The Depositor shall or shall cause the Loan Sellers to deliver
to the Custodian an executed, recorded or undamaged document, as applicable, or, if the failure to deliver such document in such
form constitutes a Material Document Defect, the Depositor shall cause the Loan Sellers to cure, repurchase or make an indemnification
payment with respect to the Trust Loan in the manner provided in Section 2.03(e). None of the Servicer, the Special Servicer,
the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the
Trust Fund resulting from any failure to receive any document constituting a portion of the Mortgage File noted on such a report
or for any failure by the Depositor to use its best efforts to deliver any such document.

 

Contemporaneously
with its execution of this Agreement, the Depositor shall cause each Loan Seller to deliver, a power of attorney substantially
in the form of Exhibit C to the Trust Loan Purchase

 

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Agreements to the Servicer and Special Servicer, to take such other action
as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments relating to the Trust
Loan which has not been delivered, assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant to each
Trust Loan Purchase Agreement, the related Loan Seller shall be required to effect (at the expense of the related Loan Seller)
the assignment and recordation of its interest under the Loan Documents until the assignment and recordation of all Loan Documents
has been completed.

 

In
reviewing any Mortgage File pursuant to the third preceding paragraph of Section 2.01, the Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment
or endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee),
whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.

 

Section
2.03     Representations, Warranties and Covenants of the Depositor; Repurchase of Trust Loan.
(a) The Depositor hereby represents and warrants that:

 

(i)        The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)       The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Trust Loan in accordance with this Agreement;

 

(iii)       This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and
delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are
the legal, valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws
relating to or affecting creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);

 

(iv)      The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict
with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute
a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or
by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any
lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor
to carry out the transactions contemplated by this Agreement;

 

(v)       The
certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)       to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA

 

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Certificates”) issued and guaranteed as to timely payment of principal and interest by
the Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United
States within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act
of 1934; (II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as
to timely payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation
certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and
issued or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates,
the “Agency Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed,
in whole or in part, by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private
Securities”); (VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties,
multifamily properties that are either rental apartment buildings or projects containing five or more residential units or commercial
properties, regardless of whether insured or guaranteed in whole or in part by any governmental entity, or participation interests
or stripped interests in such mortgage loans (“Mortgage Assets”); (VII) conditional sales contracts and installment
sales or loan agreements or participation interests therein secured by manufactured housing (“Contract”); and
(VIII) receivables of third-parties or other financial assets of third-parties, either fixed or revolving, that by their terms
convert into cash within a finite time period (“Other Assets”);

 

(B)       to
loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities,
Mortgage Assets, Contracts and/or Other Assets;

 

(C)       to
authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities,
Mortgage Assets, Contracts and/or Other Assets;

 

(D)       to
authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private
Securities, Mortgage Assets, Contracts and/or Other Assets; and

 

(E)       to
engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident
to the foregoing and necessary or convenient to accomplish the foregoing.

 

Capitalized
terms defined in this clause (v) shall apply only to such clause;

 

(vi)      There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)     No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

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(viii)    The
Trustee, if not the owner of the Trust Loan, will have a valid and perfected security interest of first priority in the Trust
Loan and any proceeds thereof.

 

(b)       The
Depositor hereby represents and warrants with respect to the Trust Loan that:

 

(i)         Immediately
prior to the transfer and assignment to the Trustee, the Trust Notes and the Mortgage were not subject to an assignment or pledge,
and the Depositor had good title to, and was the sole owner of, the Trust Loan and had full right to transfer and sell the Trust
Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;

 

(ii)       The
Depositor is transferring the Trust Loan free and clear of any and all liens, pledges, charges or security interests of any nature
encumbering the Trust Loan;

 

(iii)      The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of the Mortgage from the Depositor to the Trustee;
and

 

(iv)      No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)        It
is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery
of the Mortgage File to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
the Companion Loan Holder, the Certificate Administrator, the Trustee, the Custodian, the Servicer and the Special Servicer.

 

(d)       If
the Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of the Trust Loan or any portion thereof because of a Breach or a Defect (each as defined below) (any such request or demand,
a “Repurchase Request”, and the Servicer or the Special Servicer, as applicable, to the extent it receives
a Repurchase Request, the “Repurchase Request Recipient” with respect to such Repurchase Request), (ii) receives
a Repurchase Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase
Request Withdrawal”), (iii) receives a Repurchase Communication that the Loan Seller Transferred Interest of the Trust
Loan that was subject to a Repurchase Request has been repurchased or replaced (a “Repurchase”), or (iv) receives
a Repurchase Communication of the rejection of a Repurchase Request (a “Repurchase Request Rejection”), then
such Person shall deliver written notice of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor and the related Loan Seller, in each
case within ten Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided, however, that if the Servicer
receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer, the Servicer shall
have no obligation to deliver such notice to any other party.

 

Each
Rule 15Ga-1 Notice shall include (i) the identity of the Trust Loan, (ii) the date the Repurchase Communication of the Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the
case of a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

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No
Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice
Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege
or attorney work product doctrines. Each Trust Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant
to this Section 2.03(d) is so provided only to assist the related Loan Seller, the Depositor and its Affiliates to comply
with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and
(ii) (A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section
2.03(d) by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right
the Rule 15Ga-1 Notice Provider may have with respect to the related Trust Loan Purchase Agreement, including with respect to
any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.

 

In
the event that the Depositor, the Trustee, the Certificate Administrator or the Custodian receives a Repurchase Communication
of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly forward such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal to the Servicer, if relating to a Performing Loan, or to the Special
Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence:
“This is a “[Repurchase Request][Repurchase Request Withdrawal]” under Section 2.03(d) of the Trust and
Servicing Agreement relating to the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates requiring action by you
as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such Repurchase
Communication of such Repurchase Request or Repurchase Request Withdrawal by the Servicer or the Special Servicer, as applicable,
such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of such Repurchase Request
or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this Section 2.03(d) with
respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian, by virtue of this provision,
be required to provide any notice other than as set forth in Section 2.02 in connection with its review of the Mortgage
File.

 

(e)       A
“Defect” shall exist with respect to the Trust Loan if any document constituting a part of the Mortgage File
and required to be delivered by a Loan Seller has not been delivered within the time periods provided for in the related Trust
Loan Purchase Agreement, has not been properly executed, is missing, does not appear to be regular on its face or contains information
that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach”
shall mean a breach of any representation or warranty of a Loan Seller made pursuant to the related Trust Loan Purchase Agreement
with respect to the Trust Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is
a Material Document Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall
upon its actual knowledge thereof notify the Loan Sellers, the other parties hereto and the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)) and the Companion
Loan Holder. If any such Defect or Breach materially and adversely affects the value of the Trust Loan, the value of the Property
or the interests of the Trust in the Trust Loan hereunder or causes the Trust Loan to be other than a Qualified Mortgage, then
such Defect shall constitute a “Material Document Defect” or such Breach shall constitute a “Material
Breach,” as the case may be; provided, however, that if any of the documents specified in Section 2.01(a)(i),
(ii), (vii) and (xix) are not delivered as required in each Trust Loan Purchase Agreement and certified as
missing pursuant to Section 2.02, it shall be deemed a Material Document Defect; provided, further, that
no Defect (except as provided in the immediately preceding proviso and Defects that cause the Trust Loan to be other than a Qualified
Mortgage) shall be considered to be a Material Document Defect unless the document with respect to which the Defect exists is
required in connection with an imminent enforcement of the lender’s rights or remedies under the Trust Loan, defending any
claim asserted by the Borrower or a third party with respect to the Trust Loan,

 

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establishing the validity or priority of any lien
on any collateral securing the Trust Loan or for any immediate significant servicing obligation. The Custodian, the Certificate
Administrator and the Trustee shall not be required to make any such determination absent written notice or direction from Certificateholders
in accordance with Section 8.02(a)(iii). Promptly upon receiving written notice of any such Material Document Defect or
Material Breach with respect to the Trust Loan, accompanied by a written demand to take the actions contemplated by this sentence
from the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the
Custodian, on behalf of the Trust Fund, each Loan Seller shall, not later than ninety (90) days from such Loan Seller’s
receipt of such notice of, and such written demand to take action with respect to, such Material Document Defect or Material Breach,
as the case may be (any such 90-day period, the “Initial Resolution Period”), (i) cure the same in all material
respects, (ii) repurchase its Loan Seller Transferred Interest in the Trust Loan at an amount equal to its Loan Seller Percentage
Interest of the Repurchase Price in conformity with the applicable Trust Loan Purchase Agreement or (iii) indemnify the Trust
for its Loan Seller Percentage Interest of the losses directly related to such Material Breach or Material Document Defect, subject
to receipt of a No Downgrade Confirmation from each Rating Agency with respect to such action (or if each Rating Agency waives
review or fails to respond to a request for a No Downgrade Confirmation, subject to (y) approval of the Directing Holder so long
as a Subordinate Control Period is in effect and (z) consultation with the Directing Holder so long as a Subordinate Consultation
Period is in effect (or if the Directing Holder is an Affiliate of the Loan Seller, subject to the approval of the Special Servicer));
provided that if (i) such Material Document Defect or Material Breach is capable of being cured but not within the Initial
Resolution Period, (ii) such Material Document Defect or Material Breach is not related to the Trust Loan not being a Qualified
Mortgage and (iii) a Loan Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or
Material Breach within the Initial Resolution Period, then such Loan Seller shall have an additional period equal to the applicable
Resolution Extension Period to complete such cure or, failing such cure, to repurchase its Loan Seller Transferred Interest or
indemnify the Trust in respect of its Loan Seller Percentage Interest of losses. Notwithstanding the preceding sentence, if such
Material Breach or Material Document Defect would cause the Trust Loan to be other than a Qualified Mortgage, then, within ninety
(90) days of the date of discovery of such Material Breach or Material Document Defect, the applicable Loan Seller shall (i) cure
the same in all material respects or (ii) repurchase its Loan Seller Percentage Interest in the Trust Loan at an amount equal
to its Loan Seller Percentage Interest of the Repurchase Price. Any Breach or Defect that causes the Trust Loan not to be a Qualified
Mortgage shall be deemed a Material Breach or Material Document Defect, as applicable. Notwithstanding the foregoing,
the failure to deliver to the Trustee and the Custodian copies of the UCC financing statements with respect to the Trust Loan
shall not be a Material Document Defect.

 

(f)        In
connection with any repurchase of the Trust Loan contemplated by this Section 2.03, subject to Section 2.03(j),
(A) the Custodian, the Servicer and the Special Servicer shall each tender to the Loan Sellers or their designees all portions
of the Mortgage File (in the case of the Custodian) and the Servicing File (in the case of the Servicer and the Special Servicer,
as applicable) (including the original Trust Notes related to each Loan Seller’s Loan Seller Transferred Interest in the
Trust Loan) and other documents pertaining to the Trust Loan possessed by it, upon delivery (i) to each of the Servicer or the
Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by the Servicer or the Special Servicer, as applicable,
of a Request for Release and an acknowledgement by the Servicer or Special Servicer, as applicable, of its receipt of each Loan
Seller Percentage Interest of the Repurchase Price from the Loan Sellers, (B) each document that constitutes a part of the Mortgage
File that was endorsed or assigned to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or
assignment provided to the Custodian by the Loan Sellers, as the case may be, to the Loan Sellers as shall be necessary to vest
in the Loan Sellers the legal and beneficial ownership of each Loan Seller’s respective repurchased Loan Seller Transferred
Interest in the Trust Loan to the extent such ownership was transferred to the Trustee (provided, however, that
the Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary information
to the extent in its possession to the Loan Sellers

 

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in connection with the preparation by the Loan Sellers of such endorsement
or assignment) and (C) the Certificate Administrator, the Servicer and the Special Servicer shall release, or cause the release
of, any escrow payments and reserve funds held by or on behalf of the Certificate Administrator, the Servicer and the Special
Servicer, as applicable, or on the Certificate Administrator’s, the Servicer’s and the Special Servicer’s, as
applicable, behalf, in respect of the Trust Loan to the Loan Sellers in accordance with their respective repurchased Loan Seller
Transferred Interests in the Trust Loan.

 

(g)       The
Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall, for the
benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the related Loan Seller(s)
under Section 6 of the related Trust Loan Purchase Agreement(s). Such enforcement, including, without limitation, the legal prosecution
of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator, the Servicer
and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement: first,
pursuant to Section 3.06 (with respect to the Trust Loan), out of the related Repurchase Price or indemnification amounts
to the extent that such expenses are a specific component thereof; and second, if at the conclusion of such enforcement
action it is determined that the amounts described in clause first are insufficient, then pursuant to Section
3.06, out of general collections on the Trust Loan on deposit in the Collection Account in each case with interest thereon
at the Advance Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent
the Loan Sellers prevail in such proceeding, the Loan Sellers shall be entitled to reimbursement from the Trust for all necessary
and reasonable costs and expenses incurred in connection with such proceeding.

 

So
long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward
to the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor and the
Loan Sellers, a document exception report setting forth the then current status of any Defects related to the Mortgage Files in
a format mutually agreed upon between the Custodian and the Trustee.

 

It
is understood and agreed that Section 6 of each Trust Loan Purchase Agreement provides the sole remedy available to the Certificateholders
and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to the Trust Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

(h)       In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Trust Loan, the Depositor hereby reserves the right
to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Servicer or
the Special Servicer, unless such defense results in any liability of the Servicer or the Special Servicer, as applicable.

 

(i)         If
for any reason any Loan Seller fails to fulfill its obligations under the related Trust Loan Purchase Agreement with respect to
the Trust Loan, the Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced
Loan) shall use reasonable efforts in enforcing any obligation of such Loan Seller to cure or repurchase or make an indemnity
payment with respect to its Loan Seller Transferred Interest under the terms of the related Trust Loan Purchase Agreement all
at the expense of the related Loan Seller.

 

(j)        To
the extent that not all of the Loan Sellers repurchase their respective Loan Seller Percentage Interests pursuant to the terms
of the respective Trust Loan Purchase Agreements, the portion of the Trust Loan so repurchased shall be a Companion Loan subject
in all respects to the Co-Lender Agreement. In addition, (i) the Trust Loan shall continue to be serviced by the Servicer and,
as applicable, the Special Servicer, in accordance with the terms of this Agreement on behalf of each repurchasing Loan

 

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Seller
and the Certificateholders as a collective whole, and the Servicer or the Special Servicer, as applicable, shall be the sole representative
of the lender in connection with any enforcement, bankruptcy or other proceeding, (ii) the Trustee, on behalf of the Trust, shall
remain the mortgagee of record with respect to the Mortgage, (iii) the Servicing Fee and/or Special Servicing Fee shall continue
to be calculated based on the entire Stated Principal Balance of the Trust Loan or Whole Loan, as applicable, (iv) the Custodian
shall retain all portions of the Mortgage File other than the related Trust Notes corresponding to the repurchased Loan Seller
Transferred Interests, (v) each repurchasing Loan Seller shall be entitled to remittances on or prior to the Distribution Date
of its pro rata share, based upon its Loan Seller Percentage Interest, of all amounts that would otherwise be available
for distribution on such Distribution Date pursuant to Article IV hereof to Certificateholders (other than any amounts
in respect of any P&I Advance) with respect to the Trust Loan less (A) fees and expenses with respect to servicing of such
Loan Seller’s Loan Seller Percentage Interest and (B) all costs and expenses incurred in connection with the Loan Seller’s
repurchase obligations and such amounts shall be wired in accordance with the directions provided to the Trustee, the Certificate
Administrator and the Servicer by the Loan Seller to the extent such direction is received at least ten (10) Business Days prior
to the related Distribution Date, (vi) each repurchasing Loan Seller, provided that it is not a Borrower Related Party,
shall be entitled to receive any and all reports and have access to any and all information as a Privileged Person under the terms
of this Agreement, (vii) no amendment may be made to this Agreement that would materially and adversely affect the rights of a
repurchasing Loan Seller in respect of such repurchasing Loan Seller’s Loan Seller Transferred Interest without the consent
of such repurchasing Loan Seller, (viii) to the extent the Trustee, on behalf of the Trust, holds record or legal title to any
Mortgage File document that relates to any Loan Seller’s Loan Seller Transferred Interest in the Trust Loan repurchased
pursuant to this Section 2.03, the Trustee shall hold such title in trust for the use and benefit of the Trust and the
related Loan Seller collectively, (ix) to the extent this Agreement refers to the “Mortgage File,” such “Mortgage
File” shall be construed to mean the Mortgage File for the entire Trust Loan (except that references to any Trust Note in
favor of a repurchasing Loan Seller shall be construed to instead refer to a photocopy of such Trust Note) and (x) the Servicer
and the Special Servicer shall not be required to obtain the concurrence or consent of a repurchasing Loan Seller prior to, or
as a condition to, taking any action required of either of the Servicer or the Special Servicer pursuant to the terms of this
Agreement, nor shall the repurchasing Loan Seller have any right to direct the actions of the Servicer or Special Servicer, and
the rights, duties and obligations of the Directing Holder under this Agreement shall not be altered or reduced in such event.
Neither the Servicer nor the Trustee shall make any P&I Advance or Administrative Advance with respect to any Loan Seller
Transferred Interest of the Trust Loan which has been repurchased as described herein.

 

Section
2.04     Representations, Warranties and Covenants of the Servicer, the Special Servicer, the Certificate
Administrator, the Trustee and the Operating Advisor. (a) Wells Fargo Bank, National Association, as the Servicer, hereby
represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders and
the Companion Loan Holder, to the Depositor, to the Certificate Administrator, to the Special Servicer and to the Operating Advisor,
as of the Closing Date, that:

 

(i)        It
is a national banking association, duly organized, validly existing, and is in good standing, under the laws of the United States
of America and it is in compliance with the laws of the state (within the United States of America) in which the Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)       Its
execution and delivery of this Agreement, and its performance and compliance with the terms of this Agreement, do not (A) violate
its organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order,

 

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judgment or decree to which it or its
property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either its ability
to perform its obligations under this Agreement or its financial condition;

 

(iii)       It
has the full power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)      This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Special Servicer and the Depositor, constitutes a valid, legal and binding obligation of it, enforceable against it in accordance
with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)       It
is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default in its reasonable judgment is likely to materially and adversely affect
the financial condition or its operations or its properties taken as a whole or its ability to perform its duties and obligations
hereunder;

 

(vi)      No
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit it from entering into this
Agreement or, in its good faith and reasonable judgment is likely to materially and adversely affect either its ability to perform
its obligations under this Agreement or its financial condition;

 

(vii)     No
consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery
and performance of, or compliance by it, with, this Agreement or the consummation of the transactions contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially
adverse effect on the ability of it to perform its obligations hereunder; and

 

(viii)    Each
of its officers and employees that has responsibilities concerning the servicing and administration of the Trust Loan is covered
by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement.

 

(ix)       To
the actual knowledge of the Servicer, the Servicer is not a Credit Risk Retention Affiliate of the Third Party Purchaser

 

(b)       Situs
Holdings, LLC, as Special Servicer, hereby represents and warranty with respect to itself to the Trustee, for its own benefit
and the benefit of the Certificateholders, to the Depositor, to the Certificate Administrator, to the Servicer and to the Operating
Advisor, as of the Closing Date, that:

 

(i)        it
is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware;
it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in the jurisdiction
where the Property is located to the extent required by applicable law and necessary to ensure the enforceability of the Trust
Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite authority, power,
licenses, permits, franchise, and approvals

 

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to conduct its business and to execute, deliver, and comply with its obligations under
this Agreement;

 

(ii)       the
execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated
by this Agreement will not violate its articles of association or by-laws, or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or
any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or
other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have
consequences that would materially and adversely affect its financial condition or operations or its properties taken as a whole
or its ability to perform its obligations hereunder, or materially impair the ability of the Trust Fund to realize on the Trust
Loan;

 

(iii)      this
Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms, subject to
bankruptcy and receivership laws and other similar laws of general application affecting rights of creditors and subject to the
application of the rules of equity, including those respecting the availability of specific performance;

 

(iv)      it
has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;

 

(v)       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 it have been obtained or made;

 

(vi)      there
is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which, in its reasonable
judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely affect its
ability to perform its obligations under this Agreement; and

 

(vii)     it
has errors and omissions insurance and fidelity bond coverage which is in full force and effect or is self-insuring with respect
to such risks, which in either case, complies with the requirements of Section 3.08 hereof.

 

(viii)    The
representations and warranties of the Special Servicer set forth in this Section 2.04(b) shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto, the Certificateholders.

 

(c)       It
is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the Mortgage
File to the Trustee or the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the
benefit of the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor, the Companion Loan Holder and the
Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the Operating Advisor, the Servicer, the Special
Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the
interests of the Certificateholders, the Certificate Administrator, the Operating Advisor, the Servicer, Special Servicer, the
Companion Loan Holder or the Trustee in the Trust Loan, the party discovering such breach shall give prompt written notice to
the other parties hereto and the Loan Sellers.

 

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(d)       The
Trustee hereby represents and warrants to the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Certificateholders and the Companion Loan Holder as of the Closing Date, that:

 

(i)        The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)       This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law);

 

(iii)      Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with
such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(iv)      The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on
the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would
materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties or impair
the ability of the Trust Fund to realize on the Trust Loan;

 

(v)       No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder;

 

(vi)      To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated the Pricing Date, between the Trustee, the Depositor and the Initial Purchasers.

 

(vii)     To
the actual knowledge of the Trustee, the Trustee is not a Credit Risk Retention Affiliate of the Third Party Purchaser

 

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(e)       The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Servicer, the Special Servicer, the
Operating Advisor, the Certificateholders and the Companion Loan Holder as of the Closing Date, that:

 

(i)        The
Certificate Administrator is a national banking association, duly organized, validly existing, and is in good standing, under
the laws of the United States of America and has full power, authority and legal right to own its property and conduct its business
as presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)       This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)       Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions
of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its
properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument
or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(iv)      The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which,
in any such event, would have consequences that would materially and adversely affect the ability of the Certificate Administrator
to perform its obligations under this Agreement;

 

(v)       No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not
obtained, would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder;
and

 

(vi)      To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated the Pricing Date, among the Certificate Administrator, the Depositor and the Initial Purchasers.

 

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(vii)     To
the actual knowledge of the Certificate Administrator, the Certificate Administrator is not a Credit Risk Retention Affiliate
of the Third Party Purchaser.

 

(f)        The
Operating Advisor hereby represents and warrants to the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificateholders and the Companion Loan Holder as of the Closing Date, that:

 

(i)        The
Operating Advisor is duly organized, validly existing and in good standing as a limited liability company under the laws of the
State of New York and has full power, authority and legal right to own its property and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)       This
Agreement has been duly authorized, executed and delivered by the Operating Advisor and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Operating
Advisor in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether
such enforcement is considered in a proceeding in equity or at law);

 

(iii)       Neither
the execution and delivery of this Agreement by the Operating Advisor nor the consummation by the Operating Advisor of the transactions
herein contemplated to be performed by the Operating Advisor, nor compliance by the Operating Advisor with the provisions hereof,
will conflict with or result in a breach of, or constitute a default under, any of the provisions of any applicable law, governmental
rule, regulation, judgment, decree or order binding on the Operating Advisor or its properties or the organizational documents
of the Operating Advisor or the terms of any material agreement, instrument or indenture to which the Operating Advisor is a party
or by which it is bound which, in the Operating Advisor’s good faith and reasonable judgment, is likely to affect materially
and adversely the ability of the Operating Advisor to perform its obligations under this Agreement;

 

(iv)      The
Operating Advisor is not in violation of, and the execution and delivery of this Agreement by the Operating Advisor and its performance
and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court
binding on the Operating Advisor or any law, order or regulation of any federal, state, municipal or governmental agency having
jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have
consequences that would materially and adversely affect the ability of the Operating Advisor to perform its obligations under
this Agreement;

 

(v)       No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Operating Advisor of or compliance by the Operating Advisor
with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would
have a materially adverse effect on the Operating Advisor’s ability to perform its obligations hereunder;

 

(vi)      To
the best of the Operating Advisor’s knowledge, no litigation is pending or threatened against the Operating Advisor which
would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated the Pricing Date, among the Operating Advisor, the Depositor and the Initial Purchasers;

 

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(vii)     it
has errors and omissions insurance which is in full force and effect and complies with the requirements of Section 3.08(e);
and

 

(viii)    the
Operating Advisor is an Eligible Operating Advisor.

 

Section
2.05     Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests; Issuance
of Upper-Tier Interests. The Trustee acknowledges the assignment to it of the Trust Loan and the delivery of the Mortgage
File to the Custodian (to the extent the documents constituting the Mortgage File is actually delivered to the Custodian), subject
to the provisions of Section 2.01 and Section 2.02 and, concurrently with such delivery, (a) acknowledges and hereby
declares that it holds the Trust Loan and the other assets included in the Lower-Tier REMIC on behalf of the Lower-Tier REMIC
and the Holders of the Certificates; (b) acknowledges the issuance of the Lower-Tier Regular Interests to the Depositor in exchange
for the Trust Loan and other assets included in the Lower-Tier REMIC, (c) acknowledges the contribution by the Depositor of the
Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf
of the Upper-Tier REMIC and the Holders of the Certificates (other than the Class LR Certificates); and (d) acknowledges the issuance
of the Class LR Certificates and, in exchange for the Lower-Tier Regular Interests, acknowledges the issuance of the Certificates,
in authorized Denominations, in each case registered in the names set forth in such order or as so directed in this Agreement
and duly authenticated by the Authenticating Agent, which Certificates, along with the Class LR Certificates, evidence ownership
of the entire Trust Fund.

 

Section
2.06     Miscellaneous REMIC Provisions. (a) The Lower-Tier Regular Interests issued hereunder
are hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1)
of the Code, and the Class LR Certificates are hereby designated as the sole class of “residual interests” in the
Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

The
Certificates (other than the Class R and Class LR Certificates) are hereby designated as “regular interests” in the
Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class R Certificates are hereby designated as the
sole Class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

The
Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC within the
meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” for purposes of Section 860G(a)(l)
of the Code for the Lower-Tier Regular Interests and the Certificates (other than the Class R and Class LR Certificates) is the
Rated Final Distribution Date.

 

(b)       None
of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer shall
enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically
contemplated herein.

 

Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section
3.01     The Servicer to Act as Servicer; Special Servicer To Act as Special Servicer; Administration
of the Whole Loan. (a) The Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with
respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), each as an independent contractor servicer, shall
service and administer the Whole Loan on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and
the Companion

 

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Loan Holder
(as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), in accordance
with the Servicing Standard.

 

The
Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Servicer or Special Servicer,
as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof).
To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Servicer and
Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Notes; provided,
however, that nothing herein contained shall be construed as an express or implied guarantee by the Servicer or Special
Servicer of the collectability of the Whole Loan. Subject only to the Servicing Standard, the Servicer and Special Servicer shall
have full power and authority, acting alone or through one or more Sub-Servicers (subject to paragraph (c) of this Section
3.01, to the related Sub-Servicing Agreement with each Sub-Servicer and to Section 3.02), to do or cause to be done
any and all things in connection with such servicing and administration that it may deem consistent with the Servicing Standard
and, in its reasonable judgment, in the best interests of the Certificateholders and the Companion Loan Holder (as a collective
whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), including, without limitation,
with respect to the Whole Loan to prepare, execute and deliver, on behalf of the Certificateholders, the Companion Loan Holder
and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents or instruments
necessary to maintain the lien on the Property and related collateral; (ii) any modifications, waivers, consents or amendments
to or with respect to any documents contained in the Mortgage File; and (iii) any and all instruments of satisfaction or cancellation,
or of partial or release or discharge, and all other comparable instruments, with respect to the Whole Loan and the Property.
Notwithstanding the foregoing, neither the Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to
any change of the terms of the Whole Loan except under the circumstances described in Section 3.03, Section 3.09,
Section 3.10, Section 3.24, Section 3.25 and Section 3.26 hereof. The Servicer (with respect to the
Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Loan) shall provide to the Borrower reports required to be provided to it pursuant to the Loan Documents. Subject
to Section 3.11, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to
the Servicer and Special Servicer, as applicable, any powers of attorney (substantially in the form attached hereto as Exhibit
Q or such other form as mutually agreed to by the Trustee and the Servicer or the Special Servicer, as applicable) and other
documents (including, but not limited to, other powers of attorney) prepared by the Servicer and Special Servicer, as applicable,
and necessary or appropriate (as certified in such written request) to enable the Servicer and Special Servicer, as applicable,
to carry out their servicing and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such
power of attorney by the Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary,
none of the Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit
or proceeding solely under the Trustee’s name without indicating the Servicer’s or Special Servicer’s, as applicable,
representative capacity; provided, however, that in those jurisdictions in which the foregoing requirement would
not be legally or procedurally permissible, the Servicer or the Special Servicer, as applicable, shall provide five (5) Business
Days’ prior written notice to the Trustee of the initiation of such action, suit or proceeding (or provide such prior written
notice as the Servicer or the Special Servicer, as applicable, shall determine in its reasonable judgment exercised in accordance
with the Servicing Standard, to be reasonably practicable prior to filing such action, suit or proceeding) (and shall not be required
to obtain the Trustee’s written consent or indicate the Servicer’s or the Special Servicer’s, as applicable,
representative capacity) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered
to do business in any state.

 

(b)       Unless
otherwise provided in the Notes, the Loan Agreement or the Co-Lender Agreement, the Servicer shall apply any partial Principal
Prepayment received on the Whole Loan on a date other than a Due Date to the Stated Principal Balance of the Whole Loan as of
the Due Date immediately

 

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following the date of receipt of such partial Principal Prepayment; provided that the Servicer
shall use its best efforts to apply any total or partial Principal Prepayment received on the Whole Loan on a date following a
Due Date but prior to the close of business on the Business Day prior to the related Servicer Remittance Date to the Stated Principal
Balance of the Whole Loan as of the Due Date immediately preceding the date of receipt of such total or partial Principal Prepayment.
Unless otherwise provided in the Notes, if the Whole Loan is defeased, the Servicer shall apply any amounts received on U.S. Treasury
obligations pursuant to the terms of the Loan Documents to the Stated Principal Balance of and interest on the Whole Loan as of
the Due Date immediately following the receipt of such amounts.

 

(c)       The
Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its respective
obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material respects
with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this Agreement
and the terms of the Loan Documents and the Co-Lender Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant,
any such agreement provides that (x) the failure of such Sub-Servicer to comply with any of the requirements under Sections
3.27, 3.28 or 3.29 applicable to such Sub-Servicer, including the failure to deliver any reports or certificates
at the time such report or certification is required under Sections 3.27, 3.28 or 3.29 and (y) the failure
of such Sub-Servicer to comply with any requirements to deliver any items required by Items 1122 and 1123 of Regulation AB under
any other trust and servicing agreement relating to any other series of certificates offered by the Depositor shall constitute
a termination event by such Sub-Servicer upon the occurrence of which the Servicer shall (and the Depositor may) immediately terminate
the related Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer
retained by the Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment to the Whole
Loan or foreclose on the Mortgage without the approval of the Servicer or the Special Servicer, as applicable, which approval
shall be given or withheld in accordance with the procedures set forth in Section 3.09, Section 3.10, Section
3.24, Section 3.25 and Section 3.26 (as applicable), (iv) such agreement shall be consistent with the Servicing
Standard and (v) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing
Function Participant, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited
Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long
as the related agreements or arrangements with such agents or Subcontractors are consistent with the provisions of this Section
3.01(c) (including, for the avoidance of doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or
Subcontractor would be a Servicing Function Participant, at the time the related Sub-Servicing Agreement is entered into). Any
monies received by a Sub-Servicer pursuant to a Sub-Servicing Agreement (other than sub-servicing fees) shall be deemed to be
received by the Servicer on the date received by such Sub-Servicer.

 

Any
Sub-Servicing Agreement entered into by the Servicer or the Special Servicer, as applicable, shall provide that it may be assumed
by the Trustee (in its sole discretion) if the Trustee has assumed the duties of the Servicer or the Special Servicer, respectively,
or any successor Servicer or Special Servicer, as applicable, without cost or obligation to the assuming party or the Trust Fund,
upon the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of the
Servicer or the Special Servicer, as applicable, pursuant to Section 7.02 (it being understood that any such obligations
shall be the obligations of the terminated Servicer or Special Servicer, as applicable, only).

 

Any
Sub-Servicing Agreement, and any other transactions or services relating to the Whole Loan involving a Sub-Servicer, shall be
deemed to be between the Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the Trustee, the Certificate
Administrator, the Operating Advisor, the Trust Fund, Certificateholders and the Companion Loan Holder shall not be deemed parties
thereto and shall have no claims, rights (except as specified below), obligations, duties or liabilities with respect to the Sub-Servicer,
except as set forth in Section 3.01(c)(ii) and Section 3.01(d).

 

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Notwithstanding
the provisions of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the
Certificate Administrator, the Depositor or the Companion Loan Holder bear any termination fee required to be paid to any Sub-Servicer
as a result of the termination of any Sub-Servicing Agreement.

 

(d)       If
the Trustee or any successor Servicer assumes the obligations of the Servicer, or if the Trustee or any successor Special Servicer
assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee, the successor
Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee, the successor Servicer
or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02, shall, without act or deed
on the part of the Trustee, the successor Servicer or such successor Special Servicer, as applicable, succeed to all of the rights
and obligations of the Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement entered into by the
Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such event, such successor shall be deemed
to have assumed all of the Servicer’s or the Special Servicer’s interest, as applicable, therein (but not any liabilities
or obligations in respect of acts or omissions of the Servicer or the Special Servicer, as applicable, prior to such deemed assumption)
and to have replaced the Servicer or the Special Servicer, as applicable, as a party to such Sub-Servicing Agreement to the same
extent as if such Sub-Servicing Agreement had been assigned to such successor, except that the Servicer or the Special Servicer,
as applicable, shall not thereby be relieved of any liability or obligations under such Sub-Servicing Agreement that accrued prior
to the succession of such successor.

 

If
the Trustee or any successor Servicer or successor Special Servicer, as applicable, assumes the servicing obligations of the Servicer
or the Special Servicer, as applicable, then upon request of such successor, the Servicer or Special Servicer, as applicable,
shall at its own expense (except in the event that the Special Servicer is terminated pursuant to Section 3.22, at the
expense of the Certificateholders effecting such termination, as applicable) deliver to such successor all documents and records
relating to any Sub-Servicing Agreement and the Trust Loan and/or the Companion Loan then being serviced thereunder and an accounting
of amounts collected and held by it, if any, and shall otherwise use commercially reasonable efforts to effect the orderly and
efficient transfer of any Sub-Servicing Agreement to such successor. The Servicer shall not be required to assume the obligations
of the Special Servicer and nothing in this paragraph shall imply otherwise.

 

(e)       In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (for purposed of this clause (e),
“Applicable Law”), the Servicer and the Special Servicer, as the case may be, are required to obtain, verify
and record certain information relating to individuals and entities that maintain a business relationship with the Servicer or
the Special Servicer. Accordingly, each of the parties hereto agrees to provide to the Servicer and the Special Servicer, upon
its respective request from time to time, such identifying information and documentation as may be available for such party in
order to enable the Servicer and the Special Servicer to comply with Applicable Law.

 

(f)        The
parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement. The parties
hereto further recognize the rights and obligations of the Companion Loan Holder under the Co-Lender Agreement, including, without
limitation with respect to (i) the allocation of collections (and all other amounts received in connection with the Whole Loan)
on or in respect of the Whole Loan and (ii) the allocation of Default Interest on or in respect of the Whole Loan. In the event
of any inconsistency or discrepancy between the provisions, terms or conditions of the Co-Lender Agreement and the provisions,
terms or conditions of this Agreement, the Co-Lender Agreement shall govern, and as to any matter on which the Co-Lender Agreement
is silent or makes reference to this Agreement, this Agreement shall govern.

 

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Section
3.02     Liability of the Servicer and the Special Servicer When Sub-Servicing. Notwithstanding
any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Servicer
or Special Servicer, as applicable, and any Person acting as Sub-Servicer (or its agents or Subcontractors) or any reference to
actions taken through any Person acting as Sub-Servicer or otherwise, the Servicer or the Special Servicer, as applicable, shall
remain obligated and primarily liable to the Trustee (on behalf of the Certificateholders and the Companion Loan Holder) and the
Certificateholders for the servicing and administering of the Whole Loan in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification
from the Depositor or any other Person acting as Sub-Servicer (or its agents or Subcontractors) to the same extent and under the
same terms and conditions as if the Servicer or the Special Servicer, as applicable, alone was servicing and administering the
Whole Loan. Each of the Servicer and the Special Servicer shall be entitled to enter into an agreement with any Sub-Servicer providing
for indemnification of the Servicer or the Special Servicer, as applicable, by such Sub-Servicer, and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed to
limit or modify this Agreement.

 

Section
3.03     Collection of Whole Loan Payments. (a) The Servicer (with respect to the Whole Loan if
it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan) shall use
reasonable efforts to collect all payments called for under the terms and provisions of the Whole Loan, and shall follow the Servicing
Standard with respect to such collection procedures; provided, however, that nothing herein contained shall be construed
as an express or implied guarantee by the Servicer or the Special Servicer of the collectability of the Whole Loan. With respect
to the Performing Loan, the Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income
statements and rent rolls from the Borrower as required by the Loan Documents and the terms hereof. The Servicer shall provide
at least ninety (90) days’ notice (with a copy to the Special Servicer) to the Borrower of Balloon Payments coming due.
Consistent with the foregoing, the Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer
(with respect to the Whole Loan if it is a Specially Serviced Loan) may in their discretion waive any late payment charge or Default
Interest in connection with any delinquent Monthly Payment or Balloon Payment with respect to the Whole Loan. In addition, the
Special Servicer shall be entitled to take such actions with respect to the collection of payments on the Whole Loan as is permitted
or required under this Agreement.

 

Section
3.04     Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Servicer
shall maintain accurate records with respect to the Property reflecting the status of taxes, assessments and other similar items
that is or may become a lien thereon and the status of insurance premiums payable with respect thereto. If the Whole Loan is a
Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect
income statements and rent rolls from the Borrower as required by the Loan Documents. The Special Servicer, in the case of an
REO Loan, and the Servicer, in the case of the Whole Loan, shall use reasonable efforts consistent with the Servicing Standard
to, from time to time, (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if
the Special Servicer, to use reasonable efforts to cause the Servicer to effect, payment of all such bills with respect to the
Property prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed
under the terms of the Loan Documents. If the Borrower fails to make any such payment on a timely basis or collections from the
Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Servicer shall advance the
amount of any shortfall as a Property Advance unless the Servicer determines in accordance with the Servicing Standard that such
Advance would be a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax
assessments the Servicer shall comply with the provisions of Section 3.21(d)). The Servicer shall be entitled to reimbursement
of Property Advances, with interest thereon at the Advance Rate, that it makes pursuant to this Section 3.04 from

 

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amounts
received on or in respect of the Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable
Advance, to the extent permitted by Section 3.06. No costs incurred by the Servicer in effecting the payment of taxes and
assessments on the Property shall, for the purpose of calculating distributions to Certificateholders, be added to the amount
owing under the Whole Loan, notwithstanding that the terms of the Whole Loan so permit.

 

(b)       The
Servicer shall segregate and hold all funds collected and received constituting Escrow Payments separate and apart from any of
its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow
Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified
funds and maintained in accordance with the requirements of the Whole Loan and in accordance with the Servicing Standard. The
Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments to the extent required
pursuant to Section 3.07(b) and any Insurance Proceeds or Liquidation Proceeds which are required to be applied to the
restoration or repair of the Property pursuant to the Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent
the Loan Documents require it to be held in an account that is not an Eligible Account); provided, however, that
in the event the ratings of the financial institution holding such account are downgraded to a ratings level below that of an
Eligible Account (except to the extent the Loan Documents require it to be held in an account that is not an Eligible Account),
the Servicer shall have thirty (30) Business Days (or such longer time as confirmed by a No Downgrade Confirmation, obtained at
the expense of the Servicer relating to the Certificates) to transfer such account to an Eligible Account. Escrow Accounts shall
be entitled, “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, in trust for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series
2020-GRCE the Borrower and the Companion Loan Holder”. Withdrawals from an Escrow Account may be made by the Servicer only:

 

(i)        to
effect timely payments of items constituting Escrow Payments for the Mortgage;

 

(ii)       to
transfer funds to the Collection Account (or any sub-account thereof) to reimburse the Servicer or the Trustee for any Property
Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to
the Whole Loan which represent late collections of Escrow Payments thereunder;

 

(iii)      for
application to the restoration or repair of the Property in accordance with the Whole Loan and the Servicing Standard;

 

(iv)      to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the Whole Loan;

 

(v)       to
pay from time to time to the Borrower any interest or investment income earned on funds deposited in the Escrow Account if such
income is required to be paid to the Borrower under law or by the terms of the Loan Documents, or otherwise to the Servicer; or

 

(vi)      to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to the Borrower
determined to be overages.

 

(c)       The
Servicer shall, as to the Whole Loan (i) maintain accurate records with respect to the Property reflecting the status of real
estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and
any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise
confirm) the payment of such items (including renewal premiums) and, if the Whole Loan requires the Borrower to escrow for such
items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of

 

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effecting any such payment
for which it is responsible, the Servicer shall apply Escrow Payments as allowed under the terms of the Loan Documents (or, if
the Whole Loan does not require the Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums,
ground rents (if applicable) and similar items, the Servicer shall use reasonable efforts consistent with the Servicing Standard
to cause the Borrower to comply with the requirement of the Mortgage that the Borrower makes payments in respect of such items
at the time they first become due and, in any event, prior to the institution of foreclosure or similar proceedings with respect
to the Property for nonpayment of such items). Subject to Section 3.21, the Servicer shall timely make a Property Advance
to cover any such item which is not so paid, including any penalties or other charges arising from the Borrower’s failure
to timely pay such items.

 

Section
3.05     Collection Account; Distribution Accounts and Interest Reserve Account. (a) The Servicer
shall establish and maintain a Collection Account, for the benefit of the Certificateholders, the Companion Loan Holder and the
Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible
Account.

 

The
Servicer shall deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly
identified funds of the following payments and collections received or made by or on behalf of it on or with respect to the Whole
Loan subsequent to the Cut-off Date:

 

(i)        all
payments on account of principal on the Whole Loan, including the principal component of all Unscheduled Payments;

 

(ii)       all
payments on account of interest on the Whole Loan (net of the related Servicing Fee Rate), including Default Interest, Prepayment
Premiums and the interest component of all Unscheduled Payments;

 

(iii)      any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in the Collection Account;

 

(iv)      all
Net REO Proceeds withdrawn from the related REO Account pursuant to Section 3.15(b);

 

(v)       any
amounts received from the Borrower which represent recoveries of Property Protection Expenses or items for which Administrative
Advances were made and are allocable to the Whole Loan, to the extent not permitted to be retained by the Servicer as provided
herein;

 

(vi)      all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of the Whole Loan or REO Property, other
than Liquidation Proceeds that are received in connection with a purchase of the Whole Loan or REO Property that are to be deposited
in the Lower-Tier Distribution Account pursuant to Section 9.01, together with any amounts representing recoveries of Nonrecoverable
Advances in respect of the Whole Loan;

 

(vii)     Penalty
Charges on the Whole Loan to the extent required to offset interest on Advances and Additional Trust Fund Expenses pursuant Section
3.12(d);

 

(viii)    any
amounts required to be deposited by the Servicer or the Special Servicer pursuant to Section 3.08(b) n connection with
losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Property;

 

(ix)       any
other amounts required by the provisions of this Agreement (including without limitation, with respect to the Companion Loan or
any mezzanine indebtedness that may exist on a

 

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future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the Co-Lender Agreement, related mezzanine intercreditor agreement) to be deposited into the Collection
Account by the Servicer or Special Servicer;

 

(x)        any
Servicer Prepayment Interest Shortfall Amounts in respect of the Trust Loan pursuant to Section 3.17(c); and

 

(xi)       any
indemnity payment received from a Loan Seller in connection with its indemnification of the Trust for losses directly related
to a Material Breach or Material Document Defect pursuant to Section 2.03(e).

 

The
foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the
Co-Lender Agreement), Assumption Fees, Modification Fees, consent fees, extension fees, demand fees, defeasance fees, beneficiary
statement charges and similar fees need not be deposited in the Collection Account by the Servicer or the Special Servicer, as
applicable, and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, in accordance
with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the Whole Loan
as additional compensation.

 

On
the Closing Date, the Depositor shall remit to the Servicer for deposit into the Collection Account, a payment in an amount equal
to the Initial Deposit Amount.

 

In
the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any
time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon
receipt of any of the amounts described in clauses (i), (ii), (v), (vi), (vii) and (ix)
above of this Section 3.05(a) with respect to the Whole Loan if it is a Specially Serviced Loan but is not an REO Loan,
the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except, if such amounts are not properly
identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts within one Business Day after
such identification) to the Servicer for deposit into the Collection Account in accordance with the second paragraph of this Section
3.05, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be
deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer
with respect to the REO Property shall be deposited by the Special Servicer into the REO Account and remitted to the Servicer
for deposit into the Collection Account pursuant to Section 3.15(b). With respect to any such amounts paid by check to
the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of
the Servicer and shall promptly deliver any such check to the Servicer by overnight courier.

 

(b)       The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of
the Trustee, in trust for the benefit of the Certificateholders, the Companion Loan Holder and the Trustee as the Holder of the
Lower-Tier Regular Interests. The Lower-Tier Distribution Account shall be established and maintained as an Eligible Account or
as a sub-account of an Eligible Account.

 

(c)       With
respect to each Distribution Date, the Servicer shall deliver to the Certificate Administrator, on or before the Servicer Remittance
Date, Available Funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section
3.06. Upon receipt from the Servicer of such amounts held in the Collection Account, the Certificate Administrator shall deposit
in the Lower-Tier Distribution Account (A) the amount of Available Funds to be distributed pursuant to Section 4.01

 

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hereof,
(B) Prepayment Premiums to be distributed pursuant to Section 4.01(c) and (C) in the Interest Reserve Account as part of
the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e).

 

(d)       The
Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of
the Trustee, in trust for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and
maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate
Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit
in the Upper-Tier Distribution Account on or before such date the Lower-Tier Distribution Amount for such Distribution Date to
be distributed in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) on such date.

 

(e)       The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name on behalf of the Trustee,
in trust for the benefit of the Certificateholders and the Trustee as the holder of the Lower-Tier Regular Interests. The Interest
Reserve Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(f)        On
each Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each
calendar year, unless in either case such Servicer Remittance Date is the final Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Servicer Remittance Date, the Certificate Administrator shall withdraw or be
deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account
an amount equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate
Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the
Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month),
the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit
in the Interest Reserve Account.

 

(g)       Funds
in the Collection Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section
3.07. Funds in the Distribution Account and the Interest Reserve Account shall remain uninvested.

 

The
Servicer shall give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the
location and account number of the Collection Account as of the Closing Date and shall notify the Depositor, the Special Servicer,
the Certificate Administrator and the Trustee, as applicable, in writing prior to any subsequent change thereof. The Certificate
Administrator shall give written notice to the Depositor, the Trustee, the Special Servicer and the Servicer of the location and
account number of each of the Distribution Accounts and the Interest Reserve Account as of the Closing Date and shall notify the
Depositor, the Trustee, the Special Servicer and the Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(h)       Notwithstanding
anything to the contrary contained herein, with respect to each Due Date prior to contribution of a Companion Loan into a securitization,
on the Servicer Remittance Date and following the contribution of a Companion Loan into a securitization, on the earlier of (a)
the Servicer Remittance Date or (b) the first Business Day after the “determination date” as such term or similar
term is defined in the Other Pooling and Servicing Agreement (provided, however, that in no event shall such “determination
date” occur prior to (and any such otherwise earlier “determination date” shall be deemed to occur on) the 6th
day of each month or, if such 6th day is not a Business Day, the next succeeding Business Day), the Servicer shall remit, from
amounts on deposit in the Collection Account, to the

 

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Companion Loan Holder by wire transfer in immediately available funds to
the account of such Companion Loan Holder or an agent therefor appearing on the Companion Loan Holder Register on the related
date such amounts as are required to be remitted (or, if no such account so appears or information relating thereto is not provided
at least five (5) Business Days prior to the date such amounts are required to be remitted, by check sent by first class mail
to the address of such Companion Loan Holder or its agent appearing on the Companion Loan Register) the applicable Remittance
Amount allocable to such Companion Loan Holder.

 

Section
3.06     Permitted Withdrawals from the Collection Account and the Distribution Accounts; Trust Ledger.
(a) The Servicer shall maintain a separate Trust Ledger with respect to the Whole Loan on which it shall make ledger entries as
to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Servicer Remittance Date (or such other
date as specified below or on which funds are available for such purpose as specified below), with respect to the Whole Loan,
the Servicer shall make withdrawals from amounts allocated thereto in the Collection Account (and may debit the Trust Ledger and
any related sub-ledger) for the purposes listed below in accordance with the allocation priorities in the Co-Lender Agreement
(the order set forth below not constituting an order of priority for such withdrawals):

 

(i)        on
or before 3:00 p.m. (New York City Time) on each Servicer Remittance Date, to remit to the Certificate Administrator the amounts
to be deposited into the Lower-Tier Distribution Account (including without limitation the aggregate of the Available Funds and
Prepayment Premiums) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account and the Interest
Reserve Account, pursuant to Section 3.05(d) and Section 3.05(c), respectively;

 

(ii)       to
pay (A) itself, unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a)); the Operating Advisor, unpaid Operating Advisor
Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of the Whole Loan,
Specially Serviced Loan or REO Loan, as applicable, the Servicer’s, Operating Advisor’s or Special Servicer’s,
as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout
Fees pursuant to this clause (ii)(A) with respect to the Whole Loan, Specially Serviced Loan or REO Loan, as applicable,
being limited to amounts received on or in respect of the Whole Loan, Specially Serviced Loan or REO Loan, as applicable (whether
in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of
interest thereon; (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of
a Specially Serviced Loan or an REO Loan, as applicable, remaining unpaid out of general collections on the Whole Loan, Specially
Serviced Loan and REO Property and (C) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent
such Operating Advisor Consulting Fees were received from the Borrower);

 

(iii)      to
reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Trust Loan), for unreimbursed P&I
Advances with respect to the Trust Loan (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (v)
below) and to reimburse each related Companion Loan Service Provider for unreimbursed Companion Loan Advances with respect
to a related Companion Loan (other than such advance which have been determined to be nonrecoverable, which are reimbursable pursuant
to clause (v) below), the Servicer’s, the Trustee’s and the applicable Companion Loan Service Provider’s
right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections
for the Trust Loan or the related Companion Loan, as applicable (as allocated thereto pursuant to the Co-Lender Agreement), during
the applicable period;

 

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(iv)      to
reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), for
unreimbursed Property Advances and Administrative Advances, the Servicer’s or the Trustee’s respective rights to receive
payment pursuant to this clause (iv) with respect to the Whole Loan or REO Property being limited to, as applicable, payments
received from the Borrower which represent reimbursements of such Property Advances or Administrative Advances, as applicable,
Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the Whole Loan or REO Property;

 

(v)       (A)
first, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO
Property), with respect to Nonrecoverable Property Advances, second, to reimburse or itself and the Trustee, as applicable,
and each related Companion Loan Service Provider (in reverse of such order with respect to the Whole Loan or REO Property) with
respect to Nonrecoverable P&I Advances and nonrecoverable Companion Loan Advances with respect to the Senior Notes, on a pro
rata and pari passu basis (based on the total outstanding principal balance of the Senior Notes), third to reimburse
itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property) with respect to
Nonrecoverable P&I Advances with respect to the Junior Note, based on the outstanding principal balance of the Junior Note,
and fourth, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan
or REO Property), with respect to Nonrecoverable Administrative Advances with respect to the Trust Notes, on a pro rata
and pari passu basis (based on the total outstanding principal balance of the Trust Notes), first, out of Liquidation
Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds received on the Whole Loan and REO Property, second,
out of the principal portion of general collections on the Whole Loan and REO Property, and then, to the extent the principal
portion of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion
(or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this
Section 3.06, out of other collections on the Whole Loan and REO Property; provided that, in the case of Nonrecoverable
Property Advances, only to the extent that amounts on deposit in the Collection Account are insufficient for reimbursement therefor,
the Servicer shall use commercially reasonable efforts to exercise on behalf of the Trust the rights of the Trust under the Co-Lender
Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the Companion Loan from the related
Companion Loan Holder and (B) to pay itself or the Special Servicer out of general collections on the Whole Loan and REO Property,
with respect to the Whole Loan or REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout
Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination
made with respect to the Whole Loan or REO Property and the deposit into the Collection Account of all amounts received in connection
therewith;

 

(vi)      at
such time as it reimburses itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO
Property), for (A) any unreimbursed P&I Advance made with respect to the Trust Loan or any unreimbursed Companion Loan Advances
made with respect to the Companion Loan pursuant to clause (iii) above, to pay itself, the Trustee or the applicable Companion
Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon, (B) any unreimbursed Property
Advances made with respect to the Whole Loan or REO Property or Administrative Advances made with respect to the Trust Loan or
REO Property pursuant to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts
accrued and payable thereon or (C) any Nonrecoverable Advances (or nonrecoverable Companion Loan Advances) made with respect to
the Trust Loan or Whole Loan, as applicable, or REO Property pursuant to clause (v) above, to pay itself, the Trustee or
the applicable Companion Loan Service Provider, as the case may be, any Advance Interest Amounts (or interest on Companion Loan
Advances) accrued and payable thereon, in each case first from

 

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Penalty Charges as provided in Section 3.12(d) and then
from general collections; provided that, in the case of (A) above, such party’s right to reimbursement pursuant to
this clause (vi) shall be limited to amounts on deposit in the Collection Account allocable to the Trust Loan or the related
Companion Loan for which the advance was made;

 

(vii)     to
reimburse itself, the Special Servicer, the Custodian, the Operating Advisor, the Certificate Administrator or the Trustee, as
the case may be, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise
to a repurchase obligation of the Loan Sellers under Section 6 of each Trust Loan Purchase Agreement, including, without limitation,
any expenses arising out of the enforcement of the repurchase obligation, together with interest thereon at the Advance Rate,
each such Person’s right to reimbursement pursuant to this clause (vii) with respect to the Trust Loan subject to
the following: (a) if the Repurchase Price is paid for the Trust Loan, then such Person’s right to reimbursement shall be
limited to that portion of the Repurchase Price that represents such expense in accordance with clause (e) of the definition
of Repurchase Price, or (b) if no Repurchase Price or an indemnity payment pursuant to Section 2.03(e) is paid and proceedings
are instituted to enforce the Loan Sellers’ payment or performance pursuant to each Trust Loan Purchase Agreement, then
such Person shall be entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of the Loan
Sellers or settlement of the Breach or Defect claim with respect to collections relating to the Trust Loan;

 

(viii)    to
pay itself all Prepayment Interest Excesses on the Whole Loan (if and to the extent any such Prepayment Interest Excess exceeds
any Servicer Prepayment Interest Shortfall Amounts calculated pursuant to Section 3.17(c));

 

(ix)       (A)
to pay itself, as additional Servicing Compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section 3.12(b) (but
only to the extent of the net investment earnings with respect to such Collection Account for any period from any Distribution
Date to the immediately succeeding Servicer Remittance Date) and (2) Penalty Charges on the Whole Loan so long as it is not a
Specially Serviced Loan or REO Loan, but only to the extent collected from the Borrower and only to the extent that all amounts
then due and payable with respect to the Whole Loan have been paid and are not needed to pay interest on Advances or Companion
Loan Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred
with respect to the Whole Loan during or prior to the related Collection Period (including Special Servicing Fees, Workout Fees
or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in accordance with Section
3.12(c), Penalty Charges on the Whole Loan so long as it is a Specially Serviced Loan or REO Loan, but only to the extent
collected from the Borrower and only to the extent that all amounts then due and payable with respect to the Specially Serviced
Loan have been paid and are not needed to pay interest on Advances or Additional Trust Fund Expenses (including Special Servicing
Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)        to
pay itself, the Special Servicer, the Operating Advisor, the Depositor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a);

 

(xi)       to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(e), 3.10(f), 3.15(a), 3.15(b)
and 10.08;

 

(xii)      to
pay out of general collections on the Whole Loan and REO Property any and all federal, state and local taxes imposed on the Upper-Tier
REMIC, the Lower-Tier REMIC or any

 

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of their assets or transactions, together with all incidental costs and expenses, to the extent
that none of the Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement;

 

(xiii)     to
reimburse the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator out of general collections on the
Whole Loan and REO Property for expenses incurred by and reimbursable to it by the Trust Fund;

 

(xiv)    to
pay any Person permitted to purchase the Trust Loan under Section 3.16 with respect to the Trust Loan, if any, previously
purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating
to periods after the date of purchase;

 

(xv)     to
pay to itself, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Custodian or the Depositor,
as the case may be, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision
to which reference is not made in any other clause of this Section 3.06, it being acknowledged that this clause (xv)
shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement as to the time at which
any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement
is permitted to be made;

 

(xvi)    to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto;

 

(xvii)   to
pay from time to time to itself in accordance with Section 3.07(b) any interest or investment income earned on funds deposited
in the Collection Account;

 

(xviii)  [Reserved];

 

(xix)     to
pay itself, the Special Servicer or the Loan Sellers, as the case may be, with respect to the Trust Loan, if any, previously purchased
by such Person pursuant to or as contemplated by this Agreement, all amounts received on the Trust Loan subsequent to the date
of purchase;

 

(xx)       to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d);

 

(xxi)     pursuant
to the CREFC® License Agreement, to pay the CREFC® License Fee to CREFC® on a monthly
basis;

 

(xxii)    to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxiii)   to
make remittances each month in an aggregate amount of immediately available funds equal to the Remittance Amount to the Companion
Loan Holder in accordance with Section 3.05(h) and in accordance with the Co-Lender Agreement, including amounts to be
remitted to the Companion Loan Holder or the Companion Loan Servicer Providers under clauses (iii), (v) and (vi);
provided that Liquidation Proceeds relating to the repurchase of a Companion Loan by the related seller thereof shall be
remitted solely to the holder of such Companion Loan, as the case

 

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may be, and Liquidation Proceeds relating to the repurchase
of a Trust Loan related to the Whole Loan by the related Loan Seller shall be remitted solely to the Collection Account.

 

For
the avoidance of doubt, and notwithstanding the foregoing provisions of this Section 3.06(a), any such amounts payable
from the Collection Account to the Special Servicer, the Certificate Administrator, the Trustee or to itself for which the Servicer
(or the Trustee) is required to advance as an Administrative Advance shall be paid from Administrative Advances therefor deposited
into the Collection Account (or deemed deposited into the Collection Account if such payment is advanced by the Servicer (or the
Trustee) directly to the party entitled to such payment).

 

Upon
written request, the Servicer shall provide to the Certificate Administrator such records and any other information in the possession
of the Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC.

 

The
Servicer shall pay to the Trustee, the Operating Advisor, the Certificate Administrator or the Special Servicer from the Collection
Account amounts permitted to be paid to the Trustee, the Operating Advisor, the Certificate Administrator or the Special Servicer
therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a Responsible Officer of the Certificate
Administrator, a Responsible Officer of the Operating Advisor or a Servicing Officer of the Special Servicer, as applicable, describing
the item and amount to which such Person is entitled (unless such payment to the Trustee, the Operating Advisor, the Certificate
Administrator or the Special Servicer, as the case may be, is specifically required pursuant to this Agreement and the timing
and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which case a certificate is not required).
The Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein.

 

The
Trustee, the Certificate Administrator, the Custodian, the Special Servicer, the Servicer, the Operating Advisor and CREFC®
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time
to time for the reimbursement or payment of the Servicing Compensation (including investment income), Trustee/Certificate Administrator
Fees, Special Servicing Compensation (including investment income), the Operating Advisor Fees, the CREFC® License
Fee, Advances, Advance Interest Amounts (for the Servicer or the Trustee), their respective indemnification payments (if any)
pursuant to Section 6.03, Section 8.05 or Section 10.02 (for each of such Persons other than CREFC®),
their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit
in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees)
for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund to be
paid from amounts on deposit in the Collection Account. In addition, the Certificate Administrator, the Trustee, the Special Servicer,
the Servicer and the Operating Advisor shall in all cases have a right prior to the Certificateholders to any funds on deposit
in the Collection Account from time to time for the reimbursement or payment of any federal, state or local taxes imposed on either
Trust REMIC.

 

Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Whole Loan deposited in the Collection Account and
available for distribution on the next Distribution Date, the Servicer or the Trustee, each at its own option and in its sole
discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant
to Section 3.06 or Section 3.06(b) immediately, may elect to refrain from obtaining such reimbursement for such
portion of the Nonrecoverable Advance during the Collection Period ending on the then-current Determination Date for successive
one-month periods for a total period not to exceed 12 months. If the Servicer or the Trustee makes such an election at its sole
option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together
with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to
be

 

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fully reimbursable in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is
acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal
collections as described above prior to payment from other collections). In connection with a potential election by the Servicer
or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month
Collection Period ending on the related Determination Date for any Distribution Date, the Servicer or the Trustee shall further
be authorized (in its sole discretion) to wait for principal collections on the Trust Loan and the Companion Loan to be received
before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion
thereof) until the end of such Collection Period; provided, however, that the Servicer or the Trustee shall give
notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d)), at least fifteen (15) days prior to any reimbursement to it of Nonrecoverable Advances
from amounts in the Collection Account allocable to interest on the Whole Loan unless (1) the Servicer or the Trustee determines
in its sole discretion that waiting fifteen (15) days after such a notice could jeopardize its ability to recover Nonrecoverable
Advances, (2) changed circumstances or new or different information becomes known to the Servicer or the Trustee that could affect
or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) the Servicer or the Trustee has not timely received from the Certificate
Administrator information requested by the Servicer or the Trustee to consider in determining whether to defer reimbursement of
a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Servicer or the Trustee
shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable
to interest on the Whole Loan as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)). Neither the Servicer
nor the Trustee shall have any liability for any loss, liability or expense resulting from any notice provided to each Rating
Agency contemplated by the immediately preceding sentence.

 

The
foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure
by such Person to comply with the conditions to making such an election under this Section 3.06 or to comply with the terms
of this Section 3.06 and the other provisions of this Agreement that apply once such an election, if any, has been made.
If the Servicer or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances
without deferral as described above, then the Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement
of Nonrecoverable Advances with interest thereon at the Advance Rate from all amounts in the Collection Account for such Distribution
Date. Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable
Advance or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Advance
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Servicer’s
or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set forth above is an
accommodation to the Certificateholders and the Companion Loan Holder and shall not be construed as an obligation on the part
of the Servicer or the Trustee, as applicable, or a right of the Certificateholders or the Companion Loan Holder. Nothing herein
shall be deemed to create in the Certificateholders or the Companion Loan Holder a right to prior payment of distributions over
the Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise). In all
events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be
(a) in accordance with the Servicing Standard with respect to the Servicer and (b) in accordance with good faith business judgment,
with respect to the Trustee, and in each case, none of the Servicer, the Trustee or the other parties to this Agreement shall
have any liability to one another or to any of the Certificateholders or the Companion Loan Holder for any such election that
such party makes as contemplated by this Section 3.06 or for any losses, damages or other adverse economic or other effects
that may arise from such an election.

 

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None
of the Servicer, the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination that
an Advance is a Nonrecoverable Advance.

 

If
the Servicer or the Trustee, as applicable, is reimbursed out of general collections for any unreimbursed Advances that are determined
to be Nonrecoverable Advances (together with any interest accrued and payable thereon at the Advance Rate), then (for purposes
of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been made:
first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance and/or
to pay interest thereon at the Advance Rate, would be included in Available Funds for any subsequent Distribution Date and, second,
out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay interest thereon, would
be included in Available Funds for any subsequent Distribution Date.

 

(b)       Notwithstanding
anything to the contrary contained herein, with respect to the Companion Loan, the Servicer shall withdraw from the related Collection
Account and remit to the Companion Loan Holder, within one (1) Business Day of receipt of properly identified funds, any amounts
that represent Late Collections or Principal Prepayments on such Companion Loan or any successor REO Loan with respect thereto
(exclusive of any portion of such amount payable or reimbursable to any third party in accordance with the Co-Lender Agreement
or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Companion Loan
for such month; provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern time
on any given Business Day, the Servicer shall use commercially reasonable efforts to remit such Late Collections or Principal
Prepayments to the applicable Other Servicer within one (1) Business Day of receipt of properly identified funds but, in any event,
the Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds.

 

If
the Servicer fails, as of 5:00 p.m. (New York City Time) on any Servicer Remittance Date or any other date a remittance is required
to be made, to remit to the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holder (in respect
of the Companion Loan) any amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to
Section 4.07), the Servicer shall pay to the Certificate Administrator (in respect of the Trust Loan) or the Companion
Loan Holder (in respect of the Companion Loan), for the account of the Certificate Administrator (in respect of the Trust Loan)
or related Companion Loan Holder (in respect of the Companion Loan), interest, calculated at the Prime Rate, on such amount(s)
not timely remitted, from the time such payment was required to be made (without regard to any grace period) until (but not including)
the date such late payment is received by the Certificate Administrator or the related Companion Loan Holder, as applicable.

 

(c)       On
each Servicer Remittance Date, all net income and gain realized from investment of funds to which the Servicer or the Special
Servicer is entitled pursuant to Section 3.07(b) shall be subject to withdrawal by the Servicer or the Special Servicer,
as applicable.

 

(d)       If
amounts required to pay the expenses allocable to the Companion Loan exceed amounts on deposit in the Collection Account and the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall have sought reimbursement from
the Trust Fund with respect to such expenses allocable to the Companion Loan, the Servicer or Special Servicer, as applicable,
shall seek (on behalf of the Trust Fund, subject to the Co-Lender Agreement) payment or reimbursement for the pro rata
portion of such expenses allocable to the Companion Loan from the related Companion Loan Holder or, if such Companion Loan has
been deposited into a securitization, out of general collections in the collection account established pursuant to the related
Other Pooling and Servicing Agreement.

 

(e)       [Reserved.]

 

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(f)        The
Certificate Administrator, may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid
from the Collection Account:

 

(i)        to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums distributable pursuant to Section
4.01(a) in the Upper-Tier Distribution Account, and to make distributions on the Class LR Certificates pursuant to Section
4.01(a);

 

(ii)       to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)      to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b);

 

(iv)      to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(c) and Section 8.05(d);

 

(v)       to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)      to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(g)       The
Certificate Administrator, may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)        to
make distributions to Certificateholders (other than Holders of the Class LR Certificates) on each Distribution Date pursuant
to Section 4.01 or 9.01, as applicable;

 

(ii)       to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)      to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

Section
3.07     Investment of Funds in the Collection Account, the REO Account, the Lock-Box Accounts, the
Cash Collateral Accounts and the Reserve Accounts. (a) The Servicer (with respect to the Collection Account and the Borrower
Accounts (as defined below and subject to the second succeeding sentence)) and the Special Servicer (with respect to any REO Account)
may direct any depository institution maintaining the Collection Account, the Borrower Accounts and the REO Account (each such
account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment
Account maintained by it in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless
payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such
Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Servicer or
the Special Servicer shall be documented in writing and shall provide evidence that such investment is a Permitted Investment
which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account,
Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Servicer shall act upon the written
request of the Borrower or Manager to the extent that the Servicer is required to do so under the terms of the Loan Documents,
provided that in the absence of appropriate written instructions from the Borrower or Manager meeting the requirements
of this Section

 

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3.07, the Servicer shall have no obligation to, but will be entitled to, direct the investment of funds
in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand.
Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the
name of a nominee of the Trustee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability
with respect to the investment directions of the Servicer, the Special Servicer, the Borrower or Manager or any losses resulting
therefrom, whether from Permitted Investments or otherwise. The Servicer shall have no responsibility or liability with respect
to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, the Borrower or Manager or any
losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment directions of the Servicer, the Certificate Administrator, the Trustee, the Borrower
or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit
in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Servicer (or the Special Servicer)
shall:

 

(x)       consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount
required to be withdrawn on such date; and

 

(y)       demand
payment of all amounts due thereunder promptly upon determination by the Servicer (or the Special Servicer) that such Permitted
Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account.

 

(b)       All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Servicer
(except with respect to the investment of funds deposited in (i) the Borrower Accounts, which shall be for the benefit of the
Borrower to the extent required under the Loan Documents or applicable law or (ii) the REO Account, which shall be for the benefit
of the Special Servicer) and, if held in the Collection Account or REO Account shall be subject to withdrawal by the Servicer
or the Special Servicer, as applicable, in accordance with Section 3.06 or Section 3.15(b), as applicable. The Servicer,
or with respect to the REO Account, the Special Servicer, shall deposit from its own funds into the Collection Account or any
REO Account, as applicable, the amount of any loss incurred in respect of any such Permitted Investment immediately upon realization
of such loss; provided, however, that the Servicer or the Special Servicer, as applicable, may reduce the amount
of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The Servicer
shall also deposit from its own funds in the Borrower Account immediately upon realization of such loss the amount of any loss
incurred in respect of Permitted Investments, except to the extent that amounts are invested at the direction of or for the benefit
of the Borrower under the terms of the Loan Documents or applicable law; provided that neither the Servicer nor the Special
Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely
as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment
Account, so long as such depository institution or trust company has satisfied the qualifications set forth in the definition
of Eligible Account both (x) at the time the investment was made and (y) thirty (30) days prior to such insolvency.

 

(c)       Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Servicer or the Special Servicer, as applicable, the Trustee may, and upon the request of Holders of Certificates
entitled to a majority of the Voting Rights allocated to any Class shall, take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate proceedings. In the event the Trustee takes any
such action, (i) the Servicer, if such Permitted

 

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Investment was for the benefit of the Servicer or (ii) the Special Servicer,
if such Permitted Investment was for the benefit of the Special Servicer, shall pay or reimburse the Trustee for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.

 

(d)       For
the avoidance of doubt, the Collection Account, each REO Account, the Interest Reserve Account and the Lower-Tier Distribution
Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC,
and the Upper-Tier Distribution Account shall be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

Section
3.08     Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a)
Unless the Whole Loan is an REO Loan, the Servicer shall use efforts consistent with the Servicing Standard to cause the Borrower
to maintain the following insurance coverage (including identifying the extent to which the Borrower is maintaining insurance
coverage and, if the Borrower does not maintain such coverage, the Servicer will itself cause such coverage to be maintained with
Qualified Insurers) for the Property: (x) except where the Loan Documents permit the Borrower to rely on self-insurance provided
by a tenant, a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation,
in an amount that is at least equal to the full replacement cost of improvements securing the Whole Loan, but, in any event, in
an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but
not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the Loan Documents; provided
that:

 

(i)        the
Servicer shall not be required to maintain any earthquake or environmental insurance policy on the Property unless the Trustee
has an insurable interest and such insurance policy was (x) in effect at the time of the origination of the Whole Loan, or (y)
was required by the Loan Documents and is available at commercially reasonable rates, provided that the Servicer shall
require the Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination, and
in the case of clause (y), required by the Whole Loan to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;

 

(ii)       if
and to the extent that the Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the Borrower is to obtain the requisite insurance coverage, the Servicer shall (to the
extent consistent with the Servicing Standard) require the Borrower to obtain the requisite insurance coverage from Qualified
Insurers;

 

(iii)      the
Servicer shall have no obligation beyond using its efforts consistent with the Servicing Standard to cause the Borrower to maintain
the insurance required to be maintained under the Loan Documents; provided, however, that this clause shall not
limit the Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)      except
as provided below (including under clause (vi) below), in no event shall the Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of the Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)       to
the extent that the Servicer itself is required to maintain insurance that the Borrower does not maintain, the Servicer will not
be required to maintain insurance other than what is available to the Servicer on a force-placed basis at commercially reasonable
rates, and only to the extent the Trustee as lender has an insurable interest thereon; and

 

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(vi)      any
explicit terrorism insurance requirements contained in the Loan Documents shall be enforced by the Servicer in accordance with
the Servicing Standard, unless the Special Servicer has consented to a waiver (including a waiver to permit the Servicer to accept
insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision in accordance
with the Servicing Standard; provided that the Special Servicer shall promptly notify the Servicer in writing of such waiver.

 

The
Servicer shall notify the Special Servicer, the Certificate Administrator and the Trustee if the Servicer determines in accordance
with the Servicing Standard that the Borrower has failed to maintain insurance required under the Loan Documents and such failure
materially and adversely affects the interests of the Certificateholders or if the Borrower has notified the Servicer in writing
that the Borrower does not intend to maintain such insurance and that the Servicer has determined in accordance with the Servicing
Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject
to Section 3.15(b), if the Property is an REO Property, the Special Servicer shall use efforts, consistent with the Servicing
Standard, to maintain (subject to the right of the Special Servicer to direct the Servicer to make a Property Advance for the
costs associated with coverage that the Special Servicer determines to maintain, in which case the Servicer shall make such Property
Advance) with Qualified Insurers to the extent reasonably available at commercially reasonable rates and to the extent the Trustee
has an insurable interest, (a) a fire and casualty extended coverage insurance policy, which does not provide for reduction due
to depreciation, in an amount that is at least equal to the full replacement value of the Property (or such greater amount of
coverage required by the Loan Documents (unless such amount is not available)), but, in any event, in an amount sufficient to
avoid the application of any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable
to that which would be required under prudent lending requirements and in an amount not less than $1,000,000 per occurrence, and
(c) to the extent consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or
rents for a period of at least 18 months; provided, however, that the Special Servicer shall not be required in
any event to maintain or obtain insurance coverage described in this paragraph beyond what is reasonably available at a commercially
reasonable rate and consistent with the Servicing Standard.

 

All
such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard”
mortgagee clause, with loss payable to the Servicer (on behalf of the Trustee on behalf of Certificateholders and the Companion
Loan Holder), or shall name the Trustee as the insured, with loss payable to the Special Servicer on behalf of the Trustee (on
behalf of Certificateholders and the Companion Loan Holder) (in the case of insurance maintained if the Property is an REO Property).
Any amounts collected by the Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied
to the restoration or repair of the Property or REO Property or amounts to be released to the Borrower, in each case in accordance
with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.06,
in the case of amounts received in respect of the Whole Loan, or in the REO Account of the Special Servicer, subject to withdrawal
pursuant to Section 3.15, in the case of amounts received in respect of the REO Property. Any cost incurred by the Servicer
or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions
to Certificateholders or the Companion Loan Holder, be added to the Stated Principal Balance of the Whole Loan, notwithstanding
that the terms of the Loan Agreement may so permit; provided, however, that this sentence shall not limit the rights
of the Servicer or Special Servicer on behalf of the Trust Fund to enforce any obligations of the Borrower under the Whole Loan.
Any costs incurred by the Servicer in maintaining insurance policies in respect of the Whole Loan or a Specially Serviced Loan
(other than the REO Property) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Servicer as a
Property Advance and will be charged to the Borrower and (ii) shall not, for purposes of calculating monthly distributions to
Certificateholders, be added to the Stated Principal Balance of the

 

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Whole Loan, notwithstanding that the terms of the Whole Loan
may so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies with respect to the REO Property
shall be an expense of the Trust Fund (allocated in accordance with the allocation provisions of the Co-Lender Agreement) payable
out of the REO Account or, if the amount on deposit therein is insufficient therefor, advanced by the Servicer as a Property Advance
(or paid from the Collection Account if the Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section
3.21(d)).

 

(b)       If
either: (i) the Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy
or master force-placed policy insuring against hazard losses on all of the Property or REO Property, as applicable, then, to the
extent such policy (A) is obtained from a Qualified Insurer, and (B) provides protection equivalent to the individual policies
otherwise required, or (ii) the Servicer or Special Servicer has long-term unsecured debt obligations or deposit accounts that
are rated not lower than “A-” by Fitch (or, if not then rated by Fitch, or at least one other NRSRO, or such other
rating as to which a No Downgrade Confirmation has been obtained), and the Servicer or Special Servicer self-insures for its obligation
to maintain the individual policies otherwise required, then the Servicer or the Special Servicer, as the case may be, shall conclusively
be deemed to have satisfied its obligation to cause hazard insurance to be maintained on the Property or REO Property, as applicable.

 

Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the
Servicer or the Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained
on the Property or REO Property thereunder a hazard insurance policy complying with the requirements of Section 3.08(a),
and there shall have been one or more losses that would have been covered by such an individual policy, promptly deposit into
the Collection Account, from its own funds, the amount not otherwise payable under the blanket or master force-placed policy in
connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds the deductible
limitation that pertained to the Whole Loan (or, in the absence of any such deductible limitation, the deductible limitation for
an individual policy which is consistent with the Servicing Standard). The Servicer and Special Servicer, as the case may be,
shall prepare and present, on behalf of itself, the Trustee and the Certificateholders and the Companion Loan Holder claims under
any such blanket or master force-placed policy maintained by it in a timely fashion in accordance with the terms of such policy.
If the Servicer or Special Servicer, as applicable, causes the Property or REO Property to be covered by such “force-placed”
insurance policy, the incremental costs of such insurance applicable to the Property or REO Property (i.e., other than
any minimum or standby premium payable for such policy whether or not the Property or REO Property is covered thereby) shall be
paid as a Property Advance.

 

(c)       If
the Whole Loan is subject to an Environmental Insurance Policy, and the Servicer has actual knowledge of any event giving rise
to a claim under an Environmental Insurance Policy, the Servicer shall notify the Special Servicer to such effect and the Servicer
shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder.
If the Whole Loan becomes a Specially Serviced Loan or an REO Loan and is subject to an Environmental Insurance Policy, if the
Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special
Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders
and the Companion Loan Holder, is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with
the Servicing Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Servicer
or Special Servicer) shall be paid by, and reimbursable to, the Servicer as a Property Advance.

 

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(d)       The
Servicer and Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at
all times during the term of this Agreement during which the Whole Loan is a Specially Serviced Loan or an REO Loan) keep in force
with a Qualified Insurer, a fidelity bond in such form and amount as are consistent with the Servicing Standard. The Servicer
or Special Servicer, as applicable, shall be deemed to have complied with the foregoing provision if an Affiliate thereof has
such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Servicer
or Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled without ten days’
prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Servicer (or
its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent if such insurance
is guaranteed by its parent), as applicable, are rated not lower than “A-” by Fitch or at least its equivalent by
KBRA (if then rated by KBRA) or at least one other NRSRO, or such other rating as to which a No Downgrade Confirmation has been
obtained, the Servicer or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage required
as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

The
Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement during which the Whole Loan is a Specially Serviced Loan or an REO Loan)
also keep in force with a Qualified Insurer a policy or policies of insurance covering loss occasioned by the errors and omissions
of its officers and employees in connection with their servicing obligations hereunder, which policy or policies shall be in such
form and amount as are consistent with the Servicing Standard. The Servicer or the Special Servicer, as applicable, shall be deemed
to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy or
policies, the coverage afforded thereunder extends to the Servicer or Special Servicer, as the case may be. Any such errors and
omissions policy shall provide that it may not be canceled without ten days’ prior written notice to the Trustee. So long
as the long-term unsecured debt obligations or deposit accounts of the Servicer (or its corporate parent if such insurance is
guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than “A-”
by Fitch or at least its equivalent by KBRA (if then rated by KBRA), the Servicer or the Special Servicer, as applicable, may
self-insure with respect to the errors and omissions coverage required as described above, in which case it shall not be required
to maintain an insurance policy with respect to such coverage.

 

(e)       The
Operating Advisor shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this Agreement
an “errors and omissions” insurance policy, with a Qualified Insurer, covering losses that may be sustained as a result
of an officer’s or employee’s errors or omissions.

 

Section
3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a)
If the Whole Loan contains a provision in the nature of a “due-on-sale” clause (including, without limitation, sales
or transfers of the Property (in full or part) or the sale, transfer, pledge or hypothecation of direct or indirect interests
in the Borrower or its owners), which by its terms:

 

(i)        provides
that the Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an
interest in the Property (including, without limitation, the sale, transfer, pledge or hypothecation of direct or indirect interests
in the Borrower or its owners),

 

(ii)       provides
that the Whole Loan may not be assumed without the consent of the related mortgagee in connection with any such sale or other
transfer, or

 

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(iii)      provides
that the Whole Loan may be assumed or transferred without the consent of the mortgagee, provided certain conditions set
forth in the Loan Documents are satisfied,

 

then,
for so long as the Trust Loan is included in the Trust Fund, neither the Servicer (with respect to the Whole Loan if it is a Performing
Loan) (with the consent of the Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it is a Specially
Serviced Loan), as applicable, on behalf of the Trust Fund, shall be required to enforce any such due-on-sale clauses and in connection
therewith neither shall be required to (x) accelerate payments thereon or (y) withhold its consent to such an assumption if (1)
such provision is not enforceable under applicable law or if the Servicer (with respect to the Whole Loan if it is a Performing
Loan, and with the consent of the Special Servicer) or the Special Servicer (with respect to the Whole Loan if it is a Specially
Serviced Loan or an REO Loan), as applicable, determines, that the enforcement of such provision is reasonably likely to result
in meritorious legal action by the Borrower or (2) the Servicer (with the consent of the Special Servicer) or the Special Servicer,
as applicable, determines, in accordance with the Servicing Standard, that granting such consent would be likely to result in
a greater recovery, on a present value basis (discounting at the related Calculation Rate), than would enforcement of such clause.
If the Servicer (with respect to the Whole Loan if it is a Performing Loan and with the consent of the Special Servicer) or the
Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), as applicable, determines
that (A) granting such consent would be likely to result in a greater recovery, (B) such provision is not legally enforceable,
or (C) that the conditions described in clause (a)(iii) above relating to the assumption or transfer of the Whole Loan
have been satisfied, the Servicer (with respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special
Servicer) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan) is authorized
to take or enter into an assumption agreement from or with the Person to whom the Property has been or is about to be conveyed,
and to release the original Borrower from liability upon the Whole Loan and substitute the new borrower as obligor thereon; provided
that (a) the credit status of the prospective new borrower is in compliance with the Servicer’s or the Special Servicer’s
servicing standards and criteria and the terms of the Mortgage and consistent with the Servicing Standard and (b) the Servicer
(with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a
Specially Serviced Loan or REO Loan), as applicable, has received a No Downgrade Confirmation from each of the Rating Agencies
(or has been deemed to satisfy such requirement). In addition, with respect to the Companion Loan, neither the Servicer nor the
Special Servicer shall waive any rights under a due on sale clause unless it first obtains a No Downgrade Confirmation with respect
to the Companion Loan Securities to the extent required under the related Other Securitization Trust. The Servicer and the Special
Servicer shall be entitled to rely on the master servicer and/or the special servicer of the related Other Securitization Trust
to determine whether a No Downgrade Confirmation is required with respect to any related Companion Loan under such Other Securitization
Trust. In connection with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall
give prior notice thereof to the Servicer. The Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special
Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) shall notify the Trustee and the Certificate
Administrator that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy
to the Servicer, the Certificate Administrator and the Trustee, as applicable) the original copy of such agreement, which copies
shall be added to the Mortgage File and shall, for all purposes, be considered a part of the Mortgage File to the same extent
as all other documents and instruments constituting a part thereof. To the extent not otherwise precluded by the Loan Documents,
neither the Servicer (with respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) nor
the Special Servicer (with respect to a Specially Serviced Loan or an REO Loan) shall approve an assumption or substitution without
requiring the Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution.
However, in the event that the Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund;
provided that, with respect to the Companion Loan, the Servicer (if the Whole Loan is a Performing Loan) or the Special
Servicer (if the Whole Loan is a Specially Serviced Loan), shall, after receiving

 

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payment from amounts on deposit in the Collection
Account, if any, (i) promptly notify the Companion Loan Holder and (ii) use efforts consistent with the Servicing Standard to
exercise on behalf of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement to obtain reimbursement for a
pro rata portion of such amount allocable to the Companion Loan from the related Companion Loan Holder.

 

(b)       If
the Whole Loan contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)        provides
that the Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any lien or other
encumbrance on the Property or any direct or indirect ownership interest in the Borrower (including, unless specifically permitted,
any additional mezzanine financing of the Borrower or the Property or any sale or transfer of preferred equity in the Borrower
or its owners),

 

(ii)       requires
the consent of the mortgagee to the creation of any such lien or other encumbrance on the Property (including, without limitation,
any additional mezzanine financing of the Borrower or the Property or any sale or transfer of preferred equity in the Borrower
or its owners), or

 

(iii)      provides
that the Property may be further encumbered without the consent of the mortgagee (including, without limitation, any additional
mezzanine financing of the Borrower or the Property or any sale or transfer of preferred equity in the Borrower or its owners),
provided that certain conditions set forth in the Loan Documents are satisfied,

 

then,
neither the Servicer (with respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) nor
the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), on behalf of the Trust
Fund, shall be required to enforce such due-on-encumbrance clauses and in connection therewith, will not be required to (i) accelerate
the payments on the Whole Loan or (ii) withhold its consent to such lien or encumbrance, if the Servicer (with the consent of
the Special Servicer) or the Special Servicer, as applicable, (x) determines, in accordance with the Servicing Standard, that
such enforcement would not be in the best interests of the Certificateholders and the Companion Loan Holder, or that in the case
of the circumstances described in clause (b)(iii) above, that the conditions to further encumbrance have been satisfied
and (y) receives a No Downgrade Confirmation from the Rating Agencies (or has been deemed to satisfy such requirement). In addition,
with respect to the Companion Loan, neither the Servicer nor the Special Servicer shall waive any rights under a due on encumbrance
clause unless it first obtains a No Downgrade Confirmation with respect to the related Companion Loan Securities to the extent
required under each related Other Securitization Trust. The Servicer and the Special Servicer shall be entitled to rely on the
master servicer and/or the special servicer of the Other Securitization Trusts to determine whether a No Downgrade Confirmation
is required with respect to the Companion Loan under the related Other Securitization Trust. To the extent not otherwise precluded
by the Loan Documents, neither the Servicer (with respect to the Whole Loan if it is a Performing Loan and with the consent of
the Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan)
shall approve such lien or encumbrance without requiring the Borrower to pay any fees owed to the Rating Agencies associated with
the approval of such lien or encumbrance. However, in the event that the Borrower is required but fails to pay such fees, such
fees shall be an expense of the Trust Fund; provided that the Servicer (if the Whole Loan is a Performing Loan) or the
Special Servicer (if the Whole Loan is a Specially Serviced Loan), shall be required, after receiving payment from amounts on
deposit in the Collection Account, if any, to (i) promptly notify the Companion Loan Holder and (ii) use efforts consistent with
the Servicing Standard to exercise on behalf of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement to obtain
reimbursement for a pro rata portion of such amount allocable to the Companion Loan from the related Companion Loan Holder.

 

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(c)       [Reserved].

 

(d)       The
Servicer and the Special Servicer, as applicable, shall each provide copies of any waivers it effects pursuant to Section 3.09(a)
or (b) to the other party and the 17g-5 Information Provider (which shall promptly post such waivers to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d)) with respect to the Trust Loan.

 

(e)       Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of the Trust Loan, any sale or other transfer of the Property or the creation of any lien or other encumbrance
with respect to the Property.

 

(f)        In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall
not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
shall contain any terms that are different from, any term of the Whole Loan or the Notes, other than pursuant to Section 3.26
hereof, as applicable.

 

(g)       When
the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given fifteen (15)
Business Days after receipt (unless earlier objected to) by the Special Servicer from the Servicer of the Servicer’s written
analysis and recommendation with respect to such proposed action together with such other information reasonably required by the
Special Servicer.

 

(h)       If
the Whole Loan permits release of the Property through defeasance:

 

(i)        subject
to the consent rights and process set forth in Section 6.09 with respect to Major Decisions, the Servicer shall process
all defeasances of the Whole Loan in accordance with the terms of the related Loan Documents, and shall be entitled to any defeasance
fees paid relating thereto;

 

(ii)       if
the Whole Loan requires that the lender purchase the required government securities, then the Servicer shall purchase, or shall
cause the purchase of, such obligations on behalf of the Trust, at the Borrower’s expense, in accordance with the terms
of the Whole Loan; provided that the Servicer shall not accept the amounts paid by the Borrower to effect defeasance until
acceptable government securities have been identified;

 

(iii)      to
the extent not inconsistent with the Whole Loan, the Servicer shall require the Borrower to provide an Opinion of Counsel (which
shall be an expense of the Borrower) to the effect that the Trustee has a first priority perfected security interest in the defeasance
collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable;

 

(iv)      to
the extent not inconsistent with the Whole Loan, the Servicer shall require a certificate at the Borrower’s expense from
an Independent certified public accountant certifying to the effect that the government securities will provide cash flows sufficient
to meet all payments of interest and principal (including payments at maturity) on the Whole Loan in compliance with the requirements
of the terms of the related Loan Documents;

 

(v)       prior
to permitting release of the Property through defeasance, the Servicer shall require an Opinion of Counsel to the effect that
such release will not cause either Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding
or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent not inconsistent
with the Whole Loan, the Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise be a Property Advance);

 

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(vi)      no
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs or if a Companion Loan is
held by a REMIC, on or prior to the second anniversary of the startup day of such REMIC;

 

(vii)     the
Servicer shall, at the expense of the Borrower (to the extent not inconsistent with the related Loan Documents), cause the U.S.
government securities to be held for the benefit of the Certificateholders and the Companion Loan Holder, and apply payments of
principal and interest received on the government obligations in respect of the defeased Whole Loan in accordance with the terms
of the Loan Documents;

 

(viii)    the
Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Whole Loan requiring the Borrower to pay
all reasonable expenses associated with a defeasance;

 

(ix)       to
the extent not inconsistent with the Whole Loan, or to the extent the Loan Documents provide the lender with discretion, the Servicer
shall require a single purpose entity, formed solely for the purpose of owning and pledging the government securities related
to the Whole Loan, to act as a successor borrower;

 

(x)       each
Rating Agency and, to the extent required by the Other Securitization Trust, each rating agency relating to any Companion Loan
Securities must provide a No Downgrade Confirmation; and

 

(xi)       to
the extent not required or permitted to be placed in a separate account, the Servicer shall deposit all payments received by it
from defeasance collateral substituted for the Property into the Collection Account and treat any such payments as payments made
on the Whole Loan in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution
Amount, and not as a prepayment of the Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Servicer
permit such amounts to be maintained in the Collection Account for a period in excess of 365 days.

 

Section
3.10     Appraisals; Realization upon Defaulted Mortgage Loan. (a) Contemporaneously with the
earliest of (i) the effective date of any (A) modification of the Maturity Date or extended Maturity Date, the Whole Loan Rate,
principal balance or amortization terms of the Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of the
Whole Loan as described below in Section 3.26, or (C) consent to the release of the Property from the lien of the Mortgage
other than pursuant to the terms of the Whole Loan, (ii) the occurrence of an Appraisal Reduction Event and (iii) a default in
the payment of a Balloon Payment for which an extension is not granted, the Special Servicer shall use commercially reasonable
efforts consistent with the Servicing Standard to obtain an Updated Appraisal (or a letter update for an existing appraisal which
is less than two years old) within sixty (60) days of such event, the cost of which shall constitute a Property Advance; provided,
however, that the Special Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses (i) through
(iii) above with respect to the Property for which there exists an Appraisal or Updated Appraisal which is less than nine months
old unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing
Standard, would call into question the validity of such Appraisal or Updated Appraisal. For so long as the Whole Loan is a Specially
Serviced Loan, the Special Servicer shall obtain letter updates to an Updated Appraisal every nine months. The Servicer shall
use all Updated Appraisals obtained by the Special Servicer to calculate any Appraisal Reduction Amount. Prior to the Special
Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the
Whole Loan, the Servicer shall recalculate any Appraisal Reduction Amount based on an Updated Appraisal. The Special Servicer
shall obtain letter updates, every nine months, to an Updated Appraisal for so long as an Appraisal Reduction Event exists with
respect to the

 

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Whole Loan and the Special Servicer shall recalculate the Appraisal Reduction Amount based on such Updated Appraisal.
In addition, upon receipt of each Updated Appraisal, the Special Servicer shall re-compute the Appraisal Reduction Amount which
shall be adjusted accordingly, and if required in accordance with any such adjustment, each Class of Certificates that has been
notionally reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored to
the extent required by such adjustment of the Appraisal Reduction Amount, and the Special Servicer shall redetermine whether a
Subordinate Control Period or a Subordinate Consultation Period is then in effect and, for the avoidance of doubt, which Class
of Certificates is the then-Controlling Class. The aggregate Appraisal Reduction Amount allocable to the Trust Loan for any Distribution
Date shall be applied by the Certificate Administrator to notionally reduce the Certificate Balances of the following Classes
of Certificates in the following order of priority: first, to the Class HRR Certificates; second, to the Class F
Certificates; third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class
C Certificates; sixth, to the Class B Certificates; and finally, to the Class A Certificates (provided in each case
that no Certificate Balance in respect of any such Class may be notionally reduced below zero). The Special Servicer shall send
all such letter updates and Updated Appraisals to the Servicer, the Trustee, the Certificate Administrator, the Directing Holder
(during any Subordinate Control Period and any Subordinate Consultation Period), the Operating Advisor and the 17g-5 Information
Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).
During any Subordinate Control Period and any Subordinate Consultation Period, within fifteen (15) days after the occurrence of
an Appraisal Reduction Event, the Special Servicer shall notify the Directing Holder and the Operating Advisor of the occurrence
of such Appraisal Reduction Event. The Special Servicer shall send all such letter updates and Updated Appraisals to the Servicer,
the Trustee, the Operating Advisor, the Certificate Administrator and the 17g-5 Information Provider (which shall promptly post
such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

The
Special Servicer shall monitor the Whole Loan so long as it is a Specially Serviced Loan, evaluate whether the causes of the default
can be corrected over a reasonable period without significant impairment of the value of the Property, initiate corrective action
(with notification to and the consent of the Directing Holder during any Subordinate Control Period and upon consultation with
the Directing Holder during any Subordinate Consultation Period) in cooperation with the Borrower if, in the Special Servicer’s
judgment a cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff
of the Whole Loan) as are consistent with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective
action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially
Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically
provided in Section 3.09(a) and (b), the Special Servicer may, to the extent consistent with the Asset Status Report
and with the Servicing Standard, accelerate the Specially Serviced Loan and commence a foreclosure or other acquisition with respect
to the Property; provided that the Special Servicer determines that such acceleration and foreclosure are more likely to
produce a greater recovery to Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender) on a present value basis (discounting at the related Calculation Rate)
than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.26 hereof.
The Servicer shall pay the costs and expenses in any such proceedings as a Property Advance unless the Servicer or the Special
Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a Nonrecoverable
Advance; provided, however, that if such Property Advance would constitute a Nonrecoverable Advance but the Special
Servicer determines (with the Servicer permitted to conclusively rely upon any such determination) that such payment would be
in the best interests of the Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender) the Special Servicer shall direct the Servicer to make such payment
from the Collection Account, which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively
rely upon any determination of the Servicer or

 

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Special Servicer that a Property Advance, if made, would constitute a Nonrecoverable
Advance. If the Servicer does not make such Property Advance in violation of the second preceding sentence, the Trustee shall
make such Property Advance, unless the Trustee determines that such Property Advance would be a Nonrecoverable Advance. The Servicer
and the Trustee, as applicable, shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made
pursuant to this paragraph to the extent permitted by Section 3.06.

 

The
Special Servicer shall deliver by electronic mail (or via other means of electronic delivery reasonably acceptable to the Servicer
and the Special Servicer) to the Servicer any information in the Special Servicer’s possession that is reasonably required
to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount or updated Appraisal Reduction Amount pursuant
to the definition thereof, using reasonable best efforts to deliver such information, within four (4) Business Days following
the Servicer’s written request therefor (which request shall be made promptly, but in no event later than ten (10) Business
Days after the Special Servicer’s receipt of the applicable Appraisal); provided, however, that the Servicer’s
failure to timely make such request shall not relieve the Special Servicer of its obligation to provide such information to the
Servicer in the manner and timing set forth in this sentence; provided, further, that it shall not be a Master Servicer
Termination Event if the Servicer fails to satisfy its obligation to determine, calculate, redetermine or recalculate an Appraisal
Reduction Amount within the time periods set forth in this Agreement to the extent such failure is due to or caused by the Special
Servicer’s failure to deliver the information reasonably required to make such determination, calculation, redetermination
or recalculation within the time periods set forth in this Agreement. The Special Servicer shall not calculate Appraisal Reduction
Amounts.

 

(b)       If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Property
is located, the Special Servicer shall not be required to pursue a deficiency judgment against the Borrower or any other liable
party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if the Special
Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be sufficient
to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced by
an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)       Prior
to any foreclosure or by transfer-in-lieu (or deed-in-lieu) of foreclosure, with respect to the Property, the Special Servicer
shall consider all information in its possession or provided by the Servicer from the Borrower or of which the Special Servicer
otherwise has actual knowledge with respect to any environmental matters with respect to the Property, and based on such information
shall determine in accordance with Servicing Standard if any independent site assessments of the Property are advisable. The Special
Servicer, in the case of any foreclosure with respect to the Property will, prior to acquiring the Property consider the risks
associated with the foreclosure and only take action in accordance with its established environmental review procedures and in
any event in accordance with the Servicing Standard. The Special Servicer shall deliver a copy of any environmental assessment
report to the 17g-5 Information Provider in electronic format and the 17g-5 Information Provider shall make such report available
to the Rating Agencies and other NRSROs pursuant to Section 3.14(d).

 

If
the Special Servicer has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in
the best economic interest of the Trust Fund (as determined in accordance with Servicing Standard) to institute a foreclosure
or take any other actions described in the immediately preceding paragraph, pursuant to the terms hereof, the Special Servicer
shall take such proposed action subject to the rights of the Directing Holder to consent to and/or consult in respect of such
action, as applicable. The Special Servicer shall not foreclose upon or otherwise cause the Trust to acquire ownership of any
collateral (other than the Property) on behalf of the Trust REMIC unless it receives an Opinion of Counsel (the cost of which
shall be paid by the Servicer as an Administrative Advance unless the Servicer determines that

 

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such Administrative Advance would
constitute a Nonrecoverable Advance) to the effect that such acquisition will not cause the imposition of a tax on the Trust REMIC
(other than a tax on “net income from foreclosure property” under Code Section 860G(c)) under the REMIC Provisions
or cause the Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding.

 

The
Special Servicer shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean
up or remediation as an Administrative Advance unless the Servicer determines that such Advance would constitute a Nonrecoverable
Advance.

 

(d)       In
the event that title to the Property is acquired in foreclosure or by deed-in-lieu of foreclosure, the deed or certificate of
sale shall be issued to the Trustee, or to its nominee (which shall not include the Special Servicer) or a separate Trustee or
co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders and the Companion
Loan Holder. Notwithstanding any such acquisition of title and cancellation or partial cancellation of the Whole Loan, the Whole
Loan shall (except for purposes of Section 9.01) be considered to be an REO Loan until such time as the REO Property shall
be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent with the foregoing, for purposes
of all calculations hereunder, so long as the Whole Loan shall be considered to be an outstanding Whole Loan, as applicable:

 

(i)        it
shall be assumed that, notwithstanding that the indebtedness evidenced by the Notes shall have been discharged or partially discharged,
the Notes and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule, if any, in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)       subject
to Section 1.02(f), Net REO Proceeds received in any month shall be applied to amounts that would have been payable under
the Notes in accordance with the terms of the Notes and the Co-Lender Agreement. In the absence of such terms, Net REO Proceeds
shall, subject to Section 1.02(f), be deemed to have been received first, in payment of the accrued interest that
remained unpaid on the date that the REO Property was acquired by the Trust Fund; second, in respect of the delinquent
principal installments that remained unpaid on such date; and thereafter, Net REO Proceeds received in any month shall
be applied to the payment of installments of principal, if any, and accrued interest on the Whole Loan deemed to be due and payable
in accordance with the terms of the Notes and such amortization schedule, if any, until such principal has been paid in full and
then to other amounts due under the Whole Loan. If such Net REO Proceeds exceed the Monthly Payment then payable, the excess shall
be treated as a Principal Prepayment received in respect of the Whole Loan.

 

(e)       Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund and the Companion
Loan Holder any personal property pursuant to this Section 3.10 unless either:

 

(i)        such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund and the Companion Loan Holder; or

 

(ii)       the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event
at any time that any Certificate is outstanding.

 

(f)        Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to
any direct or indirect partnership interest or

 

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other equity interest in the Borrower pledged pursuant to any pledge agreement
unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the
Trust Fund and in accordance with the allocation provisions of the Co-Lender Agreement) to the effect that the holding of such
partnership interest or other equity interest by the Trust Fund will not cause Adverse REMIC Event at any time that any Certificate
is outstanding.

 

(g)       Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the
Trust Fund, to obtain title to the Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct
or indirect partnership interest in the Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of
the Property, to have a receiver of rents appointed with respect to the Property, and shall not otherwise cause the Trustee to
acquire possession of, or take any other action with respect to, the Property if, as a result of any such action, the Trustee,
for the benefit of the Trust Fund or the Certificateholders or the Companion Loan Holder would be considered to hold title to,
to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of the Property within
the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time,
or any comparable law, unless the Special Servicer has determined in accordance with the Servicing Standard, based on an updated
environmental assessment prepared by an Independent Person who regularly conducts environmental audits (which report shall be
an expense of the Trust), that:

 

(i)        the
Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders and the Companion Loan Holder, as a collective whole
as if such Certificateholders and the Companion Loan Holder constituted a single lender, to take such actions as are necessary
to bring the Property in compliance therewith, and

 

(ii)       there
are no circumstances present at the Property relating to the use, management or disposal of any Hazardous Materials for which
investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal,
state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be required,
after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders and the
Companion Loan Holder, as a collective whole as if such Certificateholder and the Companion Loan Holder constituted a single lender,
to take such actions with respect to the Property.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to the Property indicates that
the Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not
definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent
Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders
and the Companion Loan Holder. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer
for purposes of this Section 3.10.

 

(h)       The
environmental assessment contemplated by Section 3.10(g) shall be prepared within three months (or as soon thereafter as
practicable) of the determination that such assessment is required by any Independent Person who regularly conducts environmental
audits for purchasers of commercial property where the Property is located, as determined by the Special Servicer in a manner
consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by the Special Servicer
to the Servicer of pertinent back-up information the Servicer shall advance the cost of preparation of such environmental assessments
as a Property Advance unless the Servicer determines, in its good faith judgment, that such Property Advance would be a Nonrecoverable
Advance. The Servicer shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant

 

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to the preceding sentence to the extent permitted by Section 3.06. The Special Servicer shall provide written reports and
a copy of any environmental assessments in electronic format to the Servicer, the Companion Loan Holder and the 17g-5 Information
Provider (which shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)),
monthly regarding any actions taken by the Special Servicer with respect to the Property securing a Defaulted Mortgage Loan as
to which the environmental testing contemplated by Section 3.10(g) has revealed that either of the conditions set forth
in clause (i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur
of (i) satisfaction of both such conditions, (ii) repurchase of the Trust Loan by the Loan Sellers or (iii) release of the lien
of the Mortgage on the Property.

 

(i)        If
the Special Servicer determines pursuant to Section 3.10(g)(i) that the Property is not in compliance with applicable environmental
laws but that it is in the best economic interest of the Certificateholders and the Companion Loan Holder, as a collective whole
as if the Certificateholders and the Companion Loan Holder constituted a single lender, to take such actions as are necessary
to bring the Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(g)(ii) that
the circumstances referred to therein relating to Hazardous Materials are present but that it is in the best economic interest
of the Certificateholders and the Companion Loan Holder, as a collective whole as if the Certificateholders and the Companion
Loan Holder constituted a single lender, to take such action with respect to the containment, clean-up or remediation of Hazardous
Materials affecting the Property as is required by law or regulation, the Special Servicer shall take such action (subject to
the rights of the Directing Holder to consent to and/or consult in respect of such action and/or the Operating Advisor to consult
in respect of such action) as it deems to be in the best economic interest of the Certificateholders and the Companion Loan Holder,
as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender, but only if the
Certificate Administrator has mailed notice to the Holders of the Principal Balance Certificates and the Companion Loan Holder
of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate Administrator does
not receive, within thirty (30) days of such notification, instructions from the Holders of the Principal Balance Certificates
entitled to a majority of the Voting Rights and the Companion Loan Holder directing the Special Servicer not to take such action.
Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within such 30-day period
irreparable environmental harm to the Property would result from the presence of such Hazardous Materials and provides a prior
written statement to the Trustee and the Certificate Administrator setting forth the basis for such determination, then the Special
Servicer may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing Standard.
None of the Trustee, the Certificate Administrator, the Servicer or the Special Servicer shall be obligated to take any action
or not take any action pursuant to this Section 3.10(i) at the direction of the Certificateholders and the Companion Loan
Holder unless the Certificateholders and the Companion Loan Holder agree to indemnify the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer with respect to such action or inaction. The Servicer shall advance the cost of any such
compliance, containment, clean-up or remediation as a Property Advance unless the Servicer determines, in its good faith judgment,
that such Advance would constitute a Nonrecoverable Advance.

 

(j)        The
Special Servicer shall notify the Servicer if the Property is abandoned or foreclosed and requires reporting to the IRS and shall
provide the Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to the
Whole Loan if it is abandoned or foreclosed and the Servicer shall report to the IRS and the Borrower, in the manner required
by applicable law, such information and the Servicer shall report, via Form 1099C or 1099A, all forgiveness of indebtedness, abandonment
or foreclosure to the extent such information has been provided to the Servicer by the Special Servicer. The Servicer shall deliver
a copy of any such report to the Trustee and the Certificate Administrator.

 

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(k)       The
costs of any Updated Appraisal obtained pursuant to this Section 3.10 shall be paid by the Servicer as a Property Advance
and shall be reimbursable from the Collection Account.

 

Section
3.11     Custodian to Cooperate; Release of Mortgage File. Upon the payment in full of the Whole
Loan, or the receipt by the Servicer of a notification that payment in full has been escrowed in a manner customary for such purposes,
the Servicer shall immediately notify the Custodian by a certification (which certification shall include a statement to the effect
that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection
Account pursuant to Section 3.05 have been or will be so deposited) of a Servicing Officer and shall request delivery to
it of the Mortgage File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is
not paid by the Borrower shall be chargeable to the Trust Fund. The Servicer agrees to use reasonable efforts in accordance with
the Servicing Standard to enforce any provisions in the Loan Documents that require the Borrower to pay such amounts. No expenses
incurred in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Trustee or the Custodian
or chargeable to the Collection Account.

 

From
time to time upon request of the Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the
Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Servicer
or the Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion
of the Whole Loan into an REO Loan, or receipt by the Custodian of a certificate of a Servicing Officer stating that the Property
was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited
into the Collection Account have been so deposited, or that the Whole Loan has become an REO Loan, the Custodian shall deliver
a copy of the Request for Release to the Servicer or the Special Servicer, as applicable.

 

Upon
written certification of a Servicing Officer, the Trustee shall execute and deliver to the Servicer (with respect to the Whole
Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or
an REO Loan) any court pleadings, requests for a trustee’s sale or other documents prepared by the Special Servicer, its
agents or attorneys, necessary to the foreclosure or trustee’s sale in respect of the Property or to any legal action brought
to obtain judgment against the Borrower on the Notes or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
or rights provided by the Notes or Mortgage or otherwise available at law or in equity. Each such certification shall include
a request that such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings
are required, that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by
the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion
of the foreclosure or trustee’s sale.

 

Section
3.12     Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation.
(a) As compensation for its activities hereunder, the Servicer shall be entitled to the Servicing Fee. The Servicer’s rights
to the Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Servicer’s
responsibilities and obligations under this Agreement or as provided in the following paragraph with respect to the Excess Servicing
Fee. In addition, the Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by
applicable law, the Loan Documents and the Co-Lender Agreement, (i) all investment income earned on amounts on deposit in the
Collection Account and certain Reserve Accounts (to the extent consistent with the Loan Documents), (ii) any Net Default Interest
and any other Penalty Charges collected by the Servicer or the Special Servicer during any Collection Period accrued on the Whole
Loan if it is a Performing Loan, in each case, remaining after application thereof during such Collection Period to pay the Advance
Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees)

 

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relating to such Performing Loan incurred during
or prior to such Collection Period, and as further described in Section 3.12(d), (iii) any amounts collected for checks
returned for insufficient funds (with respect to the Whole Loan if it is Performing Loan or a Specially Serviced Loan), demand
fees (with respect to the Whole Loan if it is a Performing Loan) or similar items (with respect to the Whole Loan if it is a Performing
Loan) (but not including Prepayment Premiums) and (iv) to the extent permitted by applicable law and the Loan Documents, 100%
of any Modification Fees, loan transaction fees and consent fees with respect to (and other similar fees relating to) the Whole
Loan if it is a Performing Loan where the consent of the Special Servicer is not required (50% of such fees where the consent
of the Special Servicer is required), 100% of any defeasance fees, 100% of Assumption Fees and consent fees (or similar fees)
relating to the transactions referred to in Section 3.09(b) with respect to the Whole Loan if it is a Performing Loan where
the consent of the Special Servicer is not required (50% of such fees where the consent of the Special Servicer is required),
100% of beneficiary statement charges, demand fees or similar items (but not including Prepayment Premiums) with respect to the
Whole Loan if it is a Performing Loan and 100% of assumption application fees with respect to the Whole Loan if it is a Performing
Loan, in each case to the extent received and not required to be deposited or retained in the Collection Account pursuant to Section
3.05. For the avoidance of doubt, with respect to any fee split between the Servicer and the Special Servicer pursuant to
the terms of Section 3.12(a) or (b) hereof, the Servicer and the Special Servicer shall each have the right, but
not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however, that
(x) neither the Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage interest
of any fee due to the other and (y) to the extent either of the Servicer or the Special Servicer exercises its right to reduce
or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to charge such fee
shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if the Servicer decides
not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer
would have been entitled to if the Servicer had charged a fee and the Servicer shall not be entitled to any of such fee charged
by the Special Servicer. The Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii)
or 3.07(b), as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent
not payable to the Borrower under the Whole Loan or applicable law), Prepayment Interest Excess (if any and to the extent any
such Prepayment Interest Excess exceeds the amount of any Prepayment Interest Shortfalls), and Net Default Interest and any interest
or other income earned on deposits therein.

 

Wells
Fargo Bank, National Association and any successor holder of the Excess Servicing Fee Rights that relate to the Whole Loan (and
a successor REO Loan) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess
Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited
Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i)
that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and
any applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the
prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit P-1
hereto, and (iii) the prospective transferee shall have delivered to the Servicer and the Depositor a certificate substantially
in the form attached as Exhibit P-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator or the Certificate
Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take
any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing
Fee Right without registration or qualification. Wells Fargo Bank, National Association and each holder of an Excess Servicing
Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the Servicer
hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall
be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify
the Certificateholders, the Operating Advisor, the Trust, the Depositor, the

 

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Initial Purchasers, the Certificate Administrator,
the Trustee, the Servicer, the Certificate Registrar and the Special Servicer against any liability that may result if such transfer
is not exempt from registration and/or qualification under the Act or other applicable federal and state securities laws or is
not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its
acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information
in any manner that could result in a violation of any provision of the Act or other applicable securities laws or that would require
registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer,
sale, pledge or assignment of an Excess Servicing Fee Right, the Servicer with respect to the Whole Loan or successor REO Loan
with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Servicer as Servicing
Fee with respect to the Whole Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess
Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the Servicer, in each case in accordance
with payment instructions provided by such holder in writing to the Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Depositor, the Operating Advisor, the Special Servicer or the Trustee shall have
any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing
Fee Right.

 

As
compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect
to the Trust Loan to its portion of the Trustee/Certificate Administrator Fees, which shall be payable from amounts on deposit
in the Lower-Tier Distribution Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the
Trustee/Certificate Administrator Fee and the routine fees of the Certificate Registrar, the Paying Agent and the Authenticating
Agent. The Certificate Administrator’s and the Trustee’s rights to the Trustee/Certificate Administrator Fee may not
be transferred in whole or in part except in connection with the transfer of all of its respective responsibilities and obligations
under this Agreement.

 

Except
as otherwise provided herein, the Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing
activities hereunder, including all fees of any Sub-Servicers retained by it. Except as otherwise provided herein, the Trustee
and the Certificate Administrator shall each pay all expenses incurred by it in connection with its activities hereunder.

 

(b)       As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to a Specially Serviced Loan or
an REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account as
set forth in Section 3.06. The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under
this Agreement. In addition, the Special Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent
permitted by applicable law and the Loan Documents, (i) any late payment charges and any Net Default Interest and any other default
charges and Penalty Charges collected by the Servicer or the Special Servicer during any Collection Period accrued on a Specially
Serviced Loan remaining after application thereof during such Collection Period (subject to the terms of the Co-Lender Agreement)
to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed Additional Trust Fund Expenses
(including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on a
Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to the Servicer) as further described below
in subsection (c), (ii) 50% of any Assumption Fees, consent fees (or similar fees) relating to the transactions referred
to in Section 3.09(b), Modification Fees (and other similar fees) with respect to the Whole Loan if it is a Performing
Loan, when the approval from the Special Servicer is required (and excluding any Prepayment Premiums), (iii) any interest or other
income earned on deposits in the REO Accounts and (iv) 100% of any Assumption Fees, assumption

 

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application fees, consent fees
(or similar fees) relating to the transactions referred to in Section 3.09(b), Modification Fees (and other similar fees),
loan service transaction fees, beneficiary statement charges, demand fees or similar items relating to a Specially Serviced Loan
or REO Loan. For the avoidance of doubt, with respect to any fee split between the Servicer and the Special Servicer pursuant
to the terms of Section 3.12(a) or (b) hereof, the Servicer and the Special Servicer shall each have the right,
but not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however
(x) neither the Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage interest
of any fee due to the other and (y) to the extent either of the Servicer or the Special Servicer exercises its right to reduce
or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to charge such fee
shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if the Servicer decides
not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer
would have been entitled to if the Servicer had charged a fee and the Servicer shall not be entitled to any of such fee charged
by the Special Servicer.

 

Except
as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder, including all fees of any Sub-Servicers retained by it.

 

(c)       In
addition, a Workout Fee will be payable to the Special Servicer with respect to the Whole Loan if it ceases to be a Specially
Serviced Loan pursuant to the definition thereof. The Workout Fee will be payable out of each collection of interest and principal
(including scheduled payments, prepayments, Balloon Payments and payments at maturity) received on the Whole Loan for so long
as it remains a Corrected Loan. The Workout Fee will cease to be payable if the Whole Loan again becomes a Specially Serviced
Loan or if the Property becomes an REO Property; provided that a new Workout Fee will become payable if and when the Whole
Loan again becomes a Corrected Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect to any
or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to a Corrected
Loan during the period that it had responsibility for servicing such Corrected Loan (or the Specially Serviced Loan had not yet
become a Corrected Loan because as of the time that the Special Servicer is terminated, the Borrower has not made three (3) consecutive
monthly debt service payments and subsequently, the Specially Serviced Loan becomes a Corrected Loan) at the time of such termination
or resignation (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until
the Workout Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A
Liquidation Fee will be payable to the Special Servicer with respect to (i) the Trust Loan if repurchased by the Loan Sellers
after the applicable time period (including any applicable extension thereof) in Section 2.03(e), (ii) a Specially Serviced
Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrower and (iii) except as otherwise
described below, with respect to a Specially Serviced Loan or REO Property as to which the Special Servicer recovered any Liquidation
Proceeds. As to the Trust Loan repurchased by the Loan Sellers after the applicable time period (including any applicable extension
thereof) in Section 2.03(e) or a Specially Serviced Loan or an REO Property, the Liquidation Fee will be payable from the
related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable based
on, or out of, Liquidation Proceeds to the extent set forth in the definition of “Liquidation Fee” herein. With respect
to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Servicer or Special Servicer, as applicable,
shall require that the related mezzanine intercreditor agreement provide that in the event of a purchase of the Whole Loan by
the related mezzanine lender after ninety (90) days following the first time that such holder’s option to purchase the Whole
Loan becomes exercisable (provided, however, that even if the purchase occurs before such expiration the Liquidation
Fee will be payable to the extent paid by, and collected from, the related borrower or the mezzanine lender), such mezzanine lender
shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under

 

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this Agreement with respect to a liquidation of the Whole Loan (provided, however, that such Liquidation Fee shall
in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out of the
Trust unless the Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay
such amounts in breach of its obligation to do so under this paragraph). If, however, Liquidation Proceeds are received with respect
to a Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be
payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding
anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but
not both, with respect to Liquidation Proceeds received on the Whole Loan or a Specially Serviced Loan. In the event that (i)
the Special Servicer resigns or has been terminated, and (ii) prior or subsequent to such resignation or termination, either (A)
a Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer or the
Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer
subsequently became a Corrected Loan, then in either such event the Special Servicer (and not the successor special servicer)
shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

The
Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts, other than management fees in respect of the REO Property, due
and owing to any of its sub servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance
policy obtained by it insuring against hazard losses pursuant to Section 3.08, except to the extent such premiums are reimbursable
pursuant to Section 3.08), if and to the extent such expenses are not expressly payable directly out of the Collection
Account or the REO Account or as a Property Advance, and the Special Servicer shall not be entitled to reimbursement therefor
except as expressly provided in this Agreement.

 

The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, the Borrower, any Manager, any guarantor or indemnitor in respect of
the Whole Loan and any purchaser of the Whole Loan or REO Property) in connection with the disposition, workout or foreclosure
of the Whole Loan, the management or disposition of the REO Property, or the performance of any other special servicing duties
under this Agreement, other than as expressly provided in this Section 3.12; provided that such prohibition shall
not apply to Permitted Special Servicer/Affiliate Fees; provided, further, that any compensation or other remuneration
that the Servicer is permitted to receive or retain pursuant to this Agreement in connection with its duties in such capacity
as the Servicer or the Certificate Administrator in connection with its duties in such capacity as the Certificate Administrator
under this Agreement will not be Disclosable Special Servicer Fees.

 

(d)       In
determining the compensation of the Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any Distribution
Date, the aggregate Penalty Charges collected in respect of the Whole Loan during the related Collection Period shall be applied
(as between Default Interest and late payment charges, in the priority set forth in the definition of “Advance Interest
Amount”) to reimburse (i) the Servicer or the Trustee for interest on Advances at the Advance Rate with respect to the Trust
Loan or Whole Loan that accrued in the period that such Penalty Charges were collected and advance interest to any Companion Loan
Service Provider for any debt service advance made by such party with respect to the related Companion Loan that accrued in the
period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to the Trust Loan
or Whole Loan previously paid to the Servicer, the Trustee or to any Companion Loan Service Provider pursuant to Section 3.06(a)(vi)
and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation
Fees) with respect to the Trust Loan or the Whole Loan paid during or prior

 

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to the Collection Period that such Penalty Charges
were collected and not previously paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed
pro rata to the Servicer and the Special Servicer based upon the amount of Penalty Charges the Servicer or the Special
Servicer would otherwise have been entitled to receive during such period with respect to the Whole Loan without any such application.

 

(e)       The
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be entitled to reimbursement
from the Collection Account in accordance with Section 3.06 for the costs and expenses incurred by them in the performance
of their respective duties under this Agreement which are “unanticipated expenses incurred by the REMIC” within the
meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of
limitation, environmental assessments, Updated Appraisals and appraisals in connection with foreclosure, the fees and expenses
of any administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(xv).
All such costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the Companion Loan, if applicable.

 

(f)        No
provision of this Agreement or of the Certificates shall require the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance
of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business
judgment of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as the case
may be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and other collections on or in respect of the Trust Loan, or from adequate indemnity from
other assets comprising the Trust Fund against such risk or liability.

 

If
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request or
inquiry from the Borrower, any Certificateholder or any other Person the response to which would, in the Servicer’s, the
Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s or the Trustee’s good faith
business judgment require the assistance of Independent legal counsel or other consultant to the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Trustee, the cost of which would not be an expense of the Trust Fund
or the Companion Loan Holder hereunder, then the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless the
Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Servicer’s,
the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s or the Trustee’s expenses
associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as the case may be, in its
sole discretion. Unless such arrangements have been made, the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request
or inquiry.

 

Section
3.13     Reports to the Certificate Administrator; Collection Account Statements. (a) The Servicer
shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City Time) one Business Day prior to the Servicer
Remittance Date prior to each Distribution Date, the CREFC® Loan Periodic Update File and the CREFC® Appraisal
Reduction Template (or such other report mutually agreed to between the Servicer and the Certificate Administrator), if available,
and to the extent required pursuant to Section 4.08, with respect to the Trust Loan for the related Distribution Date (which
shall include, without limitation, the amount of Available Funds allocable to all of the Trust Loan) including information therein
that states the anticipated P&I Advances for the related Distribution Date and any CREFC® License Fee Rate.
The Servicer’s responsibilities under this Section 3.13(a) with respect to REO Loan shall be subject

 

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to the satisfaction
of the Special Servicer’s obligations under Section 3.23. In the event of the receipt by the Servicer of a Principal
Prepayment or other Unscheduled Payment after a Determination Date but prior to the related Servicer Remittance Date, the Servicer
shall be permitted to deliver to the Certificate Administrator a revised CREFC® Loan Periodic Update File by no
later than 10:00 a.m. (New York Time) on the Servicer Remittance Date. In connection with the delivery of any revised report,
the Servicer shall not be required to pay the Certificate Administrator or any other party any “re-state fee” or any
other fee for delivery of such revised report and shall not be required to bear any expenses or penalty charges in connection
with the processing of such Principal Prepayment or Unscheduled Payment. With respect to the Companion Loan, the Servicer shall
make available to the Companion Loan Holder on each Distribution Date or, if such Companion Loan is securitized, the applicable
related Other Servicer no later than the time(s) that it is available to the Certificate Administrator, the CREFC® Investor
Reporting Package (excluding any templates) pursuant to the terms of this Agreement on a monthly basis. The Special Servicer shall
provide any templates relating to the Companion Loan included in the CREFC® Investor Reporting Package and prepared
by the Special Servicer pursuant to the terms hereof to the Servicer promptly upon reasonable request. The Servicer shall provide
any templates relating to the Companion Loan included in the CREFC® Investor Reporting Package (with respect to
templates required to be prepared by the Special Servicer pursuant to the terms hereof, to the extent received) to a related Other
Servicer upon reasonable request.

 

(b)       For
so long as the Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account, not later than
fifteen (15) days after each Distribution Date, the Servicer shall forward to the Certificate Administrator a statement prepared
by the Servicer setting forth the status of the Collection Account as of the close of business on the last Business Day of the
Collection Period related to such Distribution Date and showing the aggregate amount of deposits into and withdrawals from the
Collection Account of each category of deposit (or credit) specified in Section 3.05 and each category of withdrawal (or
debit) specified in Section 3.06 for the related Collection Period, in each case for the Trust Loan. The Trustee and the
Certificate Administrator and its agents and attorneys may at any time during normal business hours, upon reasonable notice, inspect
and copy the books, records and accounts of the Servicer solely relating to the Trust Loan and the performance of its duties hereunder.

 

(c)       Beginning
in December 2020, no later than 4:00 p.m. (New York City Time) on each Servicer Remittance Date, the Servicer shall deliver or
cause to be delivered to the Certificate Administrator (which shall promptly post such report to the Certificate Administrator’s
Website pursuant to Section 4.02(b)), the Operating Advisor, the Companion Loan Holder and the 17g-5 Information Provider
(which shall post such reports to the 17g-5 Information Provider’s website) the following reports (in electronic form) with
respect to the Trust Loan (and, if applicable, the REO Property), providing the required information as of the immediately preceding
Determination Date: (i) to the extent the Servicer has received the most recent CREFC® Special Servicer Loan File
from the Special Servicer at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC®
Historical Loan Modification/Forbearance and Corrected Loan Report, the CREFC® Loan Setup File (with respect
to the first Distribution Date) and CREFC® REO Status Report received from such Special Servicer, (ii) the most
recent CREFC® Property File, CREFC® Financial File, CREFC® Comparative Financial
Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the data required to be
included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer Watch List with information
that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.

 

The
information that pertains to a Specially Serviced Loan or REO Property reflected in such reports shall be based solely upon the
reports delivered by the Special Servicer to the Servicer (other than information as to which the Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(f) or shall be provided
by means of such reports so delivered by the Special Servicer to the Servicer in the form so required. In the absence of manifest
error,

 

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the Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the information and reports
delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively rely upon the Servicer’s
reports and the Special Servicer’s reports and any information provided by the Certificate Administrator or the Trustee
without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(d)       The
Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Companion
Loan Holder, the Initial Purchasers and, upon request by any Rating Agency, the 17g-5 Information Provider (which shall promptly
post such materials to the 17g-5 Information Provider’s website), the following materials, in each case to the extent that
such materials or the information on which they are based have been received by the Servicer with respect to the Trust Loan, which
shall be made available by the Certificate Administrator on the Certificate Administrator’s Website:

 

(i)        Within
forty-five (45) days of receipt by the Servicer (or within sixty (60) days of receipt by the Special Servicer with respect to
a Specially Serviced Loan or REO Property pursuant to Section 3.13(g)(i)) of any annual year-end operating statements beginning
with year-end 2021, with respect to the Property or REO Property (to the extent prepared by and received from the Special Servicer
in the case of a Specially Serviced Loan or REO Property), a CREFC® Operating Statement Analysis Report, together
with copies of the related operating statements and rent rolls (but only to the extent the Borrower is required by the Loan Documents
to deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for such
Specially Serviced Loan or REO Property, only to the extent received by the Special Servicer) for the current trailing 12 months,
if available, or year-to-date. The Servicer (or the Special Servicer in the case of a Specially Serviced Loan or REO Property)
shall use efforts consistent with the Servicing Standard to obtain said annual and other periodic operating statements and related
rent rolls, which efforts shall include a letter sent to the Borrower (followed up with telephone calls), requesting such annual
and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent
with applicable law and the terms of the Whole Loan. Upon receipt of such annual and other periodic operating statements (including
year-to-date statements) and related rent rolls the Servicer shall promptly update the Operating Statement Analysis Report, provided,
however, that any analysis or update with respect to year-end or the first calendar quarter of each year will not be required
to the extent such analysis or update is not required under the then current CREFC® guidelines.

 

(ii)       Within
forty-five (45) days after receipt by the Servicer (or within sixty (60) days of receipt by the Special Servicer in the case of
a Specially Serviced Loan or REO Property pursuant to Section 3.13(g)(ii)) of any annual year-end operating statements
beginning with year-end 2021, if any, with respect to the Property or REO Property (to the extent prepared by and received from
the Special Servicer in the case of a Specially Serviced Loan or REO Property), a CREFC® NOI Adjustment Worksheet
for the Property (with the annual year-end operating statements attached thereto as an exhibit). The Servicer will use the “Normalized”
column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to the Property (other than an REO Property
or the Property for so long as the Whole Loan is a Specially Serviced Loan) to update the CREFC® Operating Statement
Analysis Report for the Property, provided, however, that any analysis or update with respect to year-end or the
first calendar quarter of each year will not be required to the extent such analysis or update is not required under the then
current CREFC® guidelines.

 

Additionally,
the Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment
Worksheet on a monthly basis to the Certificate Administrator; provided,

 

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however, the Servicer shall have no obligation
to update such reports except as set forth in the immediately preceding paragraphs, and no analysis or update shall be required
to the extent such analysis or update is not required to be provided under the then-current applicable CREFC® guidelines.

 

The
Servicer shall maintain one CREFC® Operating Statement Analysis Report for the Property or REO Property (to the
extent prepared by and received from the Special Servicer in the case of an REO Property or the Property for so long as the Whole
Loan is a Specially Serviced Loan) relating to the Whole Loan. The CREFC® Operating Statement Analysis Report for
the Property (other than an REO Property or the Property while the Whole Loan is a Specially Serviced Loan) is to be updated with
trailing 12-month information, as available (commencing with the year ending in December 2020 (to the extent the Borrower provides
sufficient information report in accordance with CREFC® guidelines), or year-to-date information until 12-month
trailing information is available by the Servicer and such updated report shall be delivered to the Trustee, the Operating Advisor,
the Certificate Administrator and the Companion Loan Holder in the calendar month following receipt by the Servicer of such updated
trailing or year-to-date operating statements and related rent rolls for the Property.

 

The
Special Servicer shall pursuant to Section 3.13(d) deliver to the Servicer the information required of it pursuant to this
Section 3.13(d) with respect to a Specially Serviced Loan or REO Loan.

 

(e)       In
connection with their servicing of the Whole Loan, the Servicer and the Special Servicer, as applicable, shall provide to each
other and to the Operating Advisor, the Trustee and the Certificate Administrator, written notice of any event that comes to their
knowledge with respect to the Whole Loan or REO Property that the Servicer or the Special Servicer, respectively, determines,
in accordance with the Servicing Standard, would have a material adverse effect on the Whole Loan or REO Property, which notice
shall include an explanation as to the reason for such material adverse effect.

 

(f)        On
each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Servicer and the Certificate Administrator,
and upon the request of any of the Operating Advisor, the Trustee and the Depositor, to such requesting party, the CREFC®
Special Servicer Loan File with respect to a Specially Serviced Loan (and, if applicable, the REO Property), providing the
required information as of the Business Day prior to such Determination Date (or, upon the reasonable request of any Servicer,
data files in a form acceptable to the Servicer), which CREFC® Special Servicer Loan File shall include data, to
enable the Servicer to produce the CREFC® Supplemental Servicer Reports. In addition, at least two Business Days
prior to each Servicer Remittance Date, the Special Servicer shall deliver the CREFC® Special Servicer Loan File
to the 17g-5 Information Provider (which shall promptly post such item to the 17g-5 Information Provider’s Website). Such
reports or data shall be presented in writing and in an electronic format acceptable to the Servicer.

 

(g)       The
Special Servicer shall deliver or cause to be delivered to the Servicer and, upon the request of any of the Trustee, the Certificate
Administrator, the Operating Advisor, the Depositor or any Rating Agency, to such requesting party, without charge, the following
materials for a Specially Serviced Loan, in each case to the extent that such materials or the information on which they are based
have been received by the Special Servicer:

 

(i)        Beginning
in 2021, within sixty (60) days of receipt by the Special Servicer of any annual operating statements with respect to a Specially
Serviced Loan, a CREFC® Operating Statement Analysis Report for the Property or REO Property as of the end of the
preceding calendar year, together with copies of the operating statements and rent rolls for the Property or REO Property as of
the end of the preceding calendar year (but only to the extent the Borrower is required by the Loan Documents to deliver, or otherwise
agrees to provide, such information) and for the current trailing 12 months, if available, or year-to-date. The Special Servicer
shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and

 

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related rent rolls
with respect to the Property for so long as the Whole Loan is a Specially Serviced Loan or REO Property, which efforts shall include
a letter sent to the Borrower or other appropriate party each quarter (followed up with telephone calls) requesting such annual
and other periodic operating statements until they are received, provided, however, that any analysis or update with respect to
year-end or the first calendar quarter of each year will not be required to the extent such analysis or update is not required
under the then current CREFC® guidelines.

 

(ii)       Beginning
in 2021, within sixty (60) days of receipt by the Special Servicer of any annual operating statements with respect to the Property
for so long as the Whole Loan is a Specially Serviced Loan, a CREFC® NOI Adjustment Worksheet for the Property
or REO Property (with the annual operating statements attached thereto as an exhibit); provided, however, that,
with the consent of the Servicer, the Special Servicer may instead provide data files in a form acceptable to the Servicer. The
Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update
the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements
received with respect to the Property for so long as the Whole Loan is a Specially Serviced Loan or an REO Property to update
the CREFC® Operating Statement Analysis Report for the Property, provided, however, that any analysis or update
with respect to year-end or the first calendar quarter of each year will not be required to the extent such analysis or update
is not required under the then current CREFC® guidelines.

 

Upon
request for receipt of any such items from any Rating Agency, the Servicer shall forward such items to the 17g-5 Information Provider
(who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

The
Special Servicer shall maintain one CREFC® Operating Statement Analysis Report for the Property for so long as
the Whole Loan is a Specially Serviced Loan or the Property is an REO Property. The CREFC® Operating Statement
Analysis Report for the Property or REO Property is to be updated by the Special Servicer and such updated report delivered to
the Servicer within forty-five (45) days after receipt by the Special Servicer of updated operating statements and related rent
rolls for the Property when the Whole Loan is a Specially Serviced Loan or the Property is an REO Property; provided, that
the Special Servicer may instead provide data files in an electronic form acceptable to the Special Servicer. The Special Servicer
shall provide each such report to the Servicer in the then applicable CREFC® format.

 

(h)       If
the Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any provision
of this Agreement (including Section 3.14), the Servicer or the Special Servicer, as the case may be, may satisfy such
obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making such statement,
report or information available on the Servicer’s Website, unless this Agreement expressly specifies a particular method
of delivery; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in
accordance with clause (x) or (y).

 

(i)        The
Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13 available
each month on the Servicer’s Website only with the use of a password, in which case the Servicer shall provide such password
to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose
such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password,
provided that any such Certificateholder or prospective Certificateholder, as the case may be, and has delivered an Investor
Certification to the Trustee, the Certificate Administrator and the Servicer. In connection with providing access to the Servicer’s
Website, the Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence)
adopt reasonable rules and procedures, which may include, to the extent the Servicer deems necessary or appropriate, conditioning

 

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access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide
indemnification to the Servicer for any liability or damage that may arise therefrom.

 

(j)        With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Servicer, without charge
and on the related Determination Date, an electronic report which may include html, word or excel compatible format, clean and
searchable pdf format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer
that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any
of its Affiliates during the related Collection Period (and the Servicer, if it has received such information, shall forward such
information to the Certificate Administrator no later than the Servicer Remittance Date). Such report to the Certificate Administrator
may omit any information that has previously been delivered to the Certificate Administrator by the Servicer or the Special Servicer;
provided that the Certificate Administrator shall include all such related information in the Distribution Date Statement
regardless of how such information was conveyed to it.

 

Section
3.14     Access to Certain Documentation. (a) The Servicer and Special Servicer, as applicable,
shall provide to any Certificateholders and Companion Loan Holder that are federally insured financial institutions, the Federal
Reserve Board, the FDIC and the OTS and the supervisory agents and examiners of such boards and such corporations, and any other
federal or state banking or insurance regulatory authority that may exercise authority over any Certificateholder or the Companion
Loan Holder is subject, access to the documentation regarding the Trust Loan required by applicable regulations of the Federal
Reserve Board, FDIC, OTS or any such federal or state banking or regulatory authority, such access being afforded without charge
but only upon reasonable written request and during normal business hours at the offices of the Servicer or Special Servicer,
as applicable. In addition, upon reasonable prior written notice to the Servicer or the Special Servicer, as the case may be,
the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor or their accountants or other representatives
shall have reasonable access to review the documents, correspondence and records in the possession of the Servicer or the Special
Servicer, as the case may be, as they relate to the Property and any REO Property during normal business hours at the offices
of the Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation
of the Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Borrower,
and the failure of the Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of
such obligation shall not constitute a breach of this Section 3.14.

 

(b)       In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Companion
Loan Holder or any regulatory authority that may exercise authority over a Certificateholder, a Companion Loan Holder, the Servicer
and the Special Servicer may each require payment from such Certificateholder of a sum sufficient to cover the reasonable costs
and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for space;
provided that no charge may be made if such information or access was required to be given or made available under applicable
law. In connection with providing Certificateholders or the Companion Loan Holder access to the information described in the preceding
paragraph, the Servicer and the Special Servicer, as applicable, may require (prior to affording such access) a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Servicer or the Special Servicer,
as the case may be, generally to the effect that such Person is a Holder of Certificates, a Companion Loan Holder or a beneficial
holder of Book-Entry Certificates or a regulator or governmental body and will keep such information confidential.

 

(c)       Upon
the reasonable request of any Certificateholder or any Companion Loan Holder identified to the Servicer to the Servicer’s
reasonable satisfaction, the Servicer may provide (or forward electronically) (at the expense of such Certificateholder or Companion
Loan Holder, as applicable) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the
Servicer

 

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or the Special Servicer; provided that, in connection therewith, the Servicer may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Servicer or Special Servicer,
generally to the effect that such Person is a Holder of Certificates, a Companion Loan Holder or a beneficial holder of Book-Entry
Certificates or a regulator or a governmental body and will keep such information confidential.

 

(d)       The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification
to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “Grace Trust 2020-GRCE” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or
any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial (provided,
however, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)        any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09;

 

(ii)       any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(d) and notice of determination
not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)      any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e);

 

(iv)      any
environmental assessments delivered by the Special Servicer pursuant to Section 3.10(h);

 

(v)       any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 3.28;

 

(vi)      any
annual independent public accountants’ attestation reports delivered pursuant to Section 3.29;

 

(vii)     any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10;

 

(viii)    any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a No Downgrade
Confirmation from any Rating Agency as set forth in the definition of “No Downgrade Confirmation” pursuant to Section
3.30;

 

(ix)      copies
of any questions or requests submitted by the Rating Agencies directed toward the Servicer, Special Servicer, Certificate Administrator
or Trustee;

 

(x)       any
requests for a No Downgrade Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30;

 

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(xi)      any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08, as applicable;

 

(xii)     any
notice of resignation or assignment of the rights of the Servicer or the Special Servicer pursuant to Section 6.04;

 

(xiii)    any
notice of Servicer Termination Event, Operating Advisor Termination Event or termination of the Servicer or the Special Servicer
delivered pursuant to Section 7.03;

 

(xiv)    any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)     any
notice of the merger or consolidation of the Servicer or the Special Servicer pursuant to Section 6.02;

 

(xvi)    any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 10.08;

 

(xvii)   any
notice or other information provided by the Servicer pursuant to Section 10.07;

 

(xviii)  any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f);
provided that the summary of such oral communication shall not attribute which Rating Agency the communication was with;

 

(xix)     the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)      such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within
fifteen (15) days of the Closing Date.

 

The
foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website
(a link to which shall be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor
may notify the parties hereto in writing). Information will be posted on the same Business Day of receipt provided that
such information is received by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m.
(eastern time). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether
the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than
what it purports to be or whether such information (other than (solely with respect to the 17g-5 Information Provider’s
obligation to post such information) the information set forth in clauses (i) through (xix) above) is required to
be posted on the 17g-5 Information Provider’s Website pursuant to this Agreement or Rule 17g-5. In the event that any information
is delivered or posted in error, the 17g-5 Information Provider may remove it from the 17g-5 Information Provider’s Website.
The Certificate Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual
knowledge of any information only by receipt and posting to the 17g-5 Information Provider’s Website. Access will be provided
by the 17g-5 Information Provider to the Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form
of Exhibit O hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website)
on the same Business Day as the request if such certification is submitted by 2:00 p.m., and if such certification is submitted
after 2:00 p.m., on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider
may be directed to 17g5informationprovider@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify
by written notice to the other parties hereto).

 

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Upon
delivery by the Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information
from the Depositor’s 17g-5 website (the “Pre-close Information”), the 17g-5 Information Provider shall
make such information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant
to this Section 3.13(d). Such information shall be provided to the 17g-5 Information Provider via electronic media and
delivered to the 17g-5 Information Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information
Provider to provide access to the Pre-close Information or any other information on the 17g-5 Information Provider’s Website
to any designee or third party. The Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide
information to the 17g-5 Information Provider that is neither specifically required hereunder, nor required by any Rating Agency,
and the 17g-5 Information Provider shall post such information pursuant to the terms hereof.

 

The
17g-5 Information Provider shall notify (i) any party that delivers information to the 17g-5 Information Provider under this Agreement
that such information was received and (ii) any party that delivers information to the 17g-5 Information Provider under this Agreement
and each Person that has signed up for access to the 17g-5 Information Provider’s Website in respect of the transaction
governed by this Agreement each time an additional document is posted to the 17g-5 Information Provider’s Website and such
notice shall specifically identify such document. The 17g-5 Information Provider shall send such notice to such Persons to the
email address that has been provided by and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s
Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in
connection with a completed NRSRO Certification in the form of Exhibit O hereto.

 

The
17g-5 Information Provider shall make available, only to the Rating Agencies and NRSROs, the Rating Agency Q&A Forum and Document
Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the
17g-5 Information Provider’s Website, where the Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator
relating to the Distribution Date Statement, or submit Inquiries to the Servicer or the Special Servicer, as applicable, relating
to the reports being made available pursuant to this Section 3.14(d), the Whole Loan or the Property, (ii) view Inquiries
that have been previously submitted and answered, together with the answers thereto and (iii) submit requests for loan-level reports
and information. Upon receipt of an Inquiry for the Certificate Administrator, the Servicer or the Special Servicer, the 17g-5
Information Provider shall forward the Inquiry to the Certificate Administrator, the Servicer or the Special Servicer, as applicable,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Servicer or the
Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry,
which reply of the Certificate Administrator, Servicer or Special Servicer shall be by email to the 17g-5 Information Provider.
The 17g-5 Information Provider shall post (within a commercially reasonable period following preparation or receipt of such answer,
as the case may be) such Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s
Website. Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a
link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Servicer or the Special Servicer
determines, in its respective sole discretion, that (i) the Inquiry is beyond the scope outlined above, (ii) answering any Inquiry
would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan Documents, (iii) answering
any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney
work product or is not otherwise advisable to answer or (iv)(A) answering any Inquiry would materially increase the duties of,
or result in significant additional cost or expense to, the Certificate Administrator, the Servicer or the Special Servicer, as
applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable, determines in accordance
with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance of such duties
or the payment of such costs and

 

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expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Servicer
or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the case of
the Certificate Administrator, Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the
17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and Document Request Tool together with
a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A Forum and Document Request Tool will
be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Initial Purchasers,
the Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and no
such party shall have any responsibility or liability for the content of any such information. The 17g-5 Information Provider
shall not be required to post to the 17g-5 Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information
Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document
Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person
which are not submitted via the 17g-5 Information Provider’s Website.

 

In
connection with providing access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website,
the Certificate Administrator and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer.
The Certificate Administrator and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination
of information in accordance with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness
of such information being made available, and assume no responsibility for such information; provided that it is acknowledged
and agreed that the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information
solely by virtue of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website.
The 17g-5 Information Provider shall not be liable for its failure to make any information available to the NRSROs unless such
information was delivered to the 17g-5 Information Provider at the email address set forth herein (or other form of electronic
delivery reasonably acceptable to the 17g-5 Information Provider and Servicer or Special Servicer, as applicable) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject
heading of “Grace Trust 2020-GRCE” and sufficient detail to indicate that such information is required to be posted
on the 17g-5 Information Provider’s Website; provided, however, that if such information is not in electronic
format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify
the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format.

 

The
17g-5 Information Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure
of any other party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website
or for any errors or defects in the information supplied by any such party. Neither the Certificate Administrator nor the 17g-5
Information Provider has obtained and neither shall be deemed to have obtained actual knowledge of any information solely by receipt
or posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable.

 

The
17g-5 Information Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be
limited to the specific obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or
warranties as to the compliance of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

(e)       Each
of the Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver,
produce or otherwise make available through its website or otherwise, any additional information identified in Section 3.14(d)
relating to the Whole Loan, the Property or the Borrower, for review by the Depositor, the Initial Purchasers and any other
Persons who

 

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deliver an Investor Certification in accordance with this Section 3.14, the Companion Loan Holder and the Rating
Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is simultaneously
or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d), which shall
post such additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section
3.14(d)), in each case, except to the extent doing so is prohibited by this Agreement, applicable law or by the Loan Documents.
Each of the Servicer and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto
any disclaimer it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for
the Depositor, enter into an Investor Certification or other confidentiality agreement acceptable to the Servicer or the Special
Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special Servicer may contemporaneously provide such
information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Servicer’s
or the Special Servicer’s website, the Servicer and the Special Servicer may require registration and the acceptance of
a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.
In connection with providing access to or copies of the information described in this Section 3.14(e) to current or prospective
Certificateholders the form of confidentiality agreement used by the Servicer or the Special Servicer, as applicable, shall be:
(i) in the case of a Certificateholder (or a licensed or registered investment advisor acting on behalf of such Certificateholder),
an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep
such information confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel
and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein
(provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees
to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein
(or a licensed or registered investment advisor acting on behalf of such prospective purchaser), an Investor Certification indicating
that such Person is a prospective purchaser of a Certificate or an interest therein and is requesting the information for use
in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further dissemination
(except that such Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of
a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification
shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither
the Servicer nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or
by others in violation of the terms of this Agreement. Neither the Servicer nor the Special Servicer shall be responsible or have
any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to
this Section 3.14 unless (i) the Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad
faith, fraud and/or negligence.

 

(f)        The
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be permitted (but shall
not be required) to orally communicate with the Rating Agencies regarding the Trust Loan, the Whole Loan, any Class of Certificates,
the Companion Loan Holder, the Property or any REO Property; provided that such party summarizes the information provided
to the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such written summary
in accordance with the procedures set forth in Section 3.14(d) the same day such communication takes place; provided,
further, that the summary of such oral communications shall not attribute which Rating Agency the communication was with.
The 17g-5 Information Provider shall post such written summary on the 17g-5 Information Provider’s Website in accordance
with the procedures set forth in Section 3.14(d).

 

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(g)       None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Servicer or the Special Servicer, on the one hand, and any Rating Agency
or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to
the Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Servicer
or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s
or NRSRO’s evaluation of the Servicer’s or the Special Servicer’s, as applicable, servicing operations in general;
provided that the Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates
or the Trust Loan to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless
(x) Borrower, property and other deal specific identifiers are redacted; (y) such information has already been provided to the
17g-5 Information Provider pursuant to the terms hereof; or (z) such Rating Agency confirms in writing that it does not intend
to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however,
that the Rating Agencies may use information delivered in reliance on the certification provided in this clause (z) for
any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other
confidentiality agreement to which such Rating Agency is subject) or comprises information collected by the applicable Rating
Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that such Rating
Agency has access to) (in each case, subject to any agreement governing the use of such information, including any engagement
letter with the Depositor or any other applicable depositor).

 

(h)       The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Servicer, the Special Servicer, the Trustee
and any other party hereto shall not be Additional Trust Fund Expenses.

 

(i)       If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Trust Loan (“Due Diligence Service Provider”),
such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the
17g-5 Information Provider’s Website. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this
Agreement, promptly upon receipt thereof.

 

Section
3.15      Title and Management of REO Property and REO Accounts. (a) In the event that
title to the Property is acquired for the benefit of the Certificateholders and the Companion Loan Holder in foreclosure, by deed-in-lieu
of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name
of the Trustee, or its nominee (which shall not include the Servicer), or a separate Trustee or co-Trustee, in each case on behalf
of the Trust Fund and the Companion Loan Holder. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holder,
shall dispose of any REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires
ownership of the REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the
Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in
which case the Special Servicer shall sell the REO Property within the applicable extension period or if the Special Servicer
has applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the additional time
specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion shall
be an expense of the Trust Fund and allocated in accordance with the allocation provisions set forth in the Co-Lender Agreement),
addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust
Fund of the REO Property for an additional specified period will not cause the REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the

 

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exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which
event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion of
Counsel. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holder, shall dispose of any REO Property held
by the Trust Fund prior to the last day of such period (taking into account extensions) by which the REO Property is required
to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided under Section 3.16
hereof. The Special Servicer shall manage, conserve, protect and operate the REO Property for the Certificateholders and the
Companion Loan Holder solely for the purpose of its prompt disposition and sale in a manner which does not cause the REO Property
to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without
regard to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale
of such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section
860F(a)(2)(B) of the Code with respect to such property.

 

(b)       The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any REO Property as are consistent with the manner
in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates,
all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and the
Companion Loan Holder, in connection therewith, the Special Servicer shall agree to the payment of management fees that are consistent
with general market standards. Consistent with the foregoing, the Special Servicer shall cause or permit to be earned with respect
to the REO Property any “net income from foreclosure property”, within the meaning of Section 860G(c) of the Code,
which is subject to tax under the REMIC Provisions, only if it has determined, and has so advised the Trustee and the Certificate
Administrator in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a
greater recovery on behalf of Certificateholders and the Companion Loan Holder than an alternative method of operation or rental
of the REO Property that would not be subject to such a tax.

 

The
Special Servicer shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from
its own funds and general assets and shall establish and maintain with respect to any REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be either (A) an Eligible Account and shall be entitled “Situs
Holdings, LLC, on behalf of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of Grace
Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates and the Companion Loan Holder, REO Account” or (B) entitled
in the name of the limited liability company formed to hold title to the REO Property for the benefit of the Trustee. Title of
any REO Property may be taken in the name of a limited liability company wholly owned by the Lower-Tier REMIC that is managed
by the Special Servicer (the costs of which shall be advanced by the Servicer; provided that such Advance would not be
a Nonrecoverable Advance); provided, further, that such limited liability company (a) shall not elect to be classified
as anything other than an entity that is disregarded as separate from the Lower-Tier REMIC for federal income tax purposes and
(b) shall only hold assets permitted under the REMIC Provisions to be held by a REMIC. The Special Servicer shall be entitled
to withdraw for its account any interest or investment income earned on funds deposited in the REO Account to the extent provided
in Section 3.07(b). The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account within
two (2) Business Days after receipt of the REO Proceeds, and shall withdraw therefrom funds necessary for the proper operation,
management and maintenance of the REO Property and for other Property Protection Expenses with respect to the REO Property, including:

 

(i)       all
insurance premiums due and payable in respect of any REO Property;

 

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(ii)       all
real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;

 

(iii)      all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property; and

 

(iv)      any
taxes imposed on the Lower-Tier REMIC in respect of net income from foreclosure property in accordance with Section 4.05.

 

To
the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above,
the Servicer shall make such Advance unless the Servicer determines, in accordance with the Servicing Standard, that such Property
Advance would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent
tax assessments the Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d)) and if
the Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge of the Servicer’s
failure to make such Advance, shall make such Advance, unless in each case, the Servicer or the Trustee, as applicable, determines
that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination
by the Special Servicer or the Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance. The Trustee,
when making an independent determination whether or not a proposed Advance would be a Nonrecoverable Advance, shall make such
determination in accordance with Section 3.21(d) based on its reasonable judgment. The Servicer or the Trustee, as applicable,
shall be entitled to reimbursement of such Advances (with interest at the Advance Rate) made pursuant to the preceding sentence,
to the extent permitted by Section 3.06. The Special Servicer shall withdraw from the REO Account and remit to the Servicer
for deposit into the Collection Account on a monthly basis prior to or on the related Due Date the Net REO Proceeds received or
collected from each REO Property, except that in determining the amount of such Net REO Proceeds, the Special Servicer may retain
in each REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding
the foregoing, the Special Servicer shall not:

 

(i)     permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)      permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)     authorize
or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or
other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was
completed before default on the Trust Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)     Directly
Operate or allow any Person to Directly Operate any REO Property on any date more than ninety (90) days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

unless,
in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, the
Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and allocated in accordance with
the allocation provisions of the Co-Lender Agreement) to the effect that such action will not cause the REO Property to fail to
qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard
to the 

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exception applicable for purposes of Section 860D(a) of the Code) at any time that it is held by the Trust Fund, in which
case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

The
Special Servicer shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense
of the Trust Fund and allocated in accordance with the allocation provisions of the Co-Lender Agreement and payable out of REO
Proceeds, for the operation and management of any REO Property, within ninety (90) days of the Trust Fund’s acquisition
thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel
that the operation and management of any REO Property other than through an Independent Contractor shall not cause the REO Property
to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code) (which opinion
shall be an expense of the Trust Fund and allocated in accordance with the allocation provisions of the Co-Lender Agreement);
provided that:

 

(i)       the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)       any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of the REO Property, including those listed above, and remit all related revenues
(net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than thirty (30) days following
the receipt thereof by such Independent Contractor;

 

(iii)      none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and the Companion Loan Holder, with respect to the operation and management of any the REO
Property; and

 

(iv)      the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of the REO Property.

 

The
Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related
to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing
in this Agreement shall be deemed to limit or modify such indemnification.

 

(c)       Promptly
following any acquisition by the Special Servicer of an REO Property on behalf of the Trust Fund, the Special Servicer shall notify
the Servicer thereof, and, the Special Servicer shall obtain an Updated Appraisal thereof, but only in the event that any Updated
Appraisal with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge of any material adverse
change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Updated Appraisal,
in order to determine the fair market value of the REO Property and shall notify the Depositor and the Servicer and the Companion
Loan Holder of the results of such Appraisal. Any such Appraisal shall be conducted in accordance with the Appraisal Institute
standards and the cost thereof shall be advanced as a Property Advance. The Special Servicer shall obtain a new Updated Appraisal
or a letter update every 9 months thereafter until the REO Property is sold.

 

(d)       When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation
and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of

 

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any other amount not constituting Rents from Real Property in respect of, any REO Property in accordance with Sections 3.15(a)
and 3.15(b).

 

Section
3.16 Sale of a Specially Serviced Loan or the REO Property. (a) The parties hereto may sell or purchase, or permit the
sale or purchase of, the Whole Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as
otherwise expressly provided in or contemplated by Section 2.03(e) and Section 9.01 or in the Co-Lender Agreement.

 

(b)       If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and the Companion Loan Holder (as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a
single lender) to attempt to sell the Whole Loan if it is a Defaulted Mortgage Loan, the Special Servicer shall use efforts consistent
with the Servicing Standard to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and the Companion
Loan Holder in such manner as will be reasonably likely to realize a fair price if it sells such Defaulted Mortgage Loan. The
Special Servicer shall accept the first (and, if multiple offers are received, the highest cash offer received in the solicitation
process within the time frame set for such process by the Special Servicer) cash offer received from any Person that constitutes
a fair price for such Defaulted Mortgage Loan, subject to any consent or consultation rights of the Directing Holder during any
Subordinate Control Period and any Subordinate Consultation Period or any consultation rights of the Operating Advisor during
the Operating Advisor Consultation Period.

 

The
Special Servicer shall give the Operating Advisor, the Trustee, the Certificate Administrator, the Servicer, the Directing Holder
(during any Subordinate Control Period and any Subordinate Consultation Period) and the Companion Loan Holder, not less than ten
(10) Business Days’ (or five (5) Business Days’ notice in the case of the Directing Holder) prior written notice of
its intention to sell a Defaulted Mortgage Loan (and the Certificate Administrator shall promptly forward such notice to the Certificateholders).
Notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may
make an offer for or purchase any Defaulted Mortgage Loan pursuant to this Agreement. The notice provided to any Companion Loan
Holder pursuant to the second previous sentence shall include notice of the Companion Loan Holder’s opportunity to bid on
the Defaulted Mortgage Loan.

 

(c)       Whether
any cash offer constitutes a fair price for such Defaulted Mortgage Loan, as the case may be, shall be determined by the Special
Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an
Interested Person. In determining whether any offer received from an Interested Person represents a fair price for a Defaulted
Mortgage Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in
accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal
prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special
Servicer is not making an offer with respect to a Defaulted Mortgage Loan, (ii) by the Servicer if the Special Servicer is making
such an offer unless the Servicer and Special Servicer are Affiliates or (iii) the Trustee if the Servicer and Special Servicer
are Affiliates and the Special Servicer is making an offer. The cost of any such Updated Appraisal or narrative appraisal shall
be covered by, and shall be reimbursable as, a Property Advance. No offer from an Interested Person shall constitute a fair price
unless (i) if the offer is equal to or greater than the applicable Repurchase Price, the offer is the highest offer received,
or (ii) if the offer is less than the applicable Repurchase Price, (a) the offer is the highest offer received and (b) at least
two other offers are received from independent third parties. In addition, the Trustee shall be permitted to retain, at the expense
of the related Interested Person, an independent third party expert in real estate or commercial mortgage loan matters with at
least five years’ experience in valuing or investing in loans similar to the Whole Loan that has been selected with reasonable
care by the Trustee to determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s
determination. Any costs and fees of the Trustee in 

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connection with an offer by an Interested Person and the Trustee’s duties
therewith shall be paid in advance of such determination by such Interested Person; provided that the Trustee shall not
engage an independent third party expert whose fees exceed a commercially reasonable amount, as determined by the Trustee.

 

In
determining whether any offer from a Person other than an Interested Person constitutes a fair price for a Defaulted Mortgage
Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative
appraisal that it may have obtained pursuant to this Agreement within the prior nine (9) months), and in determining whether any
offer from a Person other than an Interested Person constitutes a fair price for such Defaulted Mortgage Loan, any appraiser shall
be instructed to take into account, as applicable, among other factors, the period and amount of the Delinquency on such Defaulted
Mortgage Loan, the period and amount of the occupancy level and physical condition of the Property, the state of the local economy
in the area where the Property is located, the expected recovery from such Defaulted Mortgage Loan if the Special Servicer were
to pursue a workout strategy, and the time and expense associated with a purchaser’s foreclosing on the Property. The Repurchase
Price for a Defaulted Mortgage Loan shall in all cases be deemed a fair price.

 

In
addition, the Special Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage
File; provided that the Special Servicer shall take account of any change in circumstances regarding the Property known
to the Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment,
materially affect the value of the Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the Property is located. The Special Servicer may, to the
extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified
Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or
investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making
such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Property Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

(d)       Subject
to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and the Companion Loan Holder) in negotiating and taking any other action necessary or appropriate in connection with the sale
of a Defaulted Mortgage Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith,
the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s
actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to
deposit such amounts into the REO Account or the Collection Account. Any sale of a Defaulted Mortgage Loan shall be final and
without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and
warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such
sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Servicer, the Depositor,
the Operating Advisor, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder or Companion
Loan Holder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(e)       Any
sale of a Defaulted Mortgage Loan shall be for cash only.

 

(f)       [Reserved].

 

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(g)       The
parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property only on the terms and subject to the conditions
set forth in this Section 3.16.

 

(h)       The
Special Servicer shall use efforts consistent with the Servicing Standard to solicit offers for an REO Property on behalf of the
Certificateholders and the Companion Loan Holder in such manner as will be reasonably likely to realize a fair price within the
time period provided for by Section 3.15(a). The Special Servicer shall accept the first (and, if multiple offers are contemporaneously
received, the highest) cash offer received from any Person that constitutes a fair price for the REO Property. If the Special
Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price for any REO Property
within the time constraints imposed by Section 3.15(a), then the Special Servicer shall dispose of the REO Property upon
such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the
circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from whom received.

 

The
Special Servicer shall give the Trustee, the Operating Advisor, the Certificate Administrator and the Servicer, not less than
ten Business Days’ prior written notice of its intention to sell an REO Property, and notwithstanding anything to the contrary
herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property
pursuant to this Agreement.

 

(i)       Whether
any cash offer constitutes a fair price for an REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, however, that no offer from an Interested Person shall constitute a fair price unless it is the
highest offer received. In determining whether any offer received from an Interested Person represents a fair price for an REO
Property, the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance
with this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared
by an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer
is not making an offer with respect to the REO Property (or by the Trustee if the Special Servicer is making such an offer). The
cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered by, and
shall be reimbursable as, a Property Advance. The Trustee shall be permitted to retain, at the expense of the related Interested
Person, an independent third party to determine such fair price and shall be permitted to conclusively rely on the opinion of
such third party’s determination. In determining whether any offer from a Person other than an Interested Person constitutes
a fair price for an REO Property, the Special Servicer shall take into account (in addition to the results of any appraisal, updated
appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining
whether any offer from an Interested Person constitutes a fair price for the REO Property, any appraiser shall be instructed to
take into account, as applicable, among other factors, the period and amount of the occupancy level and physical condition of
the Property or REO Property, the state of the local economy and the obligation to dispose of the REO Property within the time
period specified in Section 3.15(a). The Repurchase Price for an REO Property shall in all cases be deemed a fair price.

 

(j)       Subject
to subsections (h) and (i) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the
Certificateholders and the Companion Loan Holder) in negotiating and taking any other action necessary or appropriate in connection
with the sale of an REO Property, and the applicable collection of all amounts payable in connection therewith. In connection
therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the
Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers
without obligation to deposit such amounts into the Collection Account. Any sale of an REO Property shall be final and without
recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties
typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated
in

 

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accordance with the terms of this Agreement, none of the Special Servicer, the Servicer, the Operating Advisor, the Depositor
or the Trustee shall have any liability to any Certificateholder or Companion Loan Holder with respect to the purchase price therefor
accepted by the Special Servicer or the Trustee.

 

(k)       Any
sale of an REO Property shall be for cash only.

 

(l)       Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be required to accept the highest
cash offer if the Special Servicer determines, in its reasonable and good faith judgment, that rejection of such offer would be
in the best interests of the Certificateholders and the Companion Loan Holder, as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender, and the Special Servicer may accept a lower cash offer (from any Person
other than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer
would be in the best interests of the Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender) (for example, if the prospective buyer making the lower offer is more
likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable).

 

(m)       The
Special Servicer shall have the obligation to sell the Defaulted Mortgage Loan (including the Companion Loan) pursuant to the
terms of the Co-Lender Agreement as if the Trust Loan and the Companion Loan were one whole loan on behalf of the Certificateholders
and the Companion Loan Holder. The Special Servicer shall provide notice to the applicable Other Special Servicer (if any) and,
to the extent it has received prior written notice, the controlling class representative of the related Other Securitization Trust
as soon as practicable following its decision to attempt to sell, and prior to the commencement of marketing of, the Companion
Loan.

 

Section
3.17 Additional Obligations of the Servicer and the Special Servicer; Inspections. (a) The Servicer (at its own expense)
(or, with respect to a Specially Serviced Loan or REO Property, the Special Servicer) shall inspect or cause to be inspected the
Property at such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect the Property
at least once every 12 months commencing in 2021; provided that if the Whole Loan becomes a Specially Serviced Loan, the
Special Servicer shall inspect or cause to be inspected the Property as soon as practicable after the Whole Loan becomes a Specially
Serviced Loan and annually thereafter for so long as the Whole Loan remains a Specially Serviced Loan; provided, further,
that the Servicer will not be required to inspect the Property that has been inspected in the previous 12 months. The cost of
each such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Servicer
as a Property Advance; provided, however, that if such Advance would be a Nonrecoverable Advance, then the cost of such inspections
shall be an expense of the Trust payable from the Collection Account, which expense shall first be reimbursed to the Trust as
an Additional Trust Fund Expense; provided, further, that in the case of any deficiency of amounts on deposit in
the Collection Account, the Servicer shall, after receiving payment or making payments from amounts on deposit in the Collection
Account, if any (i) promptly notify the Companion Loan Holder and (ii) use efforts consistent with the Servicing Standard to exercise
on behalf of the Trust the rights of the Trust under the Co-Lender Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the Companion Loan from the related Companion Loan Holder. The Servicer or the Special Servicer, as
applicable, shall prepare a written report of the inspection describing, among other things, the condition of and any damage to
the Property and specifying the existence of any material vacancies in the Property, any sale, transfer or abandonment of the
Property of which it has actual knowledge, any material adverse change in the condition of the Property, or any visible material
waste committed on the Property. Upon request of any Rating Agency, the Servicer or Special Servicer, as applicable, shall send
such reports to the 17g-5 Information Provider (which shall promptly post such reports to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d)) and, upon request, to the Initial Purchasers within 20 days of completion, each inspection
report.

 

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(b)       The
Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if
it is a Specially Serviced Loan), as applicable, shall exercise the Trustee’s rights, in accordance with the Servicing Standard,
with respect to any Manager under the related Loan Documents and Management Agreement, if any.

 

(c)       If
the Servicer has accepted a voluntary Principal Prepayment with respect to the Whole Loan (other than a Specially Serviced Loan
or a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment restrictions)
(except (i) in accordance with the terms of the Loan Documents, (ii) in connection with the payment of Insurance Proceeds or Condemnation
Proceeds, (iii) subsequent to a default under the Loan Documents (provided that the Servicer reasonably believes that acceptance
of such prepayment is consistent with the Servicing Standard), (iv) pursuant to applicable law or a court order, or (v) at the
request of or with the consent of the Special Servicer), resulting in a Prepayment Interest Shortfall, then the Servicer shall
deliver to the Certificate Administrator on each Servicer Remittance Date for deposit in the Lower-Tier Distribution Account (or
with respect to the Companion Loan, remit to the holder of the Companion Loan a pro rata portion of the following amount),
without any right of reimbursement therefor, a cash payment (a “Servicer Prepayment Interest Shortfall Amount”),
in an amount equal to the lesser of (x) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with such
voluntary Principal Prepayments received in respect of the Whole Loan (if it is a Performing Loan) during the related Collection
Period, and (y) the sum of (A) the aggregate of that portion of its master servicing fees that is being paid in such Collection
Period (calculated for this purpose at 0.25 basis points (0.00250%) per annum) with respect to the Whole Loan if it is
a Performing Loan and (B) any Prepayment Interest Excess received with respect to the related Collection Period. The Servicer’s
obligations to pay any Servicer Prepayment Interest Shortfall Amount, and the rights of the Certificateholders to offset of the
aggregate Prepayment Interest Shortfalls against those amounts, shall not be cumulative.

 

(d)       The
Servicer shall, if the Whole Loan is secured by the interest of the Borrower under a ground lease, promptly (and in any event
within sixty (60) days) after the Closing Date deliver notice to the related ground lessor of the transfer of the Whole Loan to
the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground lease
should thereafter be forwarded to the Servicer; provided that the Loan Sellers shall cooperate with the Servicer with respect
to such notices, including, without limitation, providing the form of notice to be delivered to such ground lessors.

 

(e)       The
Servicer shall, to the extent consistent with the Servicing Standard and permitted by the Loan Documents, not apply any funds
with respect to the Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar feature)
to the prepayment of the Whole Loan prior to an event of default or reasonably foreseeable event of default with respect to the
Whole Loan. Prior to an event of default or reasonably foreseeable event of default any such amounts described in the immediately
preceding sentence shall be held by the Servicer as additional collateral for the Whole Loan.

 

Section
3.18 Authenticating Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate
Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business
under the laws of the United States of America or any state, having a principal office and place of business in a state and city
acceptable to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a
trust business and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall
serve as the initial Authenticating Agent.

 

Any
corporation into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding
to the corporate agency business of

 

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the Authenticating Agent, shall be the Authenticating Agent without the execution or filing
of any paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The
Authenticating Agent may at any time resign by giving at least thirty (30) days’ advance written notice of resignation to
the Certificate Administrator, the Trustee, the Operating Advisor, the Depositor and the Servicer. The Certificate Administrator
may at any time terminate the agency of the Authenticating Agent by giving written notice of termination to the Authenticating
Agent, the Operating Advisor, the Depositor and the Servicer. Upon receiving a notice of resignation or upon such a termination,
or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section
3.18, the Certificate Administrator may appoint a successor Authenticating Agent, which shall be acceptable to the Depositor,
and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 3.18.

 

The
Authenticating Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate
Administrator. Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator,
as applicable.

 

Section
3.19 Appointment of Custodians. Wells Fargo Bank, National Association is hereby appointed as the initial Custodian.
The Certificate Administrator may, at its own expense and with the consent of the Servicer, appoint one or more additional Custodians
to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article
II, by entering into a Custodial Agreement with any Custodian who is not the Depositor; provided that if the additional
Custodian is an Affiliate of the Certificate Administrator such consent of the Servicer need not be obtained and the Certificate
Administrator shall instead notify the Servicer of such appointment. The Certificate Administrator agrees to comply with the terms
of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders
and the Companion Loan Holder. The Certificate Administrator shall not be liable for any act or omission of the Custodian under
the Custodial Agreement, nor will the Certificate Administrator have any obligation to oversee the activities of a non-Affiliate
Custodian. Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a
combined capital and surplus (or shall have its performance guaranteed by an Affiliate with a combined capital and surplus) of
at least $10,000,000, shall have a long-term debt rating of at least “BBB” from Fitch and an equivalent rating from
KBRA (if rated by KBRA). Each Custodian shall be subject to the same obligations and standard of care as would be imposed on the
Certificate Administrator hereunder in connection with the retention of the Mortgage File directly by the Certificate Administrator.
The appointment of one or more Custodians shall not relieve the Certificate Administrator from any of its duties, liabilities
or obligations hereunder. If the Custodian is an entity other than the Certificate Administrator, the Custodian shall maintain
a fidelity bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this
Agreement. The Custodian shall be deemed to have complied with this provision if one of its Affiliates has such fidelity bond
coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Custodian. In addition, the
Custodian shall keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned by
the errors and omissions of its officers and employees in connection with its obligations hereunder in the form and amount that
are customary for securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of
errors and omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer. In lieu of the
foregoing, the Certificate Administrator shall be entitled to self-insure with respect to such risks so long as the Certificate
Administrator is rated at least “A” by Fitch (or, if not rated by KBRA, then the equivalent rating

 

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by two (2) other NRSROs). For the avoidance of doubt, the Certificate
Administrator shall bear no responsibility for any acts or omissions on the part of the Custodian.

 

Section
3.20 Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Servicer shall administer
each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the Mortgage or Loan Agreement,
Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Whole Loan it is servicing.

 

Section
3.21 Property Advances. (a) The Servicer (or, to the extent provided in Section 3.21(c), the Trustee) to the
extent specifically provided for in this Agreement, shall make any Property Advances as and to the extent otherwise required pursuant
to the terms hereof with respect to the Whole Loan. For purposes of distributions to Certificateholders and compensation to the
Servicer, the Special Servicer or the Trustee, Property Advances shall not be considered to increase the Stated Principal Balance
of the Whole Loan, notwithstanding that the terms of the Whole Loan so provide.

 

(b)       Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Servicer not less than five (5) Business Days’
written notice with respect to any Property Advance to be made on a Specially Serviced Loan, before the date on which the Servicer
is required to make such Property Advance with respect to a Specially Serviced Loan or an REO Loan; provided, however,
that the Special Servicer shall be required to provide the Servicer with only two Business Days’ written notice in respect
of Property Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property Advances
required to make tax or insurance payments). If the Servicer or the Trustee makes a Property Advance with respect to the Whole
Loan, then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount
of such Property Advance with respect to the Whole Loan within two (2) Business Days of making such Property Advance.

 

(c)       The
Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one Business
Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant to the terms hereof,
and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person to whom it is to be
paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and instructions for
the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property Advance, or,
if the date for payment has passed or if no such date is specified, then within five (5) Business Days following such notice,
the Trustee, subject to the provisions of Section 3.21(d), shall pay the amount of such Property Advance in accordance
with such information and instructions.

 

(d)       The
Special Servicer shall promptly furnish any party required to make Property Advances hereunder with any information in its possession
regarding a Specially Serviced Loan or an REO Property as such party required to make Property Advances may reasonably request
for purposes of making nonrecoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special
Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance,
and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such
decisions shall remain with the Servicer or the Trustee, as applicable.

 

Notwithstanding
anything herein to the contrary, no Property Advance shall be required hereunder if the Person otherwise required to make such
Property Advance determines that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In addition,
the Servicer shall not make any Property Advance to the extent that it determines or has received written notice that the Special
Servicer has determined that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. 

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In making such
recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
with respect to the Whole Loan, the recovery of which, at the time of such consideration, is being deferred or delayed by the
Servicer or the Trustee, as applicable, in light of the fact that proceeds on the Whole Loan are a source of recovery not only
for the Property Advance, Administrative Advance or P&I Advance under consideration, but also as a potential source of recovery
of such Nonrecoverable Advance which is being or may be deferred or delayed and (ii) consider (among other things) the obligations
of the Borrower under the terms of the Whole Loan as it may have been modified, (iii) consider (among other things) the Property
in its “as-is” or then-current condition and occupancy, as modified by such party’s assumptions (consistent
with the Servicing Standard in the case of the Servicer or the Special Servicer) regarding the possibility and effects of future
adverse changes with respect to the Property, (iv) estimate and consider (consistent with the Servicing Standard in the case of
the Servicer or the Special Servicer) (among other things) future expenses and (v) estimate and consider (among other things)
the timing of recoveries.

 

If
an Appraisal of the Property shall not have been obtained within the prior 9 month period (and the Servicer and the Trustee shall
each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such
an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination
of the Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Servicer or the Trustee, as applicable,
and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Servicer, the Special Servicer
or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate
the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and such
expense shall be allocated in accordance with the allocation provision of the Co-Lender Agreement).

 

Any
determination by the Servicer, Special Servicer or the Trustee that the Servicer or Trustee, as the case may be, has made a Property
Advance that is a Nonrecoverable Property Advance or any determination by the Servicer, the Special Servicer or the Trustee that
any proposed Property Advance, if made, would constitute a Nonrecoverable Property Advance shall be evidenced, in the case of
the Servicer or the Special Servicer, by a certificate of a Servicing Officer delivered to the other, to the Trustee, the Certificate
Administrator, the Depositor, the Operating Advisor, the Companion Loan Holder and the Directing Holder (during any Subordinate
Control Period and any Subordinate Consultation Period), and, in the case of the Trustee, by a certificate of a Responsible Officer
of the Trustee, delivered to the Depositor, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor,
the Companion Loan Holder and the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period),
which in each case sets forth such recoverability determination and the considerations of the Servicer, the Special Servicer or
the Trustee, as applicable, forming the basis of such determination (such certificate to be accompanied by, to the extent available,
income and expense statements, rent rolls, occupancy status, property inspections and other information used by the Servicer,
the Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated
Appraisal); provided, however, that the Special Servicer may, at its option, make a determination in accordance
with the Servicing Standard, that any Property Advance previously made or proposed to be made is nonrecoverable and shall deliver
to the Servicer, the Certificate Administrator, the Trustee, the Directing Holder (during any Subordinate Control Period and any
Subordinate Consultation Period), the Operating Advisor, the Companion Loan Holder and the 17g-5 Information Provider (which shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)), notice of such
determination together with a certificate of a Servicing Officer and supporting information described above, if applicable. Any
such determination shall be conclusive and binding on the Servicer, the Special Servicer and the Trustee. Notwithstanding the
foregoing, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be,
a Nonrecoverable Advance, and in the absence 

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of a determination by the Special Servicer that such an Advance is a Nonrecoverable
Advance, then all such decisions shall remain with the Servicer.

 

Any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that a Property Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Servicer or
the Special Servicer) may obtain, at the expense of the Trust (and such expense shall be allocated in accordance with the allocation
provisions of the Co-Lender Agreement), any analysis, Appraisals or market value estimates or other information for such purposes.
Absent bad faith, any such determination as to the recoverability of any Property Advance shall be conclusive and binding on the
Certificateholders and the Companion Loan Holder.

 

Notwithstanding
the above, the Trustee shall be entitled to rely conclusively on any determination by the Servicer and the Servicer and the Trustee
shall be bound by any determination of the Special Servicer that a Property Advance, if made, would be a Nonrecoverable Property
Advance. The Trustee, in determining whether or not a Property Advance previously made is, or a proposed Property Advance, if
made, would be, a Nonrecoverable Property Advance shall be subject to the standards applicable to the Servicer hereunder.

 

With
respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Servicer determines that a
Property Advance of such amounts would constitute a Nonrecoverable Advance, the Servicer shall deliver notice of such determination
to the Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Servicer (with respect
to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Property) shall determine (with the reasonable assistance of the Servicer) whether the payment of such amount (i)
is necessary to preserve the Property and (ii) would be in the best interests of the Certificateholders and the Companion Loan
Holder, as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender. If the
Servicer or the Special Servicer determines that the payment of such amount (i) is necessary to preserve the Property and (ii)
would be in the best interests of the Certificateholders and the Companion Loan Holder, as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender, the Servicer shall make such payment from the Collection Account to
the extent of Available Funds or, in the case of a determination by the Special Servicer, the Special Servicer shall direct the
Servicer in writing to make such payment and, in either case, the Servicer shall make such payment, to the extent of Available
Funds, from amounts in the Collection Account.

 

Notwithstanding
anything to the contrary contained in this Section 3.21, the Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Servicer has determined
that a Property Advance with respect to such expenditure would be a Nonrecoverable Property Advance (unless, with respect to the
Whole Loan if it is a Specially Serviced Loan or an REO Loan, the Special Servicer has notified the Servicer to not make such
expenditure), where making such expenditure would prevent (i) the Property from being uninsured or being sold at a tax sale or
(ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the
Whole Loan; provided that in each instance, the Servicer determines in accordance with the Servicing Standard (as evidenced
by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that making such expenditure
is in the best interests of the Certificateholders and the Companion Loan Holder, all as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender. The Servicer may elect to obtain reimbursement of Nonrecoverable Property
Advances from the Trust Fund in accordance with Section 3.06.

 

(e)       The
Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by it to the extent
permitted pursuant to Section 3.06, if 

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applicable, of this Agreement, together with any related Advance Interest Amount
in respect of such Property Advances, and the Servicer, the Special Servicer and the Trustee each hereby covenants and agrees
to promptly seek and effect the reimbursement of such Property Advances from the Borrower to the extent permitted by applicable
law and the related Loan Documents.

 

(f)       If
the Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Property Advance, if made, or any
outstanding Property Advance with respect to any such Whole Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance or if the Servicer, Special Servicer or Trustee, as applicable, subsequently determines that a proposed Property Advance
would be a Nonrecoverable Advance or an outstanding Property Advance is or would be a Nonrecoverable Advance, the Servicer or
Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other
Pooling and Servicing Agreement with written notice of such determination, together with supporting evidence for such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the Co-Lender
Agreement.

 

Section
3.22 Appointment of Special Servicer. (a) Situs Holdings, LLC, is hereby appointed as the initial Special Servicer.
During any Subordinate Control Period and subject to the right of the Operating Advisor to recommend the termination of the Special
Servicer and recommend a replacement Special Servicer pursuant to Section 7.01(e), the Directing Holder shall have the
right to direct the Trustee to terminate the Special Servicer as provided in Section 7.01(d) hereof.

 

(b)       At
any time other than a Subordinate Control Period, the Special Servicer may be removed, and a successor Special Servicer appointed,
at any time, upon (a) the written direction of holders of not less than 25% of the aggregate Voting Rights allocable to the Principal
Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated in such written
direction, (b) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal
fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering
such vote and (c) delivery by such holders to the Certificate Administrator of a No Downgrade Confirmation (which No Downgrade
Confirmations shall be obtained at the expense of those Holders requesting a vote), the Certificate Administrator shall promptly
provide written notice to all Certificateholders of such request by posting such notice on its internet website, and by mail,
and conduct the solicitation of votes of all Voting Rights in such regard. At any time other than during a Subordinate Control
Period, upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 75% of a Certificateholder
Quorum or (ii) Holders of Principal Balance Certificates evidencing more than 50% of the Voting Rights allocable to each Class
of Non-Reduced Certificates, to remove the Special Servicer, the Trustee shall (x) terminate all of the rights and obligations
of the Special Servicer under this Agreement and appoint the successor Special Servicer designated by such Holders, provided
that such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding
fees and other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination
and (y) promptly notify such outgoing Special Servicer of the effective date of such termination; provided that if such
written direction is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to
terminate and replace the Special Servicer, then such written direction shall have no force and effect. The provisions set forth
in the foregoing sentences of this paragraph shall be binding upon and inure to the benefit of solely the Certificateholders and
the Trustee as between each other. The Special Servicer shall not have any cause of action based upon or arising from any breach
or alleged breach of such provisions other than as may arise as a result of the failure to comply with the above described voting
procedures. As between the Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Special Servicer.
The Holders of the Certificates and that initiated the vote to replace the 

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Special Servicer shall pay the costs and expenses incurred
in connection with the removal and replacement of the Special Servicer pursuant to this paragraph (including the costs associated
with administering such vote). The Certificate Administrator shall include on each Distribution Date Statement a statement that
each Certificateholder and Beneficial Owner may access notices on the Certificate Administrator’s Website and each Certificateholder
and Beneficial Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s
Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders
or Beneficial Owner for the reasonable expenses of posting such notices.

 

(c)       The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) or direction to terminate pursuant
to Section 3.22(a), so notify the Certificate Administrator, the Companion Loan Holder and the 17g-5 Information Provider
(which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).
The termination of the Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall
not be effective until (i) the delivery of a No Downgrade Confirmation from each Rating Agency to the Trustee and a No Downgrade
Confirmation with respect to the Companion Loan, (ii) the successor special servicer has assumed all of its responsibilities,
duties and liabilities of the Special Servicer hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt
by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve as Special Servicer
is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and (z) this Agreement
will be enforceable against such replacement in accordance with its terms and (iv) the replacement Special Servicer certifies
that such replacement special servicer satisfies all related qualifications set forth in the Co-Lender Agreement. Any successor
Special Servicer shall make the representations and warranties provided for in Section 2.04(e) applicable to the Special
Servicer mutatis mutandis. Further, such successor shall be a Person that satisfies all of the eligibility requirements
applicable to special servicers contained in this Agreement; provided that the licensing requirements set forth
in Section 2.04(e) may, with respect to any successor Special Servicer, be satisfied by a sub-servicer appointed by such
successor Special Servicer in accordance with the terms of this Agreement.

 

The
existing Special Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the
Special Servicer hereunder; provided, however, that the Special Servicer removed pursuant to this Section shall be entitled to
receive, and shall have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of
such resignation and it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including
the right to receive all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive
any Workout Fee and/or Liquidation Fee specified in Section 3.12(c) in the event that the Special Servicer is terminated
and any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a)) notwithstanding any
such removal. Such removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting
the termination of the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation
the transfer within two (2) Business Days to the successor Special Servicer for administration by it of all cash amounts that
are thereafter received with respect to the Whole Loan.

 

(d)       The
appointment of any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that neither the Trustee nor the Servicer shall be liable
for any actions or any inaction of such successor Special Servicer.

 

(e)       No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22. All costs and expenses of any such termination made without cause shall be paid by the Trust as an Additional Trust
Fund Expense.

 

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(f)       Notwithstanding
anything to the contrary contained in this Section 3.22, if the Special Servicer becomes a Borrower Related Party, the
Special Servicer shall resign as Special Servicer. In the event that the Special Servicer is required to resign as Special Servicer
because it has become a Borrower Related Party, during any Subordinate Control Period or Subordinate Consultation Period, (i)
if a Directing Holder has been appointed, the Directing Holder shall appoint a successor special servicer that is not a Borrower
Related Party in accordance with this Agreement unless the Directing Holder is a Borrower Related Party, and (ii) if the Directing
Holder is a Borrower Related Party or no Directing Holder has been appointed, then the largest Controlling Class Certificateholder
(by Certificate Balance) that is not a Borrower Related Party shall be entitled to appoint a successor special servicer that is
not a Borrower Related Party or (iii) if (a) the Directing Holder is a Borrower Related Party or no Directing Holder has been
appointed and (b) there is no Controlling Class Certificateholder that is not a Borrower Related Party, then a successor special
servicer shall be appointed as described in the next paragraph. None of the Servicer, the Depositor, the Operating Advisor, the
Trustee or the Certificate Administrator shall have any obligation to determine if the Special Servicer is or has become a Borrower
Related Party.

 

(g)       In
the event that the Special Servicer is required to resign as Special Servicer because it has become a Borrower Related Party and
either (i) a Subordinate Control Period or a Subordinate Consultation Period is in effect and (a) the Directing Holder is a Borrower
Related Party or no Directing Holder has been appointed and (b) there is no Controlling Class Certificateholder that is not a
Borrower Related Party or (ii) neither a Subordinate Control Period nor a Subordinate Consultation Period is in effect, then upon
resignation of the Special Servicer, at the expense of the Trust, the Certificate Administrator shall promptly provide written
notice of such resignation to all Certificateholders by posting such notice on the Certificate Administrator’s Website and
the successor special servicer shall be appointed upon the written direction of more than 50% of the Voting Rights of the Certificates
that exercise their right to vote (provided that holders of at least 20% of the Voting Rights of the Certificates exercise
their right to vote). If such successor special servicer has not been appointed pursuant to the immediately preceding sentence
within thirty (30) days after the Special Servicer has provided its written notice of resignation, the Certificate Administrator
shall provide written notice to the resigning Special Servicer that such successor special servicer has not been appointed and
such resigning Special Servicer shall use reasonable efforts to appoint such successor special servicer that is a Qualified Replacement
Special Servicer and the agreement of a proposed successor to accept the same or lower compensation, and at the expense of the
Trust, if such successor special servicer has not been appointed within thirty (30) days after such notice by the Certificate
Administrator to the resigning Special Servicer, the resigning Special Servicer shall petition any court of competent jurisdiction
for the appointment of a successor special servicer.

 

(h)       Any
appointment of a successor special servicer under clauses (f) or (g) of this Section 3.22 shall not be effective
until the delivery of a No Downgrade Confirmation from each Rating Agency to the Trustee and a No Downgrade Confirmation with
respect to the applicable Companion Loan(s).

 

(i)       The
successor special servicer shall perform all of the obligations of the Special Servicer and will be entitled to all special servicing
compensation earned during such time as the successor special servicer is acting as special servicer.

 

Section
3.23 Transfer of Servicing Between the Servicer and the Special Servicer; Record Keeping; Asset Status Report; Notice of
Mezzanine Foreclosure. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect
to the Whole Loan of which the Servicer has notice, the Servicer shall promptly give notice thereof to the Special Servicer, the
Certificate Administrator, the Trustee, the Operating Advisor, the Companion Loan Holder and the Loan Sellers, and shall use efforts
in accordance with the Servicing Standard to provide the Special Servicer with all information, documents (but excluding the original
documents constituting the Mortgage File) and records (including records stored electronically) relating to the Whole Loan and
reasonably requested by the Special 

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Servicer to enable it to assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The
Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five (5) Business
Days of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any
event shall continue to act as Servicer and administrator of the Whole Loan until the Special Servicer has commenced the servicing
of the Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred
to in the preceding sentence. With respect to the Whole Loan that becomes a Specially Serviced Loan, the Servicer shall instruct
the Borrower to continue to remit all payments in respect of the Whole Loan to the Servicer. The Servicer shall forward any notices
it would otherwise send to the Borrower of a Specially Serviced Loan to the Special Servicer, which shall send such notice to
the Borrower.

 

Upon
determining that a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall immediately give notice thereof
to the Servicer, and upon giving such notice, the Whole Loan shall cease to be a Specially Serviced Loan in accordance with the
first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to service the Whole Loan
shall terminate and the obligations of the Servicer to service and administer the Whole Loan as a Whole Loan that is not a Specially
Serviced Loan shall resume.

 

(b)       In
servicing a Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the Mortgage File (to the extent such documents are in the possession
of the Special Servicer) and copies of any additional Whole Loan information, including correspondence with the Borrower, and
the Special Servicer shall promptly provide copies of all of the foregoing to the Servicer as well as copies of any analysis or
internal review prepared by or for the benefit of the Special Servicer.

 

(c)       Not
later than two Business Days preceding each date on which the Servicer is required to furnish a report under Section 3.13(a)
to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a copy to the
Trustee, the Operating Advisor and the Servicer, a written statement describing (i) the amount of all payments on account of interest
received on a Specially Serviced Loan, the amount of all payments on account of principal, including Principal Prepayments, on
a Specially Serviced Loan, the amount of Net Insurance Proceeds, Net Liquidation Proceeds and Net Condemnation Proceeds received
with respect to a Specially Serviced Loan, and the amount of net income or net loss, as determined from management of a trade
or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income
that does not constitute Rents from Real Property with respect to the REO Property relating to a Specially Serviced Loan, in each
case in accordance with Section 3.15 (it being understood and agreed that to the extent this information is provided in
accordance with Section 3.13(f), this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional
information relating to a Specially Serviced Loan as the Servicer, the Certificate Administrator or the Trustee reasonably request,
to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Servicer in
writing and/or in such electronic media as is acceptable to the Servicer.

 

(d)       Notwithstanding
the provisions of the preceding Section 3.23(c), the Servicer shall maintain ongoing payment records with respect to a
Specially Serviced Loan relating to the Trust Loan and shall provide the Special Servicer and the Operating Advisor with any information
reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement. The Special Servicer
shall provide the Servicer with any information reasonably required by the Servicer to perform its duties under this Agreement.

 

(e)       No
later than sixty (60) days after the Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the Servicer,
the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), the Operating Advisor, the
Companion Loan

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 Holder and the 17g-5 Information Provider (which shall promptly post such report to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d)), a report (the “Asset Status Report”) with respect to the Whole
Loan and the Property. Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)         the
date of transfer of servicing of the Whole Loan to the Special Servicer;

 

(ii)        a
summary of the status of the Specially Serviced Loan and any negotiations with the Borrower;

 

(iii)       a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the Whole Loan and whether outside legal counsel has been retained;

 

(iv)       the
most current rent roll and income or operating statement available for the Property;

 

(v)       (A)
the Special Servicer’s recommendations on how the Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Servicer for regular
servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Mortgage Loan or REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;

 

(vi)       the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the Whole Loan;

 

(vii)      a
description of any amendment, modification or waiver of a material term of any ground lease;

 

(viii)     the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(ix)        an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(x)         the
appraised value of the Property together with the assumptions used in the calculation thereof, and a copy of the last obtained
Appraisal of the Property; and

 

(xi)        such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

The
Special Servicer shall, subject to the rights of the Directing Holder (during any Subordinate Control Period and any Subordinate
Consultation Period) and the Operating Advisor, take such actions consistent with the Servicing Standard and the Asset Status
Report. The Special Servicer shall not take any 

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action inconsistent with the Asset Status Report, unless such action would be
required in order to act in accordance with the Servicing Standard, this Agreement, applicable law or the Loan Documents.

 

If,
during any Subordinate Control Period, (i) the Directing Holder affirmatively approves in writing an Asset Status Report, (ii)
after ten (10) Business Days from receipt of an Asset Status Report, together with all information in the possession of the Special
Servicer that is reasonably necessary for the Directing Holder to make a decision regarding the Asset Status Report, the Directing
Holder does not object to such Asset Status Report or (iii) within ten (10) Business Days after receipt of an Asset Status Report,
together with all information in the possession of the Special Servicer that is reasonably necessary for the Directing Holder
to make a decision regarding the Asset Status Report, the Directing Holder objects to such Asset Status Report and the Special
Servicer makes a determination in accordance with the Servicing Standard that such objection is not in the best interest of all
the Certificateholders, then the Special Servicer shall take the recommended actions described in the Asset Status Report. Within
ten (10) Business Days after receipt of an Asset Status Report, together with all information reasonably requested by the Directing
Holder in the possession of the Special Servicer that is reasonably necessary to make a decision regarding the Asset Status Report,
the Directing Holder may object to such Asset Status Report; provided that following the occurrence of an extraordinary
event with respect to the Property, or if a failure to take any such action at such time would be inconsistent with the Servicing
Standard, the Special Servicer may take actions with respect to the Property before the expiration of such ten (10) Business Day
period if the Special Servicer reasonably determines in accordance with the Servicing Standard that failure to take such action
before the expiration of such ten (10) Business Day period would materially and adversely affect the interest of the Certificateholders,
and, during any Subordinate Control Period, the Special Servicer has made a reasonable effort to contact the Directing Holder.

 

During
any Subordinate Control Period, if the Directing Holder objects to an Asset Status Report within the above-referenced ten (10)
Business Day period, then the Special Servicer (absent a determination set forth in clause (iii) of the first sentence
of the immediately preceding paragraph) shall revise such Asset Status Report as soon as practicable thereafter, but in no event
later than thirty (30) days after the objection to the Asset Status Report by the Directing Holder. During any Subordinate Control
Period, the Special Servicer shall revise such Asset Status Report as provided in the prior paragraph until the earlier of (a)
the delivery by the Directing Holder of an affirmative approval in writing of such revised Asset Status Report, (b) the failure
of the Directing Holder to disapprove such revised Asset Status Report in writing within ten (10) Business Days of its receipt
thereof and (c) the determination of the Special Servicer, consistent with the Servicing Standard, that the objection of the Directing
Holder is not in the best interests of all the Certificateholders and the Companion Loan Holder. In any event, during any Subordinate
Control Period, if the Directing Holder does not approve an Asset Status Report within ninety (90) days from the first submission
of such Asset Status Report, or the Special Servicer’s determination to take the recommended action as provided in the immediately
preceding paragraph, the Special Servicer shall take such action as set forth in the most recent Asset Status Report; provided
that such action does not violate the Servicing Standard. The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and implement the new action in such revised report so long as such revised report has been
prepared, reviewed and either approved or not rejected as provided above. Upon request, each Initial Purchaser shall be entitled
to a copy of any Asset Status Report.

 

During
an Operating Advisor Consultation Period, the Special Servicer shall promptly deliver each Asset Status Report prepared for the
Whole Loan and the Property to the Operating Advisor and, during any Subordinate Consultation Period, the Directing Holder. The
Operating Advisor shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within ten (10)
Business Days following the later of receipt of (i) such Asset Status Report or (ii) such additional information reasonably requested
by the Operating Advisor related thereto, and propose possible alternative courses of action to the extent it determines such
alternatives to be in the best interest of the Certificateholders (including any 

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Certificateholders that are Holders of the Controlling
Class) as a collective whole. The Special Servicer shall consider such alternative courses of action and any other feedback provided
by the Operating Advisor (and, during any Subordinate Consultation Period, the Directing Holder) in connection with the Special
Servicer’s preparation of any Asset Status Report. The Special Servicer may revise the Asset Status Report as it deems necessary
to take into account any input and/or comments received in response from the Operating Advisor or the Directing Holder, to the
extent the Special Servicer determines that the Operating Advisor’s and/or Directing Holder’s input and/or recommendations
are consistent with the Servicing Standard and in the best interest of the Certificateholders as a collective whole. Promptly
upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments from the Operating
Advisor or the Directing Holder, the Special Servicer shall revise the Asset Status Report, if applicable, and deliver to the
Operating Advisor and the Directing Holder the revised Asset Status Report (until a Final Asset Status Report is issued).

 

The
Asset Status Report is not intended to replace or satisfy any other specific consent or approval right which the Directing Holder
may have.

 

The
Special Servicer may not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless
such action would be required in order to act in accordance with the Servicing Standard. During any Subordinate Control Period
or any Subordinate Consultation Period, if the Special Servicer takes any action inconsistent with an Asset Status Report that
has been adopted as provided above, the Special Servicer shall promptly notify the Directing Holder of such inconsistent action
and provide a reasonably detailed explanation of the reasons therefor.

 

The
Special Servicer shall deliver to the Servicer, the Directing Holder (during any Subordinate Control Period and any Subordinate
Consultation Period), the Operating Advisor, the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information
Provider’s Website), the Companion Loan Holder and, subject to Section 4.02(c), each Rating Agency a copy of each
Final Asset Status Report, in each case with reasonable promptness following the adoption thereof.

 

Notwithstanding
anything herein to the contrary: (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or
obtain consent or approval from the Directing Holder prior to acting (and provisions of this Agreement requiring such consultation,
consent or approval shall be of no effect) during the period following any resignation or removal of the Directing Holder and
before a replacement is selected and/or identified; and (ii) no advice, direction or objection from or by the Directing Holder
or the Operating Advisor, as contemplated by Section 6.09 or pursuant to any other provision of this Agreement, as contemplated
by this Agreement or any intercreditor agreement, may (and the applicable Special Servicer shall ignore and act without regard
to any such advice, direction or objection that such Special Servicer has determined, in its reasonable, good faith judgment,
would): (A) require or cause such Special Servicer to violate applicable law, the terms of the Loan Documents, any intercreditor
agreement or any Section of this Agreement, including the Special Servicer’s obligation to act in accordance with the Servicing
Standard, (B) result in the imposition of federal income tax on the Trust, cause any REMIC to fail to qualify as a REMIC, (C)
expose the Trust, any Certificateholder, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Trustee, any Companion Loan Holder, any holders of Companion Loan Securities, any Other Depositor, any Other
Servicers, any Other Special Servicer, any Other Operating Advisor or any of their respective Affiliates, members, managers, officers,
directors, employees or agents, to any material claim, suit or liability or (D) materially expand the scope of the Servicer’s,
Special Servicer’s, Certificate Administrator’s or Trustee’s responsibilities under this Agreement.

 

(f)       While
the Whole Loan is a Specially Serviced Loan, the Special Servicer shall have the authority to meet with the Borrower.

 

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(g)       The
Special Servicer shall (x) deliver to the Certificate Administrator a proposed notice to Certificateholders that will include
a summary of any Final Asset Status Report in an electronic format (which shall be a brief summary of the current status of the
Property and strategy with respect to the resolution and workout of the Trust Loan), and the Certificate Administrator shall post
such summary on the Certificate Administrator’s Website pursuant to Section 4.02(b) and shall deliver such summary
of any Asset Status Reports to the 17g-5 Information Provider (which shall post such summary to the website pursuant to Section
4.02(b)) and (y) implement the applicable Final Asset Status Report in the form delivered to the 17g-5 Information
Provider pursuant to Section 3.23(e). The Special Servicer may, from time to time, modify any Asset Status Report it has
previously delivered and, following the prompt delivery of such modified Asset Status Report to the 17g-5 Information Provider,
which the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website pursuant to Section 4.02(b),
implement such report.

 

(h)       If
a Servicing Officer of any of the Servicer, Special Servicer or the Depositor shall receive written notice pursuant to the mezzanine
intercreditor agreement that (i) the mezzanine lender has either accelerated any Mezzanine Loan or commenced foreclosure proceedings
against the collateral related to any Mezzanine Loan or collateral related to a future mezzanine loan, or (ii) an event of default
has occurred under any Mezzanine Loan giving rise to an automatic acceleration of any Mezzanine Loan, as applicable, it shall
provide such notice in the form of Exhibit U to the other parties hereto.

 

Section
3.24 Special Instructions for the Servicer and/or Special Servicer. (a) Prior to taking any action with respect to the
Whole Loan secured by the Property located in a “one-action” state, the Servicer or Special Servicer, as applicable,
shall consult with legal counsel, the fees and expenses of which shall be an expense of the Trust Fund and shall be allocated
in accordance with the allocation provisions of the Co-Lender Agreement.

 

(b)       The
Servicer shall send written notice to the Borrower and the Managers and clearing bank relating to the Whole Loan that, if applicable,
it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related Lock-Box
Agreement.

 

(c)       Without
limiting the obligations of the Servicer hereunder with respect to the enforcement of the Borrower’s obligations under the
Loan Documents, the Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions of the Loan
Documents relating to the Whole Loan with respect to the collection of Prepayment Premiums.

 

(d)       In
the event that a Rating Agency shall charge a fee in connection with providing a No Downgrade Confirmation, the Servicer shall
require the Borrower to pay such fee to the extent not inconsistent with the applicable Loan Documents. In the event that such
fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense in the same
manner as Realized Losses as set forth in Section 4.01(d)).

 

(e)       With
respect to the Whole Loan, to the extent not inconsistent with the Whole Loan, neither the Servicer nor the Special Servicer,
as applicable, shall consent to a change of franchise affiliation with respect to the Property, if applicable, or any property
manager with respect to the Property or any material amendment to the Co-Lender Agreement or any mezzanine intercreditor agreement
unless the Servicer or Special Servicer, as applicable, obtains a No Downgrade Confirmation relating to the Certificates and Companion
Loan Securities, if any.

 

Section
3.25 Certain Rights and Obligations of the Servicer and/or the Special Servicer. In addition to its rights and obligations
with respect to a Specially Serviced Loan, the Special Servicer has the right, whether or not the Whole Loan is a Specially Serviced
Loan, to approve (i) Major Decisions to the extent described under Section 3.26 and (ii) certain waivers of due-on-sale
or due-on-encumbrance 

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clauses as described above under Section 3.09. With respect
to a Performing Loan, the Servicer shall promptly notify the Special Servicer of any request for approval (a “Request
for Approval”) received relating to the Special Servicer’s above-referenced approval rights and forward to the
Special Servicer written notice of any Request for Approval accompanied by its written recommendation and analysis and any other
information or documents reasonably requested by the Special Servicer (to the extent such information or documents are in the
Servicer’s possession). The Special Servicer shall have fifteen (15) Business Days (from the date that the Special Servicer
receives the information it requested from the Servicer) to analyze and make a recommendation with respect to a Request for Approval
with respect to a Performing Loan. If the Special Servicer does not respond within such fifteen (15) Business Day period (or in
connection with an Acceptable Insurance Default, ninety (90) days) (unless earlier objected to), the Special Servicer’s
consent shall be deemed given.

 

Section
3.26 Modification, Waiver, Amendment and Consents. (a) Subject to Sections 3.25 and 3.26(g), and subject
to the rights of the Directing Holder during any Subordinate Control Period or Subordinate Consultation Period and the Operating
Advisor during any Operating Advisor Consultation Period (in the case of clause (ii) below), (i) the Servicer (subject to the
Special Servicer’s consent if required pursuant to Sections 3.25 and 6.09(a)) or (ii) with respect to the
Whole Loan if it is a Specially Serviced Loan, the Special Servicer may modify, waive or amend any term of the Whole Loan if such
modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant
modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise (1) cause either
Trust REMIC to fail to qualify as a REMIC or (2) result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including
but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure
property” under Section 860G(c) of the Code). In order to meet the foregoing requirements in the case of a release of real
property collateral securing the Whole Loan, the Servicer or Special Servicer, as applicable, shall observe the REMIC requirements
of the Code with respect to a required payment of principal if the related loan-to-value ratio immediately after the release exceeds
125% with respect to the related real property.

 

(b)       Neither
the Servicer nor the Special Servicer shall extend the Maturity Date of the Whole Loan beyond the date that is the date occurring
later than five (5) years prior to the Rated Final Distribution Date.

 

(c)        Neither
the Servicer nor the Special Servicer shall permit the Borrower to add or substitute any collateral for the Whole Loan, which
collateral constitutes real property, unless the Servicer or the Special Servicer, as applicable, shall have obtained a No Downgrade
Confirmation relating to the Certificates and the Companion Loan Securities, if any.

 

(d)       Any
payment of interest that is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or the Companion Loan Holder, be
added to the unpaid principal balance of the Whole Loan, notwithstanding that the terms of the Whole Loan or such modification,
waiver or amendment so permit.

 

(e)        Subject
to Section 3.30, prior to implementing any of clause (k) of the definition of Major Decision, the Servicer or the Special
Servicer shall obtain a No Downgrade Confirmation with respect to such Major Decision.

 

(f)        Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Whole
Loan in accordance with this Section 3.26 shall be in writing.

 

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(g)       The
Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Depositor, the Directing
Holder (during any Subordinate Control Period or any Subordinate Consultation Period), the Operating Advisor, the Companion Loan
Holder and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d)), in writing, of any modification, waiver, material consent or amendment of any term of the
Whole Loan and the date thereof, and shall deliver to the Custodian for deposit in the Mortgage File, an original counterpart
of the agreement relating to such modification, waiver, material consent or amendment, promptly (and in any event within ten (10)
Business Days) following the execution thereof.

 

(h)       The
Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by the Borrower
for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant
to the terms of the instruments evidencing or securing the Whole Loan and is permitted by the terms of this Agreement and applicable
law, require that the Borrower pays to it (i) as additional servicing compensation, a reasonable and customary fee for the additional
services performed in connection with such request (provided that the charging of such fee would not constitute a “significant
modification” of the Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs
and expenses incurred by it. In no event shall the Servicer or the Special Servicer be entitled to payment for such fees or expenses
unless such payment is collected from the Borrower.

 

(i)       Notwithstanding
the foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance provisions of the Whole
Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and
satisfies the conditions set forth in Section 3.09(h).

 

(j)       Notwithstanding
anything herein or in the Loan Documents to the contrary, the Servicer may permit the substitution of direct, non-callable “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such securities are eligible
defeasance collateral under then current guidelines of the Rating Agencies) for the Property pursuant to the defeasance provisions
of the Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the Loan Documents; provided
that the Servicer receives an Opinion of Counsel (at the expense of the Borrower to the extent permitted under the Loan Documents)
to the effect that such use would not be and would not constitute a “significant modification” of the Whole Loan pursuant
to Treasury Regulations Section 1.860G-2(b) and would not otherwise endanger the status of the Lower-Tier REMIC or the Upper-Tier
REMIC as a REMIC or result in the imposition of a tax upon the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Fund (including
but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure
property”).

 

(k)       Any
modification, waiver or amendment of or consents or approvals relating to the Whole Loan that is a Specially Serviced Loan or
an REO Loan shall be performed by the Special Servicer and not the Servicer.

 

(l)       The
Servicer or the Special Servicer, as applicable, may grant a forbearance on the Whole Loan related to the global COVID-19 pandemic
only if (i) prior to the 2021 calendar year, the period of forbearance granted, when added to any prior periods of forbearance
granted before or after the Trust acquired the Whole Loan (whether or not such prior grants of forbearance were specifically covered
by Revenue Procedure 2020-26), does not exceed six months (or such longer period of time as may be allowed by future guidance
that is binding on federal income tax authorities) and such forbearance is specifically covered by Revenue Procedure 2020-26,
(ii) such forbearance is permitted under another provision of this 

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Agreement and the requirements under such provision are satisfied,
or (iii) an Opinion of Counsel is delivered to the effect that such forbearance will not result in an Adverse REMIC Event.

 

Section
3.27 Annual Compliance Statements. The Servicer, the Special Servicer, and each Servicing Function Participant (if such
Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying
Servicer”) shall, and the Servicer and the Special Servicer shall use commercially reasonable efforts to cause each
Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii)
or (iii) of Regulation AB) (other than any party to this Agreement) with which it has entered into a servicing relationship with
respect to the Whole Loan, to deliver to the Trustee, the Depositor, the Operating Advisor (in the case of the Special Servicer
only), the Certificate Administrator, the 17g-5 Information Providers (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d)) on or before March 15 (subject to a grace period through March 31st)
with respect to the Servicer, the Special Servicer, or any Servicing Function Participant, of each year, commencing in 2020, an
Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities
during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement
or the applicable sub-servicing agreement has been made under such officer’s supervision and (B) that, to the best of such
officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement,
or the applicable sub-servicing agreement, in all material respects throughout such year or portion thereof, or, if there has
been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and
the nature and status thereof. Promptly after receipt of each such Officer’s Certificate, the Depositor shall have the right
to review such Officer’s Certificate and, if applicable, consult with each Certifying Servicer, as applicable, as to the
nature of any failures by such Certifying Servicer, in the fulfillment of any of the Certifying Servicer’s obligations hereunder
or under the applicable Sub-Servicing Agreement.

 

Section
3.28 Annual Reports on Assessment of Compliance with Servicing Criteria. By March 15th (subject to a grace period through
March 31st) of each year, commencing in March 2021, the Servicer, the Special Servicer (regardless of whether the Special Servicer
has commenced special servicing of the Whole Loan) and each Servicing Function Participant (each, a “Reporting Servicer”),
each at its own expense, shall furnish, (and each Reporting Servicer, as applicable, shall use commercially reasonable efforts
to cause, by March 15th (subject to grace period through March 31st), each Servicing Function Participant (other than a party
to this Agreement) with which it has entered into a servicing relationship with respect to the Whole Loan to furnish, each at
its own expense, to the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor (in the case of the Special
Servicer only), the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d))), a report on an assessment of compliance with the Relevant Servicing Criteria with
respect to commercial mortgage backed securities transactions taken as a whole involving such party that contains (a) a statement
by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (b) a statement
that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (c) such Reporting
Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the
fiscal year, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion
of each such failure and the nature and status thereof, and (d) a statement that a registered public accounting firm has issued
an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and
for such period. Copies of all compliance reports delivered pursuant to this Section 3.28 shall be made available to any
Privileged Person by the Certificate Administrator pursuant to Section 4.02(b) and to any Rating Agency and any NRSRO by
the 17g-5 Information Provider pursuant to Section 3.14(d).

 

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No
later than ten (10) Business Days after the end of each fiscal year for the Trust, the Servicer and the Special Servicer shall
each forward to the Certificate Administrator and the Depositor the name and contact information of each Servicing Function Participant
engaged by it during such year or portion thereof and what Relevant Servicing Criteria will be addressed in the report on assessment
of compliance prepared by such Servicing Function Participant. When the Servicer, the Special Servicer and each Servicing Function
Participant submit their respective assessments by March 15th (subject to grace period through March 31st), as applicable, to
the Certificate Administrator (and such other trustee), each such party shall also at such time, if it has received the assessment
(and attestation pursuant to Section 3.29) of each Servicing Function Participant engaged by it, include such assessment
(and attestation) in its submission to the Certificate Administrator (and such other trustee).

 

Promptly
after receipt of each such report on assessment of compliance, the Depositor shall have the right to review each such report and,
if applicable, consult with the Servicer, the Special Servicer and any Servicing Function Participant as to the nature of any
material instance of noncompliance with the Relevant Servicing Criteria by the Servicer, the Special Servicer or any Servicing
Function Participant.

 

The
parties hereto acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment
of compliance pursuant to this Section 3.28 by the Servicer or the Special Servicer shall not, as a result of being so
reported, in and of itself, constitute a breach of such parties’ obligations, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

Section
3.29 Annual Independent Public Accountants’ Servicing Report. By March 15th (subject to a grace period through
March 31st), of each year, commencing in March 2021, each Reporting Servicer, each at its own expense, shall cause, and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than a
party to this Agreement) with which it has entered into a servicing relationship with respect to the Whole Loan, to cause, each
at its own expense, a registered public accounting firm (which may also render other services to the Servicer, the Special Servicer
and such Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified Public
Accountants to furnish a report to the Trustee, the Certificate Administrator, the Operating Advisor (in the case of the Special
Servicer only), the Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d)) to the effect that (i) it has obtained a representation regarding
certain matters from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its
compliance with the Relevant Servicing Criteria in all material respects, and (ii) on the basis of an examination conducted by
such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion
as to whether such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material
respects, or it cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in
such report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted
use language.

 

Promptly
after receipt of such report from each Reporting Servicer, the Depositor shall have the right to review the report and, if applicable,
consult with the related Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer
with the Servicing Criteria applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s
obligations hereunder or under any applicable Sub-Servicing Agreement or primary servicing agreement.

 

Section
3.30 No Downgrade Confirmation. (a) Notwithstanding the terms of any Loan Documents or other provisions of this Agreement,
if any action under the Loan Documents or this Agreement requires No Downgrade Confirmation from each Rating Agency as a condition
precedent to such action, if the party (the “Requesting Party”) attempting to obtain such No Downgrade Confirmation

    -159- 

     

    

 

from each Rating Agency has made
a request to any Rating Agency for such No Downgrade Confirmation and, within ten (10) Business Days of the No Downgrade Confirmation
request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or
has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement
for No Downgrade Confirmation, then (i) such Requesting Party shall (without providing notice to the 17g-5 Information Provider)
confirm that the applicable Rating Agency has received the No Downgrade Confirmation request, and, if it has not, promptly request
the related No Downgrade Confirmation again, and (ii) if there is no response to either such No Downgrade Confirmation request
within five (5) Business Days of such second request, or such Rating Agency has responded in a manner that indicates it is neither
reviewing such request nor waiving the requirement for No Downgrade Confirmation, (x) with respect to any such condition in any
Loan Document requiring such No Downgrade Confirmation, or any other matter under this Agreement relating to the servicing of
the Whole Loan (other than as set forth in clause (y) below), the Requesting Party (or, if the Requesting Party is the Borrower,
then the Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole
Loan if it is Specially Serviced Loan or an REO Loan), as applicable) shall determine, in accordance with its duties under this
Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action
would be in the best interests of the Certificateholders and the Companion Loan Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender), and if the Requesting Party (or, if the Requesting Party is the Borrower,
then the Servicer or the Special Servicer, as applicable) determines that such action would be in the best interest of the Certificateholders
and the Companion Loan Holder (as a collective whole, as if such Certificateholders and the Companion Loan Holder constituted
a single lender), then the requirement for a No Downgrade Confirmation will be deemed not to apply as to the non-responding Rating
Agency, and (y) with respect to a replacement of the Servicer or the Special Servicer, such condition shall be deemed to be satisfied
with respect to a Rating Agency or a rating agency rating any Companion Loan Securities, as applicable, as follows: (i) Moody’s,
if the replacement master servicer or special servicer, as applicable, has been appointed and currently serves as a master servicer
or a special servicer, as applicable, on a transaction-level basis on a CMBS securitization transaction currently rated by Moody’s
that currently has securities outstanding and for which Moody’s has not cited servicing concerns of the applicable replacement
master servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s
in a CMBS securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time
of determination, if Moody’s is the non-responding rating agency; (ii) S&P, if the replacement master servicer or special
servicer is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Servicer or a U.S. Commercial Mortgage
Special Servicer, as applicable, if S&P is the non-responding rating agency; (iii) KBRA, if KBRA has not cited servicing concerns
of the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade
or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a CMBS securitization transaction serviced by the applicable replacement master servicer or special servicer
prior to the time of determination if KBRA is the non-responding rating agency; (iv) Fitch, if the applicable replacement master
servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” or
“CLLSS3” (in the case of the special servicer), if Fitch is the non-responding rating agency; and (v) DBRS Morningstar,
if DBRS Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS
certificates citing servicing concerns with the master servicer or special servicer, as applicable, as the sole or material factor
in such rating action, if DBRS Morningstar is the non-responding rating agency (clauses (i) through (v), “Qualified Servicer”).

 

Any
No Downgrade Confirmation request made by the Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable,
pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the No
Downgrade Confirmation request, and shall 

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contain all back-up material necessary for the applicable Rating Agency to process such
request. Such written No Downgrade Confirmation request shall be provided in electronic format to the 17g-5 Information Provider,
and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with
Section 3.14(d).

 

Promptly
following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section
3.30(b) following any requirement to obtain a No Downgrade Confirmation being considered satisfied, the Servicer or
Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action
taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5
Information Provider’s Website in accordance with Section 3.14(d).

 

(b)       To
the extent the Loan Documents permit the incurrence of a PACE Loan, the Servicer and Special Servicer, prior to permitting the
incurrence of such PACE Loan, shall receive a No Downgrade Confirmation in accordance with Section 3.30(b). The Servicer
and Special Servicer, as applicable, shall take all reasonable actions to collect all expenses accrued in connection with such
request for a No Downgrade Confirmation from the Borrower on behalf of the Trust Fund.

 

(c)        If
the Servicer receives a request from the Borrower for approval of a Qualified Equityholder pursuant to clause (ii) of the definition
of “Qualified Equityholder” in the Loan Agreement, and such entity would not otherwise meet the requirements set forth
in such definition, the Servicer shall receive a No Downgrade Confirmation in accordance with Section 3.30(b) prior to
approving such entity.

 

(d)       For
all other matters or actions not specifically discussed in Section 3.30(b) above, the applicable Requesting Party shall
deliver a No Downgrade Confirmation from each Rating Agency.

 

Section
3.31 Certain Co-Lender Matters Relating to the Whole Loan. (a) Except for those duties to be performed by, and notices
to be furnished by, the Trustee under this Agreement, the Servicer or the Special Servicer, as applicable, shall perform such
duties and furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or
the obligation of the master servicer or the special servicer, as applicable, following securitization, under the Co-Lender Agreement.

 

(b)       The
Servicer shall maintain a register (the “Companion Loan Register”) on which the Servicer shall record the names
and addresses of any Companion Loan Holder and wire transfer instructions for the Companion Loan Holder from time to time, to
the extent such information is provided in writing to the Servicer by the related Companion Loan Holder. Any Companion Loan Holder
agrees to inform the Servicer of its name, address, taxpayer identification number and wiring instructions (to the extent the
foregoing information is not already contained in the Co-Lender Agreement) and of any transfer thereof (together with any instruments
of transfer). The name and address of the initial Companion Loan Holder as of the Closing Date is set forth in the Co-Lender Agreement.
The Servicer shall be entitled to conclusively rely upon the information delivered by any Companion Loan Holder including the
identity of the controlling class representative in any related Other Securitization Trust until it receives notice of transfer
or of any change in information.

 

In
no event shall the Servicer be obligated to pay any party the amounts payable to a Companion Loan Holder hereunder other than
the Person listed as the applicable Companion Loan Holder on the Companion Loan Register. In the event that a Companion Loan Holder
transfers a Companion Loan without notice to the Servicer, the Servicer shall have no liability whatsoever for any misdirected
payment on such Companion Loan and shall have no obligation to recover and redirect such payment.

 

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The
Servicer shall promptly provide the name and address of any Companion Loan Holder, including the identity of the controlling class
representative in any related Other Securitization Trust, to any party hereto, the Companion Loan Holder or any successor thereto
upon written request, and any such party or successor may, without further investigation, conclusively rely upon such information.
The Servicer shall have no liability to any Person for the provision of any such name and address.

 

(c)       The
Directing Holder shall not owe any fiduciary duty to the Trustee, any Servicer, any Special Servicer, any Certificateholder (including
the Directing Holder, if applicable) or any Companion Loan Holder, as applicable. The Directing Holder will not have any liability
to the Certificateholders (including the Directing Holder, if applicable), the Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, or any Companion Loan Holder, as applicable, for any action taken, or for refraining from the taking
of any action or the giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)       The
Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, allocated to
the Directing Holder to the extent set forth in the Co-Lender Agreement, in accordance with the terms of the Co-Lender Agreement
and this Agreement.

 

(e)       The
Special Servicer (with respect to a Companion Loan if such Companion Loan is a Specially Serviced Loan or an REO Loan) or the
Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to
Section 3.13 and Section 3.17 and the following paragraph) the preparation and delivery of reports and other information
with respect to, the Whole Loan or any related REO Property required to be performed by the holder of the Trust Loan or contemplated
to be performed by a servicer, in any case pursuant to and as required by the Co-Lender Agreement. In addition notwithstanding
anything herein to the contrary, the following considerations shall apply with respect to the servicing of the Companion Loan:

 

(i)        none
of the Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Companion Loan; and

 

(ii)       the
Servicer and the Special Servicer shall each consult with and obtain the consent of the Companion Loan Holder to the extent, if
any, required by the Co-Lender Agreement.

 

The
Servicer or Special Servicer, as applicable, shall timely provide to the Companion Loan Holder any reports or notices required
to be delivered to the Companion Loan Holder pursuant to the Co-Lender Agreement (provided, that to the extent that a Companion
Loan has been included in an Other Securitization Trust, such reports or notices required to be delivered by the Special Servicer
to the Companion Loan Holder shall be delivered to the controlling class representative for such Other Securitization Trust to
the extent that the Special Servicer receives written notice of the identity of the controlling class representative for such
Other Securitization Trust), and the Special Servicer shall reasonably cooperate with the Servicer and the Servicer shall reasonably
cooperate with the Special Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If
a Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”,
then neither the Servicer nor the Special Servicer shall knowingly take any action that would result in the equivalent of an Adverse
REMIC Event with respect to such REMIC or adversely affect the tax status of such grantor trust as a grantor trust.

 

The
parties hereto acknowledge that the Companion Loan Holder shall not (1) owe any fiduciary duty to the Trustee, the Certificate
Administrator, the Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the Co-Lender Agreement or the giving of any
consent or for errors in 

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judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that the Companion Loan Holder (i) may take or refrain from taking actions that favor its interests or the interests
of its Affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict with the interests
of the Certificateholders and shall be deemed to have agreed to take no action against the Companion Loan Holder or any of its
officers, directors, employees, principals or agents as a result of such special relationships or conflicts, and (iii) shall not
be liable by reason of its having acted or refrained from acting solely in its interest or in the interest of its Affiliates.

 

The
parties hereto recognize and acknowledge the respective rights of the Companion Loan Holder under the Co-Lender Agreement. Each
of the rights of the Companion Loan Holder under or contemplated by this Section 3.31(e) may be exercisable by a designee
thereof on its behalf; provided that the Servicer, the Special Servicer, the Certificate Administrator and the Trustee
are provided with written notice by the Companion Loan Holder of such designation (upon which such party may conclusively rely)
and the contact details of the designee.

 

Notwithstanding
anything herein or in the Co-Lender Agreement to the contrary, no direction or objection by the Companion Loan Holder may require
or cause the Servicer or the Special Servicer, as applicable, to violate any provision of any Loan Agreement, applicable law,
this Agreement, the Co-Lender Agreement or the REMIC Provisions, including without limitation the Servicer’s or Special
Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Servicer, the Special Servicer, the
Depositor, a Loan Seller, the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability, or materially
expand the scope of the Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any
reference to servicing of the Trust Loan or the Whole Loan in accordance with any of the related Loan Documents (including the
related Note and Mortgage) shall also mean, in the case of the Companion Loan, in accordance with the Co-Lender Agreement.

 

To
the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to the Co-Lender Agreement
are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions as if set forth herein
in full.

 

For
purposes of exercising any rights that the Directing Holder of the Trust Loan Note for any Trust Loan may have under the Co-Lender
Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take
such actions as may be necessary under the Co-Lender Agreement to effect such designation. Unless already provided through the
Distribution Date Statement, the Certificate Administrator shall provide notice of the identity of the Directing Holder (to the
extent the Certificate Administrator has received notice of a change in the identity of the Directing Holder), to the other parties
to the Co-Lender Agreement, to the extent the identity and contact information of such parties to such Co-Lender Agreement are
actually known to the Certificate Administrator.

 

(f)       With
respect to the Trust Loan, the Servicer or the Special Servicer, as applicable, shall provide the Companion Loan Holder within
the same time frame and to the same extent it is required to provide such information and materials to the Certificateholders
or the Directing Holder, as applicable, hereunder with (1) copies of each financial statement received by the Servicer pursuant
to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms
of the Loan Documents, copies of any other documents or information relating to the Trust Loan (including, without limitation,
property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Servicer delivers
to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing
Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “Major Decisions” or “major
actions” as set forth in the related Co-Lender Agreement or the implementation of any recommended actions outlined in an
Asset Status Report relating to the Trust Loan. Any copies to be furnished by the Servicer or the Special 

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Servicer may be furnished
by hard copy or electronic means, provided, however, CREFC® reports shall be delivered at the times
set forth in Section 3.13 in this Agreement.

 

(g)       With
respect to the Whole Loan, if the Companion Loan becomes the subject of an “asset review” (or such analogous term
defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the
Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Custodian shall reasonably cooperate with the
Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset
review by providing the Other Asset Representations Reviewer or such other requesting party with copies of any documents reasonably
requested by the Other Asset Representations Reviewer or such other requesting party, but only to the extent that (i) such asset
representations reviewer or such other requesting party has not been able to obtain such documents from the related mortgage loan
seller or any party to the related Other Pooling and Servicing Agreement, and (ii) such documents are in the possession of the
Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as the case may be. For the avoidance
of doubt, none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian (i) shall have
any further obligations with respect to any asset review nor shall any such party be bound by the results of any asset review,
or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination, would be a
violation of this Agreement or any related intercreditor agreement.

 

Section
3.32 Horizontal Credit Risk Retention.

 

(a)       The
Third Party Purchaser, prior to its acquisition of the Class HRR Certificates, will be required to enter into an agreement with
the Retaining Sponsor (the “Credit Risk Retention Compliance Agreement”).

 

(b)       None
of the Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian shall
be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement.

 

Section
3.33 Resignation Upon Prohibited Credit Risk Retention Affiliation.

 

Upon
the occurrence of (i) a Servicing Officer of the Servicer or a Responsible Officer of the Certificate Administrator or the Trustee,
as applicable, obtaining actual knowledge that the Servicer, the Certificate Administrator or the Trustee, as applicable, is or
has become a Credit Risk Retention Affiliate of the Third Party Purchaser (an “Impermissible TPP Affiliate”),
(ii) the Servicer, the Certificate Administrator or the Trustee receiving written notice from any other party to this Agreement,
the Third Party Purchaser, any Loan Seller or any Initial Purchaser that the Servicer, the Certificate Administrator or the Trustee,
as applicable, is or has become an Impermissible TPP Affiliate, or (iii) an officer or manager of the Operating Advisor that is
responsible for performing the duties of the Operating Advisor obtaining actual knowledge that it is or has become a Credit Risk
Retention Affiliate of the Third Party Purchaser or any other party to this Agreement (an “Impermissible Operating Advisor
Affiliate”; and either of an Impermissible TPP Affiliate or an Impermissible Operating Advisor Affiliate being an “Impermissible
Credit Risk Retention Affiliate”), then in each such case the Impermissible Credit Risk Retention Affiliate shall be
required to promptly notify the Retaining Sponsor and the other parties to this Agreement and resign in accordance with Section
6.04, Section 6.11 or Section 8.07, as applicable. The resigning Impermissible Credit Risk Retention Affiliate
will be required to bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Trust and
the Rating Agency in connection with such resignation as and to the extent required under this Agreement; provided, that
if the affiliation causing an Impermissible Credit Risk Retention Affiliate is the result of the Third Party Purchaser acquiring
an interest in such Impermissible Credit Risk Retention Affiliate or an affiliate of such Impermissible Credit Risk Retention
Affiliate, then such costs and expenses will be an expense of the Trust.

 

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Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section
4.01 Distributions. (a) On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn
(to the extent of the Available Funds, including or reduced by, to the extent required by Section 3.05(f), the Withheld
Amounts and Prepayment Premiums) in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier
Distribution Amount”). Each Class of Lower-Tier Regular Interests shall be deemed to have received interest at its related
Pass-Through Rate on its Lower-Tier Principal Balance outstanding immediately prior to the related Distribution Date in accordance
with the next sentence and distributions in respect of principal in an amount equal to the amount of principal actually distributable
to its respective Corresponding Certificates as provided in Section 4.01(b). Distributions of interest made in respect
of any Class of Regular Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 shall
be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier
Regular Interest set forth in the Preliminary Statement to this Agreement; provided that the Class LA Interest and Class
LB Interest shall be deemed to have received distributions in respect of interest in an amount equal to the pro rata portion
of the Interest Distribution Amount and Class Interest Shortfalls in respect of the Class X Certificates, to the extent actually
distributable thereon as provided in Section 4.01(b).

 

All
distributions of reimbursements of Realized Losses made in respect of any Class of Principal Balance Certificates on each Distribution
Date pursuant to Section 4.01(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in a manner such that the Lower-Tier Principal Balance of each of the Class LA, Class LB, Class LC, Class LD, Class LE,
Class LF and Class LHRR Interests equals the Certificate Balance of the Corresponding Certificates.

 

The
Certificate Administrator shall be deemed to deposit the Lower-Tier Distribution Amount, Prepayment Premiums and Withheld Amounts
distributable to the Lower-Tier Regular Interests pursuant to Section 4.01(b) into the Upper-Tier Distribution Account.
Any amount in respect of the Trust Loan that remains in the Lower-Tier Distribution Account on each Distribution Date after the
deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class LR Certificates (but
only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).

 

(b)       On
each Distribution Date the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited
in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a), and distribute such
amount to the Holders of the Regular Certificates and the Residual Certificates in the amounts and in the order of priority set
forth below:

 

(i)        First,
to the Class A and Class X Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with,
the respective Interest Distribution Amounts for such Classes;

 

(ii)        Second,
to the Class A and Class X Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with,
the respective Class Interest Shortfalls for such Classes;

 

(iii)       Third,
to the Class A Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

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(iv)       Fourth,
to the Class A Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(v)       Fifth,
to the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(vi)       Sixth,
to the Class B Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(vii)      Seventh,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(viii)     Eighth,
to the Class B Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(ix)       Ninth,
to the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(x)        Tenth,
to the Class C Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xi)       Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xii)       Twelfth,
to the Class C Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(xiii)      Thirteenth,
to the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xiv)      Fourteenth,
to the Class D Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xv)       Fifteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xvi)     Sixteenth,
to the Class D Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(xvii)    Seventeenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

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(xviii)      Eighteenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xix)        Nineteenth,
to the Class E Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xx)         Twentieth,
to the Class E Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(xxi)        Twenty-first,
to the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxii)       Twenty-second,
to the Class F Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xxiii)      Twenty-third,
to the Class F Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xxiv)      Twenty-fourth,
to the Class F Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(xxv)       Twenty-fifth,
to the Class HRR Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxvi)      Twenty-sixth,
to the Class HRR Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xxvii)     Twenty-seventh,
to the Class HRR Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xxviii)    Twenty-eighth,
to the Class HRR Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate
of such unreimbursed Realized Losses previously allocated to such Class; and

 

(xxix)       Twenty-ninth,
when the Certificate Balances of all Classes of Principal Balance Certificates have been reduced to zero and after payment in
full of all unpaid expenses of the Trust, to the Class R, any amounts remaining in the Upper-Tier Distribution Account, and to
the Class LR Certificates, any amounts remaining in the Lower-Tier Distribution Account.

 

All
references to “pro rata” in the preceding clauses with respect to interest and Class Interest Shortfalls shall
mean pro rata based on the amount distributable pursuant to such clauses, with respect to distribution of principal other
than for unreimbursed Realized Losses shall mean pro rata based on Certificate Balance and with respect to distributions
with respect to unreimbursed Realized Losses shall 

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mean pro rata based on the amount of unreimbursed Realized Losses previously
allocated to the applicable Classes.

 

(c)       On
each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular
Interests pursuant to Section 4.01(a), the Certificate Administrator shall make distributions of any Prepayment Premiums
received in the related Collection Period from amounts deposited in the Upper-Tier Distribution Account to (i) the holders of
the Class A, Class B, Class C, Class D, Class E and Class F Certificates in an amount equal to the product of (a) a fraction,
not greater than one, the numerator of which is the amount of principal distributed to such Class on such Distribution Date and
the denominator of which is the total amount of principal distributed to the holders of the Principal Balance Certificates on
such Distribution Date; (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates; and
(c) such Prepayment Premiums, and (ii) any Prepayment Premiums remaining after such distributions to the Certificateholders described
in clause (i) will be distributed to the Class X Certificates.

 

All
Prepayment Premiums so distributed shall first be deemed to have been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of the related Lower-Tier Regular Interest whether or not the related Lower-Tier Regular Interest has received
all distributions of interest and principal to which it is entitled.

 

(d)       On
each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the
Certificate Administrator shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to a Class
of Principal Balance Certificates shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized
Losses allocated to a Class of Principal Balance Certificates shall be allocated among the respective Certificates of such Class
in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an allocation
of losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously allocated Realized Losses will not constitute
distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the applicable
Class or in respect of which any such reimbursement is made.

 

The
Certificate Balances of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution
Date as a write-off to the extent of any Realized Losses allocated to such Class with respect to such Distribution Date. Any Realized
Losses allocated to the Certificates shall be applied to the Classes of Principal Balance Certificates in the following order,
in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class HRR Certificates;
second, to the Class F Certificates; third, to the Class E Certificates; fourth, to the Class D Certificates;
fifth, to the Class C Certificates sixth, to the Class B Certificates; and finally, to the
Class A Certificates based upon their respective Certificate Balances. Any amounts recovered in respect of amounts previously
written off as Realized Losses shall be distributed to the Classes of Principal Balance Certificates described above in reverse
order of allocation of Realized Losses thereto in accordance with Section 4.01(b). Additional Trust Fund Expenses and shortfalls
in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Trust
Note Rate on the Trust Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers,
or otherwise, shall be treated as and allocated in the same manner as Realized Losses.

 

With
respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates to Section 4.01(b)
with respect to such Distribution Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests
as a write-off and shall be allocated among the Lower-Tier Regular Interests in the same priority as the Class of Corresponding
Certificates.

 

(e)       All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class 

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based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor; provided that such Holder shall have provided the Paying Agent with
wire instructions in writing at least five (5) Business Days prior to the related Record Date, or, otherwise, by check mailed
by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice
to Holders of such final distribution.

 

(f)       Except
as otherwise provided in Section 9.01 with respect to an Anticipated Final Termination Date, the Certificate Administrator
shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to
any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the
effect that:

 

(A)       the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)       if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided,
however, that the Class R and Class LR Certificates shall remain outstanding until there is no other Class of Certificates
or Lower-Tier Regular Interests outstanding.

 

Any
funds not distributed to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure
of such Holder or Holders of Certificates to tender their Certificates shall, on such date, be set aside and held in trust for
the benefit of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant
to this Section 4.01(f) shall not have been surrendered for cancellation within six (6) months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Holders to surrender their
Certificates for cancellation to receive the final distribution with respect thereto. If within one (1) year after the second
notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Holder or Holders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Holder(s) shall be paid out of such
funds. If within two (2) years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holder(s) thereof, and the
Certificate Administrator shall thereafter hold such amounts for the benefit of such Holder(s) until the earlier of (i) its termination
as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) subject
to the applicable law, the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No
interest shall accrue or be payable to any Holder on any amount held in trust hereunder or by the Certificate Administrator as
a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section
4.01(f). Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income
and gain realized from investment of such funds shall accrue for its benefit.

 

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(g)       Any
shortfalls in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Servicer Prepayment
Interest Shortfall Amounts shall be deemed distributed to, the each Class of Certificates as follows: first, to the Class
HRR Certificates, second, to the Class F Certificates, third, to the Class E Certificates, fourth, to the
Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates, and finally,
to the Class A Certificates and the Class X Certificates, pro rata based on their respective interest entitlements. Servicer
Prepayment Interest Shortfall Amounts shall be deposited by the Servicer into the Collection Account on or prior to the Servicer
Remittance Date.

 

Section
4.02 Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and
Others. (a) On each Distribution Date, the Certificate Administrator shall make available on the Certificate Administrator’s
Website to any Privileged Person a statement (substantially in the form set forth as Exhibit K to this Agreement and based in
part on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared
by the Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the Servicer
and Special Servicer relating to such Distribution Date, including the CREFC® Special Servicer Loan File, upon
which information the Certificate Administrator may conclusively rely, in accordance with CREFC® guidelines and
(ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate Administrator) as to distributions
made on such Distribution Date (each, a “Distribution Date Statement”) setting forth (with respect to each
Class of Certificates) the following information:

 

(i)         the
Record Date, Certificate Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)        the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates;

 

(iii)       the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable
to (A) the Interest Distribution Amount and/or (B) Class Interest Shortfalls;

 

(iv)       the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)        the
aggregate amount of compensation paid to the Trustee and the Certificate Administrator and servicing compensation paid to the
Servicer, the Special Servicer and the Operating Advisor for the related Determination Date, CREFC® and any other
fees or expenses accrued and paid from the Trust Fund;

 

(vi)       the
Stated Principal Balance of the Trust Loan or REO Loan outstanding immediately before and immediately after the Distribution Date;

 

(vii)      the
remaining term to maturity and the mortgage rate of the Trust Loan as of the related Determination Date;

 

(viii)     whether
the Trust Loan is (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent ninety (90) days or more or (D) current
but is a Specially Serviced Loan or in foreclosure (but not REO Loan);

 

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(ix)       the
Available Funds for such Distribution Date, and any other cash flows received on the Trust Loan and applied to pay fees and expenses
(including the components of the Available Funds, or such other cash flows);

 

(x)         the
amount of the distribution on the Distribution Date to any Class of Certificates allocable to Prepayment Premiums;

 

(xi)      
 the accrued Interest Distribution Amount in respect of each Class of Certificates for such Distribution
Date;

 

(xii)       the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date;

 

(xiii)      (A)
the Principal Distribution Amount for the Distribution Date and (B) the portion of the Principal Distribution Amount distributed
to each Class of Principal Balance Certificates, for the Distribution Date;

 

(xiv)       the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be of each Class of Certificates, before and after
giving effect to the distributions made on such Distribution Date, separately identifying any reduction in the aggregate Certificate
Balance (or, if applicable, the aggregate Notional Amount) of each such Class due to Realized Losses and/or Additional Trust Fund
Expenses;

 

(xv)       the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial Certificate Balance, for each Class of Certificates, immediately following
the Distribution Date;

 

(xvi)      the
amount of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated during the related Collection Period and
the total Appraisal Reduction Amounts and Collateral Deficiency Amounts as of the Distribution Date;

 

(xvii)     a
statement as to whether the Trust Loan was modified, extended or waived during the related Collection Period (including a description
of any material modifications, extensions or waivers to Trust Loan terms, fees, penalties or payments during the Collection Period
or that have cumulatively become material over time);

 

(xviii)    the
amount of any remaining unpaid Class Interest Shortfalls for each Class of Certificates as of the Distribution Date;

 

(xix)       a
statement as to whether the Trust Loan was the subject of a Principal Prepayment (other than Liquidation Proceeds and Insurance
Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount
of Principal Prepayments made during the related Collection Period;

 

(xx)       a
statement as to whether the Trust Loan was defeased during the related Collection Period;

 

(xxi)      the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

(xxii)     if
a repurchase of any portion of the Trust Loan was made by the Loan Sellers or the Trust Loan was otherwise liquidated or disposed
of during the related Collection Period, the 

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amount of proceeds of any repurchase of the Trust Loan, Liquidation Proceeds and/or
other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date;

 

(xxiii)       the
amount on deposit in the Interest Reserve Account before and after giving effect to the distribution made on such Distribution
Date;

 

(xxiv)       the
then-current credit support levels for each Class of Principal Balance Certificates;

 

(xxv)       the
original and then-current ratings of each Class of Certificates;

 

(xxvi)       if
the Property becomes an REO Property during the preceding calendar month, the latest Debt Service Coverage Ratio and the current
Stated Principal Balance;

 

(xxvii)      if
the Property became REO Property during the preceding calendar month, the value of any REO Property included in the Trust Fund
at the close of business on the Determination Date based on the most recent appraisal;

 

(xxviii)     with
respect to an REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery Determination
has been made, (A) the Realized Loss attributable to the Trust Loan, (B) the amount of sale proceeds and other amounts, if any,
received in respect of the REO Property during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date and (C) the date of the Final Recovery Determination;

 

(xxix)       the
amount of the distribution on the Distribution Date to the holders of the Residual Certificates;

 

(xxx)         material
breaches of Trust Loan representations and warranties or any covenants of which the Operating Advisor, the Trustee, the Certificate
Administrator, the Servicer or the Special Servicer has received written notice;

 

(xxxi)       the
amount of Realized Losses, Additional Trust Fund Expenses and Class Interest Shortfalls, if any, incurred with respect to the Trust Loan
during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed or
paid);

 

(xxxii)      an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period; and

 

(xxxiii)      the
identity of the Controlling Class;

 

(xxxiv)     the
identity of the Directing Holder;

 

(xxxv)      the
amount of any CREFC® License Fee payable on such Distribution Date; and

 

(xxxvi)       a
statement that there is available on the website of the Certificate Administrator information regarding ongoing compliance by
the Third Party Purchaser with certain specified provisions of the Credit Risk Retention Rules, which will be posted on the “Risk
Retention Special Notices” tab of the Certificate Administrator’s Website.

 

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In
the case of information furnished pursuant to clauses (ii), (iii), (iv), (vi), (xi), (xiii), (xix)
and (xxi) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable
Class and per $1,000 of original Certificate Balance or Notional Amount, as the case may be.

 

On
each Distribution Date, the Certificate Administrator shall make available to each Holder of a Class R or Class LR Certificate
a copy of the reports made available to the other Certificateholders on such Distribution Date and a statement setting forth the
amounts, if any, actually distributed with respect to the Class R or Class LR Certificates on such Distribution Date. Such obligation
of the Certificate Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable
information pursuant to any requirements of the Code as from time to time in force.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish, upon request, to
each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis
(if appropriate) the items provided to Certificateholders pursuant to clauses (i) and (ii) above as to the applicable
Class, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder, together
with such other information as may be required to enable such Certificateholders to prepare their federal income tax returns.
Such information shall include the amount of original issue discount accrued on each Class of Certificates held by Persons other
than Holders exempted from the reporting requirements and information regarding the expenses of the Trust Fund. Such requirement
shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from
time to time in force.

 

On
each Distribution Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in
electronic format at dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the
Certificate Administrator).

 

(b)       The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person, the
following items, in each case to the extent received by the Certificate Administrator:

 

(i)         the
following “deal documents”:

 

(A)       the
Offering Circular;

 

(B)       this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Trust Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)       the
CREFC® Loan Setup File prepared by the Servicer and delivered to the Certificate Administrator;

 

(ii)       the
following “periodic reports”:

 

(A)       the
Distribution Date Statements;

 

(B)        the
supplemental reports and the CREFC® data files (other than the CREFC® Loan Setup File and the CREFC®
Special Servicer Loan File) identified as such in the definition of “CREFC® Investor Reporting Package
(CREFC® IRP)”, to the extent it has received or prepared such report or file; and

 

(C)       any
annual reports provided by the Operating Advisor;

 

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(iii)       the
following “additional documents”:

 

(A)       the
summary of any Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(B)       any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)       the
CREFC® Appraisal Reduction Template;

 

(iv)       the
following “special notices”:

 

(A)       all
Special Notices;

 

(B)       notice
of any waiver, modification or amendment of any term of the Trust Loan;

 

(C)       notice
of final payment on the Certificates;

 

(D)       all
notices of the occurrence of any Servicer Termination Events or Operating Advisor Termination Event received by the Certificate
Administrator;

 

(E)       notice
of termination or resignation of the Servicer, the Special Servicer, the Operating Advisor or the Trustee (and appointments of
successors to the Servicer, the Special Servicer, the Operating Advisor or the Trustee);

 

(F)       any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(G)       any
and all Officer’s Certificates and other evidence delivered to the Certificate Administrator supporting the Servicer’s,
the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance;

 

(H)       any
notice of the termination of the Trust;

 

(I)       any
notice of the termination of a Subordinate Control Period;

 

(J)       any
notice of the termination of a Subordinate Consultation Period;

 

(K)       any
notice of the occurrence of or termination of an Operating Advisor Consultation Period;

 

(L)       the
annual assessments as to compliance (in the case of the Servicer and the Special Servicer) and the Officer’s Certificates
delivered by the Servicer, the Special Servicer and the Operating Advisor to the Certificate Administrator since the Closing Date
pursuant to Section 3.28; and

 

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(M)       the
annual independent public accountants’ servicing report caused to be delivered by the Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 3.28;

 

(v)        the
Investor Q&A Forum;

 

(vi)       solely
to Certificateholders and Beneficial Owners, the Investor Registry

 

(vii)       the
following “Risk Retention Special Notices”, if any, and in each case, to the extent such notice is provided by the
Retaining Sponsor:

 

(A)       the
fair value of the Class HRR Certificates as of the Closing Date and the fair value of the “eligible horizontal residual
interest” (as such term is defined in the Credit Risk Retention Rules) that the Retaining Sponsor would have been required
to retain under the Credit Risk Retention Rules;

 

(B)       any
material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating
the fair value or range of fair values disclosed in the Offering Circular under the heading “Credit Risk Retention”
prior to the pricing of the Certificates and (b) the valuation methodology or the key inputs and assumptions that were used in
calculating the fair values referred to in clause (A) above; and

 

(C)       any
noncompliance of the applicable Credit Risk Retention Rules by the Third Party Purchaser or a successor third party purchaser
as and to the extent the Retaining Sponsor is required under the Credit Risk Retention Rules.

 

The
Certificate Administrator may require a receipt of any of the information set forth above to execute a confidentiality agreement
(which may be in the form of a web page “click through”). In addition to posting the applicable notices on the “Risk
Retention Special Notices” tab described above, the Certificate Administrator shall provide email notification to any Privileged
Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s
Website that a notice has been posted to the “Risk Retention Special Notices” tab.

 

Any
Person (including the Directing Holder, any Controlling Class Certificateholder or any Companion Loan Holder) that is a Borrower
Related Party shall only be entitled to access the Distribution Date Statements, and the following items to the extent that they
are made available to the general public on the Certificate Administrator’s Website: this Agreement, the Trust Loan Purchase
Agreements and any SEC filings.

 

In
the case of the Directing Holder or a Controlling Class Certificateholder that is not a Borrower Related Party, upon delivery
of an investor certification substantially in the form of Exhibit L-1-A hereto, such Directing Holder or Controlling Class
Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each conclusively rely on (i) an
investor certification in the form of Exhibit L-1-A hereto from the Directing Holder or a Controlling Class Certificateholder
to the effect that such Person is not a Borrower Related Party and (ii) an investor certification in the form of Exhibit L-1-B
hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is a Borrower Related
Party. In the event the Directing Holder or a Controlling Class Certificateholder becomes a Borrower Related Party, such party
shall promptly notify each of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee in writing substantially in the form of Exhibit L-1-D that such party is a Borrower Related Party. Notwithstanding

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anything herein to the contrary, each of the Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator
shall be entitled to conclusively assume that the Directing Holder and all beneficial owners of the Certificates of the Controlling
Class are not Conflicted Controlling Class Holders except to the extent that the Servicer, the Special Servicer, the Operating
Advisor or the Certificate Administrator, as applicable, has received such notice from the Directing Holder or a Controlling Class
Certificateholder that it has become a Borrower Related Party. None of the Servicer, the Special Servicer, the Operating Advisor
or the Certificate Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder
or disclosure of Privileged Information if the Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator,
as applicable, did not receive prior written notice that the Directing Holder or a Controlling Class Certificateholder is a Borrower
Related Party.

 

To
the extent the Directing Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to the Certificate
Administrator’s Website as a Privileged Person, such Directing Holder or Controlling Class Certificateholder shall be deemed
to have agreed that it (i) will not directly or indirectly provide any information to the Borrowers or to any Conflicted Controlling
Class Holder or (A) any employees or personnel of such Directing Holder or Controlling Class Certificateholder or any Affiliate
involved in the management of any investment in the Borrowers or the Property or (B) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the Borrowers, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

The
Certificate Administrator makes no representations or warranties as to the accuracy or completeness of such information and assumes
no responsibility therefor. In addition, the Certificate Administrator may disclaim responsibility for any information distributed
by the Certificate Administrator for which it is not the original source. The Certificate Administrator shall not be responsible
for the accuracy or completeness of any information supplied to it by the Servicer or, Special Servicer or Operating Advisor that
is included in any reports, statements, materials or information prepared or provided by the Servicer or, Special Servicer or
Operating Advisor, as applicable, and the Certificate Administrator shall be entitled to conclusively rely upon the Servicer’s
reports and, the Special Servicer’s reports and the Operating Advisor’s reports without any duty or obligation to
recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection with providing access to
the Certificate Administrator’s Website, the Certificate Administrator may require registration and the acceptance of a
disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance herewith. The
Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by
virtue of its receipt and posting of such information to the Certificate Administrator’s Website or its filing of such information
pursuant to this Agreement.

 

The
Certificate Administrator shall have no any liability for access by a Conflicted Controlling Class Holder to the Certificate Administrator’s
Website of any information with respect to which such Conflicted Controlling Class Holder is prohibited from accessing pursuant
to this Agreement if such Conflicted Controlling Class Holder provided an Investor Certification but did not indicate it was a
Borrower Related Party.

 

The
provisions in this Section shall not limit the Servicer’s ability to make accessible certain information regarding the Trust
Loan at a website maintained by the Servicer. In providing access to any information, the Servicer shall be entitled to rely on
the certifications delivered to it pursuant to and in accordance with the terms of this Agreement. The Servicer shall not be liable
for the dissemination of information in accordance with this Agreement.

 

(c)       The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate 

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Administrator’s Website, where (i) Certificateholders
and Beneficial Owners may (a) submit questions to the Certificate Administrator relating to the Distribution Date Statement, (b)
submit questions to the Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant
to this Section 4.02(c), the Trust Loan or the Property and (c) submit questions to the Operating Advisor relating to the
Operating Advisor’s annual report or other reports prepared by the Operating Advisor or actions by the Special Servicer
reference in any Operating Advisor annual report (collectively, “Inquiries”), and (ii) Privileged Persons may
view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry
for the Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the
Servicer, the Special Servicer or the Operating Advisor, as applicable, in each case within a commercially reasonable period following
receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Servicer, the Special Servicer or the Operating
Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply
of the Servicer, Special Servicer or Operating Advisor shall be sent by email to the Certificate Administrator. The Certificate
Administrator shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case
may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate Administrator, the Servicer, the
Special Servicer or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope
outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust, the Certificateholders (as a collective
whole as if such Certificateholders constituted a single lender), (iii) answering any Inquiry would be in violation of applicable
law, this Agreement or the Loan Documents, (iv) answering any Inquiry would or is reasonably expected to result in a waiver of
an attorney-client privilege or the disclosure of attorney work product, (v) answering any Inquiry would materially increase the
duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer, the Special Servicer
or the Operating Advisor, as applicable, or (vi) answering any Inquiry is otherwise for any reason not advisable to answer, it
shall not be required to answer such Inquiry, in which case the Certificate Administrator shall not post the related inquiry.
In addition, no party shall post or otherwise disclose information known to such party to be Privileged Information as part of
its response to any Inquiry without the prior written consent of the Depositor. The Certificate Administrator shall notify the
Person who submitted such Inquiry in the event that the Inquiry will not be answered. The Certificate Administrator shall not
be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Special Servicer shall not post or otherwise disclose
direct communications with the Directing Holder as part of its response to any Inquiries; provided that the Certificate
Administrator shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum
to determine if such inquiry or answer contains any such direct communication with the Directing Holder, or otherwise to consult
with the party from whom such Inquiry or answer is received to confirm the same, and the Certificate Administrator shall have
no liability in connection with its posting to the Investor Q&A Forum of any Inquiry or answer containing such direct communication.
The Investor Q&A Forum will not reflect questions, answers and other communications between the Certificate Administrator
or any other Person which are not submitted via the Investor Q&A Forum.

 

(d)       The
Certificate Administrator shall make available to any Certificateholder, and Beneficial Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least forty-five (45) days from the date of such certification to
other registered Certificateholders and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory
fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address,
phone, and Class(es)

    -177- 

     

    

 

 of Certificates owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator
that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (45) days of its registration),
the Certificate Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator shall not be
responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining
the accuracy of any information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access
to the Investor Registry.

 

(e)       The
Servicer may, but is not required to, at its sole cost and expense, make any of the reports or files it delivers pursuant to this
Agreement available on the Servicer’s Website only with the use of a password, in which case the Servicer shall provide
such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed
not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests
such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be, has delivered
an Investor Certification to the Trustee, the Certificate Administrator and the Servicer. In connection with providing access
to the Servicer’s Website, the Servicer may require registration and the acceptance of a disclaimer and otherwise (subject
to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Servicer deems necessary
or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information,
and which may provide indemnification to the Servicer for any liability or damage that may arise therefrom. The Servicer shall
not be liable for dissemination of this information in accordance with this Agreement; provided that such information otherwise
meets the requirements set forth herein with respect to the form and substance of such information or reports. The Servicer shall
be entitled to attach to any report provided pursuant to this subsection, any reasonable disclaimer with respect to information
provided, or any assumptions required to be made by such report. Notwithstanding anything herein to the contrary, the Servicer
may, at its sole cost and expense, make available by electronic media, bulletin board service or Internet website any reports
or other information the Servicer is required or permitted to provide to the Borrower with respect to the Borrower’s Whole
Loan to the extent such action does not conflict with the terms of this Agreement, the terms of the Loan Documents or applicable
law. If the Servicer is required to deliver any statement, report or other information under any provision of this Agreement,
then, the Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information,
(y) delivering such statement, report or information in a commonly used electronic format, or (z) making such statement, report
or information available on the Servicer’s Website, unless this Agreement expressly specifies a particular method of delivery;
provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with
clause (x) or (y) or, upon request, clause (z).

 

(f)       The
Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Servicer) provide the Servicer
with such information in its possession regarding a Specially Serviced Loan or an REO Property as may be reasonably necessary
for the Servicer to prepare each report and any supplemental information to be provided by the Servicer to the Certificate Administrator.
Neither the Certificate Administrator nor the Depositor shall have any obligation to recompute, verify or recalculate the information
provided thereto by the Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received from
the Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating and making
distributions to Certificateholders and allocating Realized Losses to the Certificates in accordance with Section 4.01
and preparing the statements to Certificateholders required by Section 4.02(a).

 

(g)       As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable 

    -178- 

     

    

 

reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available
information so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the
content or accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)       The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two (2) Business
Days prior notice, for review by any Privileged Person upon resubmission of an Investor Certification, originals or copies of
documents relating to the Trust Loan and any REO Property to the extent in its possession, including, without limitation, the
following items (except to the extent prohibited by applicable law or under any of the Loan Documents):

 

(i)        any
and all notices and reports delivered to the Certificate Administrator with respect to the Property as to which the environmental
testing contemplated by Section 3.10(g) revealed that neither of the conditions set forth in clauses (i) and (ii)
thereof was satisfied;

 

(ii)        the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been
made available by the Borrower) and/or lease summaries and retail “sales information”, if any, collected by or on
behalf of the Servicer or the Special Servicer in respect to the Property;

 

(iii)       the
Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into by the
Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)       any
other information that may be necessary, as determined by the Depositor, to satisfy the requirements of subsection (d)(4)(i) of
Rule 144A under the Securities Act to the extent in the Certificate Administrator’s possession.

 

Copies
of any and all of the foregoing items will be available from the Certificate Administrator upon request. The Certificate Administrator
will be permitted to require payment by the requesting party (other than a Rating Agency) of a sum sufficient to cover the reasonable
costs and expenses of making such information available and providing any copies thereof. The Certificate Administrator’s
obligation under this Section 4.02(h) to make available any document is subject to the Certificate Administrator’s
receipt of such document.

 

The
Certificate Administrator shall not be liable for providing or disseminating information in accordance with the terms of this
Agreement.

 

(i)          The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit
L-3 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website,
all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant
to this Section 4.02 to Privileged Persons.

 

(j)          Upon
request and delivery by CREFC® of a certification substantially in the form of Exhibit L-4 hereto (which
may be a “click-through” confirmation), the Certificate Administrator shall make available to CREFC®,
with respect to any Distribution Date, the related Distribution Date Statement and CREFC® IRP.

 

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Section
4.03 Compliance with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent
shall comply with all federal withholding requirements with respect to payments to Certificateholders and payees of interest or
original issue discount that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders
or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount from interest
or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements,
the Paying Agent shall indicate the amount withheld to such Certificateholder. Any amount so withheld shall be treated as having
been distributed to such Certificateholder for all purposes of this Agreement.

 

Section
4.04 REMIC Compliance. (a) The parties intend that the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and
that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify as a “real
estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates
are outstanding, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention,
the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as
agent, of each Trust REMIC and shall on behalf of each Trust REMIC:

 

(i)       make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC
on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)      prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such REMIC
as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

(iii)     prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)     if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC
and the Upper-Tier REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared
and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the
Code or comparable provisions of state and local law;

 

(v)      within
thirty (30) days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier
REMIC on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811
or as otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact
for tax information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC
for this purpose), together with such additional information as may be required by such Form, and shall update such information
at the time or times and in the manner required by the Code (and the Depositor agrees within ten (10) Business Days of the Closing
Date to provide any information reasonably requested by the Servicer, the Special Servicer or the Certificate Administrator and
necessary to make such filing); and

 

(vi)     maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information,

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such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The
Certificate Administrator shall be designated as the “partnership representative” within the meaning of Section 6223
of the Code, of the Upper-Tier REMIC and the Lower-Tier REMIC. Each Holder of a Percentage Interest in the Class R or Class LR
Certificates, by acceptance thereof, is deemed to have consented to the Certificate Administrator’s designation in such
capacities and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred by the Certificate
Administrator in connection therewith.

 

The
Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator
is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or
successor provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225 of the Code (or
successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on
any Holder of a Class R Certificate, past or present. Each Holder of Class R Certificate agrees, by acquiring such Certificate,
to any such elections.

 

The
Certificate Administrator shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting
to take such action, the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would
cause the termination of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier
REMIC or the Upper-Tier REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement).
Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator shall not be required to take any
action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or
authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability
with respect to any act or omission of the Depositor, the Trustee, the Servicer or the Special Servicer which does not enable
the Certificate Administrator to comply with any of clauses (i) through (vi) of the first paragraph of this Section
4.04(a) or which results in any action contemplated by clauses (i) or (ii) of the next succeeding sentence.
In this regard the Certificate Administrator shall (i) exercise reasonable care not to allow the occurrence of any “prohibited
transactions” within the meaning of Section 860F(a) of the Code, unless the party seeking such action shall have delivered
to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (A) result
in a taxable gain, (B) otherwise subject the Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the
performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, however,
that the receipt of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate
this clause). None of the Servicer, the Special Servicer, the Operating Advisor, the Trustee or the Depositor shall be (i) permitted
to take any action that the Certificate Administrator would not be permitted to take pursuant to the preceding two sentences or
(ii) responsible or liable (except in connection with taking any act or omission referred to in the two preceding sentences or
the following sentence) for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04.
The Depositor, the Trustee, the Operating Advisor, the Servicer and the Special Servicer shall cooperate in a timely manner with
the Certificate Administrator in supplying any information within the Depositor’s, the Trustee’s, the Servicer’s
or the Special Servicer’s or the Operating Advisor’s control (other than any confidential information) that is reasonably
necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.

 

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(b)       The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Principal Balance Certificates: (i) the Trust Loan
will pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates,
provided that the Trust Loan will prepay in accordance with the Prepayment Assumption; (ii) none of the Servicer, the Special
Servicer or the Certificateholder owning a majority of the Percentage Interest in the Class R and Class LR Certificates will exercise
the right described in Section 9.01 to cause early termination of the Trust Fund; and (iii) no Trust Loan is repurchased
by the Loan Sellers pursuant to Article II hereof.

 

Section
4.05 Imposition of Tax on the Trust Fund. In the event that any tax, including interest, penalties or assessments, additional
amounts or additions to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts
otherwise distributable to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure
property pursuant to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be
treated as an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until
such taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account allocable to the Trust
Loan and transfer to the Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary
to pay such taxes, which the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate
Administrator shall send to the Special Servicer for deposit in the REO Account the excess determined by the Certificate Administrator
from time to time of the amount in such account over the amount necessary to pay such taxes) and shall be paid therefrom; provided
that any such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained
from Available Funds as provided in Section 3.06(a)(xii), and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable Trust REMIC (but
such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund, on a pro rata basis
between the Trust Loan and the Companion Loan) any such tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings. The Certificate Administrator is hereby authorized to and shall segregate
or cause to be segregated, into a separate non-interest bearing account, (i) the net income allocable to the Trust Loan from any
“prohibited transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution to the Lower-Tier
REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code and use such income
or amount, to the extent necessary, to pay such tax (and return the balance thereof, if any, to the Collection Account, the Lower-Tier
Distribution Account or the Upper-Tier Distribution Account, as the case may be). To the extent that any such tax is paid to the
IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of
the Class R or the Class LR Certificates, as the case may be, and shall distribute such retained amounts to the Holders of Principal
Balance Certificates and the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to
the Holders of the Class R Certificates or the Class LR Certificates, as applicable. Neither the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator, nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier
REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach of a representation or warranty or the
negligence or willful misconduct of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or
the Trustee or an act or omission of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee in contravention
of this Agreement, provided, further, that such breach, act or omission could result in liability under Section
6.03, in the case of the Servicer, Section 6.03, in the case of the Operating Advisor, Section 4.04, in the
case of the Trustee or Section 4.04, in the case of the Certificate Administrator in accordance with the standard of liability
set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each such case, the Servicer, the
Special Servicer or the Operating Advisor shall not be responsible for the Trustee’s or the Certificate 

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Administrator’s
breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Operating Advisor, the Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the
breaches, acts or omissions of the Trustee, the Operating Advisor, the Servicer or the Special Servicers and the Operating Advisor
shall not be responsible for the breaches, acts or omissions of the Servicer, the Special Servicer, the Trustee or the Certificate
Administrator.

 

The
Certificate Administrator shall be responsible for obtaining a tax identification number for any REMIC specified herein, and shall
be responsible for the preparation of the related IRS Form W-9, if such form is requested. The Trustee shall be entitled to rely
on the information contained therein, and is hereby directed to execute such IRS Form W-9; provided, however, the Certificate
Administrator shall also be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

Section
4.06 Remittances. On the Servicer Remittance Date immediately preceding each Distribution Date, the Servicer shall remit
to (a) the Certificate Administrator for deposit in the Lower-Tier Distribution Account, an amount equal to the Available Funds
for such Distribution Date and (b) CREFC® the CREFC® License Fee.

 

Section
4.07 P&I Advances and Administrative Advances. (a) On or before 3:00 p.m. (New York City Time) on each Servicer
Remittance Date, the Servicer shall either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution
Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related
Distribution Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent
months in discharge of any such obligation to make P&I Advances; provided, that such amounts in the Collection Account shall
only be applied up to the Trust Loan’s pro rata share of the amounts held therein on such dates (unless such P&I
Advance has been determined to be nonrecoverable, in which such amounts shall be applied pursuant to the Co-Lender Agreement)
or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances
to be made by the Servicer, except that the portion of such P&I Advance equal to the CREFC® License Fee shall
not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®. Any amounts held in the
Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Servicer’s
records and replaced by the Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance Determination
Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent principal and/or
interest in respect of which such P&I Advances were made or (y) the deposit of Monthly Payments collected prior to the expiration
of any applicable grace period that ends after the P&I Advance Determination Date in respect of which such P&I Advances
were made). The Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate amount of P&I Advances
for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, on or before the
P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 3:00 p.m. (New York City time)
on any Servicer Remittance Date, then the Trustee shall make such P&I Advance pursuant to Section 7.06 by 12:00 noon
(New York City time) on the related Distribution Date, in each case unless the Servicer shall have cured such failure (and provided
written notice of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines
that such P&I Advance, if made, would be a Nonrecoverable Advance. If the Servicer or the Trustee makes a P&I Advance
with respect to the Trust Loan, then it shall provide written notice to the related Other Servicer, Other Special Servicer and
Other Trustee of the amount of such P&I Advance within two (2) Business Days of making such P&I Advance.

 

(b)       Subject
to Section 4.07(d) and 4.07(e) below, the aggregate amount of P&I Advances to be made by the Servicer with respect
to any Distribution Date shall equal the aggregate of: (i) the Monthly Payment (net of related Servicing Fees) other than the
Balloon Payment that was due during the related Collection Period and delinquent (or unpaid, pending the expiration of any applicable
grace 

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period with respect to the Trust Loan having a grace period extending past the P&I Advance Determination Date) as of
the close of business on the P&I Advance Determination Date (or not advanced by the Servicer or any Sub-Servicer on behalf
of the Servicer) with respect to the Trust Loan and (ii) with respect to the Balloon Payment that was due during or prior to the
related Collection Period and was delinquent (including any applicable grace period) as of the end of the related Collection Period
(including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment
therefor. Subject to subsection (c) below, the obligation of the Servicer or the Trustee, as applicable, to make such P&I
Advances with respect to the Trust Loan (or REO Loan) is mandatory, and with respect to the Trust Loan or REO Loan, shall continue
until the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Monthly Payment
or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26
or otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable
powers.

 

(c)       Subject
to Section 4.07(d) and 4.07(e) below, the Servicer shall also make advances (“Administrative Advances”)
with respect to the Trust Loan to pay Special Servicing Fees, Workout Fees, Liquidation Fees, Advance Interest Amounts and other
out-of-pocket costs and expenses incurred by the Trust or by the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Custodian or the Trustee in connection with the servicing and administration of the Whole Loan allocable to
the Trust Loan not otherwise covered by a Property Advance, including in connection with any workout of the Trust Loan or enforcement
of the terms of the Loan Documents, in each case, to the extent the Borrower (1) is obligated to reimburse the Trust for such
amounts pursuant to the Loan Documents and (2) does not pay such amounts on or prior to the time when the party is entitled to
payment or reimbursement of such amounts from the Collection Account or the Distribution Account in accordance with terms of this
Agreement. The Servicer shall deposit Administrative Advances into the Collection Account within the same time frame required
for P&I Advances as provided in Section 4.07(a). The Servicer shall notify the Trustee and the Certificate Administrator
of (i) the aggregate amount of Administrative Advances for a Distribution Date and (ii) the amount of any Nonrecoverable Administrative
Advances for such Distribution Date, on or before the P&I Advance Determination Date. If the Servicer fails to make a required
Administrative Advance by 3:00 p.m. (New York City time) on any Servicer Remittance Date, then the Trustee shall make such Administrative
Advance pursuant to Section 7.06 by 12:00 noon (New York City time) on the related Distribution Date, in each case unless
the Servicer shall have cured such failure (and provided written notice of such cure to the Trustee) by 11:00 a.m. (New York City
time) on such Distribution Date or the Trustee determines that such Administrative Advance, if made, would be a Nonrecoverable
Advance.

 

(d)       Notwithstanding
anything herein to the contrary, no P&I Advance or Administrative Advance shall be required hereunder if the Servicer, the
Special Servicer or the Trustee, as applicable, determines that such P&I Advance or Administrative Advance (together with
interest on such P&I Advance or Administrative Advance, as applicable at the Advance Rate) would, if made, constitute a Nonrecoverable
Advance. In addition, the Servicer shall not make any P&I Advance or Administrative Advance to the extent that it has received
written notice that the Special Servicer has determined that such P&I Advance or Administrative Advance would, if made, constitute
a Nonrecoverable P&I Advance or Nonrecoverable Administrative Advance. In making such nonrecoverability determination, the
Servicer, the Special Servicer and Trustee shall be entitled (i) to give due regard to the existence of any Nonrecoverable Advance
with respect to the Trust Loan, the recovery of which, at the time of such consideration, is being deferred or delayed by the
Servicer or the Trustee, as applicable, in light of the fact that proceeds on the Trust Loan are a source of recovery not only
for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance which is being
or may be deferred or delayed, (ii) to consider (among other things) the obligations of the Borrower under the terms of the Whole
Loan as it may have been modified, (iii) to consider (among other things) the Property in its “as-is” 

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or then-current
conditions and occupancy, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of
the Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with respect to the Property,
(iv) to estimate and consider (consistent with the Servicing Standard in the case of the Servicer or the Special Servicer) (among
other things) future expenses and (v) to estimate and consider (among other things) the timing of recoveries.

 

If
an Appraisal of the Property shall not have been obtained within the prior 9-month period (and the Servicer and the Trustee shall
each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such
an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination
of the Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Servicer or the Trustee, as applicable,
and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Servicer, the Special Servicer
or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate
the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund.

 

Any
such determination by the Servicer, Special Servicer or the Trustee that the Servicer or Trustee, as applicable, has made a Nonrecoverable
Advance or that any proposed P&I Advance or Administrative Advance, if made, would constitute a Nonrecoverable Advance shall
be evidenced, in the case of the Servicer or the Special Servicer, by a certificate of a Servicing Officer delivered to the other
and to the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the Directing Holder (if such determination
was made during a Subordinate Control Period or a Subordinate Consultation Period) and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Certificate Administrator, the Servicer, the Special
Servicer, the Operating Advisor and the Directing Holder (if such determination was made during a Subordinate Control Period or
a Subordinate Consultation Period), in each case sets forth such nonrecoverability determination and the considerations of the
Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate to be accompanied
by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information
used by the Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal
or any Updated Appraisal); provided that the Special Servicer may, at its option, make a determination in accordance with
the Servicing Standard, that any Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Servicer,
Special Servicer, the Certificate Administrator, the Trustee, the 17g-5 Information Provider (which shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)) notice of such determination, together with
a certificate of a Servicing Officer and the supporting information described above. Any such determination shall be conclusive
and binding on the Servicer, the Special Servicer and the Trustee.

 

Any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that a P&I Advance or Administrative Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the
case of the Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund, any analysis, Appraisals or market
value estimates or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any
P&I Advance or Administrative Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding
the above, (i) the Trustee shall be entitled to rely conclusively on, and shall be bound by, any determination by the Servicer
or the Special Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance, if such determination is
received prior to the applicable Advance, and (ii) the Servicer will be entitled to rely conclusively on, and shall be bound by,
any determination of the Special Servicer that an Advance, if made, would be a Nonrecoverable Advance, if such determination is
received prior to the applicable Advance. The Trustee, in determining whether or not

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an Advance previously made is, or a proposed
Advance, if made, would be, a Nonrecoverable Advance shall be subject to a good faith business judgment standard. The Special
Servicer shall promptly furnish the Servicer and the Trustee with any information in its possession regarding a Specially Serviced
Loan or an REO Property as each such party may reasonably request for purposes of making recoverability determinations.

 

(e)       In
connection with the recovery of any Advance out of the Collection Account pursuant to Section 3.06, the Servicer shall
be entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to the Trust Loan or REO Property)
out of any amounts then on deposit in the Collection Account interest at the Advance Rate in effect from time to time, accrued
on the amount of such Advance from the date made with respect to the Trust Loan. The Servicer shall reimburse itself or the Trustee,
as the case may be, for any outstanding Advance as soon as practicably possible after funds available for such purpose are deposited
in the Collection Account with respect to the Trust Loan.

 

Notwithstanding
anything to the contrary contained in Section 4.06, (i) neither the Servicer nor the Trustee shall make an advance for
Prepayment Premiums, Penalty Charges or any cure payments and (ii) the interest portion of any P&I Advance with respect to
the Trust Loan as to which there has been an Appraisal Reduction Amount will be an amount equal to the product of (x) the amount
required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator of which is
the Stated Principal Balance of the Trust Loan (as of the immediately preceding Determination Date) less any Appraisal Reduction
Amount applicable to the Trust Loan and the denominator of which is the Stated Principal Balance of the Trust Loan (as of such
immediately preceding Determination Date). All P&I Advances for the Trust Loan that has been modified shall be calculated
on the basis of their terms as modified. For the avoidance of doubt, the Servicer shall have no obligation to make a principal
and interest advance or an administrative advance with respect to the Companion Loan.

 

The
portion of any Insurance Proceeds, Net Liquidation Proceeds and Net Condemnation Proceeds in respect of the Trust Loan or any
REO Loan allocable to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii)
a portion thereof equal to the interest component of the Monthly Payment(s), as accrued at the Whole Loan Rate from the date as
to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds
are received; provided, however, that in the event that the interest portion(s) of one or more P&I Advances
with respect of the Trust Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount
of the Net Liquidation Proceeds and Net Condemnation Proceeds to be applied to interest shall be reduced by the aggregate amount
of such reductions and the portion of such Net Liquidation Proceeds and Net Condemnation Proceeds to be applied to principal shall
be increased by such amount, and if the amount of the Net Liquidation Proceeds and Net Condemnation Proceeds to be applied to
principal has been applied to pay the principal of the Trust Loan or REO Loan in full, any remaining Net Liquidation Proceeds
and Net Condemnation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of the Trust Loan or REO
Loan.

 

(f)       The
Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances or Administrative Advances
it makes to the extent permitted pursuant to Section 3.06 together with any related Advance Interest Amount in respect
of such P&I Advances or Administrative Advances to the extent permitted pursuant to Section 3.06 and the Servicer and
the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the
Borrower to the extent permitted by applicable law and the Trust Loan and this Agreement.

 

(g)       The
Servicer will be permitted to make its determination that it has made a P&I Advance on the Trust Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect
to such Trust Loan in accordance with

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Section 4.07(a) independently of any determination made in respect of the Companion
Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the Servicer or Trustee, as applicable,
determines that a proposed P&I Advance with respect to the Trust Loan, if made, or any outstanding P&I Advance with respect
to any such Trust Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance or if the Servicer or Trustee,
as applicable, subsequently determines that a proposed Property Advance would be a Nonrecoverable Advance or an outstanding Property
Advance is or would be a Nonrecoverable Advance, the Servicer or Trustee, as applicable, shall provide the Other Servicer, Other
Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the applicable
Co-Lender Agreement. If the Servicer receives written notice from any master servicer under any such Other Pooling and Servicing
Agreement that such master servicer has determined, with respect to the related Companion Loan, that any proposed advance of principal
and/or interest with respect to such Companion Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable
advance of principal and/or interest, such determination shall not be binding on the Certificateholders, the Servicer or the Trustee.

 

If
the Servicer or Special Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer or a
special servicer, as applicable, for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee,
any Other Servicer and any other trustee or master servicer with respect to each commercial mortgage securitization that holds
a Companion Loan, if any.

 

Section
4.08 Appraisal Reductions; Collateral Deficiency Amounts. (a) For purposes of determining (i) the Controlling Class,
(ii) whether a Subordinate Control Period, Subordinate Consultation Period or an Operating Advisor Consultation Period is then
in effect, or (iii) Voting Rights of the related Classes for certain purposes, including replacement of the Special Servicer and
the Operating Advisor, any Appraisal Reduction Amounts (other than Assumed Appraisal Reduction Amounts) and Collateral Deficiency
Amounts shall be allocated to each Class of Principal Balance Certificates in reverse sequential order to notionally reduce the
related Certificate Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first, to the Class
HRR Certificates, second, to the Class F Certificates, third, to the Class E Certificates, fourth,
to the Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates,
and seventh, to the Class A Certificates). For the avoidance of doubt, Appraisal Reduction Amounts and Collateral
Deficiency Amounts shall not be allocated concurrently to the Principal Balance Certificates.

 

(b)       If
the Certificate Balance of the Class F or Class HRR Certificates (in each case, taking into account the application of any Appraisal
Reduction Amounts allocated to the Trust Loan to notionally reduce the Certificate Balance of such Class) has been reduced to
less than 25% of its respective initial Certificate Balance, such Class shall be referred to as an “Appraised-Out Class”.
The holders of the majority (by Certificate Balance) of the Appraised-Out Class shall have the right, at their sole expense, to
require the Special Servicer to order a second appraisal of the Property (such holders, the “Requesting Holders”),
and the Special Servicer shall use its commercially reasonable efforts to obtain an appraisal from an MAI appraiser reasonably
acceptable to the Special Servicer within sixty (60) days from receipt of the Requesting Holders’ written request. Any Appraised-Out
Class for which the Requesting Holders are challenging the Appraisal Reduction Amount determination shall not be permitted to
exercise any rights of the Controlling Class until such time, if any, as such Class is reinstated as the Controlling Class and
the rights of the Controlling Class shall be exercised by the next most senior Class that is eligible to be a Controlling Class,
if any, during such period.

 

In
addition, the Requesting Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special
Servicer to order an additional appraisal of the Property following an Appraisal Reduction Event if an event has occurred at,
or with regard to, the Property that would have a material effect on its appraised value, and the Special Servicer shall use reasonable
efforts to obtain an 

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appraisal from an MAI appraiser reasonably acceptable to the Special Servicer within sixty (60) days from
receipt of the Requesting Holders’ written request; provided that the Special Servicer shall not be required to obtain
such appraisal if it determines in accordance with the Servicing Standard that no events at, or with regard to, the Property have
occurred that would have a material effect on the appraised value of the Property. The right of the holders of an Appraised-Out
Class to require the Special Servicer to order an additional appraisal as described in this paragraph shall be limited to no more
frequently than once in any 9 month period.

 

Upon
receipt of such additional appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether,
based on its assessment of such second appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so
warranted, shall direct the Servicer to recalculate such Appraisal Reduction Amount based upon such second appraisal. If required
by any such recalculation, the applicable Appraised-Out Class shall be reinstated as the Controlling Class and each Appraised-Out
Class shall have its Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction
Amount based on such second appraisal. If required by any such recalculation, the Appraised-Out Class will be reinstated as a
Controlling Class.

 

As
of the first Determination Date following the Whole Loan becoming an AB Modified Loan, the Servicer shall calculate whether a
Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained
by the Special Servicer with respect to the Whole Loan, and all other information relevant to a Collateral Deficiency Amount determination.
The Special Servicer, upon reasonable prior written request, shall provide the Servicer with information in its possession that
is reasonably required to calculate or recalculate any Collateral Deficiency Amount. None of the Special Servicer, the Trustee
or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.

 

Appraisals
that are permitted to be obtained at the request of the holders of the Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard (or otherwise pursuant
to this Agreement) or that the Special Servicer is otherwise required or permitted to order under this Agreement without regard
to any appraisal requests made by any Requesting Holder.

 

For
the avoidance of doubt, for purposes of determining whether the Class F or Class HRR Certificates is the Controlling Class or
whether a Subordinate Control Period or a Subordinate Consultation Period is then in effect, the Certificates representing the
Controlling Class shall be allocated both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts,
in accordance with this Section 4.08(a). The appraised value of the Property shall be determined on an “as is”
basis.

 

The
Servicer shall promptly notify the Certificate Administrator of the amount of any Appraisal Reduction Amount allocated to the
Whole Loan (which notification shall be made by delivery of the CREFC® Loan Periodic Update File in accordance with Section
3.13 hereof) and the amount of any Collateral Deficiency Amount allocated to the AB Modified Loan (which notification shall
be made by delivery of such information included in the CREFC® Loan Periodic Update File and the CREFC® Appraisal Reduction
Template or such report mutually agreed to between the Servicer and the Certificate Administrator, which shall be delivered simultaneously
with the CREFC® Loan Periodic Update File in accordance with Section 3.13 hereof). Based on information
in its possession, the Certificate Administrator shall determine from time to time whether the Class F or Class HRR is the Controlling
Class. In connection with the Certificate Administrator’s determination of whether the Class F or Class HRR (or neither)
is the Controlling Class, the Certificate Administrator shall determine whether a Subordinate Control Period or Subordinate Consultation
Period (or neither) is then in effect. Promptly upon its determination that the Class F or Class HRR is no longer the Controlling
Class, the Certificate Administrator shall notify the Servicer and the Special Servicer.

 

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Article
V

THE CERTIFICATES

 

Section
5.01 The Certificates. (a) The Certificates consist of the Class A Certificates, the Class X Certificates, the Class
B Certificates, the Class C Certificates, the Class D Certificates, the Class E Certificates, the Class F Certificates, the Class
HRR Certificates the Class R Certificates and the Class LR Certificates.

 

The
Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates will be substantially
in the forms of Exhibits A-1 through A-10 to this Agreement, as set forth in the Table of Exhibits to this Agreement.
The Certificates of each Class (other than the Class LR and Class R Certificates) will be issuable in registered form only, in
minimum denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table,
and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance is not a multiple of $1). With respect
to any Certificate or any beneficial interest in a Certificate, the “Denomination” thereof shall be (i) the
amount (A) set forth on the face thereof or (B) in the case of any Global Certificate, set forth on a schedule attached thereto
or, in the case of any beneficial interest in a Global Certificate, the amount set forth on the books and records of the related
Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed in terms of Certificate Balance
or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth below.

 

	Class
	Minimum

Denomination
	Aggregate
Denomination of

all Certificates of Class

	A 	$100,000	$304,700,000
	X 	$1,000,000  	$348,800,000
	B 	$100,000	  $44,100,000
	C 	$100,000	  $34,200,000
	D 	$100,000	$124,700,000
	E 	$100,000	$135,300,000
	F 	$100,000	  $60,630,000
	HRR 	$100,000	  $46,370,000

 

Each
Certificate will share ratably in all rights of the related Class. The Class R and Class LR Certificates will each be issuable
in one or more registered, definitive physical certificates in minimum denominations of 5% Percentage Interests and integral multiples
of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest in each such Class.

 

The
Global Certificates shall be issued as one or more certificates registered in the name of a nominee designated by the Depository,
and Beneficial Owners shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the
minimum Denominations and aggregate Denominations and Classes as set forth above.

 

The
Global Certificates shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated
and delivered hereunder.

 

(b)       Except
insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee
may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Beneficial Owners with respect to the Global Certificates 

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for
the purposes of exercising the rights of Certificateholders hereunder; provided, however, that for purposes of transmitting
communications pursuant to Section 5.05(a), to the extent that the Depository has provided the Certificate Administrator
with the names of Beneficial Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate
Administrator shall provide such information to such Beneficial Owners directly. The rights of Beneficial Owners with respect
to Global Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository
and Depository Participants. Except as set forth in Section 5.01(e) below, Beneficial Owners of Global Certificates shall
not be entitled to physical certificates for the Global Certificates as to which they are the Beneficial Owners. Requests and
directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are
made with respect to different Beneficial Owners. Subject to the restrictions on transfer set forth in this Section 5.01
and Applicable Procedures, the holder of a beneficial interest in a Global Certificate may request that the Certificate Administrator
cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate Custodian in writing of a request
for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates. Upon receipt of such a request
and payment by the related Beneficial Owner of any attendant expenses, the Certificate Administrator shall cause the issuance
and delivery of such Individual Certificates. The Depositor may establish a reasonable record date in connection with solicitations
of consents from or voting by Certificateholders and give notice to the Depository of such record date. Without the written consent
of the Certificate Registrar, no Global Certificate may be transferred by the Depository except to a successor Depository that
agrees to hold the Global Certificates for the account of the Beneficial Owners.

 

(c)       Any
of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted
or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required
to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the
Certificates are admitted to trading, or to conform to general usage.

 

(d)       The
Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Certificate Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
an interest herein”.

 

The
Global Certificates may be deposited with such other Depository as the Certificate Registrar may from time to time designate,
and shall bear such legend as may be appropriate.

 

(e)       If
(i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing, qualified or able
properly to discharge its responsibilities as Depository, and the Depositor is unable to locate a qualified successor or (ii)
the Depositor, at its sole option, elects in writing to the Certificate Administrator and to the Depository to terminate the book-entry
system through the Depository with respect to all or any portion of any Class of Certificates, the Certificate Administrator shall
notify the affected Beneficial Owner or Owners through the Depository of the occurrence of such event and the availability of
Individual Certificates to such Beneficial Owners requesting them. Upon 

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surrender to the Certificate Administrator of Global Certificates
by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the Certificate
Administrator shall issue the Individual Certificates. None of the Trustee, the Certificate Administrator, the Certificate Registrar,
the Operating Advisor, the Servicer, the Special Servicer or the Depositor shall be liable for any actions taken by the Depository
or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual Certificates,
the Trustee, the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Servicer and the Special Servicer
shall recognize the Holders of Individual Certificates as Certificateholders hereunder.

 

(f)       If
the Trustee, its agents, the Certificate Administrator, its agents or the Servicer or Special Servicer have instituted or have
been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates,
and the Trustee, the Certificate Administrator, the Servicer or the Special Servicer have been advised by counsel that in connection
with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Servicer or the Special
Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Servicer or the Special Servicer
may in their sole discretion determine that the Certificates represented by the Global Certificates shall no longer be represented
by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent will execute and authenticate
and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual Certificates (and if the Certificate
Administrator or the Certificate Custodian has in its possession Individual Certificates previously executed, the Authenticating
Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination equal to the aggregate
Denomination of such Global Certificates.

 

(g)       Each
Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and
authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-10 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

(h)       If,
in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution
to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Servicer
or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be paid on the last two (2) Business
Days preceding such Distribution Date, and the Borrower fails to make such payments at such time, and the Servicer revises its
final report and as a result the Certificate Administrator revises its report to the Depository after the Depository deadline,
the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution
on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and
the Special Servicer shall not be liable or held responsible for any resulting delay (or claims by DTC resulting therefrom) in
the making of such distribution to Certificateholders. Any out-of-pocket costs incurred by the Certificate Administrator as a
consequence of the Borrower failing to make such payments shall be 

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reimbursable to the Certificate Administrator as an expense
of the Trust Fund. Any such reimbursement shall be an expense of the Trust Fund.

 

Section
5.02 Registration, Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at its offices books (the “Certificate Register”) for the registration, transfer and exchange of Certificates
(the Certificate Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee,
the Operating Advisor, the Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain
a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information
set forth in the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees
of any Certificates shall be registered in the Certificate Register; provided, however, that in no event shall the
Certificate Registrar be required to maintain in the Certificate Register the names of the individual participants holding beneficial
interests in the Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed
and treated as the sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar,
the Servicer, Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, any Paying Agent and any agent
of any of them shall not be affected by any notice or knowledge to the contrary. An Individual Certificate is transferable or
exchangeable only upon the surrender of such Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements of Section 5.02(g) and
Sections 5.02(c), 5.02(d), 5.02(e), 5.02(f), 5.02(g), 5.02(h) and 5.02(i). Upon
request of the Certificate Administrator, the Certificate Registrar shall provide the Certificate Administrator with the names,
addresses and Percentage Interests of the Holders.

 

The
Risk Retained Certificates shall only be held as a definitive Certificate in the Risk Retained Certificate Safekeeping Account
by the Certificate Administrator (and the Retaining Party shall be registered on the Certificate Register), unless otherwise consented
to by the Retaining Sponsor. The Certificate Administrator shall hold each Risk Retained Certificate in safekeeping and shall
release the same only upon receipt of written instructions in accordance with this Agreement from the Retaining Party and the
Retaining Sponsor’s consent (subject to this Section 5.02(a), and in accordance with any authentication administrator).
There shall be, and hereby is, established by the Certificate Administrator an account which will be designated the “Risk
Retained Certificate Safekeeping Account” and into which each Risk Retained Certificate shall be held and which shall
be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate Administrator may establish
any number of subaccounts to the Risk Retained Certificate Safekeeping Account for the Retaining Party. Each Risk Retained Certificate
to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein. Upon receipt by the
Certificate Administrator of any Risk Retained Certificate in connection with the initial issuance thereof and, for so long as
the Risk Retained Certificates are held in the Risk Retained Certificate Safekeeping Account by the Certificate Administrator
pursuant to this Agreement, upon any transfer or exchange pursuant to this Article V of any Risk Retained Certificate,
the Certificate Administrator shall deliver to the Retaining Party a receipt in the form set forth in Exhibit V. No amounts
distributable to the Risk Retained Certificates shall be remitted to the Risk Retained Certificate Safekeeping Account, but instead
shall be remitted directly to (or otherwise at the direction of) the Retaining Party in accordance with written instructions provided
separately on the Closing Date (and any updates to such written instructions provided from time to time) by the Retaining Party
to the Certificate Administrator. Under no circumstances by virtue of safekeeping any Risk Retained Certificate shall the Certificate
Administrator be obligated to bring legal action or institute proceedings against any Person on behalf of the Retaining Party.
The Certificate Administrator shall hold the definitive Certificate representing the Risk Retained Certificates at the below location,
or any other location; provided the Certificate Administrator has given notice to the Retaining Party of such new location:

 

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Wells
Fargo Bank, NA

425 E Hennepin Avenue

Minneapolis, MN 55414

Attention: Security Control and Transfer (SCAT) – MAC N9345-010

 

On
the Closing Date, the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and
the initial Third Party Purchaser substantially in the form of Exhibit V to this Agreement evidencing its receipt of the
Risk Retained Certificates.

 

The
Certificate Administrator shall make available to the Retaining Party its respective account information as mutually agreed upon
by the Certificate Administrator and such Retaining Party, and in accordance with the Certificate Administrator’s policies
and procedures. Any transfer of a Risk Retained Certificate shall be subject to this Article V.

 

After
the release of any Risk Retained Certificates pursuant to this Section 5.02(a), the Certificate Administrator shall have
no liability or obligation with respect to the safekeeping of such released Risk Retained Certificates.

 

(b)      Upon
surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c),
(d), (e), (f), (g), (h) and (i), the Certificate Administrator shall execute and the
Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be
delivered by the Certificate Registrar in accordance with Section 5.02(e). Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the
provisions of Sections 5.01(g) and 5.02(c), (d), (e), (f), (g), (h) and (i).

 

(c)       In
addition to the provisions of Sections 5.01(g) and 5.02(d), (e), (f), (g), (h) and (i)
and the rules of the Depository, the exchange, transfer and registration of transfer of Individual Certificates or beneficial
interests in the Global Certificates shall be subject to the following restrictions:

 

(i)        Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
to a transferee that takes delivery in the form of an Individual Certificate (other than transfers of the Class R or Class LR
Certificates, which may be made only in accordance with Section 5.02(i)):

 

(A)       The
Certificate Registrar shall register the transfer of an Individual Certificate if (1) the requested transfer is being made (x)
in connection with the initial transfer from an Initial Purchaser to an initial investor or (y) by a transferee who has provided
the Certificate Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement
(an “Investment Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional
Buyer in accordance with Rule 144A or (2) prior to the transfer the related transferee furnishes to the Certificate Registrar
(x) an Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor
(other than a Qualified Institutional Buyer) or to an Affiliated Person in accordance with an applicable exemption under the Act,
and (y) in the case of a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that
such transfer is in compliance with the Act; or

 

(B)       The
Certificate Registrar shall register the transfer of an Individual Certificate pursuant to Regulation S after the expiration of
the Restricted Period if (1) the 

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transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate substantially
in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and (2) the transferee
furnishes to the Certificate Registrar an Investment Representation Letter;

 

and,
in each case, the Certificate Registrar shall register the transfer of an Individual Certificate only if prior to the transfer
the transferee furnishes to the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for
any costs incurred by it in connection with the proposed transfer. In addition, the Certificate Registrar may, as a condition
of the registration of any such transfer, require the transferor to furnish such other certificates, legal opinions or other information
(at the transferor’s expense) as the Certificate Registrar may reasonably require to confirm that the proposed transfer
is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)       Transfers
within the Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Global Certificate remains
outstanding and is held by or on behalf of the Depository, transfers within the Global Certificates shall only be made in accordance
with this Section 5.02(c)(ii).

 

(A)       Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Beneficial Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in
such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the
related Regulation S Global Certificate, such Beneficial Owner may, in addition to complying with all applicable rules and procedures
of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures
from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial
interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be,
to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in
the form of Exhibit H to this Agreement given by the Beneficial Owner of such interest, the Certificate Registrar shall
instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate
by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with
such reduction, to increase the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions (who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may
be) a beneficial interest in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination
of the Rule 144A Global Certificate was reduced upon such transfer.

 

(B)       Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Beneficial Owner of an interest

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in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate
Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation
S Global Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to
be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account
of the Agent Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream
account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest,
and (3) a certificate in the form of Exhibit I to this Agreement given by the Beneficial Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to
the account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a
Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)       Regulation
S Global Certificate to Rule 144A Global Certificate. If the Beneficial Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Beneficial Owner may,
in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent
beneficial interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C).
Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the
Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified
Agent Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination
of the beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with
the Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account
of the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case
may be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation
S Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a
certificate in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the
Restricted Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the 

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aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by
the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit
or cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the Denomination of the Regulation S Global Certificate was reduced
upon such transfer.

 

(iii)       Transfers
from the Global Certificates to Individual Certificates. Any and all transfers from a Global Certificate to a transferee wishing
to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject to the restrictions
on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate substantially in
the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee agrees that it
will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and the Certificate
Registrar shall not register any such transfer unless such transfer is made in accordance with this Section 5.02(c)(iii).

 

(A)       Transfers
of a beneficial interest in a Global Certificate to an Institutional Accredited Investor (other than a Qualified Institutional
Buyer or an initial transfer from an Initial Purchaser to an Institutional Accredited Investor) will require delivery in the form
of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions
of Section 5.02(c)(i)(A).

 

(B)       Transfers
of a beneficial interest in a Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing to take
delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance with the
provisions of Section 5.02(c)(i)(A) and (B), respectively.

 

(C)       Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to clause (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon
acceptance for exchange or transfer of a beneficial interest in a Global Certificate for an Individual Certificate, as provided
herein, the Certificate Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation
of such schedule affixed to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such
exchange or transfer and a decrease in the Denomination of such Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Global Certificate shall bear the Securities Legend.

 

(iv)       Transfers
of Individual Certificates to the Global Certificates. If a Holder of an Individual Certificate wishes at any time to transfer
such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation
S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with the Applicable
Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1)
the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a), (2) written instructions
given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause
to be credited to a specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such
Rule 144A Global Certificate, as the case may be, in an amount equal to 

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the Denomination of the Individual Certificate to be so
transferred, (3) a written order given in accordance with the Applicable Procedures containing information regarding the account
of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case
may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and,
if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer
Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee
is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate,
the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination
of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed
by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase
the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination
of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions who, in the case of any increase in the Regulation S Global Certificate during the Restricted Period, shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be, a corresponding Denomination
of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.

 

It
is the intent of the foregoing that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional
Buyer take delivery in the form of a beneficial interest in a Rule 144A Global Certificate other than the initial transfer from
the Initial Purchasers to an Institutional Accredited Investor.

 

(v)       All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an
exchange of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an
Individual Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange
is made in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates
remain outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02
and in accordance with the rules of the Depository and Applicable Procedures.

 

(d)       If
Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates
so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party
requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate
Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that
transfers of any Certificate comply with the provisions of Rule 144A or Rule 144 under the Act or that such Certificate is not
a “restricted security” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence,
the Certificate Registrar shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)       Subject
to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of
any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized
denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer
agent appointed as provided under 

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this Agreement, together with an instrument of assignment or transfer (executed by the Holder
or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following
a proper request for transfer or exchange, the Certificate Registrar shall, within five (5) Business Days of such request if made
at such office of the Certificate Registrar or within ten Business Days if made at the office of a transfer agent (other than
the Certificate Registrar), execute and deliver at the office of the Certificate Registrar or at the office of such transfer agent,
as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail
(at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or
Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination
and in such Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate
shall not be valid unless made at the office of the Certificate Registrar or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of fifteen (15) days preceding any Distribution Date.

 

(f)       An
Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01) or a beneficial interest in a Global Certificate may only be transferred to Eligible Investors
or Regulation S Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has actual
knowledge that such an Individual Certificate or beneficial interest in a Global Certificate is being held by or for the benefit
of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction, then
the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the investor
to sell such Individual Certificate or beneficial interest in a Global Certificate to an Eligible Investor within fourteen days
after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate Registrar
to take such action.

 

(g)      Subject
to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited
to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor of the Depository
or such successor’s nominee.

 

(h)       No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors that are not
Qualified Institutional Buyers, as provided herein. In connection with any transfer to an Institutional Accredited Investor, the
transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
herein) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment
by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

(i)       Subject
to Section 5.02(e), transfers of the Class R and Class LR Certificates may be made only in accordance with this Section
5.02(i). The Certificate Registrar shall register the transfer of a Class R or Class LR Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
or an Affiliated Person and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation
Letter. In addition, the Certificate Registrar may as a condition of the registration of any such transfer require the transferor
to furnish such other certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably
require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Act and other applicable laws.

 

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(j)       No
transfer, sale, pledge or other disposition of any Certificate or interest therein shall be made unless that transfer, sale, pledge
or other disposition is exempt from the registration and/or qualification requirements of the Act and any applicable state securities
laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor, the Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated
to register or qualify the Certificates under the Act or any other securities law or to take any action not otherwise required
under this Agreement to permit the transfer of such Certificates without registration or qualification. Any Certificateholder
desiring to affect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator, the Trustee, the Initial Purchasers and the Certificate Registrar, against
any loss, liability or expense that may result if the transfer is not so exempt or is not made in accordance with such federal
and state laws.

 

(k)       No
transfer of any Class F, Class HRR, Class R or Class LR Certificate (each, a “Restricted Certificate”) shall
be made to (i) an employee benefit plan or other retirement arrangement, including an individual retirement account or Keogh plan,
subject to the fiduciary responsibility provisions of ERISA, or to Section 4975 of the Code, or a governmental plan, as defined
in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”) which is
to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) any
Person acting on behalf of any Plan or using the assets of any Plan (including any entity whose underlying assets include plan
assets by reason of a Plan’s investment in the entity (within the meaning of Department of Labor Regulations Section 2510.3-101,
as modified by Section 3(42) of ERISA)) to acquire any such Restricted Certificate, other than, in the case of the Class F and
Class HRR Certificates, insurance company general accounts purchasing and holding under circumstances that meet all of the requirements
of Sections I and III of Prohibited Transaction Exemption 95-60 or, in the case of a Plan subject to Similar Law, under circumstances
such that the acquisition, holding and disposition of the Restricted Certificates will not result in a non-exempt violation of
Similar Law. Each prospective transferee of a Restricted Certificate (other than in the case of the initial transfer from the
Initial Purchasers to an initial investor) shall deliver to the Depositor, the Certificate Registrar and the Certificate Administrator,
a transfer or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating that the prospective
transferee is not and will not become, and is not acting on behalf of an entity that is or will become, a Person referred to in
(i) or (ii) above. Neither the Certificate Administrator nor the Certificate Registrar shall register a Class R or Class LR Certificate
in any Person’s name unless such Person has provided the letter referred to in the preceding sentence. Each beneficial owner
of a Certificate (other than a Class R or Class LR Certificate) or any interest therein will be deemed to have represented, by
virtue of its acquisition or holding of such Certificate or interest therein, either that (i) it is not and will not be a Plan
and is not and will not be acting on behalf of or using the assets of a Plan (including any entity whose underlying assets include
plan assets by reason of a Plan’s investment in the entity (within the meaning of Department of Labor Regulations Section
2510.3-101, as modified by Section 3(42) of ERISA)) to purchase the Certificates, (ii) in the case of a Certificate that meets
the rating requirements of the Underwriter Exemption at the time of purchase, it has acquired and is holding such Certificate
or an interest therein in reliance on the Underwriter Exemption, it understands that there are certain conditions to the availability
of the Exemption, including that the Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
its equivalent) by a rating agency set forth therein and that such Certificate is so rated and it is an “accredited investor”
as defined in Rule 501(a) of Regulation D (or, in the case of a Plan subject to Similar Law, its acquisition, holding and disposition
of the Certificate will not result in a non-exempt violation of Similar Law), and its acquisition, holding and disposition of
such Certificate or interest therein will not constitute or result in a non-exempt violation of Section 406 of ERISA or Section
4975 of the Code (or, in the case of a Plan subject to Similar Law, will not result in a non-exempt violation of Similar Law),
or (iii) it is an insurance company general account and all requirements of Sections I and III of PTCE 95-60 will be met with
respect to its acquisition, holding and disposition of the Certificates (or, in the case of a Plan subject to Similar Law, that
its 

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acquisition, holding and disposition of the Certificates will not result in a non-exempt violation of Similar Law). Any transfer
of a Certificate that would violate these restrictions or result in a non-exempt prohibited transaction under ERISA or Section
4975 of the Code or Similar Law shall be deemed absolutely null and void ab initio.

 

Each
purchaser of Certificates that is a Plan subject to ERISA or Section 4975 of the Code (“ERISA Plan”) or is
acting on behalf of or using the assets of an ERISA Plan will be deemed to have represented and warranted that (i) none of the
Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Loan Sellers
or any of their respective affiliated entities, has provided any investment advice within the meaning of Section 3(21) of ERISA
(and the applicable regulations) to the ERISA Plan or the fiduciary making the investment decision for the ERISA Plan in connection
with the ERISA Plan’s acquisition of Certificates, and (ii) the ERISA Plan fiduciary making the decision to acquire the
Certificates is exercising its own independent judgment in evaluating the investment in the Certificates.

 

(l)       Each
Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest
to have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly
subject to the following provisions:

 

(i)       Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)      No
Ownership Interest may be transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar (such consent not to be unreasonably withheld), and the Certificate Registrar shall
not recognize the Transfer, and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection
with any proposed Transfer of any Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require
delivery to it in form and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar
and to the proposed transferor an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”)
of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee
historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed transferee understands
that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest,
(iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest as they become due, (iv) the
proposed transferee will not transfer the Ownership Interest to any Person that does not provide a Transferee Affidavit or as
to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent
(including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the proposed transferee
will not cause income from the Class R or Class LR Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the
proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l)

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 and (y)
other than in connection with the initial issuance of the Class R and Class LR Certificates, require a statement from the proposed
transferor substantially in the form attached as Exhibit C-2, that the proposed transferor has no actual knowledge that
the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the proposed transferee’s
statements in the Transferee Affidavit are false.

 

(iii)       Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided,
however, that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether
a proposed transferee is a Permitted Transferee.

 

Neither
the Certificate Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire
as to compliance with any restriction or transfer imposed under Article V or under applicable law with respect to any transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described in Article V applicable with respect to changes in registration
of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall
have no liability for transfers, including transfers made through the book-entry facilities of the Depository or between or among
Depository Participants or Beneficial Owners made in violation of applicable restrictions.

 

Upon
written notice to the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred
a Transfer of an Ownership Interest to any Person that is a Disqualified Organization or an agent thereof (including a broker,
nominee, or middleman) in contravention of the foregoing restrictions, and in any event not later than sixty (60) days after a
request for information from the transferor of such Ownership Interest, or such agent, the Certificate Registrar and the Certificate
Administrator agree to furnish to the IRS and the transferor of such Ownership Interest or such agent such information necessary
to the application of Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value
of the total anticipated excess inclusions with respect to such Class R or Class LR Certificate (or portion thereof) for periods
after such Transfer. At the election of the Certificate Registrar and the Certificate Administrator, the Certificate Registrar
and the Certificate Administrator may charge a reasonable fee for computing and furnishing such information to the transferor
or to such agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing
such information.

 

(m)       Notwithstanding
any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding,
and the Certificateholders shall be required to provide the Certificate Administrator information relating to such Certificateholder
solely to the extent necessary for the Certificate Administrator to determine any required withholding amounts. If the Certificate
Administrator does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder
or payee pursuant to federal withholding requirements, the Certificate Administrator shall indicate the amount withheld to such
Person. Such amounts shall be deemed to have been distributed to such Persons for all purposes of this Agreement. In connection
with the foregoing, such holders shall be required to provide any information that the Certificate Administrator may reasonably
request to perform its tax obligations.

 

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(n)       At
all times during the Transfer Restriction Period, if a transfer of the Class HRR Certificates after the Closing Date is to be
made, then the Certificate Administrator in conjunction with the Certificate Registrar shall refuse to register such transfer
unless it receives (and, upon receipt, may conclusively rely upon) (i) a certification from such Certificateholder’s prospective
transferee substantially in the form attached hereto as Exhibit C-3, which such certification must be countersigned by
the Retaining Party, the Retaining Sponsor and the Depositor with a medallion stamp guarantee of the Retaining Party, the Retaining
Sponsor and the Depositor, (ii) a certification from the Certificateholder desiring to effect such transfer substantially in the
form attached hereto as Exhibit C-4, which such certification must be countersigned by the Retaining Party, the Retaining
Sponsor (if different) and the Depositor with a medallion stamp guarantee of the Retaining Party, the Retaining Sponsor (if different)
and the Depositor, (iii) an IRS Form W9 completed by the prospective transferee and (iv) wiring instructions and contact information
of the prospective transferee. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section
5.02(e), register the Transfer of the Class HRR Certificate, reflect such Class HRR Certificate in the name of the prospective
transferee and deliver written confirmation substantially in the form of Exhibit S. The Certificate Registrar shall not
register a Transfer of any Class HRR Certificate after the Closing Date during the Transfer Restriction Period unless it is so
instructed by the Certificate Administrator. After the termination of the Transfer Restriction Period, if a transfer of a Class
HRR Certificate is to be made and such Class HRR Certificate is in the Risk Retained Certificate Safekeeping Account, then upon
receipt of: (i) a certification from such Certificateholder’s prospective transferee substantially in the form attached
hereto as Exhibit C-3, which such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee
of the Retaining Sponsor and (ii) a certification from the Certificateholder desiring to effect such transfer substantially in
the form attached hereto as Exhibit C-4, which such certification must be countersigned by the Retaining Sponsor with a
medallion stamp guarantee of the Retaining Sponsor, the Certificate Administrator (which may conclusively rely upon such certifications)
shall instruct the Certificate Registrar to register such Transfer, and upon receipt of the Certificate Administrator’s
instruction, the Certificate Registrar shall register the Transfer of the Class HRR Certificate and reflect such Class HRR Certificate
in the name of the prospective transferee. After the termination of the Transfer Restriction Period, if a transfer of a Class
HRR Certificate is to be made and such Class HRR Certificate is in the Risk Retained Certificate Safekeeping Account, the Certificate
Registrar shall not register a Transfer of such Class HRR Certificate unless it is so instructed by the Certificate Administrator.
For the avoidance of doubt, in no event shall a Class HRR Certificate be held as a Book-Entry Certificate during the Transfer
Restriction Period. After the Transfer Restriction Period, a Class HRR Certificate may be transferred subject to the restrictions
on transfer set forth in this Article V. Any transfer of an interest in a Class HRR Certificate that is not in compliance
with this Section 5.02 shall be null and void ab initio to the extent permitted under applicable law.

 

Section
5.03 Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the
Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall
execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of
any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

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Section
5.04      Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent
for the purpose of making distributions to Certificateholders pursuant to Section 4.01. The Certificate Administrator shall
cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Servicer, to execute and deliver to the
Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Servicer and the Trustee that such Paying
Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums have been paid to the Certificateholders or disposed of as otherwise provided herein. The initial Paying
Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as the initial Paying Agent, the Paying
Agent shall at all times be an entity having a long-term unsecured debt rating of at least “A” from Fitch (if rated
by Fitch) and “A” by KBRA (or, if not rated by KBRA and/or Fitch, an equivalent (or higher) rating by any two (2)
other NRSROs), or shall be the subject of a No Downgrade Confirmation from each Rating Agency.

 

Section
5.05      Access to Certificateholders’ Names and Addresses; Special Notices. (a) If
any Certifying Certificateholder or the Servicer (for purposes of this Section 5.05, an “Applicant”)
applies in writing to the Certificate Registrar, and such application states that the Applicant desires to communicate with other
Certificateholders, the Certificate Registrar shall furnish or cause to be furnished to such Applicant a list of the names and
addresses of the Certificateholders as of the most recent Record Date, at the expense of the Applicant.

 

(b)       Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar
that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such
information was derived.

 

(c)       Upon
the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholder at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section
5.06      Actions of Certificateholders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent
duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Certificate Administrator and the Trustee and, when required, to the Servicer. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive
in favor of the Certificate Administrator, the Trustee and the Servicer, if made in the manner provided in this Section.

 

(b)       The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator or the Trustee deems sufficient.

 

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(c)       Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Servicer in reliance thereon, whether
or not notation of such action is made upon such Certificate.

 

(d)       The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.

 

Section
5.07      Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that
is a Holder of a Certificate or any beneficial owner of a Certificate, furnish to such Holder or beneficial owner, or to a prospective
purchaser that is designated by such Holder or beneficial owner and that is a Qualified Institutional Buyer, the information required
to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information by the Depositor (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein).

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DIRECTING HOLDER

 

Section
6.01      Liability of the Depositor, the Servicer, the Special Servicer and the Operating Advisor. The Depositor, the Servicer,
the Special Servicer and the Operating Advisor each shall be liable in accordance herewith only to the extent of the obligations
specifically imposed by this Agreement.

 

Section
6.02      Merger or Consolidation of either the Servicer, the Special Servicer, the Operating Advisor or the Depositor. Subject
to the following paragraph, each of the Servicer and the Special Servicer will keep in full effect its existence, rights and good
standing as a national banking association under the laws of the United States of America and will not jeopardize its ability
to do business in the jurisdiction in which the Property securing the Trust Loan is located or to protect the validity and enforceability
of this Agreement, the Certificates or the Trust Loan and to perform its respective duties under this Agreement. In addition,
subject to the following paragraph, the Operating Advisor shall keep in full effect its existence, rights and good standing as
a limited liability company under the laws of the State of New York and shall not jeopardize its ability to do business in each
jurisdiction in which the Property is located or to protect the validity and enforceability of this Agreement, the Certificates
or Trust Loan and to perform its respective duties under this Agreement.

 

Each
of the Servicer, the Special Servicer, the Operating Advisor or the Depositor may be merged or consolidated with or into any Person,
or transfer all or substantially all of its assets to any Person, in which case any Person into which the Servicer, the Special
Servicer, the Operating Advisor or the Depositor may be merged or consolidated, or any Person resulting from any merger or consolidation
to which the Servicer, the Special Servicer, the Operating Advisor or the Depositor is a party, or any Person succeeding to the
business of the Servicer, the Special Servicer, the Operating Advisor (which, in the case of the Operating Advisor, may be limited
to all or substantially all of its assets relating to acting as a trust advisor or operating advisor for commercial mortgage securitizations)
or the Depositor, shall be the successor of the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as applicable,
hereunder, and shall be deemed to have assumed all of the liabilities of the Servicer, the Special Servicer, the Operating Advisor
or the Depositor, as applicable, hereunder, without the consent of any other party to this Agreement if each of the Rating Agencies
has provided a No Downgrade Confirmation (and each rating agency then

 

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rating the Companion Loan Securities has provided a No Downgrade
Confirmation) relating to the Certificates; provided, however, that no Rating Agency shall be required to provide
a No Downgrade Confirmation if (x) the Servicer, the Special Servicer, the Operating Advisor or the Depositor is merged into or
consolidated with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate or (y) the
Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Servicer, the Special Servicer or the Operating
Advisor, as applicable, is the surviving entity under the applicable law, in which case, the Servicer, the Special Servicer or
the Operating Advisor, as applicable, shall also not, as a result of the merger, be required to obtain the consent of the Depositor.
Notwithstanding the foregoing, no Servicer, Special Servicer or Operating Advisor may remain the Servicer, the Special Servicer
or the Operating Advisor under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except
to the extent (i) the Servicer, the Special Servicer or the Operating Advisor is the surviving entity of such merger, consolidation
or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the
Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably withheld.

 

Section
6.03      Limitation on Liability of the Depositor, the Servicer and Others. (a) None of the Depositor, the Servicer, the
Special Servicer, the Operating Advisor or any Affiliates, directors, officers, employees, shareholders, members, managers or
agents (including sub-servicers) of the Depositor, the Servicer, the Special Servicer or the Operating Advisor shall be under
any liability to the Trust Fund, the Certificateholders, the Companion Loan Holder or any third party beneficiary for taking any
action, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Depositor, the Servicer, the Special Servicer or the
Operating Advisor, or any member, manager, director, officer, employee, shareholder or agent (including sub-servicers) of the
Depositor, the Servicer, the Special Servicer or the Operating Advisor, against any breach of representations and warranties made
herein, or against any liability which would otherwise be imposed by reason of willful misconduct, bad faith, fraud or negligence
(or in the case of the Servicer or the Special Servicer, by reason of any specific liability imposed hereunder for a breach of
the Servicing Standard or in the case of the Operating Advisor, by reason of any specific liability imposed for a breach of the
Operating Advisor Standard) in the performance of duties or by reason of negligent disregard of obligations or duties hereunder.
The Depositor, the Servicer, the Special Servicer, the Operating Advisor and any Affiliate, member, manager, shareholder, director,
officer, employee or agent of the Depositor, the Servicer, the Special Servicer or the Operating Advisor may rely in good faith
on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting
any matters arising hereunder. In addition, in no event shall the Depositor be obligated to cause any party to perform or comply
with the obligations to remit the CREFC® License Fee to CREFC®, to report any such CREFC®
License Fee so paid or to make available any Distribution Date Statement to any party (or in particular, CREFC®).

 

The
Trust Fund and the Companion Loan Holder shall be indemnified and held harmless by each of the Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement, the Certificates,
incurred by the Trust Fund or the Companion Loan Holder, as applicable, by reason of willful misconduct, bad faith, fraud or negligence
in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder, on the part
of such indemnifying party.

 

The
Depositor, the Servicer, the Special Servicer, the Operating Advisor and any Affiliate, director, officer, employee, shareholder,
member, manager or agent of the Depositor, the Servicer, the Special Servicer and the Operating Advisor shall be indemnified and
held harmless by the Trust Fund for any loss, liability or expense (including legal fees and expenses) incurred in connection
with any claim, loss, penalty,

 

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fine, foreclosure, judgment, liability or legal action relating to this Agreement, the Certificates,
other than any loss, liability or expense (including legal fees and expenses) (i) incurred by reason of such party’s
willful misconduct, bad faith, fraud or negligence in the performance of duties hereunder or by reason of its negligent disregard
of obligations and duties thereunder or (ii) in the case of the Depositor and any of its directors, officers, members, managers,
employees, shareholders and agents, incurred in connection with any violation by any of them of any state or federal securities
law; provided that such indemnified parties shall be paid out of the Collection Account (in accordance with Section
3.06 of this Agreement), provided that the Servicer shall, after receiving payment from amounts on deposit in the Collection
Account, promptly notify the Companion Loan Holder and use efforts consistent with the Servicing Standard to exercise on behalf
of the Trust any rights under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the Companion Loan from the related Companion Loan Holder.

 

(b)       None
of the Depositor, the Servicer, the Special Servicer or the Operating Advisor shall be under any obligation to appear in, prosecute
or defend any legal action, unless such action relates to its respective duties under this Agreement and which in its opinion
does not expose it to any expense or liability not recoverable from the Trust Fund; provided, however, that each
of the Depositor, the Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake any such action
that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests
of the Certificateholders and the Companion Loan Holder hereunder. In such event, the legal expenses and costs of such action
and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Depositor, the Servicer,
the Special Servicer and the Operating Advisor shall be entitled to be reimbursed therefor from the Collection Account (in accordance
with Section 3.06) no later than sixty (60) days after submitting such expenses or costs for reimbursement, provided
that a failure to reimburse such parties within such sixty (60) days will not affect or limit such parties’ rights to
receive reimbursement hereunder; provided that such amounts shall be allocated in accordance with the expense allocation
provision of the Co-Lender Agreement.

 

(c)       The
terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

(d)       For
the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust or a party to
this Agreement is required to indemnify another party to this Agreement for costs, attorney’s fees and expenses, such costs,
fees and expenses are intended to include costs, reasonable attorney’s fees and expenses relating to the enforcement of
such indemnity (but only after a non-appealable final judgment or court order in favor of the indemnified party with respect to
such indemnity or as agreed to by the related parties pursuant to the settlement or otherwise).

 

Section
6.04      Limitation on Resignation of the Servicer and the Special Servicer; Termination of the Servicer and the Special Servicer.
(a) Each of the Servicer and the Special Servicer may assign their respective rights and delegate their respective duties and
obligations under this Agreement, provided that: (i) the party accepting such assignment and delegation (A) shall
be an established mortgage finance institution, bank or mortgage servicing institution, organized and doing business under the
laws of the United States of America, any state of the United States of America or the District of Columbia, authorized under
such laws to perform the duties of the Servicer or Special Servicer or a Person resulting from a merger, consolidation or succession
that is permitted under Section 6.02, (B) shall be acceptable to each Rating Agency as confirmed in a No Downgrade
Confirmation delivered to the Trustee and the Certificate Administrator relating to the Certificates and the Companion Loan Securities,
if any, (C) shall execute and deliver to the Trustee and the Certificate Administrator an agreement that contains an assumption
by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by
the Servicer or Special Servicer, as applicable under this Agreement from and after the date of such agreement, (D) shall
not be a Prohibited Party and (E) with

 

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respect to the Special Servicer (x) during any Subordinate Control Period, has been
appointed by the Directing Holder or (y) during any Subordinate Consultation Period, is reasonably acceptable to the Directing
Holder and the Depositor; (ii) the Servicer or the Special Servicer shall not be released from its obligations under this
Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the
rate at which the Servicing Compensation or Special Servicing Compensation, as applicable (or any component thereof) is calculated
shall not exceed the rate then in effect; and (iv) the resigning Servicer or Special Servicer shall be responsible for the reasonable
costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon acceptance of such
assignment and delegation, the purchaser or transferee shall be the successor Servicer or Special Servicer, as applicable, hereunder.

 

(b)       Except
as provided in Section 6.02 and this Section 6.04, the Servicer and the Special Servicer shall not resign from its
respective obligations and duties hereby imposed on it except upon either (i) the determination that such duties hereunder are
no longer permissible under applicable law or (ii) in connection with the assignment of rights and delegation of duties as set
forth in Section 6.04(a). Any such determination described in clause (i) above permitting the resignation of
the Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning Servicer’s
or Special Servicer’s expense) to such effect delivered to the Trustee, the Certificate Administrator and during any Subordinate
Control Period and any Subordinate Consultation Period, the Directing Holder. In connection with any such resignation, the successor
special servicer shall either: (i) during any Subordinate Control Period, be appointed by the Directing Holder in accordance with
the first paragraph of Section 7.01(c); or (ii) after termination of any Subordinate Control Period, be appointed by the
Trustee and, during any Subordinate Consultation Period, be reasonably acceptable to the Directing Holder, and otherwise satisfy
the requirements for a successor special servicer set forth in Section 6.04; provided that the Trustee shall have
obtained a No Downgrade Confirmation from each Rating Agency.

 

(c)       The
Trustee shall be permitted to remove the Servicer or the Special Servicer upon a Master Servicer Termination Event or Special
Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall
be effective unless and until (i) the Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or
Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is
entitled) and all other amounts to which the Servicer or the Special Servicer is entitled hereunder to the extent such amounts
accrue prior to such effective date and (ii) with respect to a resignation by the Servicer, the successor Servicer has deposited
into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Servicer, an amount equal to the amounts
so withdrawn, to the extent such amounts would not have been permitted to be withdrawn except pursuant to this paragraph, in which
case the successor Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as the terminated
Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

No
resignation or removal of the Servicer or the Special Servicer as contemplated by the preceding paragraphs shall become effective
until the Trustee or a successor Servicer or Special Servicer shall have assumed the resigning or terminated Servicer’s
or the Special Servicer’s responsibilities, duties, liabilities and obligations hereunder. If no successor Servicer or Special
Servicer can be obtained to perform such obligations for the same compensation to which the terminated Servicer or Special Servicer
would have been entitled, additional amounts payable to such successor Servicer or Special Servicer shall be treated as Realized
Losses.

 

Section
6.05      Rights of the Depositor and the Trustee in Respect of the Servicer and the Special Servicer. Solely with respect
to their performance of their respective duties under this Agreement, the Servicer and the Special Servicer shall afford the Depositor,
the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal
business hours

 

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access to all records maintained by it in respect of its rights and obligations hereunder and access to its officers
responsible for such obligations. Upon written request, the Servicer and/or the Special Servicer, as applicable, shall furnish
to the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee its
most recent publicly available financial statements (or, with respect to the Servicer, those of its ultimate parent) and such
other non-proprietary information as the Servicer or the Special Servicer, as the case may be, shall determine in its sole and
absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited
by applicable law or contract from disclosing. The Depositor is not obligated to monitor or supervise the performance of the Servicer
or the Special Servicer, however, the Depositor may, but is not obligated to, enforce the obligations of the Servicer or the Special
Servicer hereunder which are in default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of such Person hereunder or exercise any rights of such Person hereunder, provided that the Servicer and the
Special Servicer shall not be relieved of any of their respective obligations hereunder by virtue of such performance by the Depositor
or its designee. In the event the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust Fund
from the Collection Account, as provided in Section 3.06 and Section 6.03(a) hereof to the extent not recoverable
from the Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator, the Trustee, the Operating
Advisor, the Servicer (solely with respect to any action or failure to act by the Special Servicer) or the Special Servicer (solely
with respect to any action or failure to act by the Servicer), shall have any responsibility or liability for any action or failure
to act by the Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the Servicer
or the Special Servicer under this Agreement or otherwise. Neither the Servicer nor the Special Servicer shall be under any obligation
to disclose confidential or proprietary information pursuant to this Section.

 

Section
6.06      The Servicer or Special Servicer as Owners of a Certificate. The Servicer or an Affiliate of the Servicer, or the
Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate, Beneficial
Owner) of any Certificate with the same rights it would have if it were not the Servicer or the Special Servicer or an Affiliate
thereof. If, at any time during which the Servicer or the Special Servicer or an Affiliate of the Servicer or the Special Servicer
is the Holder or Beneficial Owner of any Certificate, the Servicer or the Special Servicer proposes to take action (including
for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms hereof and would not, in the
Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if taken,
might nonetheless, in the Servicer’s or the Special Servicer’s good faith judgment, be considered by other Persons
to violate the Servicing Standard, the Servicer or the Special Servicer may, but will not be required to, seek the approval of
the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator a written notice that (i) states
that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest in each Class of Certificates
beneficially owned by the Servicer or the Special Servicer or an Affiliate of the Servicer or the Special Servicer, and (iii) describes
in reasonable detail the action (or inaction) that the Servicer or the Special Servicer proposes to take (or refrain from taking).
The Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the Servicer
and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions for response as
the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding a majority of the Voting Rights
of all Certificateholders shall have consented in writing to the proposal described in the written notice, and if the Servicer
or the Special Servicer shall act as proposed in the written notice, such action shall be deemed to comply with the Servicing
Standard. The Certificate Administrator shall be entitled to reimbursement from the Servicer or the Special Servicer, as applicable,
of the reasonable expenses of the Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing
provision that the Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine
servicing matters arising hereunder, except in the case of unusual circumstances.

 

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Section
6.07      Selection and Removal of the Directing Holder. (a) The Majority Controlling Class Certificateholder, as determined
by the Certificate Registrar from time to time, may serve as, or may appoint as representative to serve as, the Directing Holder;
provided that if no Certificateholder holds Certificates representing more than 50% of the Controlling Class (by Certificate
Balance), then the Directing Holder shall be the representative appointed by the Controlling Class Certificateholder that owns,
and is identified (with contact information) to the Servicer, the Special Servicer, the Operating Advisor, the Trustee and the
Certificate Administrator as owning, the largest aggregate Certificate Balance of Certificates of the Controlling Class; and provided,
further, (i) upon receipt by the Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator
of notice from the Majority Controlling Class Certificateholder or the Certificateholder that owns the largest aggregate Certificate
Balances of Controlling Class Certificates, as applicable, that a Directing Holder is no longer so designated, (ii) if no representative
is appointed as the Directing Holder or (iii) if the Directing Holder is required to have resigned due to becoming a Borrower
Related Party, there shall be no Directing Holder until a Directing Holder that is not a Borrower Related Party is appointed.
Each Holder of the Certificates of the Controlling Class that is not a Borrower Related Party shall be entitled to vote in each
election of the Directing Holder; provided that, for the avoidance of doubt, the Directing Holder cannot be a Borrower
Related Party.

 

(b)       The
initial Directing Holder shall provide a written certification to the Certificate Administrator on the Closing Date certifying
that (i) it is not a Borrower Related Party, (ii) it is the Holder of more than 50% of the Controlling Class (by Certificate Balance)
or, if no Certificateholder holds Certificates representing more than 50% of the Controlling Class (by Certificate Balance), then
it owns the largest aggregate Certificate Balance of Certificates of the Controlling Class, (iii) the Servicer, Special Servicer,
Operating Advisor, Certificate Administrator and Trustee may conclusively rely on such certification and the Servicer, Special
Servicer, Operating Advisor, Certificate Administrator and Trustee shall have no liability for such reliance and (iv) in the event
the then existing Directing Holder is no longer the Holder of more than 50% of the Controlling Class (by Certificate Balance)
or the owner of the largest aggregate Certificate Balance of Certificates of the Controlling Class, as applicable, the Directing
Holder shall promptly notify the Certificate Administrator and each party to this Agreement in writing that it is no longer the
Holder of more than 50% of the Controlling Class (by Certificate Balance).

 

(c)       The
initial Directing Holder is Core Credit Partners A LLC. The Majority Controlling Class Certificateholder, if any, shall give written
notice to the Trustee, the Certificate Administrator, the Servicer, the Special Servicer and the Operating Advisor of the appointment
of any subsequent Directing Holder (in order to receive notices hereunder).

 

(d)       The
Directing Holder may be removed at any time, with or without cause, by the written vote of the Majority Controlling Class Certificateholder,
and a copy of the results of such vote shall be delivered to each party to this Agreement.

 

(e)       The
Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its
name and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Certificate
of the Controlling Class, the selection of a Directing Holder or the resignation or removal thereof. Any Certificateholder or
its designee at any time appointed Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Certificate
to notify the Certificate Administrator of its identity and contact information when such Certificateholder or its designee is
appointed Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall
notify the Trustee, the Operating Advisor, the Special Servicer and the Servicer of the identity and contact information of the
Directing Holder and any resignation or removal thereof.

 

On
the Closing Date, the initial Directing Holder shall execute and deliver a certification substantially in the form of Exhibit
L-1-C to this Agreement. Upon the resignation or removal of the existing

 

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Directing Holder, any successor Directing Holder
shall also deliver a certification substantially in the form of Exhibit L-1-C to this Agreement prior to being recognized
as the new Directing Holder.

 

(f)       Once
a Directing Holder has been selected, each of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on
such selection unless the Majority Controlling Class Certificateholder shall have notified each other party to this Agreement
and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Directing Holder or the selection
of a new Directing Holder (with contact information).

 

(g)       Until
it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with
respect to the identity of the Certificateholders of the Controlling Class and the identity and contact information of the Directing
Holder.

 

(h)       The
Directing Holder shall be responsible for its own expenses.

 

(i)       The
Servicer, the Special Servicer, the Operating Advisor or the Trustee may from time to time request that the Certificate Administrator
provide the name of the then-current Directing Holder. Upon such request, the Certificate Administrator shall promptly (but in
no event more than five (5) Business Days following such request) provide the name of the then-current Directing Holder to
the Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable, but only to the extent the Certificate
Administrator has actual knowledge of the identity of the then-current Directing Holder; provided that if the Certificate
Administrator does not have actual knowledge of the identity of the then-current Directing Holder, then (i) the Certificate
Administrator shall determine which Class is the Controlling Class and (ii) the Certificate Administrator shall promptly
(but in no event more than five (5) Business Days following such request) request from the Depository, with the assistance
of the Trustee, the list of DTC participants for the Controlling Class and make reasonable efforts to obtain a list of Beneficial
Owners from such DTC participants, and the Certificate Administrator shall provide such list of DTC participants and such list
of Beneficial Owners (to the extent the Certificate Administrator obtains such list of Beneficial Owners), to the Servicer, the
Special Servicer, the Operating Advisor or the Trustee. The Certificate Administrator shall be entitled to conclusively rely on
the list of DTC participants for the Controlling Class provided by the Depository and the list of Beneficial Owners provided by
any DTC participant and shall not have any liability for such reliance. Any expenses incurred in connection with obtaining such
information shall be at the expense of the requesting party; provided that if (i) such expenses arise in connection with
an event as to which the Directing Holder has review, consent or consultation rights with respect to an action taken by, or report
prepared by, the requesting party pursuant to this Agreement and (ii) the requesting party has not been notified of the identity
of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall
be at the expense of the Trust. The Servicer, the Special Servicer, the Operating Advisor and the Trustee shall be entitled to
conclusively rely on any such information so provided. If the Majority Controlling Class Certificateholder does not give written
notice to the Trustee, the Operating Advisor, the Certificate Administrator, the Servicer and the Special Servicer of the appointment
of any subsequent Directing Holder pursuant to Section 6.07(c), and if the identity of the Directing Holder is not provided
by the Certificate Administrator, the Operating Advisor, the Servicer and Special Servicer shall have no obligation to consult
with, provide notice to or seek approval of such Directing Holder. To the extent the Operating Advisor, the Servicer or the Special
Servicer has written notice of any change in the identity of a Directing Holder or the list of Holders (or Beneficial Owners,
if applicable) of the Controlling Class, then the Operating Advisor, the Servicer or the Special Servicer, as applicable, shall
promptly notify the Trustee, the Operating Advisor, the Certificate Administrator, the Servicer and the Special Servicer thereof,
who may rely conclusively on such notice from the Servicer or the Special Servicer, as applicable.

 

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Section
6.08      Limitation on Liability of Directing Holder; Acknowledgements of the Certificateholders. The Directing Holder will
have no liability to the Trust or the Certificateholders for any action taken, or refraining from the taking of any action, in
accordance with or as permitted by this Agreement. Each holder of any Certificates shall acknowledge and agree, by its acceptance
of its Certificate, that: (a) the Directing Holder and/or any Controlling Class Certificateholder may each have relationships
and interests that conflict with those of Holders of one or more other Classes of Certificates and/or Companion Loan Holder; (b)
the Directing Holder and/or any Controlling Class Certificateholder may act solely in the interests of the Holders of the Controlling
Class; (c) the Directing Holder and the Holders of the Controlling Class do not have any duties to the Trust or to the Holders
of any Class of Certificates or the Companion Loan Holder; (d) the Directing Holder and/or any Controlling Class Certificateholder
may take actions that favor interests of the Controlling Class over the interests of the Holders of one or more other Classes
of Certificates or the Companion Loan Holder; (e) neither the Directing Holder nor the Holders of the Controlling Class shall
have any liability whatsoever to the Trust, the parties to this Agreement, the Certificateholders, the Companion Loan Holder or
any other Person (including the Borrower) for having acted in accordance with or as permitted under the terms of this Agreement;
and (f) the Holders of the Certificates and the Companion Loan Holder may not take any action whatsoever against the Directing
Holder or any Holder the Controlling Class or any of the respective affiliates, directors, officers, shareholders, members, partners,
agents or principals thereof as a result of the Directing Holder or the Holders the Controlling Class having acted in accordance
with the terms of and as permitted under this Agreement.

 

Section
6.09      Rights and Powers of the Directing Holder. (a) Notwithstanding anything herein to the contrary, except as
set forth in this Section 6.09, (i) the Servicer shall not be permitted to take any of the actions constituting a Major
Decision unless it has obtained the consent of the Special Servicer (which consent shall be deemed given if the Special Servicer
does not object within fifteen (15) Business Days (or, in the case of a determination of an Acceptable Insurance Default, ninety
(90) days) of receipt of the Servicer’s written analysis and recommendation together with any information in the possession
of the Servicer that is reasonably required to make a decision regarding the subject action), and (ii) during any Subordinate
Control Period, the Special Servicer shall not be permitted to consent to the Servicer’s taking any of the actions constituting
a Major Decision, nor will the Special Servicer itself be permitted to take any of the actions constituting a Major Decision,
as to which the Directing Holder has objected in writing within ten (10) Business Days (or, in the case of a determination of
an Acceptable Insurance Default, thirty (30) days) after receipt of the written recommendation and analysis from the Special Servicer
(the “Major Decision Reporting Package”), together with any information in the possession of the Special Servicer
that is reasonably requested by the Directing Holder to make a decision regarding the subject action (provided that if
such written objection has not been received by the Special Servicer within such ten (10) Business Days (or, in the case of a
determination of an Acceptable Insurance Default, thirty (30) day) period, then the Directing Holder shall be deemed to have approved
such action); provided that if the Special Servicer or Servicer (if the Servicer is otherwise authorized by this Agreement
to take such action), as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring
consent of the Directing Holder during any Subordinate Control Period, is necessary to protect the interests of the Certificateholders,
the Special Servicer or Servicer, as applicable, may take any such action without waiting for the Directing Holder’s (or,
if applicable, the Special Servicer’s) response; provided, further, that the Special Servicer or the Servicer,
as applicable, has used reasonable efforts consistent with the Servicing Standard to contact the Directing Holder prior to taking
such action; provided, further, that the Special Servicer is not required to obtain the consent of the Directing
Holder for any of the foregoing actions during any Subordinate Consultation Period; provided, further, that the
Special Servicer will be required to consult, solely on a non-binding basis (and to consider alternative actions recommended by
each such party) during any Subordinate Consultation Period, with the Directing Holder with respect to any of the Major Decisions
and any other matter as to which consent of the Directing Holder would have been required during any Subordinate Control Period;
provided, further, that for so long as there is no Directing Holder, the Servicer

 

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and the Special Servicer shall
have no duty to consult with, provide notice to, or seek the approval or consent of any Directing Holder, it being acknowledged
that the initial Directing Holder is set forth in Section 6.07(c).

 

With
respect to any action requiring the consent of, or consultation with, the Directing Holder under this Agreement, such consent
shall be deemed given or consultation deemed waived if the Directing Holder does not respond within ten (10) Business Days unless
otherwise specified.

 

In
the event that no Directing Holder has been appointed or identified to the Servicer or the Special Servicer, as applicable, and
the Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Trustee or Certificate Administrator,
and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then the Servicer or the Special
Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of the Directing
Holder, it being acknowledged that the initial Directing Holder is set forth in Section 6.07(c).

 

In
addition, during any Subordinate Control Period, the Directing Holder may direct the Special Servicer to take, or to refrain from
taking, such other actions with respect to the Whole Loan as the Directing Holder may deem advisable or as to which provision
is otherwise made herein. Notwithstanding anything herein to the contrary, no such direction, and no direction or objection contemplated
by the preceding paragraph or any other provision of this Agreement, may (a) require or cause the Servicer or the Special Servicer
to violate any provision of the Loan Documents, any intercreditor agreement, applicable law or this Agreement, including without
limitation the Servicer’s or the Special Servicer’s obligation to act in accordance with the Servicing Standard, (b)
expose any Certificateholder, the Operating Advisor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Trust or their affiliates, officers, directors or agent to any claim, suit or liability, (c) result in the imposition of
a tax upon the Trust or (d) materially expand the scope of the Servicer’s or the Special Servicer’s responsibilities
hereunder. Furthermore, in addition to the Directing Holder’s rights of consent and consultation (as applicable) as set
forth in Section 6.09(a) above, it is understood and agreed that to the extent any other provision of this Agreement requires
the provision of notice to, the obtaining of consent of, and/or consultation with, the Directing Holder, or otherwise provides
for any right of the Directing Holder thereunder, then none of the Trustee, the Certificate Administrator, the Servicer or the
Special Servicer shall be entitled to take any action (or omit to take any action) in contravention of the applicable rights of
the Directing Holder contained in such provision; provided however, if the Directing Holder has not objected to any request
for consent within ten (10) Business Days, such consent shall be deemed given; provided, further, that this sentence
is not intended to in any way to (i) expand the rights of the Directing Holder, (ii) limit the application of the immediately
preceding sentence, (iii) remove any limitations on the exercise of such rights set forth in such other provisions, or (iv) require
the Trustee, the Certificate Administrator, the Servicer and/or the Special Servicer to send a notice to, obtain the consent of,
or consult with a new Directing Holder whose name and contact information have not yet been provided to the Trustee, the Certificate
Administrator, the Servicer and/or the Special Servicer; and provided, further, that if such other provisions are
in any way subject to this Section 6.09, then the exercise of such rights shall be subject to the immediately following
paragraph and Section 6.09(b).

 

If
the Special Servicer or Servicer, as applicable, determines that a refusal to consent by the Directing Holder or any direction
or advice from the Directing Holder or any recommendation by the Operating Advisor would otherwise cause the Special Servicer
or Servicer, as applicable, to violate the terms of the Loan Documents, any intercreditor agreement, applicable law, provisions
of the Code or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Servicer, as applicable,
shall disregard such refusal to consent, direction or advice and notify the Directing Holder, the Trustee, the Certificate Administrator
and the 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the basis therefor. The
taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance with the direction of or approval
of the Directing Holder

 

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that does not violate the Loan Documents, any intercreditor agreement, any applicable law, provisions
of the Code or the Servicing Standard or any other provisions of this Agreement, shall not result in any liability on the part
of the Servicer or the Special Servicer.

 

The
Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor simultaneously upon providing such
Major Decision Reporting Package to the Directing Holder. With respect to any particular Major Decision and related Major Decision
Reporting Package and any Asset Status Report, the Special Servicer shall make available to the Operating Advisor Servicing Officers
with relevant knowledge regarding the Whole Loan and such Major Decision and/or Asset Status Report in order to address reasonable
questions that the Operating Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report
and potential conflicts of interest and compensation with respect to such Major Decision and/or Asset Status Report. In addition,
if an Operating Advisor Consultation Period is in effect, the Special Servicer shall consult with the Operating Advisor (telephonically
or electronically) in connection with any proposed Major Decision (and such other matters that are subject to consultation rights
of the Operating Advisor hereunder) and consider alternative actions recommended by the Operating Advisor, in respect thereof,
provided that such consultation is on a non-binding basis. In the event that the Special Servicer receives no response
from the Operating Advisor within ten (10) Business Days following the later of (i) its written request for input on any
required consultation (which such written request shall contain a Major Decision Reporting Package) and (ii) delivery of all such
additional information reasonably requested by the Operating Advisor related to the subject matter of such consultation, the Special
Servicer shall not be obligated to consult with the Operating Advisor on the specific matter; provided, however,
that the failure of the Operating Advisor to respond on any specific matters shall not relieve the Special Servicer from its obligation
to consult with the Operating Advisor on any future matter with respect to the Trust Loan.

 

(b)       At
any time other than during a Subordinate Control Period or a Subordinate Consultation Period, the Directing Holder shall have
no consultation rights under this Agreement and shall have no right to receive any notices, reports or information (other than
notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing Holder; provided
that the Directing Holder (if and to the extent that it is a Certificateholder) will maintain the right to exercise its Voting
Rights for the same purposes as any other Certificateholder under this Agreement.

 

(c)       In
the event that no Directing Holder has been appointed or identified to the Servicer or Special Servicer, as applicable, and the
Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Trustee or Certificate Administrator,
and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then the Servicer or the Special
Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of the Directing
Holder.

 

Section
6.10      Directing Holder and Operating Advisor Contact with Servicer and Special Servicer. Upon reasonable request, each
of the Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the
Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period) and the Operating Advisor (during
any Operating Advisor Consultation Period) regarding the performance and servicing of the Trust Loan (or, in the case of the Special
Servicer, the Special Servicer’s operational activities on a platform level basis related to the servicing of the Specially
Serviced Loan and the servicing of any REO Property) for which the Servicer or the Special Servicer, as the case may be, is responsible.

 

Notwithstanding
any provision of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information
otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Servicer
or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with the Servicing

 

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Standard, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust
Fund or otherwise materially harm the Trust or the Trust Fund.

 

Section
6.11      The Operating Advisor.

 

(a)       The
Operating Advisor shall, as provided in this Agreement, review (i) the actions of the Special Servicer with respect to the Whole
Loan if it is a Specially Serviced Loan and, any Major Decisions with respect to the Whole Loan when it is not a Specially Serviced
Loan with respect to which a Major Decision Reporting Package has been delivered to the Operating Advisor, (ii) all reports by
the Special Servicer made available to Privileged Persons on the Certificate Administrator’s Website or otherwise provided
to the Operating Advisor pursuant to this Agreement and (iii) each Asset Status Report (during an Operating Advisor Consultation
Period) and each Final Asset Status Report delivered to the Operating Advisor by the Special Servicer. The Operating Advisor shall
perform its duties hereunder in accordance with the Operating Advisor Standard.

 

(b)       Subject
to the Privileged Information Exception, the Operating Advisor and its Affiliates will be obligated to keep confidential any information
appropriately labeled as “Privileged Information” received from the Special Servicer or Directing Holder in connection
with the Directing Holder’s exercise of its rights under this Agreement (including, without limitation, in connection with
any Asset Status Report) or otherwise in connection with this transaction, except under the circumstances described in Section
6.11(h) and subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information.
Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it
shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying
with its duties and obligations hereunder.

 

With
respect to the determination of whether a Subordinate Control Period, Operating Advisor Consultation Period or Subordinate Consultation
Period is in effect, or has terminated, the Servicer, Special Servicer and Operating Advisor are each entitled to rely solely
on its receipt from the Certificate Administrator of notice thereof or any notice posted to the Certificate Administrator’s
Website pursuant to this Agreement, and, with respect to any obligations of the Operating Advisor, Servicer or Special Servicer
that are performed only during a Subordinate Control Period, Operating Advisor Consultation Period and/or Subordinate Consultation
Period, the Operating Advisor, Servicer or Special Servicer shall have no obligation to perform any such duties until the receipt
of such notice or actual knowledge of the occurrence of a Subordinate Control Period, Operating Advisor Consultation Period or
Subordinate Consultation Period, as applicable.

 

(c)       Based
on the Operating Advisor’s review of (i) any assessment of compliance and any attestation report delivered to the Operating
Advisor or made available to the Operating Advisor on the Certificate Administrator’s Website, any Final Asset Status Report
and reports by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s
Website during the prior calendar year that are relevant to the Operating Advisor’s obligations under this Agreement, the
Operating Advisor shall ((A) if the Whole Loan was a Specially Serviced Loan at any time during the prior calendar year or (B)
if an Operating Advisor Consultation Period was in effect during the prior calendar year and the Whole Loan was the subject of
a Major Decision) deliver to the Depositor, the Certificate Administrator and the 17g-5 Information Provider (which shall promptly
post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d))
within one hundred twenty (120) days of the end of the prior calendar year, an annual report (the “Operating Advisor
Annual Report”), substantially in the form of Exhibit S (which form may be modified or altered as to either its
organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement
including, without limitation, provisions herein relating to Privileged Information; provided, that in no event shall the
information or any other content included in the Operating Advisor

 

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Annual Report contravene any provision of this Agreement),
setting forth the Operating Advisor’s assessment, in its sole discretion exercised in good faith, as to whether the Special
Servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties under this Agreement
with respect to the Whole Loan if it is a Specially Serviced Loan (and, during an Operating Advisor Consultation Period, with
respect to Major Decisions on the Whole Loan even if it is not a Specially Serviced Loan) during the prior calendar year on the
basis described in the following paragraph and identifying (1) which, if any, standards the Operating Advisor believes, in its
sole discretion exercised in good faith, the Special Servicer has failed to comply with and (2) any material deviations from the
Special Servicer’s obligations hereunder with respect to the Specially Serviced Loan or REO Property and, during an Operating
Advisor Consultation Period, the Whole Loan even if it is not a Specially Serviced Loan (solely with respect to Major Decisions
with respect thereto); provided, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report
shall only relate to the special servicer that was acting as Special Servicer as of December 31 in the prior calendar year and
is continuing in such capacity through the date of such Operating Advisor Annual Report. In preparing any Operating Advisor Annual
Report, the Operating Advisor shall not be required to report on instances of non-compliance with, or deviations from, the Servicing
Standard or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines, in its sole discretion
exercised in good faith, to be immaterial. Notwithstanding any of the foregoing to the contrary, the Operating Advisor will not
be obligated to prepare an annual report with respect to any calendar year unless at least one of the following occurs with respect
to such calendar year: (i) the Operating Advisor receives a Final Asset Status Report with respect to the Whole Loan if it is
a Specially Serviced Loan; (ii) the Operating Advisor is entitled to consult with the Special Servicer with respect to any Major
Decision; or (iii) the Operating Advisor does not receive a Final Asset Status Report for the Whole Loan if it was a Specially
Serviced Loan for a period of at least one hundred eighty (180) consecutive days following the Whole Loan becoming a Specially
Serviced Loan. Such Operating Advisor Annual Report shall be delivered to the Certificate Administrator (which shall promptly
post such Operating Advisor Annual Report on the Certificate Administrator’s Website pursuant to Section 4.02) and
the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d)); provided, that the Special Servicer shall be given an opportunity to review
the Operating Advisor Annual Report at least five (5) Business Days prior to such annual report’s delivery to the Certificate
Administrator and the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt any comments to the
Operating Advisor Annual Report that are provided by the Special Servicer.

 

(d)       The
Operating Advisor Annual Report shall be prepared on the basis of the Special Servicer’s performance of its duties with
respect to the Specially Serviced Loan (and, during an Operating Advisor Consultation Period, with respect to Major Decisions
on the Whole Loan even if it is not a Specially Serviced Loan) under this Agreement, taking into account the Special Servicer’s
specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing
Standard, with reasonable consideration by the Operating Advisor of any assessment of compliance, attestation report, Major Decision
Reporting Package, Asset Status Report, Final Asset Status Report and any other information delivered to the Operating Advisor
by the Special Servicer (other than any communications between the Directing Holder and the Special Servicer that would be Privileged
Information) or made available to the Operating Advisor on the Certificate Administrator’s Website, in each case, pursuant
to this Agreement.

 

(e)       In
the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating
Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions
in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such
limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the

 

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accuracy and completeness of
any information it is provided without liability for any reliance thereon. In the event a lack of access to Privileged Information
limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor may, to the extent
the Operating Advisor deems relevant, set forth any such limitations or prohibitions in the related Operating Advisor Annual Report,
and the Operating Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

 

(f)       With
respect to the Whole Loan, after the subject calculation but prior to the utilization by the Special Servicer of any of the calculations
related to net present value in accordance with Section 1.02(h) used in the Special Servicer’s determination of the
course of action to take in connection with the workout or liquidation of the Whole Loan if it is a Specially Serviced Loan, the
Special Servicer shall forward such calculations, together with any supporting material or additional information necessary in
support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the mathematical
accuracy of such calculations, but not including any communications between the Directing Holder and the Special Servicer that
would be Privileged Information), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after
preparing such calculations, and the Operating Advisor shall promptly, but no later than five (5) Business Days after receipt
of such calculations and any supporting or additional materials, promptly recalculate and verify the accuracy of the mathematical
calculations and the corresponding application of the non-discretionary portion(s) of the applicable formulas required to be utilized
in connection with any such calculation.

 

In
connection with this Section 6.11(f), if the Operating Advisor does not agree in any material respect, with the mathematical
calculations or the application of the applicable non-discretionary portion(s) of the formula required to be utilized for such
calculation the Operating Advisor and Special Servicer shall consult with each other in order to resolve any material inaccuracy
in the mathematical calculations or the application of the non-discretionary portion(s) of the related formula in arriving at
those mathematical calculations or any disagreement within seven (7) Business Days of delivery of such calculations. If the Operating
Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such seven (7) Business
Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement, and the Certificate
Administrator shall examine the calculations and supporting materials provided by the Special Servicer and the Operating Advisor
and shall determine which calculation is to apply (and shall provide prompt written notice of such determination to the Operating
Advisor and the Special Servicer).

 

(g)       Notwithstanding
the foregoing, and unless an Operating Advisor Consultation Period is in effect, the Operating Advisor shall have no specific
involvement with respect to collateral substitutions, assignments, workouts, modifications, consents, waivers, insurance policies,
borrower substitutions, lease changes, additional borrower debt, defeasances, property management changes, releases from escrow,
assumptions and other similar actions that the Special Servicer may perform under this Agreement and other similar actions that
the Special Servicer may perform under this Agreement. In addition, with respect to the Operating Advisor’s review of net
present value calculations as required in Section 6.11(f) above, the Operating Advisor’s recalculation shall not
take into account the reasonableness of the Special Servicer’s property and borrower performance assumptions or other similar
discretionary portions of the net present value calculation.

 

(h)       The
Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not, without the prior written consent of the Special Servicer and (for so long as a Subordinate Control
Period or Subordinate Consultation Period is in effect) the Directing Holder, disclose such information to any other Person (including
any Certificateholders other than the Directing Holder), other than (i) to the extent expressly set forth herein, to
the other parties to this Agreement with a notice indicating that such information is Privileged Information, (ii) pursuant
to a Privileged Information Exception or (iii) where necessary to support specific findings or

 

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conclusions concerning allegations
of deviations from the Servicing Standard (A) in the Operating Advisor Annual Report or (B) in connection with a recommendation
by the Operating Advisor to replace the Special Servicer. Each party to this Agreement that receives information that is appropriately
labeled as “Privileged Information” from the Operating Advisor with a notice stating that such information is Privileged
Information shall not, without the prior written consent of the Special Servicer and (for so long as a Subordinate Control Period
or Subordinate Consultation Period is in effect) the Directing Holder, disclose such Privileged Information to any Person other
than pursuant to a Privileged Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be permitted to
share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound
by the same confidentiality provisions applicable to the Operating Advisor.

 

(i)       Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance
with the terms of Section 4.02(c).

 

(j)       As
compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each
Servicer Remittance Date. The Operating Advisor Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall
be computed on the basis of the outstanding principal balance of the Trust Loan and in the same manner as interest is calculated
on the Trust Loan, and, in connection with any partial month interest payment, for the same period respecting which any related
interest payment due on the Trust Loan is computed. The Operating Advisor Fee shall be payable from funds on deposit in the Collection
Account as provided in Section 3.06(a).

 

(k)       The
Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.03(a)
hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.06(a)
Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

(l)       In
addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Asset Status Report
or Major Decision for which the Operating Advisor has consultation obligations hereunder. The Operating Advisor Consulting Fee
shall be payable from funds on deposit in the Collection Account as provided in Section 3.06(a), but only to the extent
such Operating Advisor Consulting Fee is actually received from the Borrower. When the Operating Advisor has consultation obligations
with respect to an Asset Status Report or Major Decision under this Agreement, the Servicer or the Special Servicer, as applicable,
shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating Advisor Consulting
Fee from the Borrower in connection with such an Asset Status Report or Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the Borrower if it determines that such full or partial waiver is in accordance with the Servicing
Standard, but in no event shall the Servicer or the Special Servicer take any enforcement action with respect to the collection
of such Operating Advisor Consulting Fee other than requests for collection; provided that the Servicer or the Special
Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction.

 

(m)       Upon
(i) the written direction of holders of Principal Balance Certificates representing at least 15% of the Voting Rights allocable
to Non-Reduced Certificates requesting a vote to terminate and replace the Operating Advisor with a replacement Operating Advisor
selected by such holders (provided that the proposed replacement Operating Advisor is an Eligible Operating Advisor), (ii)
payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the
Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee of a No Downgrade Confirmation,
the Certificate Administrator shall promptly provide written

 

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notice to all Certificateholders of such request by posting such
notice on the Certificate Administrator’s Website in accordance with Section 4.02, and concurrently by mail, and
conduct the solicitation of votes of all Certificates in such regard. Upon the vote or written direction of holders of Principal
Balance Certificates representing more than 50% of the Voting Rights allocable to the Non-Reduced Certificates that exercise their
right to vote, provided that the holders of Principal Balance Certificates representing at least 50% of the Voting Rights
allocable to the Non-Reduced Certificates have exercised their right to vote, the Trustee shall immediately replace the Operating
Advisor with the replacement Operating Advisor.

 

(n)       After
the occurrence of an Operating Advisor Termination Event, the Certificate Administrator will be required to notify the Certificateholders,
and the Trustee may, and upon the written direction of holders of Certificates representing at least 25% of the Voting Rights
(taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Classes
of Certificates), the Trustee shall promptly terminate the Operating Advisor for cause and appoint a replacement Operating Advisor
that is an Eligible Operating Advisor; provided that no such termination shall be effective until a successor operating
advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement. No such termination
shall terminate, change, reduce, or otherwise modify the rights and obligations of the Operating Advisor that accrued prior to
such termination, including the right to receive all amounts accrued and owing to it under this Agreement, and other than indemnification
rights arising out of events occurring prior to such termination. The Trustee may rely on a certification by the replacement Operating
Advisor that it is an Eligible Operating Advisor. Upon (i) the occurrence of any Operating Advisor Termination Event or (ii) any
termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible,
give written notice thereof to the Special Servicer, the Servicer, the Certificate Administrator, the 17g-5 Information Provider
(for posting to the 17g-5 Information Provider’s Website), the Depositor, the Directing Holder and the Certificateholders.
Notwithstanding the foregoing, if the Trustee is unable to find a successor operating advisor within thirty (30) days of the termination
of the Operating Advisor, the Depositor shall be permitted to find a replacement. The Trustee shall not be liable for any failure
to identify and appoint a successor operating advisor so long as the Trustee uses commercially reasonable efforts to conduct a
search for a successor operating advisor and such failure is not a result of the Trustee’s negligence, bad faith or willful
misconduct in the performance of its obligations hereunder.

 

(o)       The
holders of Certificates representing at least 25% of the Voting Rights may waive an Operating Advisor Termination Event within
twenty (20) days of the receipt of notice from the Trustee of the occurrence of such Operating Advisor Termination Event. Upon
any such waiver of an Operating Advisor Termination Event, such Operating Advisor Termination Event shall cease to exist and shall
be deemed to have been remedied for every purpose hereunder. Upon any such waiver of an Operating Advisor Termination Event, the
Trustee and the Certificate Administrator shall be entitled to recover all costs and expenses incurred by it in connection with
enforcement action taken with respect to such Operating Advisor Termination Event prior to such waiver from the Trust.

 

(p)       The
Operating Advisor may resign from its obligations and duties hereby imposed on it upon thirty (30) days prior written notice to
the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Directing Holder, if applicable,
if the Operating Advisor has secured a replacement operating advisor that is an Eligible Operating Advisor and such replacement
operating advisor has accepted its appointment as the replacement operating advisor. No such resignation by the Operating Advisor
shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities
and obligations. If no successor operating advisor has been so appointed and accepted the appointment within thirty (30) days
after the notice of resignation, the resigning Operating Advisor may petition any court of competent jurisdiction for the appointment
of a successor operating advisor that is an Eligible Operating Advisor. The resigning Operating

 

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Advisor shall pay all reasonable
costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a
transfer of its duties pursuant to this Section 6.11(p).

 

(q)       In
the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and
unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor
Expenses pursuant to Section 6.11(k) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(r)       The
parties hereto agree, and the Certificateholders by their acceptance of their respective Certificates shall be deemed to have
agreed, that (i) subject to Section 6.03, the Operating Advisor shall have no liability to any Certificateholder for any
actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a
contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or
(B) other duty except with respect to its specific obligations under this Agreement, and shall have no duty to any particular
class of Certificates or particular Certificateholders or any third party, and (iv) the Operating Advisor does not constitute
an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended.

 

(s)       Neither
the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates.

 

(t)       The
Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy clauses
(c), (d) and (f) of the definition of “Eligible Operating Advisor” and so long as the related agreements
or arrangements with such agents or subcontractors are consistent with the provisions of this Section 6.11. Notwithstanding
the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed
hereunder in accordance with the provisions of this Agreement without diminution of any such obligation or liability by virtue
of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the
same extent and under the same terms and conditions as if the Operating Advisor alone were performing its obligations under this
Agreement.

 

(u)       For
the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other securitizations that
involve the same parties or Borrower involved in this securitization, any experience or knowledge gained by the Operating Advisor
from such other engagements may not be imputed to the Operating Advisor for this transaction; provided, however,
the Operating Advisor may consider such experience or knowledge as pertinent information for discussion with the Special Servicer
during its periodic meetings.

 

Article
VII

TERMINATION EVENTS

 

Section
7.01      Servicer Termination Events. (a) With respect to the Servicer, “Master Servicer Termination Event”,
wherever used herein, means any one of the following events:

 

(i)       (A) any
failure by the Servicer to make any deposit required to the Collection Account on the day and by the time such deposit was first
required to be made under the terms of this Agreement, which failure is not remedied within two (2) Business Days, (B) any
failure by the Servicer to deposit into, or remit to the Certificate Administrator for deposit into, any Distribution Account
any amount required to be so deposited or remitted (including, without limitation, any required P&I Advance or Administrative
Advance, unless the Servicer determines such P&I Advance or Administrative Advance is a Nonrecoverable Advance) under this
Agreement, which

 

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failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided,
however, that to the extent the Servicer does not timely make such remittance to the Certificate Administrator, the Servicer
shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount not timely remitted
at the Prime Rate from and including the applicable required remittance date to, but not including, the date such remittance is
actually made) or (C) any failure by the Servicer to remit to any holder of a Companion Loan, as and when required by this Agreement
or the Co-Lender Agreement, any amount required to be so remitted (which failure continues for two Business Days);

 

(ii)       any
failure on the part of the Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of thirty (30) days (fifteen (15) days in the case
of the Servicer’s failure to make a Property Advance or forty-five (45) days in the case of failure to pay the premium for
any insurance policy required to be force placed by the Servicer pursuant to this Agreement or in any event such reasonable shorter
period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate
taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Servicer by any other party hereto, or to the Servicer, with a copy to each
other party to this Agreement, by (A) the Certificateholders of any Class evidencing, as to that Class, Percentage Interests aggregating
not less than 25% of the Voting Rights or (B) an affected Companion Loan Holder; provided, however, that if such
failure is capable of being cured and the Servicer is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable,
will be extended an additional thirty (30) days;

 

(iii)       any
breach on the part of the Servicer of any representation or warranty contained in Section 2.04(a), which materially and
adversely affects the interests of the Holders of any Class of Certificates or the Companion Loan Holder and which continues unremedied
for a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, shall have
been given to the Servicer by any party hereto, or to the Servicer, the Special Servicer, the Depositor and the Trustee by the
holders of Certificates of any Class evidencing, as to that Class, Percentage Interests aggregating not less than 25% of such
Class or by an affected Companion Loan Holder; provided that if such breach is capable of being cured and the Servicer
is diligently pursuing such cure, such 30-day period will be extended an additional thirty (30) days;

 

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

 

(v)       the
Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Servicer or
of or relating to all or substantially all of its property;

 

(vi)       the
Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

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(vii)       the
Servicer ceases to have a commercial master servicer rating of at least “CMS3” from Fitch and such rating is not reinstated
within sixty (60) days of such downgrade or withdrawal of such rating;

 

(viii)       KBRA
has (a) qualified, downgraded or withdrawn its ratings of one or more Classes of Certificates, or (b) placed one or more Classes
of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement has not been withdrawn by KBRA within sixty (60) days of such event) and, in
the case of either of clauses (a) or (b), publically cited servicing concerns with the Servicer, as the sole or material factor
in such action;

 

(ix)       a
Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the
Servicer as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status”
placement has not been withdrawn by such Companion Loan Rating Agency within sixty (60) days of such event); or

 

(x)       so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer or any primary
servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained
by the Servicer shall fail to deliver the items required to be delivered by this Agreement to enable such Other Securitization
Trust to comply with its reporting obligations under the Exchange Act within the time set forth for such delivery in Article
XI, (any Sub-Servicing Entity that defaults in accordance with this Section 7.01(a)(x) shall be terminated at the direction
of the Depositor);

 

then,
and in each and every such case, so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may,
and at the written direction of the Holders of Certificates evidencing at least 25% of the aggregate Voting Rights of all Certificates
(allocated based on Certificate Balances or Notional Amounts, as applicable, as notionally reduced by any Appraisal Reduction
Amounts and Collateral Deficiency Amounts allocable to the Trust Loan), the Trustee shall, terminate all of the rights and obligations
of the Servicer (other than the rights to indemnification provided in Section 6.03 and compensation provided in Section
3.12).

 

In
the event that the Servicer is also the Special Servicer and the Servicer is terminated as provided in this Section 7.01,
then the Servicer shall also be terminated as Special Servicer.

 

If
the Servicer receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event
under Error! Reference source not found., (vi) or (ix) and if the Servicer provides
the Trustee with the appropriate “request for proposal” materials within five (5) Business Days following such termination
notice, then the Servicer shall continue to serve as Servicer hereunder until a successor Servicer is selected in accordance with
this Section 7.01(a). Upon receipt of the “request for proposal” materials, the Trustee shall promptly thereafter
(using such “request for proposal” materials provided by the Servicer) solicit good faith bids for the rights to service
the Whole Loan under this Agreement from at least three (3) Persons qualified to act as Servicer hereunder in accordance with
Section 6.02 and 7.02 (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids;
and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Whole Loan under this Agreement. The bid proposal shall require any Successful Bidder
(as defined below), as a condition of such bid, to enter into

 

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this Agreement as successor Servicer, and to agree to be bound by the terms hereof, within
forty-five (45) days after the notice of termination of the Servicer. The materials provided to the Trustee shall provide for
soliciting bids: (i) on the basis of such successor Servicer retaining all Sub-Servicers to continue the primary servicing
of the Whole Loan pursuant to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement
with the terminated Servicer to service the Whole Loan at a sub-servicing fee rate per annum equal to 0.00250% (a “Servicing
Retained Bid”); and (ii) on the basis of the terminated Servicer not being retained as a Sub-Servicer (each, a
“Servicing Released Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained
Bid (or, if none, the highest cash Servicing Released Bid) (the “Successful Bidder”) to act as successor Servicer
hereunder; provided, however, that if the Trustee does not receive a No Downgrade Confirmation within ten (10) days
after the selection of such Successful Bidder, then the Trustee shall repeat the bid process described above (but subject to the
above described forty-five (45) day time period) until such No Downgrade Confirmation is obtained. The Trustee shall direct the
Successful Bidder to enter into this Agreement as successor Servicer pursuant to the terms hereof no later than forty-five (45)
days after notice of the termination of the Servicer; provided, however, that the initial Servicer may request and
obtain an additional 20 days for such sale and assumption to be completed so long as the initial Servicer delivers to the Trustee
an Officer’s Certificate stating that the sale and assumption of the right to service the Whole Loan cannot be completed
in the initial 45-day period and specifying the reasons therefor.

 

Upon
the assignment and acceptance of master servicing rights hereunder (subject to the terms of Section 3.12) to and by the
Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to
the Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful
Bidder (net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing)
and (ii) if the successful bid was a Servicing Released Bid, to the Servicer and each terminated Sub-Servicer its respective bid
allocation.

 

The
Servicer to be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred
in connection with the attempt to sell its rights to service the Whole Loan, which expenses are not reimbursed to the party that
incurred such expenses pursuant to the preceding paragraph.

 

If
the Successful Bidder has not entered into this Agreement as successor Servicer within the above described time period or no Successful
Bidder was identified within the above described time period, the Servicer to be terminated pursuant to Section 7.01(a)
shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in connection with
such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee thereafter may
act or may select a successor to act as Servicer hereunder in accordance with Section 7.02.

 

Notwithstanding
anything to the contrary in this Article VII, if the Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Servicer shall be effective in connection
with a Master Servicer Termination Event under Section 7.01(a)(vii), and the Servicer shall continue to perform as such
and to collect the Servicing Fee until the conclusion of the process described in this Section 7.01(a).

 

In
no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Master Servicer
Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written
notice thereof or has actual knowledge thereof.

 

(b)       “Special
Servicer Termination Event”, wherever used herein, means any one of the following events:

 

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(i)       any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremedied for two (2) Business Days, or any failure by the Special Servicer to remit to Servicer for deposit into,
the Collection Account any amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by,
the terms of this Agreement; provided that the failure of the Special Servicer to remit such amount to the Servicer shall
not be a Special Servicer Termination Event if such failure is remedied within two (2) Business Days and if the Special Servicer
has compensated the Servicer for any loss of income on such amount suffered by the Servicer due to and caused by the late remittance
of the Special Servicer and reimbursed the Trust for any resulting Advance Interest Amount due to the Servicer;

 

(ii)       any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of thirty (30) days (forty-five (45) days in the
case of failure to pay the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this
Agreement or in any event such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings
for any lien relating to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date
on which written notice of such failure, requiring the same to be remedied, shall have been given to the Special Servicer by any
other party hereto, or to the Special Servicer, with a copy to each other party to this Agreement, by (A) the Certificateholders
of any Class evidencing, as to that Class, Percentage Interests aggregating not less than 25% of the Voting Rights or (B) any
affected Companion Loan Holder; provided, however, that if such failure is capable of being cured and the Special
Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an additional thirty (30)
days;

 

(iii)       any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(a), which materially
and adversely affects the interests of the Holders of any Class of Certificates or the Companion Loan Holder and which continues
unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied,
shall have been given to the Special Servicer by any party hereto, or to the Servicer, the Special Servicer, the Depositor and
the Trustee by the Holders of Certificates of any Class evidencing, as to that Class, Percentage Interests aggregating not less
than 25% of such Class or by an affected Companion Loan Holder; provided that if such breach is capable of being cured
and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional thirty (30) days;

 

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

 

(v)       the
Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Special Servicer
or of or relating to all or substantially all of its property;

 

(vi)       the
Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or

 

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reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)       the
Special Servicer ceases to have a commercial special servicer rating of at least “CSS3” or “CLLSS3” from
Fitch and such rating is not reinstated within sixty (60) days of such downgrade or withdrawal of such rating;

 

(viii)       KBRA
has (a) qualified, downgraded or withdrawn its ratings of one or more Classes of Certificates, or (b) placed one or more Classes
of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement has not been withdrawn by KBRA within sixty (60) days of such event) and, in
the case of either of clauses (a) or (b), publically cited servicing concerns with the Special Servicer as the sole or material
factor in such action;

 

(ix)       a
Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the
Special Servicer, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch
status” placement has not been withdrawn by such Companion Loan Rating Agency within sixty (60) days of such event); or

 

(x)       so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Special Servicer or any
Sub-Servicing Entity retained by the Special Servicer shall fail to deliver the items required to be delivered by this Agreement
to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the time set
forth for such delivery in Article XI, including any applicable grace periods (any Sub-Servicing Entity that defaults in
accordance with this Section 7.01(b)(x) shall be terminated at the direction of the Depositor);

 

then,
and in each and every such case, so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may,
and at the written direction of the Holders of Certificates evidencing at least 25% of the aggregate Voting Rights of all Certificates
(allocated based on Certificate Balances and Notional Amounts, as applicable, as notionally reduced by any Appraisal Reduction
Amounts and Collateral Deficiency Amounts allocable to the Trust Loan), the Trustee shall, terminate all of the rights and obligations
of the Special Servicer (other than the rights to indemnification provided in Section 6.03(a) and compensation provided
in Section 3.12(c)). During any Subordinate Control Period, the Directing Holder shall have the right to select the successor
special servicer following any Special Servicer Termination Event.

 

In
no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Special Servicer
Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written
notice thereof or has actual knowledge thereof.

 

Notwithstanding
Section 7.01(a) or Section 7.01(b), (i) if any Servicer Termination Event occurs that affects only a Companion Loan
or if an NRSRO engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of such Companion Loan
Security, publicly citing servicing concerns with the Servicer as the sole or a material factor in such rating action, then the
Trustee, only at the direction of a related Companion Loan Holder and not at the direction of the Certificateholders, shall direct
the Servicer to appoint a sub-servicer (or if the Whole Loan is currently being sub-serviced, then the Trustee shall direct the
Servicer to replace such sub-servicer with a new sub-servicer but only if such original sub-

 

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servicer is in default (beyond any
applicable cure periods) under the related sub-servicing agreement, and the Servicer shall be permitted to terminate the sub-servicing
agreement due to such default) that shall be responsible for servicing the Whole Loan; provided that the Servicer shall
be required to obtain a No Downgrade Confirmation from each Rating Agency (including a No Downgrade Confirmation with respect
to any Companion Loan Securities) (at the expense of the requesting party) with respect to the appointment of such sub-servicer
and (ii) if any Special Servicer Termination Event occurs that affects only the Companion Loan and the Special Servicer is not
otherwise terminated or if an NRSRO engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of
such Companion Loan Security, publicly citing servicing concerns with the Special Servicer as the sole or a material factor in
such rating action, then the Trustee, at the direction of an affected Companion Loan Holder, shall terminate the Special Servicer.
Any successor special servicer appointed to replace the Special Servicer that was terminated for cause at a Companion Loan Holder’s
direction shall not be the Person (or an Affiliate thereof) that was so terminated without the prior written consent of the Companion
Loan Holder.

 

(c)       During
any Subordinate Control Period, the Directing Holder shall have the right to direct the Trustee to terminate the Special Servicer
(subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights
set forth in this Agreement which survive termination) at any time, with or without cause, and the Directing Holder shall have
the right to, and shall, appoint a successor Special Servicer, which shall execute and deliver to the other parties hereto an
agreement whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special Servicer specified
in this Agreement; provided that the Trustee shall have been provided a No Downgrade Confirmation from each Rating Agency
prior to the termination of the Special Servicer; provided, further, that any successor Special Servicer shall be
a Qualified Replacement Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor
special servicer shall have been appointed. The Directing Holder shall pay any costs and expenses incurred in connection with
the removal and appointment of a Special Servicer without cause pursuant to this paragraph (unless such removal is based
on any of the events or circumstances set forth in Section 7.01(b)). Notwithstanding anything to the contrary in this Agreement,
no successor special servicer appointed by the Directing Holder pursuant to Section 6.04, Section 7.01(b) or this
Section 7.01(c) or otherwise pursuant to this Agreement will be required to meet any net worth requirements. The Trustee
shall deliver to the Servicer, the Special Servicer and the Certificate Administrator a written notice, together with each No
Downgrade Confirmation, stating that the Directing Holder has appointed a successor Special Servicer.

 

(d)       After
the termination of a Subordinate Control Period, the Special Servicer may be terminated in accordance with the provisions of Section
3.22(b) hereof.

 

(e)       If
at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer is
not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard, and (ii)
the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, the Operating
Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer, a written recommendation,
substantially in the form of Exhibit T attached hereto, setting forth the reasons supporting its position (along with any
information the Operating Advisor considered relevant to its recommendation) and recommending a replacement Special Servicer (which
form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional information,
subject to compliance of such form with the terms and provisions of this Agreement; provided, further, that in no
event shall the information or any other content included in such written recommendation contravene any provision of this Agreement)
detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation) and recommending
a suggested replacement special servicer (which must be a Qualified Replacement Special Servicer) to assume the duties of such
Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such

 

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recommendation
and the related report on the Certificate Administrator’s Website in accordance with Section 4.02, and by mail conduct
the solicitation of votes of all Certificates in such regard. Upon (i) the affirmative vote of holders of Principal Balance Certificates
representing a majority of the aggregate outstanding Certificate Balance of all Principal Balance Certificates whose holders voted
on the matter, provided that the Principal Balance Certificates holders that so voted on the matter (x) hold Principal
Balance Certificates representing at least 20% of the outstanding Certificate Balance of all Principal Balance Certificates on
an aggregate basis within one hundred eighty (180) days of posting of the Operating Advisor’s recommendation to the Certificate
Administrator’s Website and (y) include at least three (3) Certificateholders that are not Credit Risk Retention Affiliated
with each other and (ii) delivery of written notice to the Rating Agency by the Certificate Administrator with respect to the
termination of the Special Servicer and the appointment of a successor special servicer recommended by the Operating Advisor following
satisfaction of the foregoing clause (i), the Trustee shall (A) terminate all of the rights and obligations of the Special
Servicer under this Agreement and appoint a successor Special Servicer and (B) promptly notify such outgoing Special Servicer
of the effective date of such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and
expenses of outside counsel) associated with providing such written notices to the Rating Agency and administering such vote and
the Operating Advisor’s identification of a Qualified Replacement Special Servicer shall be a Trust Fund expense. In the
event that the Certificate Administrator does not receive the affirmative vote described in clause (i) of the second preceding
sentence, then the Trustee shall have no obligation to remove the Special Servicer. Prior to the appointment of any replacement
Special Servicer, such replacement Special Servicer shall have agreed to succeed to the obligations of the Special Servicer under
this Agreement and to act as the Special Servicer’s successor hereunder. The Certificateholders that initiated the vote
to replace the Special Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the
Special Servicer pursuant to this paragraph.

 

In
the event the Special Servicer is terminated as a result of the recommendation of the Operating Advisor described in this Section
7.1(e), the Directing Holder may not subsequently reappoint as Special Servicer such terminated Special Servicer or any Credit
Risk Retention Affiliate of such terminated Special Servicer

 

(f)       If
the Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Whole Loan and the proceeds
thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder and any rights or obligations that
accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement,
plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this
Agreement, with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03
notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any Workout Fee and/or Liquidation
Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(c). No successor Special Servicer shall
be entitled to such Workout Fee and/or Liquidation Fee received by the terminated Special Servicer. On or after the receipt by
the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the
Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event and to the extent that
it is a Certificateholder), the Whole Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant to and
under this Section (absent the appointment of a successor, and such successor’s assumption of obligations hereunder, including,
without limitation, by the Directing Holder during any Subordinate Control Period) and, without limitation, the Terminating Party
is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether

 

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to complete the transfer and endorsement or assignment of the Whole
Loan and related documents, or otherwise. The Servicer and the Special Servicer each agree in the event it is terminated pursuant
to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide,
at its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating
Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer
to the successor Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all cash amounts
which shall at the time be or should have been credited by the Servicer or the Special Servicer to the Collection Account, any
REO Account, Lock-Box Account or Cash Collateral Account or which shall thereafter be received with respect to the Whole Loan,
and shall promptly provide the Terminating Party or such successor Servicer or successor Special Servicer (which may include the
Trustee) all documents and records reasonably requested by it, such documents and records to be provided in such form as the Terminating
Party or such successor Servicer or Special Servicer shall reasonably request (including electronic form), to enable it to assume
the Servicer’s or Special Servicer’s function hereunder. All reasonable costs and expenses of the Terminating Party
(including the cost of obtaining a No Downgrade Confirmation and any applicable indemnification that the Servicer or the Special
Servicer would be required to provide under this Agreement) or the successor Servicer or successor Special Servicer incurred in
connection with transferring the Mortgage Files to the successor Servicer or Special Servicer and amending this Agreement to reflect
such succession as successor Servicer or successor Special Servicer pursuant to Section 7.01(a) or (b), as applicable,
shall be paid by the predecessor Servicer or the Special Servicer, as applicable, upon presentation of reasonable documentation
of such costs and expenses. If the predecessor Servicer or Special Servicer (as the case may be) has not reimbursed the Terminating
Party or the successor Servicer or Special Servicer, as applicable, for such expenses within ninety (90) days after the presentation
of reasonable documentation, such expense shall be reimbursed by the Trust Fund; provided that the Terminated Party shall
not thereby be relieved of its liability for such expenses. If and to the extent that the Terminated Party has not reimbursed
such costs and expenses, the Terminating Party shall have an affirmative obligation to take all reasonable actions to collect
such expenses on behalf of the Trust Fund. Neither the Operating Advisor nor any of its affiliates may be appointed as a successor
Servicer or Special Servicer.

 

Section
7.02      Trustee to Act; Appointment of Successor. On and after the time the Servicer or the Special Servicer receives a
notice of termination pursuant to Section 7.01, the Terminating Party (subject to Section 7.01(a)) shall be its
successor, until such successor is appointed in accordance with this Section, in all respects in its capacity as the Servicer
or the Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as provided herein,
shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter
placed on the Servicer or Special Servicer by the terms and provisions hereof, provided, however, that (a) the
Terminating Party shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the
Servicer or Special Servicer and (b) any failure to perform, or delay in performing, such duties or responsibilities caused
by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies shall
not be considered a termination event for such successor hereunder. The Trustee, as successor Servicer or successor Special Servicer,
shall be indemnified to the full extent provided to the Servicer or Special Servicer, as applicable, under this Agreement prior
to the Servicer’s or the Special Servicer’s termination. The appointment of a successor Servicer or successor Special
Servicer shall not affect any liability of the predecessor Servicer or Special Servicer which may have arisen prior to its termination
as the Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations and warranties
of the Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Servicer pursuant
to Section 3.07 hereunder nor shall the Trustee be required to purchase the Trust Loan or the Companion Loan hereunder.
As compensation therefor, the Terminating Party as successor Servicer or successor Special

 

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Servicer shall be entitled to the Servicing
Compensation or Special Servicing Compensation, as applicable, and all funds relating to the Trust Loan or Companion Loan that
accrue after the date of the Terminating Party’s succession to which such predecessor Servicer or Special Servicer would
have been entitled if such predecessor Servicer or Special Servicer, as applicable, had continued to act hereunder. In the event
any Advances made by the Servicer or the Trustee shall at any time be outstanding, or any amounts of interest thereon shall be
accrued and unpaid, all amounts available to repay Advances and interest hereunder shall be applied entirely to the Advances made
by the Trustee (and the accrued and unpaid interest thereon), until such Advances and interest shall have been repaid in full.
Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall (i) if it is unable to so act, (ii) if
the Holders of Certificates evidencing at least 25% of the Voting Rights of all Certificateholders or an affected Companion Loan
Holder so requests in writing to the Trustee or (iii) if the Trustee is not an “approved” servicer by any of
the Rating Agencies for mortgage loans similar to the one held in the Trust, promptly appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution that to act as the successor to the Servicer or Special
Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the
Servicer or Special Servicer under this Agreement; provided that the Trustee shall obtain a No Downgrade Confirmation with
respect to the Certificates and any Companion Loan Securities. No appointment of a successor to a Terminated Party hereunder shall
be effective until the assumption by such successor of all the Terminated Party’s responsibilities, duties and liabilities
hereunder. Pending appointment of a successor to the Servicer (or the Special Servicer if the Special Servicer is also the Servicer)
hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove
provided. Pending the appointment of a successor to the Special Servicer, the Trustee shall act in such capacity. Any appointment
or succession by the Trustee to the rights and obligations of the Special Servicer hereunder shall be subject to the Directing
Holder’s right to replace the Special Servicer during any Subordinate Control Period. In connection with such appointment
and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments
on Whole Loan or otherwise as it and such successor shall agree; provided, however, that no such compensation shall
be in excess of that permitted to the Terminated Party hereunder, provided, further, that if no successor to the
Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid
to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses. The Depositor,
the Trustee, the Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall
be necessary to effectuate any such succession.

 

If
the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Servicer, it
may reduce the Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the
resigning or terminated Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Servicer’s
Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint
a qualified successor Servicer that meets the requirements of this Section 7.02.

 

Section
7.03      Notification to Certificateholders and Other Persons. (a) Upon its receipt of written notice of any termination
pursuant to Section 7.01 above or appointment of a successor to the Servicer or the Special Servicer, the Certificate Administrator
shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register,
the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d)).

 

(b)       Within
thirty (30) days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which a Responsible
Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator
(who shall then notify all

 

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Holders of Certificates) and the 17g-5 Information Provider (who shall promptly post such notice to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)) and the Companion Loan Holder notice of such
Servicer Termination Event or Operating Advisor Termination Event unless such Servicer Termination Event or Operating Advisor
Termination Event shall have been cured or waived.

 

Section
7.04      Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination
Event, shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01, shall have the right,
in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute
to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders
and the Companion Loan Holder (including the institution and prosecution of all judicial, administrative and other proceedings
and the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund as provided in Section
3.06 (and such amounts shall be allocated in accordance with the expense allocation provisions of the Co-Lender Agreement).
Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other
remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise
any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Master Servicer Termination
Event or Special Servicer Termination Event, if applicable.

 

Section
7.05      Waiver of Past Servicer Termination Events; Termination. The Certificateholders evidencing not less than 66-2⁄3%
of the aggregate Voting Rights may, together with each affected Companion Loan Holder, on behalf of all Holders of Certificates,
waive any Servicer Termination Event by the Servicer or the Special Servicer in the performance of its obligations hereunder and
its consequences, except (a) a termination event with respect to making any required deposits to or payments from the Collection
Account or the Lower-Tier Distribution Account, or in remitting payments as received, in each case in accordance with this Agreement
or the Co-Lender Agreement, and (b) the Servicer Termination Event under Section 7.01(a)(x) and Section 7.01(b)(x),
which may only be waived by the Depositor (and the Other Depositor under an Other Securitization Trust) pursuant to the terms
of this Agreement. Upon any such waiver of a past termination event, such termination event shall cease to exist, and any Servicer
Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver
shall extend to any subsequent or other termination event or impair any right consequent thereon.

 

Section
7.06      Trustee as Maker of Advances. In the event that the Servicer fails to fulfill its obligations hereunder to make
any Advances and such failure remains uncured, the Trustee shall perform such obligations (a) within five (5) Business Days
of the Master Servicer Termination Event resulting from such failure by the Servicer with respect to Property Advances to the
extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Property Advances and (b) by
12:00 noon (New York City time) on the related Distribution Date with respect to P&I Advances and Administrative Advances
pursuant to the Trustee’s receipt of notice of failure pursuant to Section 4.07(a) or Section 4.07(e) unless
the Trustee has received notice that such failure has been cured by 11:00 a.m. on such Distribution Date. With respect to
any such Advance made by the Trustee, the Trustee shall succeed to all of the Servicer’s rights with respect to Advances
hereunder, including, without limitation, the Servicer’s rights of reimbursement and interest on each Advance at the Advance
Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such
rights of reimbursement caused by the Servicer’s failure to perform its obligations hereunder); provided, however,
that if Advances made by the Trustee and the Servicer shall at any time be outstanding, or any interest on any Advance shall be
accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely
to the Advances outstanding to the Trustee, until such Advances

 

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shall have been repaid in full, together with all interest accrued
thereon, prior to reimbursement of the Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice
given with respect to a Nonrecoverable Advance or any determination of recoverability in connection therewith by the Servicer
hereunder.

 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section
8.01      Duties of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator undertakes
to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee
shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee
has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05, shall exercise such of the
rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)       The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on
their face to the requirements of this Agreement; provided, however, that, the Trustee or the Certificate Administrator,
as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report,
document, order or other instrument provided to it hereunder. If any such instrument is found not to conform on its face to the
requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request
the provider of such instrument to have the instrument corrected, and if the instrument is not corrected to such Trustee’s
or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator will provide
notice thereof to the Certificateholders.

 

(c)       None
of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02, no provision of this Agreement shall be construed to relieve the Trustee, the Certificate
Administrator or any such person, from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct or its own bad faith; and provided, further, that:

 

(i)       The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part
of the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;

 

(ii)       Neither
the Trustee nor the Certificate Administrator shall be personally liable for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate

 

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Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts;

 

(iii)       Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Certificateholders entitled to greater than 50% of the Percentage
Interests (or such other percentage as is specified herein) of each affected Class, or of the aggregate Voting Rights of the Certificates,
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee or the Certificate
Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator,
as the case may be, under this Agreement (unless a higher percentage of Voting Rights is required for such action);

 

(iv)       Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Servicer,
the Special Servicer, the Operating Advisor, the Depositor or any other Person, including, without limitation, in connection with
actions taken pursuant to this Agreement;

 

(v)       Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund, and the Trustee or the
Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06 hereof, to be reimbursed therefor
from amounts on deposit in the Collection Account or the Distribution Account and identified on the Trust Ledger, unless such
legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach
of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein);

 

(vi)       Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such failure. Neither the Trustee
nor the Certificate Administrator shall be deemed to have actual knowledge of the Servicer’s or the Special Servicer’s
failure to provide scheduled reports, certificates and statements when and as required to be delivered to the Trustee or Certificate
Administrator, as applicable, pursuant to this Agreement; and

 

(vii)       Except
in the event of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or the Certificate
Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage and regardless of the form of action.

 

None
of the provisions contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate
Administrator, in its capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the
Trustee or the Certificate Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require

 

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the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner of performance
of, any of the obligations of the Servicer, the Special Servicer or the Operating Advisor under this Agreement, except, in the
case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties,
powers and privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither the Trustee
nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance
of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss
on any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Servicer
or Special Servicer hereunder, the Trustee and the Certificate Administrator shall comply with the Servicing Standard.

 

Section
8.02      Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section
8.01:

 

(i)       The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, direction of the Depositor, Officer’s Certificate, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee
nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)       Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)       (A) Neither
the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested in
it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, reasonable security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case
may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained
herein shall relieve the Trustee or the Certificate Administrator, as the case may be, of the obligations, upon the occurrence
of a Servicer Termination Event or an Operating Advisor Termination Event (which has not been cured or waived) of which a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, to exercise such of the rights
and powers vested in it by this Agreement, and, with respect to the Trustee, to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;
and (B) the right of the Trustee and the Certificate Administrator to perform any discretionary act enumerated in this Agreement
shall not be construed as a duty, and the Trustee or the Certificate Administrator, as the case may be, shall not be answerable
for other than its negligence or willful misconduct in the performance of any such act;

 

(iv)       None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable for any action taken, suffered or omitted by it in good faith
and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to be authorized or within the discretion
or rights or powers conferred upon it by this Agreement;

 

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(v)       The
Trustee (if no Servicer Termination Event has occurred and is continuing) and the Certificate Administrator shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document, unless requested in writing to do so by Holders of
Certificates entitled to greater than 25% (or such other percentage as is specified herein) of the Percentage Interests of each
affected Class; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate
Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee or the Certificate Administrator, as the case may be, not reasonably assured to the Trustee
or the Certificate Administrator, as the case may be, by the security afforded to it by the terms of this Agreement, the Trustee
or the Certificate Administrator, as the case may be, may require indemnity reasonably satisfactory to it from such requesting
Holders against such cost, expense or liability as a condition to taking any such action. The reasonable expense of every such
investigation shall be paid by the Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination
Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Servicer, the Special Servicer
or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation;

 

(vi)       The
Trustee or the Certificate Administrator, as applicable, may execute any of the trusts or powers hereunder and the Trustee and
the Certificate Administrator may perform any duties hereunder either directly or by or through agents, affiliates, nominees,
custodians or attorneys but shall not be relieved of the obligations hereunder by virtue of the appointment of such agents, affiliates,
nominees, custodians or attorneys, provided, however, that the Trustee or the Certificate Administrator, as the
case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

 

(vii)       Neither
the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Servicer or the Special Servicer
(unless the Trustee is acting as Servicer or Special Servicer, as the case may be, in which case the Trustee shall only be responsible
for its own actions as Servicer or Special Servicer) or of the Depositor;

 

(viii)       In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;

 

(ix)       Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
shall not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association acting in a capacity that is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations
performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National
Association or where the groups or divisions responsible for performing the obligations in such capacities have one or more of
the same Responsible Officers; provided in any event, however, the knowledge of employees performing special servicing
functions shall not be imputed to employees performing master servicing functions, and the knowledge of employees performing master
servicing functions shall not be imputed to employees performing special servicing functions; and

 

(x)       Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

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(b)       Following
the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this
Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall have
received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to
the effect that the inclusion of such assets in the Trust Fund will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC at any time that any Certificates are outstanding, or subject the Lower-Tier REMIC or the Upper-Tier
REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

 

(c)       All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)       The
Trustee shall not have a duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase
of the Trust Loan by the Loan Sellers pursuant to this Agreement or the eligibility of the Trust Loan for purposes of this Agreement.

 

(e)       Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent). For
the avoidance of doubt, the Certificate Administrator and the Trustee shall be entitled to all of the rights, protections, immunities
and indemnities afforded to it hereunder under.

 

(f)       In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326
of the USA PATRIOT Act of the United States (“Applicable Law”), the Certificate Administrator (in each of its
capacities) and the Trustee, as the case may be, are required to obtain, verify and record certain information relating to individuals
and entities that maintain a business relationship with the Certificate Administrator (in each of its capacities) or the Trustee.
Accordingly, each of the parties hereto agrees to provide to the Certificate Administrator (in each of its capacities) and the
Trustee, upon its respective request from time to time, such identifying information and documentation as may be available for
such party in order to enable the Certificate Administrator (in each of its capacities) and the Trustee to comply with Applicable
Law.

 

Section
8.03      Trustee and Certificate Administrator Not Liable for Certificates or the Trust Loan. The recitals contained herein
and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and
the Special Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer and the Special Servicer make no representations or warranties as to the validity or sufficiency of this
Agreement, of the Certificates or any offering document used to offer the Certificates for sale or the validity, enforceability
or sufficiency of the Trust Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time
have any responsibility or liability for or with respect to the legality, validity and enforceability of the related Mortgage,
the Trust Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for
or with respect to the sufficiency of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders
under this Agreement. Without limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or
responsible for: (i) the existence, condition and ownership of the Property; (ii) the existence of any hazard or other
insurance thereon (other than if the Trustee shall assume the duties of the

 

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Servicer or the Special Servicer pursuant to Section
7.02) or the enforceability thereof; (iii) the existence of the Trust Loan or the contents of the Mortgage File on any
computer or other record thereof (other than if the Trustee shall assume the duties of the Servicer or the Special Servicer pursuant
Section 7.02); (iv) the validity of the assignment of the Trust Loan to the Trust Fund or of any intervening assignment;
(v) the completeness of the Mortgage File; the performance or enforcement of the Trust Loan (other than if the Trustee shall
assume the duties of the Servicer or the Special Servicer pursuant to Section 7.02); (vi) the compliance by the Depositor,
the Servicer, the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in
any related document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of written notice
or other discovery of any non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the direction
of the Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate Administrator,
the Operating Advisor, the Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Certificate
Administrator, the Servicer or Special Servicer pursuant to Section 7.02) or any Sub-Servicer or the Borrower; any action
of the Servicer or Special Servicer (other than if the Trustee shall assume the duties of the Servicer or Special Servicer pursuant
to Section 7.02) or any Sub-Servicer taken in the name of the Trustee, except to the extent such action is taken at the
express written direction of the Trustee; (viii) the failure of the Servicer or the Special Servicer or any Sub-Servicer
to act or perform any duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by
or omission of the Trustee or the Certificate Administrator taken at the instruction of the Servicer or the Special Servicer (other
than if the Trustee shall assume the duties of the Servicer or the Special Servicer pursuant to Section 7.02) unless the
taking of such action is not permitted by the express terms of this Agreement; provided, however, that the foregoing
shall not relieve the Trustee or the Certificate Administrator of their respective obligations to perform their duties as specifically
set forth in this Agreement. The Trustee or the Certificate Administrator shall not be accountable for the use or application
by the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate
Administrator only), the Servicer or the Special Servicer of any of the Certificates or of the proceeds of such Certificates,
or for the use or application of any funds paid to the Depositor, the Certificate Administrator (in the case of the Trustee only),
the Trustee (in the case of the Certificate Administrator only), the Servicer or the Special Servicer in respect of the assignment
of the Trust Loan or deposited in or withdrawn from the Collection Account, the Lower-Tier Distribution Account, the Upper-Tier
Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, any REO Account or any other account
maintained by or on behalf of the Certificate Administrator, the Servicer or the Special Servicer, other than any funds held by
the Trustee or the Certificate Administrator, as applicable. Neither the Trustee nor the Certificate Administrator shall have
any responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect
or maintain the perfection of any security interest or lien granted to it hereunder (unless the Trustee shall have become the
successor Servicer) or to record this Agreement. In making any calculation hereunder which includes as a component thereof the
payment or distribution of interest for a stated period at a stated rate “to the extent permitted by applicable law”,
the Trustee or the Certificate Administrator, as the case may be, shall assume that such payment is so permitted unless a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel
(at the expense of the Person asserting the impermissibility) to the effect, that such payment is not permitted by applicable
law. The Depositor is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator under
this Agreement or otherwise.

 

Section
8.04      Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any
agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or
pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special
Servicer, the Operating Advisor and the Initial Purchasers in banking transactions, with the same rights it would have if it were
not Trustee, Certificate Administrator or such agent, as the case may be.

 

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Section
8.05      Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a) On each
Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled
to withdraw and pay the Trustee and itself its respective portion of the Trustee/Certificate Administrator Fee, as applicable,
as reasonable compensation from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) for all services rendered in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator
at the Trustee/Certificate Administrator Fee Rate.

 

(b)       In
the event that the Trustee assumes the servicing responsibilities of the Servicer or the Special Servicer hereunder pursuant to
or otherwise arising from the resignation or removal of the Servicer or the Special Servicer, the Trustee shall be entitled to
the compensation to which the Servicer or the Special Servicer, as the case may be, would have been entitled (other than the rights
of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) in the event that the Special Servicer
is terminated).

 

(c)       The
Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be
entitled to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein
and to the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury
Regulations Section 1.860G-1(b)(iii), except any such expense, disbursement or advance as may arise from its negligence,
willful misconduct or bad faith; provided, however, that, subject to the last paragraph of Section 8.01 and
Section 8.02(a)(iii), the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their
respective duties hereunder solely as a result of the failure to be paid their respective portions of the Trustee/Certificate
Administrator Fee, or the Trustee’s previously-incurred expenses or, the Custodian’s or Certificate Administrator’s
previously-incurred expenses, as applicable. The term “unanticipated expenses incurred by the REMIC” shall include
any fees, expenses and disbursement of any separate Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses
and disbursements were not reasonably anticipated as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier
REMIC and the losses, liabilities, damages, claims or expenses (including reasonable attorneys’ fees) incurred or advanced
by an Indemnified Party in connection with any litigation arising out of this Agreement attributable to the Lower-Tier REMIC or
the Upper-Tier REMIC, including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section
3.11, Section 4.05 and Section 7.01.

 

The
Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements
and advances incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Servicer
or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.

 

(d)       Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Servicer and the Special Servicer
(each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and not jointly)
indemnify the Trustee (both in its capacity as Trustee

 

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and individually) and the Certificate Administrator (in its capacity as
Certificate Administrator, the Custodian, Paying Agent and individually) and each of their Affiliates and each of the directors,
officers, employees, representatives and agents of the Trustee and the Certificate Administrator and each of their Affiliates
(each, for purposes of this Section 8.05(d), an “Indemnified Party”), and hold each of them harmless
against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without
limitation, reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between
the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting
from each such Indemnifying Party’s respective willful misconduct, bad faith, fraud or negligence in the performance of
each of its respective duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder
(including in the case of the Servicer, any agent of the Servicer or Sub-Servicer).

 

The
Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all losses, liabilities, damages,
penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and
disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the
Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the
Trust Loan, the Certificates other than those (i) resulting from the willful misconduct, bad faith, fraud or negligence of
the Indemnified Party, as applicable, in the performance of its obligations and duties under this Agreement, (ii) by reason
of its negligent disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of
the Indemnified Party made in Section 2.04(c) or Section 2.04(d), as applicable, of this Agreement, (iii) as
to which such Indemnified Party is entitled to indemnification pursuant to this Section 8.05(d) or (iv) constituting
a specific liability imposed on the Indemnified Party by this Agreement. The right of reimbursement of the Indemnified Parties
under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)       Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to
such resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)       This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses,
disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental
matter.

 

(g)       Each
of the Certificate Administrator, Custodian, Paying Agent and the Trustee (in each case with respect to itself only, for purposes
of this Section 8.05(g), an “Indemnifying Party”) shall (severally and not jointly) indemnify the
Trust Fund, the Depositor, the Servicer and the Special Servicer and their respective Affiliates and each of the directors, officers,
employees and agents of the Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section
8.05(g), an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that
the Indemnified Party may sustain in connection with this Agreement (including, without limitation reasonable fees and disbursements
of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party
or between the Indemnified Party and any third party or otherwise) resulting from the applicable Indemnifying Party’s willful
misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard of its
obligations and duties hereunder.

 

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(h)       The
Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”) shall, solely
in its capacity as the 17g-5 Information Provider, indemnify each of the Loan Sellers and the Initial Purchasers (each, for purposes
of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation reasonable
fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party
and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to (i) the applicable
Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by
reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it
cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3),
to the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder
or by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party.

 

Section
8.06      Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder
shall at all times:

 

(i)       be
a corporation, national banking association or trust company organized and doing business under the laws of any state or the United
States of America,

 

(ii)       (a)
with respect to the Trustee, be authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement and (b) with respect to the Certificate Administrator, be authorized to exercise corporate trust powers,

 

(iii)       have
a combined capital and surplus of at least $50,000,000,

 

(iv)       have
a rating on its unsecured long-term debt of at least “A” by Fitch and its equivalent by KBRA, if then rated by KBRA,
or otherwise acceptable to Fitch as confirmed by receipt of a No Downgrade Confirmation; provided that the Trustee will
not become ineligible to serve if the Trustee maintains a Fitch rating of at least “BBB” as long as it has a rating
on its short-term debt obligations of at least “F1” by Fitch and the servicer has a rating on its long-term senior
unsecured debt of at least “A+” by Fitch, provided, that if any such institution is not rated by KBRA, such
institution maintains an equivalent (or higher) rating by any two (2) other NRSROs or such other rating with respect to which
the Rating Agencies have provided a No Downgrade Confirmation,

 

(v)       be
subject to supervision or examination by federal or state authority and, in the case of the Trustee, shall not be an Affiliate
of the Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the
duties of the Servicer or Special Servicer, as the case may be, pursuant to Section 7.02), and

 

(vi)       not
be a person that would be a Prohibited Party if it was a proposed Servicing Function Participant.

 

Notwithstanding
the foregoing, if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii),
(v) and (vi) above, but does not meet the provisions of clause (iv) above, the Trustee or the Certificate
Administrator, as the case may be, shall be deemed to meet the provisions of such clause (iv) if it appoints a fiscal
agent as a back-up liquidity provider, provided that such fiscal agent meets the provisions of clauses (i) through
(vi) above and shall have assumed in writing all obligations of the Trustee or the Certificate Administrator, as the case
may be, to make Advances under this Agreement as

 

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and when required of the Trustee or the Certificate Administrator, as the case
may be. If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax
on the Trust Fund or the net income of either Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions)
the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07,
(ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that
does not impose such a tax. If at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance
with the provisions of this Section, the Trustee or the Certificate Administrator, as the case may be, shall resign immediately
in the manner and with the effect specified in Section 8.07.

 

Section
8.07      Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator
may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor,
the Certificate Administrator, the Operating Advisor, the Servicer, the Special Servicer, the 17g-5 Information Provider (which
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)); provided
that such resignation shall not be effective until its successor shall have accepted the appointment. Upon notice of resignation
from the Trustee, the Depositor shall promptly appoint a successor trustee acceptable to the Servicer, the appointment of which
successor is subject to the requirements contained in Section 8.06. Upon notice of resignation from the Certificate Administrator,
the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject to the requirements
contained in Section 8.06. If no successor trustee or certificate administrator shall have been so appointed and have accepted
appointment within thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator,
as the case may be, may petition any court of competent jurisdiction for the appointment of a successor. The Trustee or the Certificate
Administrator, as applicable, shall bear all reasonable out of pocket costs and expenses of each other party hereto and each Rating
Agency in connection with its resignation.

 

If
at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 and shall fail to resign after written request therefor by the Depositor or the Servicer, or if at any time the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee or the
Certificate Administrator, as the case may be, and the Depositor or the Servicer shall promptly appoint a successor by written
instrument, which shall be delivered to the Trustee or the Certificate Administrator, as the case may be, so removed and to the
successor. If no successor Trustee, successor Custodian or successor Certificate Administrator shall have been so appointed and
shall have accepted appointment within 90 days after the giving of such notice of removal, the removed Trustee, Custodian or Certificate
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee, Custodian
or Certificate Administrator, as applicable, at the expense of the Trust.

 

The
Certificateholders entitled to at least 50% of the Voting Rights may with cause (at any time) or without cause (at any time with
thirty (30) days’ prior written notice), remove the Trustee or the Certificate Administrator and appoint a successor by
written instrument or instruments, in seven originals, signed by such Holders or their attorneys-in-fact duly authorized, one
complete set of which instruments shall be delivered to the Depositor, one complete set to the Servicer and Special Servicer,
one complete set

 

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to the Operating Advisor, one complete set to the Trustee, one complete set to the Certificate Administrator,
and one complete set to the successor trustee or certificate administrator, as applicable.

 

In
addition, if the Trustee or the Certificate Administrator is terminated without cause, the terminating party shall pay all of
the expenses of the Trustee or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities
to the successor.

 

In
the event that the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under
this Agreement and in and to the Trust Loan shall be terminated, other than any rights or obligations that accrued prior to the
date of such termination or removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued
or owing to it under this Agreement, plus interest at the Advance Rate on all such amounts until received to the extent such amounts
bear interest as provided in this Agreement, with respect to periods prior to the date of such termination or removal) and such
resignation, termination, or removal shall be effective with respect to each of its other capacities hereunder.

 

In
the event that the Certificate Administrator is terminated or removed pursuant to this Section 8.07, (i) all of its rights
and obligations under this Agreement and in and to the Trust Loan shall be terminated, other than any rights or obligations that
accrued prior to the date of such termination or removal (including the right to receive all fees, indemnities, expenses and other
amounts accrued or owing to it under this Agreement with respect to periods prior to the date of such termination or removal)
and (ii) such resignation, termination, or removal shall be effective with respect to each of its other capacities hereunder.

 

Upon
the resignation, assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee,
(a) the outgoing Trustee, at its own expense without right to reimbursement therefor, shall (i) endorse the original executed
Trust Note for the Trust Loan (to the extent that the original executed note for the Trust Loan was endorsed to the outgoing Trustee),
without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates or in blank, and (ii) in the case of the other
assignable Loan Documents (to the extent other Loan Documents were assigned to the outgoing Trustee), assign and record Loan Documents
to such successor, and such successor shall review the documents delivered to it or to the Custodian with respect to the Trust
Loan, and certify in writing that, as to the Trust Loan then subject to this Agreement, such endorsement and assignment has been
made; (b) if any original executed Trust Note for the Trust Loan was not endorsed to the outgoing Trustee, the Custodian shall
deliver such Trust Note to the successor trustee and the Custodian shall cooperate with any successor trustee to ensure that the
Trust Note is endorsed (without recourse, representation and warranty, express or implied) to the order of the successor trustee,
as trustee for the registered holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE
or in blank. If any assignable Loan Document (other than such Trust Note) was not assigned to the outgoing Trustee or if the Trustee
is removed pursuant to Section 8.07 without cause, with respect to the Loan Documents identified in clause (ii)
of the preceding sentence, the Custodian shall deliver the Loan Document to the successor trustee and, if appropriate the
Loan Documents shall be recorded at the expense of the Trust and the reasonable cooperation (as determined by the Depositor) of
the Depositor.

 

Section
8.08      Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute,
acknowledge and deliver to the Depositor, the Operating Advisor, the Servicer, the Certificate Administrator (or in the case of
a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the case may be, instruments
accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator,
as applicable, shall become effective and such successor, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein, provided that such successor shall satisfy the requirements
contained in Section 8.06. The

 

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predecessor Trustee or Certificate Administrator, as applicable, shall deliver to its successor
all Mortgage Files and related documents and statements held by it hereunder, and the Depositor and the predecessor Trustee or
Certificate Administrator, as applicable, shall execute and deliver such instruments and do such other things as may reasonably
be required for more fully and certainly vesting and confirming in the successor all such rights, powers, duties and obligations.
No successor trustee or certificate administrator, as the case may be, shall accept appointment as provided in this Section
8.08 unless at the time of such acceptance such successor shall be eligible under the provisions of Section 8.06.

 

Upon
acceptance of appointment by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the
succession of such Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If
the Depositor fails to mail such notice within ten (10) days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be mailed at the expense of the Depositor.

 

(b)       Any
successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.

 

Section
8.09      Merger or Consolidation of Trustee or Certificate Administrator. Any corporation into which the Trustee or the
Certificate Administrator may be merged or converted or with which it may be consolidated or any corporation resulting from any
merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator, shall
be the successor of the Trustee or the Certificate Administrator, as the case may be, hereunder, provided that such corporation
shall be eligible under the provisions of Section 8.06 without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the Certificate Administrator,
as applicable, will notify the other parties hereto, and the Certificate Administrator shall post notice of such merger or consolidation
to the Certificate Administrator’s Website in accordance with Section 3.14(d) and provide notice of such event to
the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the 17g-5 Information Provider (which shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

Section
8.10      Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same
may at the time be located, the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee to act (at the expense of the Trust) as co-trustee or co-trustees,
jointly with the Trustee, or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such
Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions of
this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider necessary
or desirable. If the Depositor shall not have joined in such appointment within fifteen (15) days after the receipt by it of a
request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have
the power to make such appointment. No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility
as a successor Trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s)
or separate Trustee(s) shall be required under Section 8.08 hereof.

 

In
the case of any appointment of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate Trustee or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized
to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Servicer hereunder), the

 

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Trustee
shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such
separate Trustee or co-Trustee solely at the direction of the Trustee.

 

No
Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
provided that except as required by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve
the Trustee of its responsibilities, obligations and liabilities hereunder. The Depositor and the Trustee acting jointly may at
any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the separate Trustee or co-Trustee is an
employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate Trustee or co-Trustee.

 

Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees
and co-Trustees, as effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall
refer to this Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee.
Each separate Trustee and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee
be entitled to any provision relating to the conduct of, affecting the liability of or affording protection to such separate Trustee
or co-Trustee that imposes a standard of conduct less stringent than that imposed by the Trustee hereunder, affording greater
protection than that afforded to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee
hereunder.

 

Any
separate Trustee or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor Trustee.

 

Article
IX

TERMINATION

 

Section
9.01      Termination. (a) The respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor,
the Operating Advisor, the Certificate Administrator and the Trustee created hereby with respect to the Certificates (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as
hereinafter set forth) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required hereunder to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust
Loan and all other property held by the Trust Fund in accordance with Section 9.01(c); (ii) the exchange by the Sole
Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g); and (iii) the later of
(a) the receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to this Agreement of the last asset held by the Trust Fund; provided, however, that in
no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

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For
purposes of this Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant
to Section 9.01(g), and then the Directing Holder, and then the Special Servicer and then the Servicer and then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, in that order, pursuant to Section 9.01(c).

 

(b)       The
Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or
otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning
of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to
which the applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier
REMIC shall terminate on a Distribution Date occurring not more than ninety (90) days following the date of adoption of the plan
of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c)
shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which date shall be
specified by the Certificate Administrator (based on information provided by the Servicer) in the final federal income tax returns
of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC or the Upper-Tier REMIC
or the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for each Trust REMIC for
the period ending with such termination, and shall retain books and records with respect to each Trust REMIC for the same period
of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns
and other reports required by this Section.

 

(c)       The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided fifteen (15) Business Days’ prior notice to each of the parties with such
option and none of the parties with a higher priority has elected to exercise such option within such fifteen (15) Business Day
period), upon not less than thirty (30) days’ prior Notice of Termination (which Notice of Termination shall satisfy the
notice requirement of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Servicer
any time on or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such
date all, but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property
acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)       the
sum of, without duplication:

 

(A)       100%
the outstanding principal balance of the Trust Loan as of the last day of the month preceding such Anticipated Final Termination
Date (less any P&I Advances previously made on account of principal);

 

(B)       the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Final Termination Date, as determined by an Independent appraiser acceptable to the Servicer as of a date not more than thirty
(30) days prior to the last day of the month preceding such Distribution Date;

 

(C)       all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Property
has been acquired) at the Trust Note Rate to the last day of the Loan Interest Accrual Period preceding such Anticipated
Final Termination Date (less any P&I Advances previously made on account of interest);

 

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(D)       the
aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, unpaid Servicing Compensation, Special Servicing
Compensation, Trustee/Certificate Administrator Fees, the CREFC® License Fee, the Operating Advisor Fee and Trust
Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)       the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than thirty (30) days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Note Rate.

 

In
the event that the Directing Holder, the Special Servicer, the Servicer or the Holder of a majority Percentage Interest in the
Class R or Class LR Certificates purchases the Trust Loan and all property acquired in respect of the Trust Loan remaining in
the Trust Fund in accordance with this Section 9.01(c), the Directing Holder, the Special Servicer, the Servicer or the
Holder of a majority Percentage Interest in the Class R and Class LR Certificates, as applicable, shall deposit in the Lower-Tier
Distribution Account not later than the Servicer Remittance Date relating to the Anticipated Final Termination Date on which the
final distribution on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase
price (exclusive of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a),
which portion shall be deposited in the Collection Account). In addition, the Servicer shall transfer to the Certificate Administrator
for deposit in the Lower-Tier Distribution Account all amounts required to be transferred thereto on the Servicer Remittance Date
from the Collection Account, together with any other amounts on deposit in the Collection Account that would otherwise be held
for future distribution. The Certificate Administrator shall deposit all amounts deposited into the Lower-Tier Distribution Account
into the Upper-Tier Distribution Account for distribution in accordance with Section 4.01(a) and (b). Upon confirmation
that such final deposits have been made and upon direction from the Servicer, the Custodian shall, release or cause to be released
to the Directing Holder, the Special Servicer, the Servicer or the Holder of a majority Percentage Interest in the Class R or
Class LR Certificates, as applicable, the Mortgage File for the Trust Loan and shall execute all assignments, endorsements and
other instruments furnished to it by such purchasing party as shall be necessary to effectuate transfer of the Trust Loan and
all property acquired in respect of the Trust Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance
with this Article IX.

 

As
a condition to the purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver
to the Trustee and the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating
that such termination will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and
expenses incurred by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Trust Loan
and other assets of the Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase
rights hereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made
by an Independent appraiser pursuant to this subsection (c).

 

Any
such party effecting an early termination as described in this Section 9.01(c) may be an affiliate of a Loan Seller.

 

(d)       If
the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate
Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates,
based on information with respect to the Trust Loan previously provided to it, that the final distribution will be made (i) to
the Holders of outstanding Principal Balance Certificates, notwithstanding that such distribution may be insufficient to distribute
in full the Certificate Balance of each Class of Principal Balance Certificates, together with amounts required

 

     -244-

     

    

 

to be distributed
on such Distribution Date pursuant to Section 4.01(b) and (ii) if no such Classes of Principal Balance Certificates
are then outstanding, the final distribution shall be made (i) to the Holders of the Class LR Certificates of any amount
remaining in the Collection Account or the Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates
of any amount remaining in the Upper-Tier Distribution Account.

 

(e)       Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to
affected Certificateholders with a copy to the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the Loan Sellers,
the Companion Loan Holder and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d)) at their addresses shown in the Certificate Registrar not more than thirty (30) days,
and not less than ten (10) days, prior to the Anticipated Final Termination Date. The notice mailed by the Certificate Administrator
to affected Certificateholders shall:

 

(i)       specify
the Anticipated Final Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of
the Classes specified therein;

 

(ii)       specify
the amount of any such final distribution, if known; and

 

(iii)       state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If
the Trust Fund is not terminated on any Anticipated Final Termination Date for any reason, the Certificate Administrator shall
promptly mail notice thereof to each affected Certificateholder.

 

(f)       Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01
shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one (1) year after the second notice any Certificate shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two (2) years after the second notice any Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor
certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts, subject to applicable
law, to the Holders of Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount held
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 9.01.

 

(g)       The
Sole Certificateholder shall have the right to exchange all of its Regular Certificates, for the Trust Loan or REO Property, as
applicable, as contemplated by Section 9.01(a)(ii) by giving written notice to all the parties hereto no later than sixty
(60) days prior to the anticipated date of exchange; provided that such Sole Certificateholder compensates the Certificate
Administrator for the amount of investment income the Certificate Administrator would have earned if the outstanding Certificate
Balance of the then outstanding Principal Balance Certificates were on deposit with the Certificate

 

     -245-

     

    

 

Administrator as of the first
day of the current calendar month and such Sole Certificateholder pays to the Servicer as additional compensation an amount equal
to (i) the product of (A) the Prime Rate, (B) the aggregate Certificate Balance of the then-outstanding Principal Balance
Certificates as of the day of the exchange and (C) three (3), divided by (ii) 360. In the event that the Sole Certificateholder
elects to exchange all of its Certificates for the Trust Loan or REO Property, as applicable, remaining in the Trust Fund in accordance
with the preceding sentence, such Sole Certificateholder, not later than the Business Day prior to the Distribution Date on which
the final distribution on the Certificates is to occur, shall deposit in the Collection Account an amount in immediately available
funds equal to all amounts due and owing to the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from the Collection
Account, or an escrow account acceptable to the respective parties hereto, pursuant to Section 3.06 t or that may be withdrawn
from the Distribution Accounts pursuant to Section 3.06(f) and Section 3.06(g), but only to the extent that such
amounts are not already on deposit in the Collection Account. In addition, the Servicer shall transfer all amounts required to
be transferred to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on or Servicer Remittance Date
from the Collection Account pursuant to Section 3.05. Upon confirmation from the Certificate Administrator that such final
deposits have been made and following the surrender of all its Certificates (other than the Class R and Class LR Certificates)
on the final Distribution Date to the Certificate Administrator, the Custodian shall, upon receipt of a Request for Release from
the Servicer, release or cause to be released to the Sole Certificateholder or any designee thereof, the Mortgage File for the
Trust Loan or shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder
as shall be necessary to effectuate transfer of the Trust Loan or REO Property, as applicable remaining in the Trust Fund, and
the Trust Fund shall be liquidated in accordance with this Article IX. The Trust Loan or REO Property, as applicable, is
deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant to this Article IX. Solely for
federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for
an amount equal to (a) if the Trust Loan is a Performing Loan, the remaining Certificate Balance of its Certificates (other than
the Class R and Class LR Certificates), plus accrued, unpaid interest with respect thereto, or (b) if the Trust Loan
is a Specially Serviced Loan or has been converted to REO Property, the fair market value thereof, and the Certificate Administrator
shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)       The
Certificate Administrator shall notify the Trustee, via email, upon the termination of the Trust Fund pursuant to this Section
9.01.

 

Article
X

MISCELLANEOUS PROVISIONS

 

Section
10.01      Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to
be an original and all of which when taken together shall constitute one and the same instrument, and the words “executed,”
“signed,” “signature,” and words of like import as used above and elsewhere in this Agreement or in any
other certificate, agreement or document related to this transaction shall include, in addition to manually executed signatures,
images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”,
“tif” or “jpg”) and other electronic signatures (including, without limitation, any electronic sound,
symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with
the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract
or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law,

 

     -246-

     

    

 

including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the
Uniform Electronic Transactions Act or the Uniform Commercial Code. Neither this Agreement nor any term hereof may be amended,
waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of
the amendment, waiver, discharge or termination is sought. The headings in this Agreement are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof. This Agreement supersedes all prior discussions and agreements between
the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with
respect to the subject matter hereof.

 

Section
10.02      Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim
an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect
the rights, obligations and liabilities of the parties hereto or any of them.

 

No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained
in the terms of the Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; and no Certificateholder shall be under any liability to any third person by reason of any action
taken by the parties to this Agreement pursuant to any provision hereof.

 

No
Certificateholder or Companion Loan Holder, as applicable, shall have any right to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, the Trust Loan or the Certificates, unless such Certificateholder
or Companion Loan Holder, as applicable, previously shall have given to the Trustee a written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the Companion Loan Holder or Certificateholders representing Percentage Interests
of at least 25% of each affected Class of Certificates, as applicable, have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder and has or have offered to the Trustee such security or indemnity
reasonably satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby,
and the Trustee, for sixty (60) days after its receipt of such notice, request and offer of security or indemnity, shall have
failed or refused to institute any such action, suit or proceeding. It is understood and intended, and expressly covenanted by
each Certificateholder with every other Certificateholder and the Trustee, that no Certificateholder of any Class shall have any
right in any manner whatever by virtue of any provision of this Agreement to affect, disturb or prejudice the rights of the Holders
of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Certificateholder,
or to enforce any right under this Agreement, the Certificates, except in the manner herein or therein provided and for the equal,
ratable and common benefit of all Holders of Certificates of such Class, as applicable. For the protection and enforcement of
the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

Section
10.03      Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

     -247-

     

    

 

Section
10.04      Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY
HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY
TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH
PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE
FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS
TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY
OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION
OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT;
(II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS;
(III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND
(IV) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section
10.05      Notices. Unless otherwise specified in this Agreement, all demands, notices and communications hereunder shall
be in writing, shall be deemed to have been given upon receipt (except that notices to Holders of Class R and Class LR
Certificates or Holders of any Class of Certificates no longer held through a Depository and instead held in registered, definitive
form shall be deemed to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:

 

If
to the Trustee, to:

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Grace 2020-GRCE

 

with
a copy to:

Email:
cmbstrustee@wilmingtontrust.com

 

If
to the Certificate Administrator, to:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services – Grace 2020-GRCE

with
a copy to:

 

     -248-

     

    

 

Facsimile
number: (410) 715-2380

Email: cts.cmbs.bond.admin@wellsfargo.com and 

trustadministrationgroup@wellsfargo.com

 

If
to the Custodian, to:

Wells
Fargo Bank, National Association

1055
10th Avenue SE

Minneapolis,
Minnesota 55414

Attention:
Document Custody Group Grace 2020-GRCE

Email:
cmbscustody@wellsfargo.com

 

in
the case of surrender, transfer or exchange of the Class HRR Certificates:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Risk Retention Custody (CMBS) – Grace 2020-GRCE

Email:
riskretentioncustody@wellsfargo.com

 

or
in the case of surrender, transfer or exchange of any Certificate (other than the 

Class HRR Certificates) to:

Wells Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

If
to the Depositor, to:

Banc
of America Merrill Lynch Large Loan, Inc.

One
Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile:
(646) 855-5044

Email: leland.f.bunch@bofa.com

 

with
a copy to:

Bank
of America Legal Department

150
North College Street, NC1-028-24-02

Charlotte,
North Carolina 28255

Attention:
W. Todd Stillerman, Esq.,

Associate
General Counsel & Director

Facsimile:
(404) 736-2127

Email:
todd.stillerman@bofa.com

 

with
a copy to:

Dechert
LLP

300
South Tryon St, Suite 800

Charlotte,
North Carolina 28202

Attention:
Stewart McQueen

Email:
stewart.mcqueen@dechert.com

 

with
a copy to:

cmbsnotices@bofa.com

 

     -249-

     

    

 

If
to the Servicer, to:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Facsimile number: (704) 715-0036

 

With
a copy by email to: commercial.servicing@wellsfargo.com

and
with respect to any notice relating to Rating Agency requests:

RAInvRequests@wellsfargo.com

and with respect to any notice relating to investor requests:

REAM_InvestorRelations@wellsfargo.com

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: Grace 2020-GRCE

with a copy to:

K&L Gates LLP

300 South Tryon Street, Suite 1000

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: Grace 2020-GRCE

Facsimile number: (704) 353-3190

Email: stacy.ackermann@klgates.com

 

If
to the Special Servicer, to:

Situs
Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

Email: staceyciarlanti@situsamc.com

 

with
a copy to:

Situs
Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

Email: legal@situsamc.com;

 

     -250-

     

    

 

If
to the Operating Advisor, to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Grace 2020-GRCE-Surveillance Manager (with a copy sent 

contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If
to BANA, as a Loan Seller, to:

Bank
of America, National Association

One
Bryant Park, NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Fax
Number: (646) 855-5044

Email:
leland.f.bunch@bofa.com

 

with
a copy to:

Bank
of America Legal Department

150
North College Street, NC1-028-24-02

Charlotte,
North Carolina 28255

Attention:
W. Todd Stillerman, Esq.,

Associate
General Counsel & Director

Facsimile:
(404) 736-2127

Email:
todd.stillerman@bofa.com

 

with
a copy to:

cmbsnotices@bofa.com

 

If
to JPMCB, as a Loan Seller, to:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

Email:
US_CMBS_Notice@jpmorgan.com

with a copy to:

JPMorgan Chase Bank, National Association

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

Email:
US_CMBS_Notice@jpmorgan.com

 

If
to Column as a Loan Seller, to:

Column
Financial, Inc.

11
Madison Avenue

New
York, New York 10010

Attention:
David Tlusty

Fax
number: (646) 935-8520

Email:
david.tlusty@credit-suisse.com

 

with
a copy to:

Column
Financial, Inc.

 

     -251-

     

    

 

11
Madison Avenue

New
York, New York 10010

Attention:
N. Dante LaRocca

Email:
dante.larocca@credit-suisse.com

 

If
to GACC, as a Loan Seller, to:

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

with a copy via email to:

Email: cmbs.requests@db.com

 

If
to BofA Securities, Inc. as an Initial Purchaser, to:

BofA
Securities, Inc.

One
Bryant Park

NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Email:
leland.f.bunch@bofa.com

 

with
a copy to:

Bank of America Legal Department

150
North College Street, NC1-028-24-02

Charlotte,
North Carolina 28255

Attention:
W. Todd Stillerman, Esq.,

Associate
General Counsel & Director

Facsimile:
(404) 736-2127

Email:
todd.stillerman@bofa.com

 

with
a copy to:

cmbsnotices@bofa.com

 

If
to J.P. Morgan Securities LLC, as an Initial Purchaser, to:

J.P. Morgan Securities LLC

383
Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate

Email:
ABS_Synd@jpmorgan.com

with a copy to:

J.P. Morgan Securities LLC

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

 

If
to Credit Suisse (USA) LLC as an Initial Purchaser, to:

 

     -252-

     

    

 

Credit
Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Chuck Lee

Facsimile No.: (212) 322-0965

Email: chuck.lee@credit-suisse.com

 

with
a copy to

Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: N. Dante La Rocca

Facsimile No.: (646) 935-8520

Email: dante.larocca@credit-suisse.com

 

with
a copy to

Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Barbara Nottebohm

Facsimile No.: (212) 743-2823

Email: barbara.nottebohm@credit-suisse.com

 

with
a copy to

Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Julia Powell

Email: julia.powell@credit-suisse.com

 

If
to Deutsche Bank Securities Inc. as an Initial Purchaser:

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy to:

cmbs.requests@db.com

 

If
to any Certificateholder, to:

the address set forth in the Certificate Register

 

If
to the Directing Holder, to:

 

Core
Credit Partners A LLC

c/o
Square Mile Capital Management LLC

350
Park Avenue

New
York, New York 10022

Attention:
Daniel M. Kasell

Email:
dkasell@squaremilecapital.com

 

with
a copy to 

 

     -253-

     

    

 

Arnold
& Porter Kaye Scholer LLP

70
West Madison Street, Suite 4200

Chicago,
Illinois 60602

Attention:
Daniel J. Hartnett

email:
Daniel.Hartnett@arnoldporter.com

 

If
to the 17g-5 Information Provider, electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “Grace Trust 2020-GRCE” and an identification of the type of information
being provided in the body of such email)

 

or,
in the case of the parties to this Agreement, to such other address as such party shall specify by written notice to the other
parties hereto.

 

Section
10.06      Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or
the rights of the Holders thereof.

 

Section
10.07      Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly provide notice
to the Depositor, the Initial Purchasers, the Trustee, and the 17g-5 Information Provider (which shall promptly post such notice
to the 17g-5 Information Provider’s Website), with respect to each of the following of which a Responsible Officer of the
Certificate Administrator has actual knowledge and to the extent the below information has not already been provided to the Depositor,
the Initial Purchasers, the Trustee, and the 17g-5 Information Provider pursuant to the terms of this Agreement:

 

(i)       any
material change or amendment to this Agreement;

 

(ii)       the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)       the
merger, consolidation, resignation or termination of the Certificate Administrator, the Servicer, the Special Servicer, the Operating
Advisor or the Trustee; and

 

(iv)       the
repurchase of Trust Loan pursuant to Section 2.03(e).

 

(b)       The
Certificate Administrator shall promptly furnish to the Depositor, the Initial Purchasers, and the 17g-5 Information Provider
(which shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)       notice
of the final payment to any Class of Certificateholders;

 

(ii)       notice
of any change in the location of the Distribution Accounts; and

 

(iii)       each
report to Certificateholders described in Section 4.02 and Section 3.13.

 

(c)       The
Servicer shall promptly furnish to the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information
Provider’s Website):

 

     -254-

     

    

 

(i)       Upon
request from the Rating Agencies, a copy of each rent roll and each operating and other financial statement and occupancy reports,
to the extent such information is required to be delivered under the Trust Loan, in each case to the extent collected pursuant
to Section 3.03;

 

(ii)       notice
of any change in the location of the Collection Account,

 

(iii)       a
copy of any notice with respect to a breach of a representation or warranty with respect to the Trust Loan;

 

(iv)       any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Servicer;

 

(v)       any
change in the lien priority of the Trust Loan;

 

(vi)       any
material damage to the Property;

 

(vii)       any
amendment to a mezzanine loan intercreditor agreement; and

 

(viii)       any
amendment, modification, consent or waiver to or of any provision of the Trust Loan (including any modification to the related
Loan Documents that remove a requirement for a No Downgrade Confirmation).

 

(d)       Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Servicer or Special Servicer, as applicable, and the Certificate Administrator
and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided, however,
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in
Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer
Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder
shall be in writing.

 

Notices
to each Rating Agency shall be addressed as follows:

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Email: info.cmbs@fitchratings.com

 

Kroll
Bond Rating Agency, LLC

845 Third Avenue

New York, New York 10022

Attention: CMBS Surveillance

Facsimile number: (917) 281-3241

Email: cmbssurveillance@krollbondratings.com;

 

or
in each case to such other address as a Rating Agency shall specify by written notice to the parties hereto.

 

     -255-

     

    

 

(e)       In
connection with the delivery by the Servicer or the Special Servicer to the Rule 17g-5 Information Provider of any information,
report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the 17g-5 Information Provider
shall notify the Servicer or Special Servicer, as applicable, of when such information, report, notice or document has been posted
to the 17g-5 Information Provider’s Website. The Servicer or Special Servicer, as applicable, may, but is not obligated
to, send such information, report, notice or other document to the applicable Rating Agency so long as such information, report,
notice or document was (i) previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5
Information Provider.

 

Section
10.08      Amendment. (a) This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions herein to conform
or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the
Trust or this Agreement or to correct or supplement any provisions herein or therein which may be defective or inconsistent with
any other provisions herein or therein; (iii) to amend any provision hereof to the extent necessary or desirable to maintain the
rating or ratings assigned to each of the Classes of Certificates or the Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent
of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of this Agreement, or any other change that will not adversely
affect in any material respect the interests of any Certificateholder or the Companion Loan Holder not consenting thereto (as
evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class or a Companion Loan
Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating to the Certificates
or the Companion Loan Securities, if applicable); (v) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an opinion of counsel,
or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements
for this securitization transaction are amended or repealed in whole or in part, to the extent required to comply with any such
amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the risk retention requirements
in the event of such repeal; provided that no such modification, elimination or addition may change in any manner the rights
or obligations of the Third Party Purchaser under this Agreement or the related risk retention agreement without the consent of
the Third Party Purchaser; and (vi) to modify the procedures herein relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such modification would not (a) materially increase the obligations or decrease the rights of the Depositor,
the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Servicer
or the Special Servicer without such parties’ consent; (b) reduce the consent or consultation rights or the right to receive
information under this Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in
any material respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced
by in the case of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder
of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect
to any Companion Loan Securities; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(c)). In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

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(b)       This
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2⁄3% of the Percentage Interests of each Class of Certificates affected thereby (without regard
to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Loan Sellers) and the Companion
Loan Holder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such
amendment may:

 

(i)       reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or which are required to be distributed to the Companion Loan Holder without the consent of such Companion
Loan Holder;

 

(ii)       alter
the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I Advance, Administrative Advance or a Property
Advance, without the consent of the Holders of the Certificates representing all of the Percentage Interests of the Class or Classes
affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

(iii)       change
the percentages of Voting Rights or Percentage Interests of Holders of Certificates which are required to consent to any action
or inaction under this Agreement without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby); or

 

(iv)       amend
any section hereof which relates to the amendment of this Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected
thereby).

 

Further,
the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor, at any
time and from time to time, without the consent of the Certificateholders or the Companion Loan Holder, may amend this Agreement
to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of
the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local
taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel
(obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or the Companion
Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or
interpretations.

 

(c)       In
the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 10.08
shall be effective with the consent of the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and
the Special Servicer, in writing, and to the extent required by this Section 10.08, the Certificateholders and the Companion
Loan Holder. Promptly after the execution of any amendment, the requesting party shall forward to the Trustee, the Certificate
Administrator, the Operating Advisor, the Servicer and the Special Servicer, and the Certificate Administrator shall furnish a
copy of such amendment to each Certificateholder, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d)).

 

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It
shall not be necessary for the consent of Certificateholders under this Section 10.08 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders and the Companion Loan Holder
shall be subject to such reasonable regulations as the Trustee may prescribe; provided, however, that such method
shall always be by affirmation and in writing.

 

Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee
and the Certificate Administrator have received an Opinion of Counsel, at the expense of the party requesting such amendment (or,
if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose
described in clause (a)(i), (ii) or (iii) of f this Section, then at the expense of the Trust Fund)
confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto
have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC at any time that any Certificates are outstanding, or cause a tax to be imposed on the Trust Fund or
either Trust REMIC.

 

Prior
to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Operating Advisor, the Special Servicer and the Servicer may request and shall be entitled to rely conclusively upon an Opinion
of Counsel and an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such amendment is
required by any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose described in clause (a)(i),
(ii) or (iii) of this Section 10.08 (which do not modify or otherwise relate solely to the obligations, duties
or rights of the Trustee or the Certificate Administrator), then at the expense of the Trust Fund) stating that the execution
of such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto have been
satisfied. The Trustee, the Certificate Administrator or the Operating Advisor may, but shall not be obligated to, enter into
any such amendment which affects the Trustee’s, the Certificate Administrator’s or the Operating Advisor’s own
rights, duties or immunities under this Agreement.

 

Notwithstanding
any contrary provision contained in this Agreement, no amendment shall be made to this Agreement (i) that adversely affects
the rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations of the Loan Sellers (including,
without limitation, under any Trust Loan Purchase Agreement) or the Initial Purchasers without the consent of the Loan Sellers
or the Initial Purchasers, as applicable or (ii) that adversely affects the rights, including (without limitation) as a third-party
beneficiary hereunder, and/or obligations of the Companion Loan Holder without the consent of such Companion Loan Holder.

 

Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider which shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d), and thereafter, the Certificate Administrator
shall furnish a copy of such amendment to each Certificateholder, the Operating Advisor, the Companion Loan Holder, the Depositor,
the Servicer, the Special Servicer, and the Initial Purchasers.

 

Section
10.09      Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund (including
the Trust Loan) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this Agreement and the sale
by the Depositor of the Certificates be, and be treated for all purposes as, a sale by the Depositor of the undivided portion
of the beneficial interest in the Trust Fund represented by the Certificates. It is, further, not the intention of the parties
that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other obligation
of the Depositor. However, in the event that, notwithstanding the intent of the parties, the Trust

 

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Fund is held to continue to
be property of the Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable law;
(b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on behalf
of Certificateholders of a first priority security interest in all of the Depositor’s right, title and interest in and to
the Trust Fund and all amounts payable to the holders of the Trust Loan in accordance with the terms thereof and all proceeds
of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including,
without limitation, all amounts from time to time held or invested in the Collection Account, the Distribution Accounts, the Interest
Reserve Account and any REO Account whether in the form of cash, instruments, securities or other property; (c) the possession
by the Trustee (or the Custodian on its behalf) of Notes and such other items of property as constitute instruments, money, negotiable
documents or chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting the
security interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons
holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law. Any assignment of the interest of the Trustee pursuant
to any provision hereof shall also be deemed to be an assignment of any security interest created hereby. The Depositor shall,
and upon the request and direction of the Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the
expense of the Trust Fund), take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security
interest in the Trust Loan, such security interest would be deemed to be a perfected security interest of first priority under
applicable law and will be maintained as such throughout the term of this Agreement. It is the intent of the parties that such
a security interest would be effective whether any of the Certificates are sold, pledged or assigned.

 

Section
10.10      No Intended Third-Party Beneficiaries. Except as specified in Section 10.12, no Person other than a party
to this Agreement, the Loan Sellers, the Initial Purchasers or any Certificateholder shall have any rights with respect to the
enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically
state that no Borrower, Manager or other party to the Trust Loan is an intended third-party beneficiary of this Agreement.

 

Section
10.11      Entire Agreement. This Agreement, together with the Co-Lender Agreement, contains the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements,
understanding, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersedes any course of performance or usage of the trade inconsistent with
any of the terms hereof.

 

Section
10.12      Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer
and the Special Servicer acknowledge that (a) each Loan Seller and each Initial Purchaser is a third party beneficiary with
respect to Section 8.05(h), the obligations of any such party to deliver information to the 17g-5 Information Provider
hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5 Information Provider’s
Website and the express obligations of any party hereto to deliver documents, notices, information or funds to each of the Loan
Seller, (b) each Loan Seller is a third party beneficiary in respect of the rights afforded it under this Agreement and may
directly enforce such rights, (c) each Initial Purchaser is a third party beneficiary with respect to its rights to receive any
notices, documents, certifications and/or information hereunder and its rights under Section 10.08, (d) each holder of
a Companion Loan and any related Other Depositor is an intended third party beneficiary in respect of the rights afforded it under
this Agreement and may directly (or, in the case of the holder of a Companion Loan, the related Other Servicer may) enforce such
rights, and (e) each of the Companion Loan Service Providers under an applicable Other Pooling and Servicing Agreement is an intended
third party beneficiary under this Agreement with respect to any provision herein

 

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expressly relating to compensation, reimbursement
or indemnification of such Companion Loan Service Provider and the provisions regarding the coordination of Advances.

 

Article
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.01      Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article
XI is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB and the related
rules and regulations of the Commission. Except as expressly required by Sections 11.07, 11.08 and 11.09,
the Depositor shall not, and no Other Depositor may, exercise its rights to request delivery of information or other performance
under these provisions other than in good faith, or for purposes other than compliance with the Act, the Exchange Act and the
Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the requirements of Regulation AB may change over time
due to interpretive guidance provided by the Commission or its staff, and agree to comply with reasonable requests made by the
Depositor, or any Other Depositor, in good faith for delivery of information under these provisions on the basis of such evolving
interpretations of Regulation AB. In connection with the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates,
Series 2020-GRCE and any Companion Loan Securities, each of the parties to this Agreement shall cooperate fully with the Depositor,
the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the
Depositor or Other Depositor, as applicable (including any of its assignees or designees), any and all statements, reports, certifications,
records and any other information in its possession or reasonably available to it and necessary in the reasonable good faith determination
of the Depositor, the Certificate Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable,
to permit any Other Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Custodian, as applicable, and any Sub-Servicer, or the
servicing of the Whole Loan, reasonably believed by the Depositor or any Other Depositor, as applicable, in good faith to be necessary
in order to effect such compliance. Each party to this Agreement shall have a reasonable period of time to comply with any written
request made under this Section 11.01, but in any event shall, upon reasonable advance written request, provide information
in sufficient time to allow the Depositor or any Other Depositor, as applicable, to satisfy any related filing requirements. For
purposes of this Article XI, to the extent any party has an obligation to exercise commercially reasonable efforts to cause
a third party to perform, such party hereunder shall not be required to bring any legal action against such third party in connection
with such obligation.

 

Section
11.02      Succession; Sub-Servicers; Subcontractors. (a) For so long as any Other Securitization Trust is subject to the
reporting requirements of the Exchange Act (in addition to any requirements contained in Section 11.07), in connection
with the succession to the Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer
is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any
Person (i) into which the Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which
may be appointed as a successor to the Servicer and Special Servicer or any such Sub-Servicer, the Servicer or Special Servicer,
as applicable (depending on whether such succession involves it or one of its Sub-Servicers), shall provide to any Other Depositor
as to which the Companion Loan is affected, at least five (5) Business Days prior to the effective date of such succession
or appointment as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality
agreement, and otherwise no later than one (1) Business Day after such effective date of succession, (x) written notice to
the Depositor and each such Other Depositor of such succession or appointment and (y) in writing and in form and substance
reasonably satisfactory to each such Other Depositor, all information relating to such successor servicer reasonably requested
by any such Other

 

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Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(b)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer,
the Special Servicer, any Sub-Servicer, the Certificate Administrator, the Trustee and the Custodian (each of the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee and the Custodian and each Sub-Servicer, for purposes of this Section
11.02(b) and Section 11.02(c), a “Servicing Party”) is permitted to utilize one or more Subcontractors
to perform certain of its obligations hereunder. Such Servicing Party shall promptly upon request provide to any Other Depositor
as to which the Companion Loan is affected, a written description (in form and substance satisfactory to each such Other Depositor)
of the role and function of each Subcontractor that is a Servicing Function Participant utilized by such Servicing Party during
the preceding calendar year, specifying (i) the identity of such Subcontractor, and (ii) which elements of the Servicing
Criteria will be addressed in assessments of compliance provided by each such Subcontractor. Each Servicing Party shall cause
any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function Participant to comply with the
provisions of Section 11.08 and Section 11.09 to the same extent as if such Subcontractor were such Servicing Party.
Such Servicing Party shall obtain from each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit AA,
shall use commercially reasonable efforts to obtain from such Sub-Servicer) and deliver to the applicable Persons any assessment
of compliance report and related accountant’s attestation required to be delivered by such Subcontractor under Section
11.08 and Section 11.09, in each case, as and when required to be delivered.

 

(c)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing,
if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such
Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning
of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then
such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer
shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other
Depositor as to which the Companion Loan is affected, of any such Sub-Servicer and Sub-Servicing Agreement. No Sub-Servicing Agreement
(other than such agreements relating to a Sub-Servicer set forth in Exhibit AA) shall be effective until five (5) Business
Days after such written notice is received by the Depositor, the Certificate Administrator and each such Other Depositor. Such
notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Exchange
Act Reporting Party as to which the Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form
8-K pursuant to the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required
to be filed under the Exchange Act).

 

(d)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the
succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate
Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate
Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at
least ten (10) Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative
of applicable law or any applicable confidentiality agreement, no later than the time required under Section 11.06) and
shall furnish pursuant to Section 11.06 to each Other Depositor in writing and in form and substance reasonably satisfactory
to the Depositor and each Other Depositor, all information reasonably necessary for each Other Exchange Act Reporting Party

 

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to
accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling and Servicing Agreement
or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

Section
11.03      Other Securitization Trust’s Filing Obligations. For so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee
and the Custodian shall (and shall cause (or, in the case of each Sub-Servicer set forth on Exhibit AA, shall use
commercially reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably
cooperate with each Other Depositor in connection with the satisfaction of each Other Securitization Trust’s reporting requirements
under the Exchange Act.

 

Section
11.04      Form 10-D Disclosure. For so long as any Other Securitization Trust is subject to the
reporting requirements of the Exchange Act, within five (5) calendar days after the related Distribution Date (using commercially
reasonable efforts), (a) the parties as set forth on Exhibit W to this Agreement, shall be required to provide
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-D Disclosure is
relevant for Exchange Act reporting purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof
(other than information required by Item 1117 of Regulation AB as to such party which shall be reported if actually
known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in the in-house legal department of such
party), in EDGAR-compatible format (to the extent available to such party in such format), or in such other format as otherwise
agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor and such parties, the form and substance
of the Additional Form 10-D Disclosure, if applicable, and (b) the parties listed on Exhibit W to this Agreement
shall include with such Additional Form 10-D Disclosure application to such party and shall cause each Sub-Servicer (or,
in the case of each Sub-Servicer set forth on Exhibit AA, shall use commercially reasonable efforts to cause such
Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include,
an Additional Disclosure Notification in the form attached as Exhibit Z to this Agreement. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit W to this
Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure
information.

 

Section
11.05      Form 10-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of
the Exchange Act, by March 1st, commencing in March 2021, (a) the parties listed on Exhibit X to this
Agreement shall be required to provide (and with respect to any Servicing Function Participant of such party (other than any party
to this Agreement), shall cause such Servicing Function Participant to provide) to each Other Exchange Act Reporting Party and
each Other Depositor to which the particular Additional Form 10-K Disclosure is relevant for Exchange Act Reporting purposes,
to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information
required by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
Responsible Officer, as the case may be, or any lawyer in the in house legal department of such party), in EDGAR compatible format
(to the extent available to such party in such format) or in such other format as otherwise agreed upon by each such Other Exchange
Act Reporting Party, each such Other Depositor and such providing parties, the form and substance of any Additional Form 10-K
Disclosure described on Exhibit X to this Agreement applicable to such party, and (b) the parties listed on Exhibit X
to this Agreement shall include with such Additional Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer
(or, in the case of each Sub-Servicer set forth on Exhibit AA, shall use commercially reasonable efforts to cause such
Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include,
an Additional Disclosure Notification in the form attached as Exhibit Z to this Agreement. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed

 

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on Exhibit X to this
Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure
information.

 

Section
11.06      Form 8-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of
the Exchange Act, to the extent a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (other than
Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in-house legal department of such party), within one Business Day after the
occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”) (using commercially
reasonable efforts), but in no event later than the end of business (New York City time) on the second Business Day after the
occurrence of a Reportable Event, (a) the parties set forth on Exhibit Y to this Agreement shall be required to provide
(and (i) with respect to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit AA,
shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect
to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing
Function Participant to provide) to each Other Depositor and each Other Exchange Act Reporting Party to which the particular Form
8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to the extent available
to such party in such format) or in such other format as otherwise agreed upon by each such Other Depositor, each such Other Exchange
Act Reporting Party and such providing parties, any Form 8-K Disclosure Information described on Exhibit Y to this Agreement
as applicable to such party, if applicable, and (b) the parties listed on Exhibit Y to this Agreement shall include
with such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer (or, in the case of each
Sub-Servicer set forth on Exhibit AA, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor
of such party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification
in the form attached hereto as Exhibit Z. The Certificate Administrator has no duty under this Agreement to monitor or
enforce the performance by the parties listed on Exhibit Y of their duties under this paragraph or proactively solicit
or procure from such parties any Form 8-K Disclosure Information.

 

Section
11.07      Annual Compliance Statements. On or before March 1 of each year, commencing in 2021, each of the Servicer, the
Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Custodian, any Additional Servicer and each Servicing Function Participant, each at its own expense, shall furnish (and each
such party, (a) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA
with which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable
efforts to cause such Servicing Function Participant to furnish, and (b) with respect to any other Servicing Function Participant
of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each such
Servicing Function Participant and each Certifying Servicer) to the Certificate Administrator and the 17g-5 Information Provider
(who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable),
the Trustee, the Depositor and the Companion Loan Holder (or, in the case of a Companion Loan that is part of an Other Securitization
Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate stating, as to the
signer thereof, that (i) a review of such Person’s activities during the preceding calendar year or portion thereof
and of such Person’s performance under this Agreement or the applicable sub-servicing agreement, as applicable, has been
made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review,
such Person has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as applicable, in
all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof. For so long as
any Other Securitization Trust is subject to the reporting requirements of the

 

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Exchange Act, promptly after receipt of each such
Officer’s Certificate, the Depositor (and, in the case of a Companion Loan that is part of an Other Securitization Trust,
the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s Certificate and, if
applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer,
respectively, or any related Servicing Function Participant with which the Servicer or the Special Servicer, as applicable, has
entered into a servicing relationship with respect to the Trust Loan or the Companion Loan in the fulfillment of any Certifying
Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of
each Certifying Servicer under this Section apply to each such Certifying Servicer that serviced the Trust Loan or a Companion
Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s
Certificate is required to be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 11.07
shall be made available to any Privileged Person by the Certificate Administrator by posting such compliance report to the
Certificate Administrator’s Website. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual
compliance statement with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Section
11.08      Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 1 of each year,
commencing in 2021, the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing
of the Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, the Trustee and the Custodian, each at its own expense, shall furnish (and each such party,
(i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA with which
it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause
such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such
party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) to the Certificate
Administrator and the 17g-5 Information Provider (who shall promptly post it to the Certificate Administrator’s Website
and the 17g-5 Information Provider’s Website, as applicable), the Trustee, the Depositor and the Companion Loan Holder (or,
in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange
Act Reporting Party), a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement
by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement
that, to the best of such Reporting Servicer’s knowledge, such Reporting Servicer used the Servicing Criteria to assess
compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant
Servicing Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of
noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a
statement that a registered public accounting firm that is a member of the American Institute of Certified Public Accountants
has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria
as of and for such period. Copies of all compliance reports delivered pursuant to this Section 11.08 shall be provided
to any Certificateholder, upon the written request therefor, by the Certificate Administrator. Notwithstanding the foregoing,
the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was no
Relevant Servicing Criteria applicable to it.

 

Each
such report shall be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of
the applicable company, and shall address each of the Relevant Servicing Criteria. For so long as any Other Securitization Trust
is subject to the reporting requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each
Other Depositor may review each such report and, if applicable, consult with the each Reporting Servicer as to the nature of any
material instance of noncompliance with the Relevant Servicing Criteria. 

 

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(b)       On
the Closing Date, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee each acknowledge
and agree that Schedule I to this Agreement sets forth the Relevant Servicing Criteria for such party.

 

(c)       No
later than thirty (30) days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Trustee and the Custodian shall notify the Certificate Administrator, the Depositor, each Other Exchange Act Reporting Party
and each Other Depositor as to the name of each Servicing Function Participant utilized by it, in each case, and each such notice
will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing
Function Participant. When the Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to
the reporting requirements of the Exchange Act, the Certificate Administrator, the Trustee and the Custodian submit their assessments
pursuant to Section 11.08(a), such parties, as applicable, will also at such time include the assessment (and related attestation
pursuant to Section 11.09) of each Servicing Function Participant engaged by it. The fiscal year for the Trust shall be
January 1 through and including December 31 of each calendar year.

 

(d)       In
the event the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Trustee or the Custodian is terminated or resigns pursuant to the terms
of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant is a Sub-Servicer
set forth on Exhibit AA, shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged
by it to provide (and the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall,
with respect to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause
such Servicing Function Participant to provide) an annual assessment of compliance pursuant to this Section 11.08, coupled
with an attestation as required in Section 11.09 in respect of the period of time that the Servicer, the Special Servicer
or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate
Administrator, the Trustee or the Custodian was subject to this Agreement or the period of time that the Servicing Function Participant
was subject to such other servicing agreement.

 

Section
11.09      Annual Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing in
2021, the Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Trustee and the Custodian, each at its own expense, shall cause (and each
such party, (a) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA
with which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable
efforts to cause such Servicing Function Participant to cause, and (b) with respect to any other Servicing Function Participant
of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to cause) a registered
public accounting firm (which may also render other services to the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Custodian or the applicable Servicing Function Participant, as the case may be) and that is a member of the American
Institute of Certified Public Accountants to furnish a report to the Certificate Administrator (who shall post it to the Certificate
Administrator’s Website), the Depositor, the Companion Loan Holder (or, in the case of a Companion Loan that is part of
an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) and the 17g-5 Information
Provider (who shall post it to the 17g-5 Information Provider’s Website), to the effect that (i) it has obtained a
representation regarding certain matters from the management of such Reporting Servicer, which includes an assessment from such
Reporting Servicer of its compliance with the Relevant Servicing Criteria and (ii) on the basis of an examination conducted
by such firm in accordance with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight
Board, it is expressing an opinion as to whether

 

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such Reporting Servicer’s assessment of compliance with the Servicing Criteria
was fairly stated in all material respects, or it cannot express an overall opinion regarding such party’s assessment of
compliance with the Relevant Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Each accountant’s attestation report
required hereunder shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange
Act. Such report must be available for general use and not contain restricted use language. Copies of all statements delivered
pursuant to this Section 11.09 shall be made available to any Privileged Person by the Certificate Administrator posting
such statement on the Certificate Administrator’s Website pursuant to Section 8.14(b). Notwithstanding the foregoing,
the Trustee shall not be required to deliver an annual independent public accountants’ servicing report with respect to
any period during which there was no Relevant Servicing Criteria applicable to it.

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt
of such report from the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian or any Servicing
Function Participant, the Depositor and each Other Depositor may review the report and, if applicable, consult with the Servicer,
the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator as to the nature of any defaults by the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Custodian or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Trust Loan or the Companion Loan, as the case may be, in the fulfillment of any of the Servicer’s, the Special
Servicer’s, the Certificate Administrator’s, the Trustee’s, the Custodian’s or the applicable Servicing
Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.

 

Section
11.10      Significant Obligor. With respect to a Companion Loan that an applicable Other Depositor has notified the Servicer
in writing that the Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with
respect to an Other Securitization Trust that includes such Companion Loan and of the distribution date in such Other Pooling
and Servicing Agreement, the Servicer shall, solely to the extent the Servicer is in receipt of the updated financial statements
of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year)
(beginning with the first calendar quarter following receipt of such notice from the Other Depositor) or the updated financial
statements of such “significant obligor” for any calendar year (beginning with the first calendar year following receipt
of such notice from the Other Depositor), as applicable, from the Borrower or the Special Servicer, as applicable, deliver to
the Other Certificate Administrator on or prior to the day that occurs two Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or seven Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable,
(a) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor NOI
Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline,
as applicable, such financial statements of such “significant obligor”, together with the net operating income of
such significant obligor for the applicable period as calculated by the Servicer in accordance with the CREFC®
guidelines and (b) if such financial statement receipt occurs less than twelve (12)Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of such “significant obligor”, together with the net operating
income for the applicable period as reported by the Borrower in such financial statements.

 

If
the Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form
10-K, as the case may be, of such “significant obligor” within ten Business Days after the date such financial information
is required to be delivered under the Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other
Securitization Trust that includes such related Companion Loan (and shall cause each applicable sub-servicing agreement to require
any related

 

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Sub-Servicer to notify such Other Depositor) that it has not received them. The Servicer shall use efforts consistent
with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under
the Exchange Act) to obtain the periodic financial statements of the Borrower under the Loan Documents.

 

The
Servicer shall (and shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written
evidence of each instance in which it (or a Sub-Servicer) attempts to contact the Borrower to obtain the required financial information
and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is
required to be filed with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its
attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization
Trust. This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as
specified in the related Other Pooling and Servicing Agreement.

 

Section
11.11      Sarbanes-Oxley Backup Certification. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Trustee, the Custodian, the Servicer and the Special Servicer
shall provide (and with respect to any other Servicing Function Participant of such party, shall cause such Servicing Function
Participant to provide) to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust
(the “Certifying Person”) no later than March 15 of the year following the year to which the Form 10-K of such
Other Securitization Trust relates or, if March 15 is not a Business Day, on the immediately following Business Day, a certification
in the form attached to this Agreement as Exhibit BB, on which the Certifying Person, the entity for which the Certifying
Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section 11.11 with
respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement,
as the case may be. Notwithstanding the foregoing, the Trustee shall not be required to deliver such certification with respect
to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Notwithstanding
the foregoing, nothing in this Section 11.11 shall require any Reporting Servicer (i) to certify or verify the accurateness
or completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional
Servicer or any other third party retained by it that is not a Sub-Servicer listed on Exhibit AA or a Sub-Servicer appointed
pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in
accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information
and reports, to certify anything other than that all fields of information called for in written reports prepared by such Reporting
Servicer have been completed except as they have been left blank on their face.

 

Section
11.12      Indemnification. For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, each of the Servicer, the Special Servicer, the Custodian (if the Custodian is a separate entity from the Certificate
Administrator), the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the
Depositor (and any Other Depositor related to an Other Securitization Trust that includes such Companion Loan), their respective
directors and officers, and each other person who controls any such entity within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities,
including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation
arising out of (a) the failure to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization
Trust that includes

 

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such Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization
Trust that includes such Companion Loan) under this Article XI by the time required after giving effect to any applicable
grace period or cure period, (b) any untrue statement or alleged untrue statement of a material fact contained in any information
(i) regarding such party or any Servicing Function Participant, Additional Servicer or Subcontractor engaged by it, (ii) prepared
by any such party described in clause (i) or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information and (iii) delivered by or on behalf of such party in connection with the performance
of such party’s obligations described in this Article XI, or the omission or alleged omission to state in any such
information a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, that the applicable party shall be entitled to participate in any action arising out of the foregoing
and the Depositor shall consult with such party with respect to any litigation or audit strategy, as applicable, in connection
with the foregoing and any potential settlement terms related thereto, (c) the failure of any Servicing Function Participant
or Additional Servicer retained by it to perform its obligations to the Depositor (or any Other Depositor related to an Other
Securitization Trust that includes such Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other
Securitization Trust that includes such Companion Loan) under this Article XI by the time required after giving effect
to any applicable grace period and cure period or (d) any Deficient Exchange Act Deliverable.

 

In
addition, each of the Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee shall cooperate
(and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement) with the Depositor or the Other Depositor as necessary for the Depositor or the Other Depositor to conduct any reasonable
due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required
by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and
regulations promulgated thereunder (“Reporting Requirements”).

 

In
connection with comments provided to the Depositor or any Other Depositor from the Commission regarding information (i) delivered
by the Servicer, the Special Servicer, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant
or an Additional Servicer, as applicable (“Affected Reporting Party”), (ii) regarding such Affected Reporting
Party, and (iii) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information, which information is contained in a report filed by the Depositor or Other Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s or Other Depositor’s
filing of such report, the Depositor or Other Depositor shall promptly provide to such Affected Reporting Party any such comments
which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written
response to the Commission for inclusion in the Depositor’s or Other Depositor’s response to the Commission, unless
such Affected Reporting Party elects, with the consent of the Depositor or Other Depositor, as applicable (which consent shall
not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or
resolution with the Commission; provided, if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer
retained by the Servicer, the Servicer shall receive copies of all material communications pursuant to this paragraph. If such
election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution
with the Commission in a timely manner; provided, that (1) such Affected Reporting Party shall use reasonable efforts to keep
the Depositor or Other Depositor informed of its progress with the Commission and copy the Depositor or Other Depositor on all
correspondence with the Commission and provide the Depositor or Other Depositor with the opportunity to participate (at the Depositor’s
or Other Depositor’s expense) in any telephone conferences and meetings with the Commission and (2) the Depositor or Other
Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives
to respond to and negotiate directly with the Commission with respect to any comments from the Commission relating to such Affected
Reporting Party and to notify

 

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the Commission of such authorization. The Depositor (or Other Depositor) and the Affected Reporting
Party shall cooperate and coordinate with one another with respect to any requests made to the Commission for extension of time
for submitting a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred by the Depositor
or Other Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor or Other Depositor, as the
case may be) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s or
Other Depositor’s expense as set forth above) and any amendments to any reports filed with the Commission therewith shall
be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or Other Depositor,
as the case may be. Each of the Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained by it to comply
with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The
Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall use commercially reasonable
efforts to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a
servicing relationship with respect to the Trust Loan to indemnify and hold harmless each Certification Party from and against
any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (1) a breach of its obligations to provide any of the annual compliance statements
or annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing
Agreement, as applicable or (2) any Deficient Exchange Act Deliverable.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, the Custodian, each Additional Servicer or other Servicing Function
Participant (the “Performing Party”) shall, and the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered
into a servicing relationship (other than a party to this Agreement) with respect to the Trust Loan to contribute to the amount
paid or payable to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification Party
in such proportion as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing
Party on the other in connection with a breach of the Performing Party’s obligations pursuant to this Article XI.
The Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall use commercially reasonable
efforts to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a
servicing relationship with respect to the Trust Loan to agree to the foregoing indemnification and contribution obligations.

 

Promptly
after receipt by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement
thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying
party. In case any such action is brought against any indemnified party, after the indemnifying party has been notified of the
commencement of such action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the
extent that it may wish, shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly
notified) with counsel reasonably satisfactory to such indemnified party (which approval shall not be unreasonably withheld or
delayed), and after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party for any expenses subsequently incurred in connection with
the defense thereof other than reasonable costs of investigation. In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such

 

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counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have agreed to the retention of such counsel, (ii) the named
parties to any such proceeding (including any impleaded parties and, in the case of an investigation by the Commission, any parties
that are, or whose reporting materials are, the subject of such investigation) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them or (iii) the indemnifying party fails within a reasonable period of time to designate counsel that is reasonably
satisfactory to the indemnified party (which approval shall not be unreasonably withheld or delayed). In no event shall the indemnifying
parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) in any one jurisdiction separate
from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. An indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent. However, if settled with such consent, the indemnifying
party shall indemnify the indemnified party from and against any loss or liability by reason of such settlement to the extent
that the indemnifying party is otherwise required to do so under this Agreement. If an indemnifying party assumes the defense
of any proceeding, it shall be entitled to settle such proceeding with the consent of the indemnified party (which consent shall
not be unreasonably withheld or delayed) or, if such settlement (i) provides for an unconditional release of the indemnified
party in connection with all matters relating to the proceeding that have been asserted against the indemnified party in such
proceeding by the other parties to such settlement and (ii) does not require an admission of fault by the indemnified party,
without the consent of the indemnified party.

 

Section
11.13      Amendments. This Article XI may be amended by the parties hereto pursuant to Section 11.08 for purposes
of complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, No Downgrade Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

Section
11.14      Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement,
the Depositor or any Other Depositor may terminate the Certificate Administrator upon five (5) Business Days’ notice if
the Certificate Administrator fails to comply with any of its obligations under this Article XI; provided that such
termination shall not be effective until a successor Certificate Administrator shall have accepted the appointment.

 

Section
11.15      Termination of Sub-Servicing Agreements. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, each of the Servicer, the Certificate Administrator, the Trustee and the Custodian, as applicable,
shall (a) cause each Sub-Servicing Agreement to which it is a party to entitle the Depositor or any Other Depositor to terminate
such agreement (without compensation, termination fee or the consent of any other Person) at any time following any failure of
the applicable Sub-Servicer to any deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under
Regulation AB or as otherwise contemplated by this Article XI and (b) promptly notify the Depositor and any Other
Depositor following any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer
is required to deliver under Regulation AB or as otherwise contemplated by this Article XI. The Depositor and any Other
Depositor is hereby authorized to exercise the rights described in clause (a) of the preceding sentence in its sole
discretion. The rights of the Depositor and any Other Depositor to terminate a Sub-Servicing Agreement as aforesaid shall not
limit any right the Servicer, the Certificate Administrator, the Trustee or the Custodian, as applicable, may have to terminate
such Sub-Servicing Agreement.

 

Section
11.16      Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan. (a) Any other
provision of this Article XI to the contrary

 

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notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article XI, in connection with the requirements contained in this Article XI that provide for
the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting
Party of any Other Securitization Trust that includes a Companion Loan, no party hereunder shall be obligated to provide any such
items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party (i) until the Other Depositor or Other
Exchange Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less than thirty (30)
days written notice (which shall only be required to be delivered once and each party shall be entitled to conclusively rely on
such notice until a Responsible Officer thereof has received a subsequent notice), setting forth the contact information for such
Person(s) and, except as regards the deliveries and cooperation contemplated by Section 11.07, Section 11.08 and
Section 11.09, stating that such Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
and (ii) specifying in reasonable detail the information and other items not otherwise specified in this Agreement that are
requested to be delivered; provided that if Exchange Act reporting is being requested, such Other Depositor or Other Exchange
Act Reporting Party is only required to provide a single written notice to such effect. Any reasonable cost and expense of the
Servicer, Special Servicer, Trustee, Certificate Administrator and Custodian in cooperating with such Other Depositor or Other
Exchange Act Reporting Party of such Other Securitization Trust (above and beyond their expressed duties hereunder) shall be the
responsibility of such Other Depositor or Other Securitization Trust. The parties hereto shall have the right to confirm in good
faith with the Other Depositor of such Other Securitization Trust as to whether applicable law requires the delivery of the items
identified in this Article XI to such Other Depositor and Other Exchange Act Reporting Party of such Other Securitization
Trust prior to providing any of the reports or other information required to be delivered under this Article XI in connection
therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article
XI with respect to such Other Securitization Trust or (ii) in the absence of such confirmation, the parties shall not
be required to deliver such items; provided that no such confirmation shall be required in connection with any delivery
of the items contemplated by Section 11.07, Section 11.08 and Section 11.09. Such confirmation shall be deemed
given if the Other Depositor or Other Exchange Act Reporting Party for the Other Securitization Trust provides a written statement
to the effect that the Other Securitization Trust is subject to the reporting requirements of the Exchange Act and the appropriate
party hereto receives such written statement. The parties hereunder shall also have the right to require that such Other Depositor
provide them with the contact details of such Other Depositor, Other Exchange Act Reporting Party and any other parties to the
Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)       Each
of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall, upon reasonable prior
written request given in accordance with the terms of Section 11.16(a) above, and subject to a right of the Servicer, Special
Servicer, Certificate Administrator, Trustee or Custodian, as the case may be, to review and approve such disclosure materials,
permit the Companion Loan Holder to use such party’s description contained in the Offering Circular (updated as appropriate
by the Servicer, the Special Servicer, Certificate Administrator, Trustee or Custodian, as applicable, at the reasonable cost
of the Other Depositor) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.

 

(c)       The
Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian, upon reasonable prior written request
given in accordance with the terms of Section 11.16(a) above, shall each timely provide (to the extent the reasonable cost
thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to any
securitization transaction that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s)
with respect to the updated description referred in Section 11.16(b) with respect to such party, substantially identical
to those, if any, delivered by the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian,
as the case may be, or their respective counsel,

 

     -271-

     

    

 

in connection with the information concerning such party in the Offering Circular
and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Servicer, the Special Servicer,
the Trustee, the Certificate Administrator or the Custodian, or their respective legal counsel, as the case may be, and sufficient
to comply with Regulation AB). None of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian
shall be obligated to deliver any such item with respect to the securitization of a Companion Loan if it did not deliver a corresponding
item with respect to this Trust.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

     -272-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of
the day and year first above written.

 

	 	Banc of America Merrill Lynch Large Loan, Inc., as Depositor
	 	 
	 	By:	/s/ Leland
    F. Bunch, III
	 	 	Name: Leland F. Bunch, III

Title:   Vice President
	 	 	 
	 	WELLS FARGO BANK, national association, as Servicer
	 	 
	 	By:	/s/ Amanda Perkins
	 	
         
	Name:
                                       Amanda Perkins
                                        Title:   Vice President

	 	 	 
	 	SITUS HOLDINGS, LLC, as Special Servicer
	 	 
	 	By:	/s/ Marisa Cohen
	 	
         
	Name: Marisa Cohen

                                       Title:   Associate General Counsel

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Dorri Costello
	 	 	Name: Dorri Costello

Title:   Vice President
	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, Custodian and Paying Agent
	 	 	 
	 	By:	/s/ Amy
    Mofsenson
	 	 	Name: Amy Mofsenson

Title:   Vice President

 

Grace
Trust 2020-GRCE – Trust and Servicing Agreement

 

     

     

    

 

	 	PARK BRIDGE LENDER SERVICES LLC, as Operating Advisor
	 	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company

    its     Sole     Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company
 its sole
    member
	 	 	 	 
	 		By:	/s/ Robert J. Spinna, Jr.
	 	 	
         
	Name: Robert J. Spinna, Jr.

Title:   Managing Member

 

Grace
Trust 2020-GRCE – Trust and Servicing Agreement

 

     

     

    

 

SCHEDULE I

SERVICING CRITERIA
TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	
        Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	
        Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	
        Servicer

        Special Servicer

        Certificate Administrator

	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer

Special Servicer
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate Administrator
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	
        Servicer

        Trustee

	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	
        Servicer

        Special Servicer

        Certificate Administrator

 

    Sch. I - 1 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	
        Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	
        Servicer

        Special Servicer

        Certificate Administrator

	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	
        Servicer

        Special Servicer

        Custodian

	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Servicer

Special Servicer
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Servicer
	1122(d)(4)(v)	The Servicer’s records regarding the mortgage loans agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Advisor

 

    Sch. I - 2 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Servicer
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

    Sch. I - 3 

     

    

 

 

EXHIBIT A-1

 

FORM OF CLASS A [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates
only.

3 Legend required as long as
DTC is the Depository under the Trust and Servicing Agreement.

4 Global Certificate legend. 

 

     A-1-1

     

    

 

SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) A PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”) 93-31, 58 FED. REG. 28620
(MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002), (III) CREDIT SUISSE SECURITIES
(USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION
NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013), (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND
THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF
THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS
I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF

 

     A-1-2

     

    

 

THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

  

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

1 For Reg S Global Certificates
only.

 

     A-1-3

     

    

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS A

 

	Class A Pass-Through Rate: A per annum rate equal to 2.347000%	 	
        CUSIP: [38406J AA6]1

               [U38251 AA9]2

               [38406J AB4]3

         

        ISIN:    [US38406JAA60]4

              [USU38251AA98]5

             [US38406JAB44]6

         

	Original Aggregate Certificate Balance of the

Class A Certificates: $304,700,000	 	Initial Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date:  December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final Distribution Date: December 2030	 	No.: A- [__]

  

This certifies that
[_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class A Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by,
among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New York, New York,
and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan is to be serviced,
pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance
of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates (the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of

 

 

1 For Rule
144A Certificates.

2 For Regulation
S Certificates.

3 For IAI Certificates.

4 For Rule
144A Certificates.

5 For Regulation
S Certificates.

6 For IAI Certificates.

 

     A-1-4

     

    

 

1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing Agreement to the extent
of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar
month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class A Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on
this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect
to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last

 

     A-1-5

     

    

 

addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the holders of the
Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the
Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein
and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including
any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the Property; (x) the rights and remedies
under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations
and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any
Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals
may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the
Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new

 

     A-1-6

     

    

 

Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying
Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan
Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to
conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates,
the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement
or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable
to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency
(provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent
of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change
that will not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holder not
consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class
or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained
relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by
an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk
retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent required
to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the
risk retention requirements in the event of such repeal; provided that no such modification, elimination or addition may
change in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing Agreement or the related
risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures

 

     A-1-7

     

    

 

of the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not (a) materially
increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without such parties’ consent,
(b) reduce the consent or consultation rights or the right to receive information under the Trust and Servicing Agreement of the
Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material respect the interests of any
Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii), (iv) and
(vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade
Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event
shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC
to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion Loan Holder affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Loan
Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby, or which are required to be distributed to the Companion Loan
Holder without the consent of the Companion Loan Holder;

 

		(ii)	alter the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I Advance,
Administrative Advance or a Property Advance, without the consent of the Holders of the Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under this Agreement without the consent of the Holders of Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected
thereby); or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby).

 

Further, the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or
add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or
the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of
the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii) to

 

     A-1-8

     

    

 

comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder
and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer does not exercise
such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso) given to the Trustee,
the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination Notice Date specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

		(i)	the sum of, without duplication:

 

		(A)	100% the outstanding principal balance of the Trust Loan as of the last day of the month preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Servicer as
of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances
where title to the Property has been acquired) at the Trust Note Rate to the last day of the Loan Interest Accrual Period
preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the Operating Advisor Fee, the
CREFC® License Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)       the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Regular Certificates
for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the Trust and Servicing
Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising

 

     A-1-9

     

    

 

its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the
purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and
Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection of
the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall
the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on
the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-1-10

     

    

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A Certificate to be duly executed.

 

Dated:  __________

 

	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, not in its
    individual capacity but 

solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
Title:

  

Certificate of Authentication

 

This is one of the Class
A Certificates referred to in the Trust and Servicing Agreement.

 

Dated:  __________

 

	 	WELLS FARGO
BANK, NATIONAL 

ASSOCIATION, not in its individual capacity but 

solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
Title:

 

 

     A-1-11

     

    

[TO BE ATTACHED TO GLOBAL CERTIFICATES]
SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The following exchanges of a part of this
Global Certificate have been made:

 

     A-1-12

     

    

EXHIBIT A-2

 

FORM OF CLASS X [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates
only.

3 Legend required as long as
DTC is the Depository under the Trust and Servicing Agreement.

4 Global Certificate legend 

 

     A-2-1

     

    

 

SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) A PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”) 93-31, 58 FED. REG. 28620
(MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002), (III) CREDIT SUISSE SECURITIES
(USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION
NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013), (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND
THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF
THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS
I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF

 

     A-2-2

     

    

 

THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY OF THE DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

1 For Reg S Global Certificates
only.

 

     A-2-3

     

    

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS X

 

	Class X Pass-Through Rate: Variable	 	
        CUSIP: [38406J AC2]1

                      [U38251 AB7]2

                      [38406J AD0]3

         

        ISIN:     [US38406JAC27]4

                      [USU38251AB71]5

                      [US38406JAD00]6

         

	Original Aggregate Notional Balance of the

Class X Certificates: $348,800,000	 	Initial Notional Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final Distribution Date: December 2030	 	No.: X - [__]

 

This certifies that
[_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class X Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by,
among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New York, New York,
and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan is to be serviced,
pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance
of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates (the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

 

1 For Rule
144A Certificates.

2 For Regulation
S Certificates.

3 For IAI Certificates.

4 For Rule
144A Certificates.

5 For Regulation
S Certificates.

6 For IAI Certificates.

 

     A-2-4

     

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing Agreement to the extent
of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class X Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar
month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class X Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on
this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect
to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been

 

     A-2-5

     

    

 

surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the holders of the
Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the
Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein
and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including
any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the Property; (x) the rights and remedies
under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations
and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any
Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals
may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the
Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the

 

     A-2-6

     

    

 

Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying
Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan
Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to
conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates,
the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement
or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable
to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency
(provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent
of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change
that will not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holder not
consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class
or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained
relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by
an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk
retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent required
to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the
risk retention requirements in the event of such repeal; provided that no such modification, elimination or addition may change
in any manner the rights or

 

     A-2-7

     

    

 

obligations of the Third Party Purchaser under the Trust and Servicing Agreement or the related risk
retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures of the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not (a) materially
increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without such parties’ consent,
(b) reduce the consent or consultation rights or the right to receive information under the Trust and Servicing Agreement of the
Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material respect the interests of any
Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii), (iv) and
(vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade
Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event
shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC
to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion Loan Holder affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Loan
Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby, or which are required to be distributed to the Companion Loan
Holder without the consent of the Companion Loan Holder;

 

		(ii)	alter the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I Advance,
Administrative Advance or a Property Advance, without the consent of the Holders of the Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under this Agreement without the consent of the Holders of Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected
thereby); or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby).

 

Further, the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or
add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or
the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of
the Trust Fund), is necessary or helpful

 

     A-2-8

     

    

 

to maintain such qualification or to prevent the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder
and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer does not exercise
such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso) given to the Trustee,
the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination Notice Date specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

		(i)	the sum of, without duplication:

 

		(A)	100% the outstanding principal balance of the Trust Loan as of the last day of the month preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Servicer as
of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances
where title to the Property has been acquired) at the Trust Note Rate to the last day of the Loan Interest Accrual Period
preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the Operating Advisor Fee, the
CREFC® License Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Regular Certificates
for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the Trust and Servicing
Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

     A-2-9

     

    

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the
purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and
Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection of
the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall
the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on
the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-2-10

     

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class X Certificate to be duly executed.

 

Dated:  __________

 

	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, not in its
    individual capacity but 

solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
Title:

 

Certificate of Authentication

 

This is one of the Class
X Certificates referred to in the Trust and Servicing Agreement.

 

Dated:  __________

 

	 	WELLS FARGO
BANK, NATIONAL 

ASSOCIATION, not in its individual capacity but 

solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
Title:

 

     A-2-11

     

    

[TO BE ATTACHED TO GLOBAL CERTIFICATES]
SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The following exchanges of a part of this
Global Certificate have been made:

 

     A-2-12

     

    

EXHIBIT A-3

 

FORM OF CLASS B [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates
only.

3 Legend required as long as
DTC is the Depository under the Trust and Servicing Agreement.

4 Global Certificate legend. 

 

     A-3-1

     

    

 

SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) A PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”) 93-31, 58 FED. REG. 28620
(MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002), (III) CREDIT SUISSE SECURITIES
(USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION
NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013), (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND
THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF
THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS
I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF

 

     A-3-2

     

    

 

THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN
ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

1 For Reg S Global Certificates
only.

 

     A-3-3

     

    

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS B

 

	Class B Pass-Through Rate: A per annum rate equal to 2.600000%	 	
        CUSIP: [38406J AE8]1

                      [U38251 AC5]2

                      [38406J AF5]3

         

        ISIN:    [US38406JAE82]4

                      [USU38251AC54]5

                     [US38406JAF57]6

         

	Original Aggregate Certificate Balance of the

Class B Certificates: $44,100,000	 	Initial Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	Assumed Final Distribution Date: December 2030	 	No.: B-[__]

 

This certifies that
[_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by,
among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New York, New York,
and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan is to be serviced,
pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance
of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates (the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the

 

 

 

1 For Rule
144A Certificates.

 

2 For Regulation
S Certificates.

 

3 For IAI Certificates.

 

4 For Rule
144A Certificates.

 

5 For Regulation
S Certificates.

 

6 For IAI Certificates.

 

     A-3-4

     

    

 

Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing Agreement to the extent
of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar
month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on
this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect
to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

     A-3-5

     

    

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the holders of the
Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the
Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein
and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including
any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the Property; (x) the rights and remedies
under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations
and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any
Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals
may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

     A-3-6

     

    

 

As provided in the
Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying
Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan
Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to
conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates,
the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement
or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable
to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency
(provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent
of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change
that will not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holder not
consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class
or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained
relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by
an opinion of

 

     A-3-7

     

    

 

counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk
retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent required
to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the
risk retention requirements in the event of such repeal; provided that no such modification, elimination or addition may change
in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing Agreement or the related risk
retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures of the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not (a) materially
increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without such parties’ consent,
(b) reduce the consent or consultation rights or the right to receive information under the Trust and Servicing Agreement of the
Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material respect the interests of any
Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii), (iv) and
(vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade
Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event
shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC
to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion Loan Holder affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Loan
Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby, or which are required to be distributed to the Companion Loan
Holder without the consent of the Companion Loan Holder;

 

		(ii)	alter the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I Advance,
Administrative Advance or a Property Advance, without the consent of the Holders of the Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under this Agreement without the consent of the Holders of Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected
thereby); or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected thereby).

 

Further, the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the

 

     A-3-8

     

    

 

Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or
add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or
the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of
the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder
and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer does not exercise
such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso) given to the Trustee,
the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination Notice Date specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

(i)            the
sum of, without duplication:

 

		(A)	100% the outstanding principal balance of the Trust Loan as of the last day of the month preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Servicer as
of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances
where title to the Property has been acquired) at the Trust Note Rate to the last day of the Loan Interest Accrual Period
preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the Operating Advisor Fee, the
CREFC® License Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Regular Certificates
for the Trust Loan or REO Property, as

 

     A-3-9

     

    

 

applicable, as contemplated by clause (ii) of Section 9.01(a) of the Trust and Servicing
Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the
purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and
Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection of
the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall
the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on
the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

 

 

     A-3-10

     

    

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated:  __________

 

	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, not in its
    individual capacity but 

solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Trust and Servicing Agreement.

 

Dated:  __________

 

	 	WELLS FARGO
BANK, NATIONAL 

ASSOCIATION, not in its individual capacity but 

solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
Title:

  

     A-3-11

     

    

 

[TO BE ATTACHED TO GLOBAL CERTIFICATES]
SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The following exchanges of a part of this
Global Certificate have been made:

 

     A-3-12

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS C [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

4
Global Certificate legend.

 

     A-4-1

     

    

 

SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(COLLECTIVELY, THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF
THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS
EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING
AND DISPOSITION OF

 

     A-4-2

     

    

 

THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

5
For Reg S Global Certificates only.

 

     A-4-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS C

 

	Class
    C Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AG3]1

                                         [U38251 AD3]2

                                         [38406J AH1]3

         

        ISIN:      [US38406JAG31]4

        [USU38251AD38]5

        [US38406JAH14]6

         

	Original Aggregate
    Certificate Balance of the

    Class C Certificates: $34,200,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: C-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of

 

 

1
For Rule 144A Certificates. 

2
For Regulation S Certificates. 

3
For IAI Certificates. 

4
For Rule 144A Certificates. 

5
For Regulation S Certificates. 

6
For IAI Certificates.

 

     A-4-4

     

    

 

1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date,
the calendar month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period
is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last

 

     A-4-5

     

    

 

addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the holders of the Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together
with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust
Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Property;
(x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to
the Trust Loan and the representations and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular
Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided
in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new

 

     A-4-6

     

    

 

Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate
or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Credit Risk
Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to the risk retention requirements in the event of such repeal; provided that no such modification,
elimination or addition may change in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures

 

     A-4-7

     

    

 

of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Loan Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that
no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I
                                         Advance, Administrative Advance or a Property Advance, without the consent of the Holders
                                         of the Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under this Agreement without the consent
                                         of the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any
time and from time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify,
eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all
times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii)
to

 

     A-4-8

     

    

 

comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso)
given to the Trustee, the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination
Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust
Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at
a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Servicer as of a date not more than 30 days prior to the
                                         last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Property has been acquired) at the Trust Note Rate
                                         to the last day of the Loan Interest Accrual Period preceding such Anticipated Final
                                         Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the

 

     A-4-9

     

    

 

party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may
be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt
or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-4-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class C Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-4-11

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-4-12

     

    

 

EXHIBIT
A-5

 

FORM
OF CLASS D [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

4
Global Certificate legend.

 

     A-5-1

     

    

 

SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(COLLECTIVELY, THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF
THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS
EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING
AND DISPOSITION OF

 

     A-5-2

     

    

 

THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

1
For Reg S Global Certificates only.

 

     A-5-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS D

 

	Class
    D Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AJ7]1

                                         [U38251 AE1]2

                                         [38406J AK4]3

         

        ISIN:      [US38406JAJ79]4

        [USU38251AE11]5

        [US38406JAK43]6

         

	Original Aggregate
    Certificate Balance of the

    Class D Certificates: $124,700,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: D-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the

  

 

 

1
For Rule 144A Certificates. 

 

2
For Regulation S Certificates. 

 

3
For IAI Certificates. 

 

4
For Rule 144A Certificates. 

 

5
For Regulation S Certificates. 

 

6
For IAI Certificates.

 

     A-5-4

     

    

 

Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date,
the calendar month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period
is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

     A-5-5

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the holders of the Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together
with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust
Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Property;
(x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to
the Trust Loan and the representations and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular
Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided
in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-5-6

     

    

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate
or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Credit Risk
Retention Rules, as evidenced by an opinion of

 

     A-5-7

     

    

 

counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to the risk retention requirements in the event of such repeal; provided that no such modification,
elimination or addition may change in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Loan Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that
no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I
                                         Advance, Administrative Advance or a Property Advance, without the consent of the Holders
                                         of the Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under this Agreement without the consent
                                         of the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any
time and from time to time, without the consent of the

 

     A-5-8

     

    

 

Certificateholders, may amend the Trust and Servicing Agreement to modify,
eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all
times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii)
to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso)
given to the Trustee, the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination
Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust
Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at
a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Servicer as of a date not more than 30 days prior to the
                                         last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Property has been acquired) at the Trust Note Rate
                                         to the last day of the Loan Interest Accrual Period preceding such Anticipated Final
                                         Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as

 

     A-5-9

     

    

 

applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may
be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt
or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-5-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-5-11

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-5-12

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS E [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

 

1
For Rule 144A Global Certificates only. 

 

2
For Reg S Global Certificates only. 

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

4
Global Certificate legend.

 

     A-6-1

     

    

 

SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(COLLECTIVELY, THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF
THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS
EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING
AND DISPOSITION OF

 

     A-6-2

     

    

 

THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

1
For Reg S Global Certificates only.

 

     A-6-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS E

 

	Class
    E Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AL2]1

                                         [U38251 AF8]2

                                         [38406J AM0]3

         

        ISIN:       [US38406JAL26]4

        [USU38251AF85]5

        [US38406JAM09]6

         

	Original Aggregate
    Certificate Balance of the

    Class E Certificates: $135,300,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: E-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the

 

 

 

1
For Rule 144A Certificates. 

 

2
For Regulation S Certificates. 

 

3
For IAI Certificates. 

 

4
For Rule 144A Certificates. 

 

5
For Regulation S Certificates. 

 

6
For IAI Certificates.

 

     A-6-4

     

    

 

Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date,
the calendar month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period
is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

     A-6-5

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the holders of the Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together
with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust
Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Property;
(x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to
the Trust Loan and the representations and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular
Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided
in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-6-6

     

    

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate
or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Credit Risk
Retention Rules, as evidenced by an opinion of

 

     A-6-7

     

    

 

counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to the risk retention requirements in the event of such repeal; provided that no such modification,
elimination or addition may change in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Loan Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that
no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I
                                         Advance, Administrative Advance or a Property Advance, without the consent of the Holders
                                         of the Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under this Agreement without the consent
                                         of the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any
time and from time to time, without the consent of the

 

     A-6-8

     

    

 

Certificateholders, may amend the Trust and Servicing Agreement to modify,
eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all
times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii)
to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso)
given to the Trustee, the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination
Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust
Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at
a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Servicer as of a date not more than 30 days prior to the
                                         last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Property has been acquired) at the Trust Note Rate
                                         to the last day of the Loan Interest Accrual Period preceding such Anticipated Final
                                         Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as

 

     A-6-9

     

    

 

applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may
be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt
or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-6-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: _________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class E Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-6-11

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-6-12

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS F [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

  

 

 

1
For Rule 144A Global Certificates only. 

 

2
For Reg S Global Certificates only. 

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

4
Global Certificate legend.

 

     A-7-1

     

    

 

SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(COLLECTIVELY, THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF
THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS
EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING
AND DISPOSITION OF

 

     A-7-2

     

    

 

THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

1
For Reg S Global Certificates only.

 

     A-7-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS F

 

	Class
    F Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AN8]1
 [U38251 AG6]2
 [38406J AP3]3

         

        ISIN:      [US38406JAN81]4

        [USU38251AG68]5

        [US38406JAP30]6

         

	Original Aggregate
    Certificate Balance of the

    Class F Certificates: $61,980,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: F-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the

 

 

 

1
For Rule 144A Certificates. 

 

2
For Regulation S Certificates. 

 

3
For IAI Certificates. 

 

4
For Rule 144A Certificates. 

 

5
For Regulation S Certificates. 

 

6
For IAI Certificates.

 

     A-7-4

     

    

 

Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class F Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date,
the calendar month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period
is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

     A-7-5

     

    

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the holders of the Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together
with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust
Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Property;
(x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to
the Trust Loan and the representations and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular
Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided
in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-7-6

     

    

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate
or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Credit Risk
Retention Rules, as evidenced by an opinion of

 

     A-7-7

     

    

 

counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to the risk retention requirements in the event of such repeal; provided that no such modification,
elimination or addition may change in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Loan Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that
no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I
                                         Advance, Administrative Advance or a Property Advance, without the consent of the Holders
                                         of the Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under this Agreement without the consent
                                         of the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any
time and from time to time, without the consent of the

 

     A-7-8

     

    

 

Certificateholders, may amend the Trust and Servicing Agreement to modify,
eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all
times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii)
to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso)
given to the Trustee, the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination
Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust
Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at
a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Servicer as of a date not more than 30 days prior to the
                                         last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Property has been acquired) at the Trust Note Rate
                                         to the last day of the Loan Interest Accrual Period preceding such Anticipated Final
                                         Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as

 

     A-7-9

     

    

 

contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may
be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt
or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-7-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class F Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class F Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-7-11

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-7-12

     

    

 

EXHIBIT
A-8

 

FORM
OF CLASS HRR [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE

  

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

4
Global Certificate legend.

 

     A-8-1

     

    

 

SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(COLLECTIVELY, THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF
THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS
EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (Y)
(1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
95-60 AND (3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING
AND DISPOSITION OF

 

     A-8-2

     

    

 

THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST
ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL
AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

  

 

1
For Reg S Global Certificates only.

 

     A-8-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS HRR

 

	Class
    HRR Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AQ1]1

                                         [U38251 AH4]2

                                         [38406J AR9]3

         

        ISIN:      [US38406JAQ13]4

        [USU38251AH42]5

        [US38406JAR95]6

         

	Original Aggregate
    Certificate Balance of the

    Class HRR Certificates: $45,020,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: HRR-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class HRR Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no

 

 

 

1
For Rule 144A Certificates. 

 

2
For Regulation S Certificates. 

 

3
For IAI Certificates. 

 

4
For Rule 144A Certificates. 

 

5
For Regulation S Certificates. 

 

6
For IAI Certificates.

 

     A-8-4

     

    

 

action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class HRR Certificates for such Distribution Date, all as more fully described in the
Trust and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the
6th day of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing
in December 2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class HRR Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date,
the calendar month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period
is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to

 

     A-8-5

     

    

 

receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the holders of the Residual Certificates. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together
with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust
Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Property;
(x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to
the Trust Loan and the representations and warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular
Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided
in the Trust and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions
to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being

 

     A-8-6

     

    

 

surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate
or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Credit Risk
Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to the risk retention requirements in the event of such repeal; provided that no such modification,
elimination or addition may change in any manner the rights or obligations of the Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;

 

     A-8-7

     

    

 

provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Loan Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that
no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Servicer or the Trustee to make a P&I
                                         Advance, Administrative Advance or a Property Advance, without the consent of the Holders
                                         of the Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby and the consent of the Companion Loan Holder (if affected thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under this Agreement without the consent
                                         of the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any
time and from time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify,
eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all
times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii)
to

 

     A-8-8

     

    

 

comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund
(provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and
none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less
than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso)
given to the Trustee, the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination
Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust
Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at
a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Servicer as of a date not more than 30 days prior to the
                                         last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Property has been acquired) at the Trust Note Rate
                                         to the last day of the Loan Interest Accrual Period preceding such Anticipated Final
                                         Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising

 

     A-8-9

     

    

 

its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate
Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion
Loan Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may
be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust
Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt
or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-8-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class HRR Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class HRR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-8-11

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-8-12

     

    

 

EXHIBIT A-9

 

FORM OF CLASS LR CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT
TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT IT IS A PERMITTED TRANSFEREE AND, AMONG OTHER THINGS, (A)
IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME
WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN
APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH
HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT
A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL INTEREST,” AS DEFINED IN
TREASURY REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT
TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS “PARTNERSHIP REPRESENTATIVE”
(WITHIN THE MEANING OF SECTION 6223 OF THE CODE OF THE [UPPER-TIER REMIC] [LOWER-TIER REMIC] OR AS OTHERWISE PROVIDED IN THE TRUST
AND SERVICING AGREEMENT FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR

 

    A-9-1

     

    

 

ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA
OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)). TRANSFEREES
OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE TRUST
AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS AND EXCHANGES OF THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE OPERATING ADVISOR, THE

 

    A-9-2

     

    

 

SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

    A-9-3

     

    

 

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS LR

 

	No.: LR-[__]	Percentage Interest: ___%
	 	
        CUSIP:    [38406J AU2]1

         

        ISIN:        [US38406JAU25]2

 

This certifies that
[_________] is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class LR Certificateholder
is not entitled to interest or principal distributions. The Class LR Certificateholder will be entitled to receive the proceeds
of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions
in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have
reduced the principal balances of the Certificates to zero. It is not anticipated that there will be any assets remaining in the
Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.
The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a mortgage on the
fee simple interest of the Borrower in an office building located in New York, New York, and held in trust by the Trustee and serviced
by the Servicer. The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance
of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates (the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Class LR Certificate
represents the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Certificate Administrator shall be the “partnership representative” within
the meaning of Section 6223 of the Code of the Lower-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d). In addition,
each Holder agrees to the irrevocable designation of the Certificate Administrator as the “partnership representative”
as defined in Section 6223

 

 

1
For Rule 144A Certificates.

2
For Rule 144A Certificates.

 

    A-9-4

     

    

 

of the Code of the Lower-Tier REMIC and to the Certificate Administrator making any elections allowed
under the Code to avoid (i) the application of Section 6221 of the Code (or successor provisions) to the Lower-Tier REMIC and (ii)
payment by the Lower-Tier REMIC under Section 6225 of the Code (or successor provisions) of any tax, penalty, interest or other
amount imposed under the Code that would otherwise be imposed on any holder of a Class LR Certificate, past or present.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing Agreement to the extent
of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class LR Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar
month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class LR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on
this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect
to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate

 

    A-9-5

     

    

 

Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the holders of the Residual
Certificates. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the
Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein
and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together with the Mortgage File
relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the Cut-off
Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties given
as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral
Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan
as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment
income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Property; (ix) a security
interest in all insurance policies with respect to the Trust Loan and the Property; (x) the rights and remedies under the Trust
Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations and
warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may
be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the
Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent

 

    A-9-6

     

    

 

shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying
Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan
Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to
conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates,
the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement
or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable
to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency
(provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent
of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change
that will not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holder not
consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class
or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained
relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an
opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention
requirements for this securitization transaction are amended or repealed in whole or in part, to the extent required to comply
with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the risk retention
requirements in the event of such repeal; provided that no such modification, elimination or addition may change in any manner
the rights or obligations of the Third Party Purchaser under the Trust and Servicing Agreement or the related risk

 

    A-9-7

     

    

 

retention agreement
without the consent of the Third Party Purchaser; and (vi) to modify the procedures of the Trust and Servicing Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not (a) materially increase the
obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating
Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without such parties’ consent, (b) reduce the
consent or consultation rights or the right to receive information under the Trust and Servicing Agreement of the Directing Holder
without the consent of the Directing Holder or (c) adversely affect in any material respect the interests of any Certificateholders
or the Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an
Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from
each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion Loan Holder affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Loan
Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby, or which are required to
be distributed to the Companion Loan Holder without the consent of the Companion Loan Holder;

 

		(ii)	alter the Servicing Standard or obligations of the Servicer
or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders of
the Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the
Companion Loan Holder (if affected thereby);

 

		(iii)	change the percentages of Voting Rights or Percentage
Interests of Holders of Certificates which are required to consent to any action or inaction under this Agreement without the
consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and
the consent of the Companion Loan Holder (if affected thereby); or

 

		(iv)	amend any section of the Trust and Servicing Agreement
which relates to the amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected
thereby).

 

Further, the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or
add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or
the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of
the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would
not adversely

 

    A-9-8

     

    

 

affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder
and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer does not exercise
such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso) given to the Trustee,
the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination Notice Date specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

		(i)	the sum of, without duplication:

 

		(A)	100% the outstanding principal balance of the Trust Loan
as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on
account of principal);

 

		(B)	the fair market value of all other property included in
the Trust Fund as of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent
appraiser acceptable to the Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution
Date;

 

		(C)	all unpaid interest accrued on the outstanding principal
balance of the Trust Loan (including circumstances where title to the Property has been acquired) at the Trust Note Rate to the
last day of the Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I Advances previously
made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest
thereon at the Advance Rate, unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund expenses and indemnity amounts owed by the
Trust; and

 

(ii)          the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Regular Certificates
for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the Trust and Servicing
Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund

 

    A-9-9

     

    

 

pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing Agreement.

 

The respective obligations
and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the
purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and Servicing
Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section
9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection of the last payment due on the
Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement of
the last asset held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust and
Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

    A-9-10

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class LR Certificate to be duly executed.

 

Dated: ________

 

	
 

	
WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class
LR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: ________

 

	
 

	
WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-9-11

     

    

 

EXHIBIT A-10

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT
TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT IT IS A PERMITTED TRANSFEREE AND, AMONG OTHER THINGS, (A)
IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME
WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN
APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH
HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT
A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL INTEREST,” AS DEFINED IN
TREASURY REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT
TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS “PARTNERSHIP REPRESENTATIVE”
(WITHIN THE MEANING OF SECTION 6223 OF THE CODE OF THE [UPPER-TIER REMIC] [LOWER-TIER REMIC] OR AS OTHERWISE PROVIDED IN THE TRUST
AND SERVICING AGREEMENT FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

    A-10-1

     

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA
OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)). TRANSFEREES
OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE TRUST
AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS AND EXCHANGES OF THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    A-10-2

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE OPERATING ADVISOR, THE SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

    A-10-3

     

    

 

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS R

 

	No.: R-[__]	Percentage Interest: ___%
	 	
        CUSIP:    [38406J AS7]1

         

        ISIN:        [US38406JAS78]2

 

This certifies that
[_________] is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class R Certificateholder
is not entitled to interest or principal distributions. The Class R Certificateholder will be entitled to receive the proceeds
of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions
in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have
reduced the principal balances of the Certificates to zero. It is not anticipated that there will be any assets remaining in the
Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.
The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a mortgage on the
fee simple interest of the Borrower in an office building located in New York, New York, and held in trust by the Trustee and serviced
by the Servicer. The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance
of the Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates (the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Trust and Servicing Agreement. To the extent not
defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Class R Certificate
represents the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Certificate Administrator shall be the “partnership representative” within
the meaning of Section 6223 of the Code of the Upper-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d). In addition,
each Holder agrees to the irrevocable designation of the Certificate Administrator as the “partnership representative”
as defined in Section 6223

 

 

1
For Rule 144A Certificates.

2
For Rule 144A Certificates.

 

    A-10-4

     

    

 

of the Code of the Upper-Tier REMIC and to the Certificate Administrator making any elections allowed
under the Code to avoid (i) the application of Section 6221 of the Code (or successor provisions) to the Upper-Tier REMIC and (ii)
payment by the Upper-Tier REMIC under Section 6225 of the Code (or successor provisions) of any tax, penalty, interest or other
amount imposed under the Code that would otherwise be imposed on any holder of a Class R Certificate, past or present.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing Agreement to the extent
of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class R Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar
month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class R Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on
this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect
to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing
Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate

 

    A-10-5

     

    

 

Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts to the holders of the Residual
Certificates. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the
Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein
and specifically excluding any interest of the Companion Loan Holder therein) (i) the Trust Loan, together with the Mortgage File
relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the Cut-off
Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties given
as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral
Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan
as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment
income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Property; (ix) a security
interest in all insurance policies with respect to the Trust Loan and the Property; (x) the rights and remedies under the Trust
Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations and
warranties of the Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may
be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the
Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent

 

    A-10-6

     

    

 

shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the
Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying
Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan
Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to
conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates,
the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement
or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement
or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable
to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency
(provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder
or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent
of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change
that will not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holder not
consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class
or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained
relating to the Certificates or the Companion Loan Securities, if applicable); (v) to modify, eliminate or add to any of its provisions
(a) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an
opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention
requirements for this securitization transaction are amended or repealed in whole or in part, to the extent required to comply
with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the risk retention
requirements in the event of such repeal; provided that no such modification, elimination or addition may change in any manner
the rights or obligations of the Third Party Purchaser under the Trust and Servicing Agreement or the related risk

 

    A-10-7

     

    

 

retention agreement
without the consent of the Third Party Purchaser; and (vi) to modify the procedures of the Trust and Servicing Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not (a) materially increase the
obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating
Advisor, the 17g-5 Information Provider, the Servicer or the Special Servicer without such parties’ consent, (b) reduce the
consent or consultation rights or the right to receive information under the Trust and Servicing Agreement of the Directing Holder
without the consent of the Directing Holder or (c) adversely affect in any material respect the interests of any Certificateholders
or the Companion Loan Holder not consenting thereto, as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an
Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from
each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion Loan Holder affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Loan
Sellers) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders
of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby, or which are required to
be distributed to the Companion Loan Holder without the consent of the Companion Loan Holder;

 

		(ii)	alter the Servicing Standard or obligations of the Servicer
or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders of
the Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of the
Companion Loan Holder (if affected thereby);

 

		(iii)	change the percentages of Voting Rights or Percentage
Interests of Holders of Certificates which are required to consent to any action or inaction under this Agreement without the
consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and
the consent of the Companion Loan Holder (if affected thereby); or

 

		(iv)	amend any section of the Trust and Servicing Agreement
which relates to the amendment of the Trust and Servicing Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of the Companion Loan Holder (if affected
thereby).

 

Further, the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or
add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or
the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of
the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would
not adversely

 

    A-10-8

     

    

 

affect in any material respect the interest of any Certificateholder or the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder
and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer does not exercise
such option, then the Servicer, and if the Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso) given to the Trustee,
the Certificate Administrator, the Special Servicer and the Servicer any time on or after the Early Termination Notice Date specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

(i)            the
sum of, without duplication:

 

		(A)	100% the outstanding principal balance of the Trust Loan
as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on
account of principal);

 

		(B)	the fair market value of all other property included in
the Trust Fund as of the last day of the month preceding such Anticipated Final Termination Date, as determined by an Independent
appraiser acceptable to the Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution
Date;

 

		(C)	all unpaid interest accrued on the outstanding principal
balance of the Trust Loan (including circumstances where title to the Property has been acquired) at the Trust Note Rate to the
last day of the Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I Advances previously
made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest
thereon at the Advance Rate, unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund expenses and indemnity amounts owed by the
Trust; and

 

(ii)          the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s
interest thereon at the Trust Note Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Regular Certificates
for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the Trust and Servicing
Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund

 

    A-10-9

     

    

 

pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing Agreement.

 

The respective obligations
and responsibilities of the Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the
purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and Servicing
Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section
9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection of the last payment due on the
Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement of
the last asset held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust and
Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust and Servicing
Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

    A-10-10

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated: ________

 

	
 

	
WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class
R Certificates referred to in the Trust and Servicing Agreement.

 

Dated: ________

 

	
 

	
WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-10-11

     

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    B-1

     

    

 

	Loan Name	Property Name	Address	City	State	State Zip Code	Trust Loan Original Balance	Trust Loan Cut-off Date Principal Balance	Whole Loan Original Balance	Whole Loan Cut-off Date Principal Balance	Trust Loan Coupon	Whole Loan Coupon	First Monthly Payment following Loan Cut-off Date	Payment Day	Maturity Date	Servicing Fee Rate	Cert. Admin./Trustee Fee Rate	Operating Advisor Fee	CREFC Fee	Admin Fee Rate	Letter of Credit (Y/N)
	The Grace Building	The Grace Building	1114 Avenue of the Americas	New York	NY	10036	$750,000,000	$750,000,000	$1,250,000,000	$1,250,000,000	2.69210%	2.69210%	$2,843,219.04	6	12/6/2030	0.0050%	0.00450%	0.00220%	0.00050%	0.01220%	No

 

     

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY OF NEW YORK	)

  

__________________, being first duly sworn, deposes and
says:

 

1.      
That he/she is a                       of
                     
(the “Purchaser”), a                        
duly organized and existing under the laws of the State of_________ on behalf of which he/she makes this affidavit.

 

2.      
That the Purchaser’s Taxpayer Identification Number is                      .

 

3.      
That the Purchaser of the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Class [R][LR]
(the “Class [R][LR] Certificate”) is a Permitted Transferee (as defined in Article I of the Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), entered into in connection with
the Grace Trust 2020-GRCE securitization transaction) or is acquiring the Class [R][LR] Certificate for the account of, or as agent
(including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from such person or entity an
affidavit substantially in the form of this affidavit.

 

4.      
That the Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in
the future and the Purchaser intends to pay taxes associated with holding the Class [R][LR] Certificate as they become due.

 

5.      
That the Purchaser understands that it may incur tax liabilities with respect to the Class [R][LR] Certificate in excess
of any cash flow generated by the Class [R][LR] Certificate.

 

6.      
That the Purchaser will not transfer the Class [R][LR] Certificate to any person or entity from which the Purchaser has
not received an affidavit substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to
know does not satisfy the requirements set forth in paragraph 4 hereof.

 

7.      
That the Purchaser is not a Disqualified Non-U.S. Person and is not purchasing the Class [R][LR] Certificate for the account
of, or as an agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted
Transferee.

 

8.      
That the Purchaser agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate
the restrictions on transfer of the Class [R][LR] Certificate to a “disqualified organization,” an agent thereof, or
a person that does not satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

    C-1-1

     

    

 

9.     That, if a “partnership representative” is required to be designated with respect to the [Upper-Tier REMIC]
[Lower-Tier REMIC], the Purchaser agrees to act as “partnership representative” and to perform the functions of “partnership
representative” of the [Upper-Tier REMIC][Lower-Tier REMIC] pursuant to Section 4.04 of the Trust and Servicing Agreement,
and agrees to the irrevocable designation of the Certificate Administrator as the Purchaser’s agent in performing the function
of “partnership representative” and “partnership representative.”

 

10.  
The Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Trust and Servicing Agreement
concerning registration of the transfer and exchange of the Class [R][LR] Certificate.

 

11.  
The Purchaser will not cause income from the Class [R][LR] Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

12.  
Check the applicable paragraph:

 

☐       The
present value of the anticipated tax liabilities associated with holding the Class [R][LR] Certificate, as applicable, does not
exceed the sum of:

 

		(i)	the present value of any consideration given to the Purchaser to acquire such Class [R][LR]
                                                              Certificate;

 

		(ii)	the present value of the expected future distributions on such Certificate; and

 

		(iii)	the present value of the anticipated tax savings associated with holding such Class [R][LR]
                                                                Certificate as the related REMIC generates losses.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but
the tax rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the
Purchaser has been subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute
its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed
using a discount rate equal to the short-term Federal rate prescribed by Code Section 1274(d) for the month of the transfer
and the compounding period used by the Purchaser.

 

☐       The
transfer of the Class [R][LR] Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

		(i)	the Purchaser is an “eligible corporation,” as defined in U.S. Treasury
                                                              Regulations Section 1.860E-1(c)(6)(i), as to which income from the Class [R][LR] Certificate will only be taxed in the
                                                              United States;

 

		(ii)	at the time of the transfer, and at the close of the Purchaser’s two fiscal years
                                                               preceding the year of the transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation
                                                               of a person related to the Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in
                                                               excess of $100 million and net assets in excess of $10 million;

 

		(iii)	the Purchaser will transfer the Class [R][LR] Certificate only to another “eligible
                                                                corporation,” as defined in U.S. Treasury Regulations 

 

    C-1-2

     

    

 

	 	 	Section 1.860E-1(c)(6)(i), in a transaction that satisfies
                                                                the requirements of Section 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury
                                                                Regulations; and

 

		(iv)	the Purchaser determined the consideration paid to it to acquire the Class [R][LR]
                                                               Certificate based on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment
                                                               and loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it
                                                               has determined in good faith.

 

☐       None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                             
this day of          ,, 20___.

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Personally appeared before me the above
named [_____], known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser,
and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this      day of               ,
20    .

_________________________________

NOTARY
PUBLIC

COUNTY
OF ______________________

 

STATE
OF ________________________

 

My commission expires the     
day of               , 20    .

 

    C-1-3

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR CERTIFICATE

 

[Date]

 

Wells Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

Re:          Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE, Class [R][LR]

 

To the above mentioned party:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor]’s transfer
of the Class [R][LR] Certificate[s] to [Transferee] is or will be to impede the assessment of any tax.

 

	 	Very truly
    yours,
	 	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2-1

     

    

 

EXHIBIT C-3

 

FORM
OF TRANSFEREE Certificate for Transfer OF RISK RETAINED CERTIFICATES

 

[Date]

 

	
        Wells Fargo Bank, National
Association

        as Certificate Registrar

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Risk Retention Custody (CMBS)
        — Grace 2020-GRCE

         

        Bank of America, National
Association

        as Retaining Sponsor

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Fax Number: (646) 855-5044

        Email: leland.f.bunch@bofa.com
	 	
        Banc of America Merrill Lynch
Large Loan, Inc.

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Facsimile number: (646) 855-5044

        Email: leland.f.bunch@bofa.com

         

        With a copy to:

cmbsnotices@bofa.com

 

		Re:	Grace Trust 2020-GRCE, Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE (the “Certificates”) issued pursuant to the Trust and Servicing Agreement (the
“Trust and Servicing Agreement”), dated as of November 18, 2020, among Banc of America Merrill Lynch Large
Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator and Park Bridge
Lender Services LLC, as Operating Advisor

 

	STATE OF	)
	 	 
	 	) ss.:
	 	 
	COUNTY OF	)

 

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining sponsor”, respectively,
as such term is defined in Regulation RR, that:

 

		1.	The Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate Balance
of the Class HRR Certificates from [_____] (the “Transferor”).

 

		2.	The Purchaser is aware that the Certificate Registrar will not register any transfer of any portion
of the Class HRR Certificate by the Transferor unless the Purchaser’s transferee, or such transferee’s agent, delivers
to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The Purchaser
expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained in such
certificate is false.

 

    C-3-1

     

    

 

		3.	The Transfer is in compliance with any applicable third party purchaser agreement in effect between
the Retaining Sponsor and the Transferor (the “Third Party Purchaser Agreement”), and the Transferor has satisfied
all requirements pursuant to such Third Party Purchaser Agreement.

 

		4.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Class HRR Certificates, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the
acquisition of the Class HRR Certificates and (b) the acquisition of the Class HRR Certificates will be effected through BofA Securities,
Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.

 

		5.	Check one of the following:

 

☐       The
Transfer will occur during the Transfer Restriction Period, and the Purchaser certifies, represents and warrants to you, as Certificate
Registrar, that:

 

		A.	It is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the
Transferor (a “Majority-Owned Affiliate”).

 

		B.	It is not acquiring the Class HRR Certificates as a nominee, trustee or agent for any person that
is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Class HRR Certificates, it will remain
a Majority-Owned Affiliate.

 

		C.	It will deliver a joinder agreement substantially in the form attached to the Third Party Purchaser
Agreement, pursuant to which it has agreed to be bound by the terms of the Third Party Purchaser Agreement to the same extent as
if it was the Transferor itself.

 

☐       The
transfer will occur during the Transfer Restriction Period with respect to the Class HRR Certificate, and the Purchaser certificates,
represents and warrants to each of the addressees hereto that it is in compliance with Section 3(d) of the Third Party Purchaser
Agreement.

 

☐       The
transfer will occur after the expiration of the Transfer Restriction Period with respect to the Class HRR Certificate and the consent
of the Retaining Sponsor is not required.

 

Capitalized terms used but not defined herein
have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF, the Purchaser has caused
this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

	 	 	 
	 	[PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-3-2

     

    

 

On this ____ day of _______20__, before
me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

 

_______________________________________

NOTARY PUBLIC in and for the

State of _______________

 

[SEAL]

 

My Commission expires:

 

    C-3-3

     

    

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

	[RETAINING PARTY]
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]
	 	 	 
	BANK OF AMERICA, NATIONAL ASSOCIATION
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]
	 	 	 
	BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC.
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 

 

[Medallion Stamp Guarantee]

 

    C-3-4

     

    

 

EXHIBIT C-4

 

FORM
OF TRANSFEROR Certificate for Transfer of RISK RETAINED CERTIFICATES

 

[Date]

 

	
        Wells Fargo Bank, National
Association

        as Certificate Registrar

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Risk Retention Custody (CMBS)
        — Grace 2020-GRCE

         

        Bank of America, National
Association

        as Retaining Sponsor

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Fax Number: (646) 855-5044

        Email: leland.f.bunch@bofa.com
	 	
        Banc of America Merrill Lynch
Large Loan, Inc.

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Facsimile number: (646) 855-5044

        Email: leland.f.bunch@bofa.com

         

        With a copy to:

cmbsnotices@bofa.com

 

		Re:	Grace Trust 2020-GRCE, Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-GRCE

 

To the above mentioned parties:

 

This is delivered to
you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”) to [______]
(the “Transferee”) of $[_____] aggregate Certificate Balance of the Class HRR Certificates.

 

The Class HRR Certificates
were issued pursuant to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”),
among Banc of America Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Situs
Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association,
as Certificate Administrator and Park Bridge Lender Services LLC, as Operating Advisor. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you that:

 

		1.	The transfer is in compliance with Section 3(b) or 3(d), as applicable, of that certain third party
purchaser agreement in effect between the retaining sponsor and the Transferor (the Third Party Purchaser Agreement”)
and the Trust and Servicing Agreement.

 

		2.	Check one of the following:

 

		☐	The transfer will occur during the Transfer Restriction Period, and the Purchaser certifies, represents
and warrants to you, as Certificate Registrar, that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Transferor has satisfied all of the conditions under the Third Party Purchaser Agreement applicable
to transfers by the Transferor to a Majority-Owned Affiliate.

 

    C-4-1

     

    

 

		C.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

		☐	The transfer will occur during the Transfer Restriction Period with respect to the Class HRR Certificate,
and the Transferor certifies, represents and warrants to you that:

 

		A.	The Transferor has satisfied all of the conditions under the Third Party Purchaser Agreement applicable
to transfers by the Transferor to subsequent Third Party Purchasers.

 

		B.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Trust and Servicing Agreement as Exhibit C-3. The Transferor does not know or believe that any
representation contained therein is false.

 

IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

 

	 	[TRANSFEROR]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	BANK OF AMERICA, NATIONAL ASSOCIATION
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]
	 	 	 
	BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC.
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 

 

    C-4-2

     

    

 

[Medallion Stamp Guarantee]

 

    C-4-3

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association

as Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

Banc of America Merrill Lynch Large Loan,
Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile number: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

With a copy to:

cmbsnotices@bofa.com

 

		Re:	Transfer of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE:
Class [__]

 

To the above mentioned parties:

 

This letter is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing
Agreement”), entered into in connection with the Grace Trust 2020-GRCE securitization transaction and the issuance of
the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”)
in connection with the transfer by [_______] (the “Seller”) to the undersigned (the “Purchaser”)
of [$_____ aggregate] [Certificate Balance][_____% Percentage Interest]] of Class [__] Certificates, in certificated fully
registered form (such registered interest, the “Certificate”). Capitalized terms used but not defined herein
have the respective meanings set forth in the Trust and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

[For Institutional Accredited Investors
only]

 

		(i)	The Purchaser is an “institutional accredited investor” (i.e., an entity meeting
the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended
(the “Securities Act”), or an entity in which all of the equity owners meet the requirements of Rule 501(a)(1),
(2), (3) or (7) of Regulation D promulgated under the Securities Act) and has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser and any accounts
for which the Purchaser is acting are each able to bear the economic risk of our or its investment. The Purchaser is acquiring
the Certificate for its own account or for one or more accounts (each of which is an “institutional accredited investor”)
as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust
for any costs incurred by it in connection with this transfer.

 

    D-1-1

     

    

 

[For Qualified Institutional Buyers only]

 

		(i)	The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A
(“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).
The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity
to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

		(ii)	The Purchaser’s intention is to acquire the Certificate (A) for investment for the Purchaser’s
own account or (B) for resale to (1) “qualified institutional buyers” in transactions under Rule 144A,
(2) “institutional accredited investors” meeting the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or an entity in which all of
the equity owners meet the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act,
or (3) pursuant to any other exemption from the registration requirements of the Securities Act, subject in the case of this clause (3)
to (a) the receipt by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate
Registrar of an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or other transfer
is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to
the Certificate Registrar that such reoffer, resale, pledge or other transfer is in compliance with the Securities Act and other
applicable laws (including applicable state and foreign securities laws), and (d) a written undertaking to reimburse the Trust
for any costs incurred by it in connection with the proposed transfer. It understands that the Certificate (and any subsequent
Individual Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the registration
provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment
intent (or intent to resell to only certain investors in certain exempted transactions) as expressed herein.

 

		(iii)	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		(iv)	The Purchaser has reviewed the Offering Circular dated November 18, 2020, relating to the Certificates
(the “Offering Circular”) and the agreements and other materials referred to therein and has had the opportunity
to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

		(v)	The Purchaser hereby undertakes to be bound by the terms and conditions of the Trust and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar
and all Certificateholders present and future.

 

		(vi)	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Trust and Servicing Agreement.

 

		(vii)	Check one of the following:

 

    D-1-2

     

    

 

☐         The
Purchaser is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form
W-9 (or successor form).

 

☐         The
Purchaser is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required to
be withheld by the Certificate Registrar (or its agent) with respect to Distributions to be made on the Certificate(s). The Purchaser
has attached hereto [(i) in the case of an individual, a duly executed IRS Form W-8BEN or W-8BEN-E, as applicable, (or
successor form), which identifies such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is
not a U.S. Person, (ii) in the case of an entity, a duly executed IRS Form W-8BEN-E (or successor form), which identifies
such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Person, (iii) two duly
executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iv)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]*
IRS Forms W-8ECI[, as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate
Registrar may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete, or
promptly after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to the
Certificate Registrar.

 

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

 

Please make all payments
due on the Certificates:**

 

(a) by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

	Account number:	 
	 	 
	Institution:	 

 

(b) by
mailing a check or draft to the following address:

 

	 
	 
	 

 

	 	Very truly
    yours,
	 	 	 
	 	[The Purchaser]

 

    D-1-3

     

    

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20___

 

 

		*	Delete for Class R and Class LR.

		**	Only to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-4

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

Wells Fargo Bank, National Association,

as Certificate Administrator

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

Banc of America Merrill Lynch Large Loan, Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III 

Facsimile number: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

With a copy to:

cmbsnotices@bofa.com

 

		Re:	Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-GRCE, Class [     ]

 

To the above mentioned parties:

 

[_____] (the “Purchaser”)
intends to purchase from [______] (the “Seller”) $[_] initial Certificate Balance or []% Percentage Interest
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Class [ ], CUSIP No. [_____]
(the “Certificates”), issued pursuant to the Trust and Servicing Agreement, dated as of November 18, 2020 (the
“Trust and Servicing Agreement”), entered into in connection with the Grace Trust 2020-GRCE securitization transaction.
Capitalized terms used but not defined herein have the respective meanings set forth in the Trust and Servicing Agreement. The
Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor, the Certificate Administrator, the Certificate
Registrar and the Trustee that:

 

The Purchaser is not
and will not become, and is not acting on behalf of an entity that is or will become (a) an employee benefit plan or other retirement
arrangement, including an individual retirement account or a Keogh plan, which is subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) or to Section 4975 of the Code, or a governmental plan, as defined in Section
3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”) which is to a material
extent similar to the fiduciary responsibility provisions of ERISA or to Section 4975 of the Code (each, a “Plan”),
or (b) a person acting on behalf of any such Plan or using the assets of any such Plan (including any entity whose underlying assets
include plan assets by reason of a Plan’s investment in the

 

    D-2-1

     

    

 

entity (within the meaning of Department of Labor Regulations
Section 2510.3-101, as modified by Section 3(42) of ERISA)), other than, but only with respect to the Class F and Class HRR Certificates,
an insurance company general account acquiring its interest in the Certificates under circumstances where all requirements of Sections
I and III of Department of Labor Prohibited Transaction Exemption 95-60 will be met with respect to its acquisition, holding and
disposition of the Certificates (or in the case of a Plan subject to Similar Law, where its acquisition, holding and disposition
of the Certificates will not result in a non-exempt violation of Similar Law).

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on this ___ day of __________, 20__.

 

	 	Very truly
    yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-2-2

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

	Loan
    Information	 
	Name
    of Borrower:	1114
        6th Avenue Owner LLC

	[Servicer][Special Servicer] Loan No.:	
	Custodian	 
	Name:
    	Wells
    Fargo Bank, National Association
	 	 
	Address:
    	Wells
Fargo Bank, N.A. 

        1055
        10th Avenue SE

        

        Minneapolis,
        Minnesota 55414

        

        Attention: Document Custody
        Group Grace 2020-GRCE

        

        Email: cmbscustody@wellsfargo.com

	Custodian
    Mortgage File No.:	
	Depositor	 
	Name:
    	Banc of America Merrill Lynch Large Loan, Inc.
	Address:
    	Banc of America Merrill Lynch Large Loan, Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036
	Certificates:	Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE

 

The undersigned
[Servicer][Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as Custodian for the Holders
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, the documents (the “Documents”)
specified below. All capitalized terms not otherwise defined in this Request for Release shall have the meanings given them in
the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”) and executed
in connection with the Grace Trust 2020-GRCE securitization transaction.

 

(
 )_____________________________________________________________ 

 

(
 )_____________________________________________________________ 

 

(
 )_____________________________________________________________ 

 

(
 )_____________________________________________________________ 

 

The undersigned
[Servicer][Special Servicer] hereby acknowledges and agrees as follows:

 

(i)                 The [Servicer][Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee,
solely for the purposes provided in the Trust and Servicing Agreement.

 

    E-1

     

    

 

(ii)                The [Servicer][Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claim,
liens, security interest, charges, writs of attachment or other impositions nor shall the [Servicer][Special Servicer] assert or
seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided
in the Trust and Servicing Agreement.

 

(iii)               The [Servicer][Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless
the Whole Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account, except as expressly provided in the Trust and Servicing Agreement.

 

(iv)               The Documents coming into the possession or control of the [Servicer][Special Servicer] shall at all times be held for the
account of the Trustee, and the [Servicer][Special Servicer] shall keep the Documents and any proceeds separate and distinct from
all other property in the [Servicer][Special Servicer]’s possession, custody or control.

 

	 	[SERVICER/SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		Dated:	______________

 

    E-2

     

    

 

EXHIBIT
F

 

SECURITIES
LEGEND

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS
A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

    F-1 

     

    

EXHIBIT
G

 

FORM
OF REGULATION S TRANSFER CERTIFICATE

 

Wells
Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

To
the above mentioned party:

 

This
certificate is delivered pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction, on behalf
of the holders of the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Class [    ] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to [_____] (the “Transferee”)
of $[_____] Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”),
or a beneficial interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Trust and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In
connection with such transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the
transfer restrictions set forth in the Trust and Servicing Agreement and the Certificates and (i) with respect to transfers made
in accordance with Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Transferred Interest was not made to a person in the United States;

 

[(2)     at
the time the buy order was originated, the Transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed that the Transferee was outside the United States;]*

 

[(2)     the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the undersigned
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    G-2 

     

    

 

or
(ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that
the Certificates that are being transferred are not “restricted securities” as defined in Rule 144 under the Securities
Act.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer and the Operating Advisor.

 

	 	[Insert
    Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________________, 20__

 

    G-3 

     

    

EXHIBIT
H

 

FORM
OF TRANSFER CERTIFICATE FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges
or transfers pursuant to Section 5.02(c)(ii)(A) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction. Capitalized terms used but not defined herein
shall have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are
held in the form of a Rule 144A Global Certificate (CUSIP No. [_____]) with the Depository in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested a transfer of such beneficial interest for an interest in
the Regulation S Global Certificate (CUSIP No. [_____]) to be held with [Euroclear] [Clearstream]* (Common Code) through
the Depositary.

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been
effected in accordance with the Transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance
with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the
Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

[(2)     at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any persons acting on
its behalf reasonably believed that the Transferee was outside the United States,]**

 

[(2)     the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    H-4 

     

    

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer and the Operating Advisor.

 

	 	[Insert
    Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________________, 20__

 

 

 

    H-5 

     

    

EXHIBIT
I

 

FORM
OF TRANSFER CERTIFICATE FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange
or transfers pursuant to Section 5.02(c)(ii)(B) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction. Capitalized terms used but not defined herein
shall have the meanings given to them in the Trust and Servicing Agreement.

 

The
letter relates to U.S. $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are
held in the form of the Rule 144A Global Certificate (CUSIP No. [_____]) with the Depository in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Certificates for an
interest in the Regulation S Global Certificate (Common Code No. [_____]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been
effected in accordance with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to
transfers made in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”),
the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

[(2)     at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed that the transferee was outside the United States,]*

 

[(2)     the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    I-1 

     

    

 

or
(ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that
the Certificates that are being transferred are not “restricted securities” as defined in Rule 144 under the Securities
Act.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer and the Operating Advisor.

 

	 	[Insert
    Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______________, 20___

 

    I-2 

     

    

EXHIBIT
J

 

FORM
OF TRANSFER CERTIFICATE FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to Section 5.02(c)(ii)(C) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction. Capitalized terms used but not defined herein
shall have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to U.S. $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are
held in the form of the Regulation S Global Certificate (CUSIP No. [_____]) with [Euroclear] [Clearstream]* (Common
Code [_____]) through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor
has requested a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate
(CUSIP No. [_____]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being transferred in accordance with (i) the transfer restrictions set forth in the Trust and Servicing Agreement and (ii) Rule
144A under the Securities Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own
account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is “qualified
institutional buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A
and in accordance with any applicable securities laws of any state of the United States or an jurisdiction.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer and the Operating Advisor.

 

	 	[Insert
    Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
______________, 20__

 

 

*
Select appropriate depositary.

    J-1 

     

    

EXHIBIT
K

 

FORM
OF DISTRIBUTION DATE STATEMENT

 

    K-1 

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

                                                

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Ratings Detail 

	7	 	 	 
	 	 	 	 	Mortgage Loan Detail	8	 	 	 
	 	 	 	 	NOI Detail	9	 	 	 
	 	 	 	 	Principal Prepayment Detail	10	 	 	 
	 	 	 	 	Historical Detail	11	 	 	 
	 	 	 	 	Delinquency Loan Detail	12	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	13-14	 	 	 
	 	 	 	 	Advance Summary	15	 	 	 
	 	 	 	 	Modified Loan Detail	16	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	17	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	18	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	19-20	 	 	 
	 	 	 	 	Supplemental Reporting	21	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Depositor	 	 	 	Servicer	 	 	 	Special
    Servicer	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Banc of America Merrill Lynch Large Loan, Inc.	 	 	 	Wells Fargo Bank, National Association
	 	 	 	Situs Holdings, LLC

	 	 
	 	 	 	One Bryant Park	 	 	 	Three Wells Fargo, MAC D1050-084	 	 	 	101 Montgomery Street

	 	 
	 	 	 	New York, NY 10036 

	 	 	 	401 S. Tryon Street, 8th Floor

	 	 	 	Suite 2250 

	 	 
	 	 	 	 	 	 	 	Charlotte, NC 28202

 	 	 	 	San Francisco, CA 94104	 	 
	 	 	 	 	 	 	 		 	 	 		 	 
	 	 	 	 	 	 	 		 	 	 	 	 	 
	 	 	 	Contact:    Leland F. Bunch, III	 	 	 	Contact:	 	 	 	Contact: Stacey.Ciarlanti@situsamc.com	 	 
	 	 	 	Phone Number:    (646) 855-3953	 	 	 	REAM_InvestorRelations@wellsfargo.com 

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 

                                             This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information. 

        

        Please
        visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention
        notices. In addition, certificateholders may register online for email notification when special notices are posted. For
        information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Page 1 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized Loss/
 Additional Trust
 Fund Expenses	Total

    Distribution	 	Ending

    Balance	 	Current
 Subordination
 Level (1)	 
	 	 	A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	HRR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	LR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 2 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	HRR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	LRR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 X	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 3 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated Ending 

Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional 

Trust Fund 

Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	HRR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page 4 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available
Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 			 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class: TBA

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Directing Holder: TBA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The
Available Distribution Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 5 of 21

     

    

 

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or
    advanced	0.00	 	 	Servicing Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions
    due to Non-Recoverability Determinations	0.00	 	 	Trustee Fee - Wilmington Trust, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC®
    Intellectual Property Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest
    Shortfall	0.00	 	 	Miscellaneous Fee	0.00	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 			 	 
	 	 	 	 	 	Total Fees	 	0.00	 
	 	Total Interest
    Collected	 	0.00	 		 		 
	 		 	 	 	Additional
    Trust Fund Expenses:	 	 	 
	 	 	 	 	 	Reimbursement for
    Interest on Advances	0.00		 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	 	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Principal:	 	 	 	Rating Agency Expenses	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney
                                     Fees & Expenses 

	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Other Expenses	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Total Additional
    Trust Fund Expenses	 	0.00	 
	 	Curtailments	0.00	 	 	 		 	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	 	 	 	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Premiums	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	 	 	 	 	Prepayment Premiums
    	0.00	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    Page 6 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 
	 	Ratings
    Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Original
    Ratings	Current
    Ratings (1)	 
	 	Fitch	KBRA	 	Fitch	KBRA	 	 
	 	 A	 	 	 	 	 	 	 	 
	 	 X	 	 	 	 	 	 	 	 
	 	 B	 	 	 	 	 	 	 	 
	 	 C	 	 	 	 	 	 	 	 
	 	 D	 	 	 	 	 	 	 	 
	 	 E	 	 	 	 	 	 	 	 
	 	 F	 	 	 	 	 	 	 	 
	 	 HRR	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	NR   -   Designates that the class was not rated by the above agency at the time of original issuance.	 
	 	 X     -
      Designates that the above rating agency did not rate any classes in this transaction at the time of original issuance.	 
	 	N/A  -   Data not available this period.	 
	1) For any class not rated at the time of original issuance by any particular rating agency, no request has been made subsequent
to issuance to obtain rating information, if any, from such rating agency. The current ratings were obtained directly from the
applicable rating agency within 30 days of the payment date listed above. The ratings may have changed since they were obtained.
Because the ratings may have changed, you may want to obtain current ratings directly from the rating agencies.	 
	 	 	 	 	 	 	 	 	 	 
	 	Fitch Ratings, Inc.	 	Kroll Bond Rating Agency, LLC	 
	 	33 Whitehall
    Street 	 	805 Third Avenue	 	 
	 	New York, NY 10004	 	 New York, NY 10022	 	 	 
	 	 	 	 	 	 	 
	 	(212) 908-0500	 	 	(212) 702-0707	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 7 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer 	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 8 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI 	Most

    Recent

    NOI 	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 9 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Spread Maintenance Premium	 
	 	Payoff
    Amount	Curtailment
    Amount	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    Page 10 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance 	#	Balance	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 11 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment

	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of

	 	 
	 	 	 	 	 But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured
    Balloon)	2 	-	Foreclosure	7	-	REO	 	 	  Foreclosure	 	 
	 	 	 	 	 Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties

	 	 
	 	 	 	 	 Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	   to
                                      Master Servicer

	13	-	Other or TBD	 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	 		 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 12 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

Document

Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	REO	10	-	Deed In Lieu Of	MF	-	Multi-Family	OF	-	Office

	 
	 	2	-  Foreclosure	7	-	REO	 	  	Foreclosure	RT	-	Retail	MU	-	Mixed use

	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	Health Care	LO	-	Lodging

	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	Industrial	SS	-	Self Storage

	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH  	-	Warehouse	OT	-	Other

	 
	 	 	 	 	 		 	 	 	MH

	-	Mobile Home Park

	 

	 	 

	 
	 	 	 	 	 	 	 	 	 	 

	 	

 	 		 	 
	 	 	 	 	 	 	 	 	 	

	 	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 13 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

     Phase 1 Date
	Appraisal

Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Page 14 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    Page 15 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 16 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 17 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 18 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 19 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 20 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	Any
    Disclosable Special Servicing Fees would be listed here.	 
	 	 	 
	 	Risk
    Retention	 
	 	 	 
	 	Pursuant
                                         to the TSA, the Certificate Administrator has made available on www.ctslink.com <http://www.ctslink.com>,
                                         specifically under the “Risk Retention Special Notices” tab for the Grace
                                         2020-GRCE transaction, certain information regarding ongoing compliance by the Retaining
                                         Third-Party Purchaser with certain specified provisions of the Credit Risk Retention
                                         Rules. Investors should refer to the Certificate Administrator’s website for all
                                         such information.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    Page 21 of 21

     

    

 

EXHIBIT
L-1-A

 

Form
of Investor Certification for Non-Borrower Related Parties 

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    Three Wells Fargo 

    401 South Tryon Street, 8th Floor

    MAC D1050-084

    Charlotte, North Carolina 28202

    Attention: Grace 2020-GRCE Asset Manager 

    Email: commercial.servicing@wellsfargo.com	Wells
    Fargo Bank, National Association 

    9062 Old Annapolis Road 

    Columbia, Maryland 21045

    Attention: Corporate Trust Services – Grace 2020-GRCE

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of November
18, 2020 (the “Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction,
with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and
agrees as follows:

 

1.       The
undersigned is a [certificateholder][Directing Holder][beneficial owner][prospective purchaser] of the Class [_] Certificates.

 

2.
       The undersigned is not a Borrower Related Party.

 

3.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
[Servicer’s Website][Certificate Administrator’s Website] and/or is requesting the information identified on the schedule
attached hereto (also, the “Information”) pursuant to the provisions of the Agreement.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor, each Initial
Purchaser and the Trust Fund for any 

    L-1-A-1

     

    

 

loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

5.       At
any time the undersigned becomes a Borrower Related Party, the undersigned shall deliver the certification attached as Exhibit
L-1-B to the Agreement.

 

6.       The
undersigned agrees that each time it accesses the [Servicer’s Website][Certificate Administrator’s Website], the undersigned
is deemed to have recertified that the representations and covenants contained herein remain true and correct.

 

7.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Certificateholder][Directing Holder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-A-2

     

    

 

EXHIBIT
L-1-B

 

FORM
OF INVESTOR CERTIFICATION FOR BORROWER RELATED PARTIES

 

[Date]

 

	Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com
	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – Grace 2020-GRCE

         

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of November
18, 2020 (the “Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction,
with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and
agrees as follows:

 

1.       The
undersigned is a [certificateholder][Directing Holder][beneficial owner][prospective purchaser] of the Class [_] Certificates.

 

2       The
undersigned is a Borrower Related Party.

 

3.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Privileged Information (as
defined in the Agreement) to the extent the undersigned receives access to such Privileged Information on the Certificate Administrator’s
website or

    L-1-B-1

     

    

 

otherwise receives access to such Privileged Information in connection with its duties, or exercise of its rights pursuant
to the Agreement.

 

5.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify
each party to the Agreement, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.       To
the extent the undersigned receives access to any Privileged Information on the Certificate Administrator’s Website or otherwise
receives access to such Privileged Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide such Privileged Information to the Borrower or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the Borrower or the Property or (B) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the Borrower, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

[BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.]

 

	 	[certificateholder][Directing Holder][beneficial
Owner][prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-B-2

     

    

 

EXHIBIT
L-1-C

 

Form
of Certification of the DIRECTING HOLDER

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    Three Wells Fargo 

    401 South Tryon Street, 8th Floor

    MAC D1050-084

    Charlotte, North Carolina 28202

    Attention: Grace 2020-GRCE Asset Manager 

    Email: commercial.servicing@wellsfargo.com  	Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Grace 2020-GRCE

         

        Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Grace 2020-GRCE-Surveillance Manager (with
a copy sent contemporaneously via email to: cmbsnotices@parkbridgefinancial.com)  

 

Trust
and Servicing Agreement (“Trust and Servicing Agreement”) relating to Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE

 

In
accordance with Section 6.07(e) of the Trust and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Directing Holder.

 

2.       The
undersigned is not a Borrower Related Party.

 

3.       If
the undersigned becomes a Borrower Related Party, the undersigned agrees to and shall deliver the certification attached as Exhibit
L-1-B to the Trust and Servicing Agreement.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) and shall indemnify each party to the Trust
and Servicing Agreement, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

5.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Trust and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

6.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

[BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.]

 

	 	[The Directing Holder][a Controlling
    Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-C-1

     

    

 

EXHIBIT
L-1-D

 

FORM
OF NOTICE OF CONFLICTED CONTROLLING CLASS HOLDER WHO BECOMES A BORROWER RELATED PARTY

 

[Date]

 

	Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com 
	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – Grace 2020-GRCE

         

 

Trust
and Servicing Agreement (“Trust and Servicing Agreement”) relating to Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE

 

In
accordance with Section 4.02 of the Trust and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.       The
undersigned is [the Directing Holder][a Controlling Class Certificateholder] as of the date hereof.

 

2.       The
undersigned has become a Borrower Related Party with respect to the Trust Loan and has become a Conflicted Controlling Class Holder.

 

3.       As
of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Trust and Servicing Agreement:

 

	CUSIP	Class	Outstanding
    Certificate 

Balance	Initial
    Certificate 

Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.       The
undersigned hereby acknowledges and agrees that it is no longer a Privileged Person and shall only be entitled to access the Distribution
Date Statements, and the following items to the extent that they are made available to the general public on the Certificate Administrator’s
Website: the Trust and Servicing Agreement, the Trust Loan Purchase Agreements and any SEC filings.

 

5.       The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the Grace Trust 2020-GRCE securitization should be revoked as to such users: 

	 	 	 

 

    L-1-D-1

     

    
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

6.       The
undersigned shall be fully liable for any breach of the Trust and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating
Advisor, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such
breach by the undersigned or any of its Representatives.

 

7.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Trust and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

8.       The
undersigned is simultaneously providing an investor certification to the Certificate Administrator in the form of Exhibit L-1-B
to the Trust and Servicing Agreement, requesting access to the Certificate Administrator’s site as a Borrower Related Party.
The undersigned acknowledges that it is no longer a Privileged Person and shall only be entitled to access the Distribution Date
Statements, and the following items to the extent that they are made available to the general public on the Certificate Administrator’s
Website: the Trust and Servicing Agreement, the Trust Loan Purchase Agreements and any SEC filings unless and until it has (i)
delivered notice of the termination of the related Conflicted Controlling Class Holder status and (ii) submitted a new investor
certification in accordance with Section 4.02 of the Trust and Servicing Agreement.

 

9.       The
undersigned agrees to indemnify and hold harmless each party to the Trust and Servicing Agreement, the Initial Purchasers and
the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any such information relating to the Whole Loan.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Trust and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

  

	 	[Directing Holder] [Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Banc of America Merrill Lynch Large Loan, Inc.

 

    L-1-D-2

     

    

 

EXHIBIT
L-2

 

FORM
OF INVESTOR CERTIFICATION TO EXERCISE VOTING RIGHTS

 

[Date]

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with the requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of
November 18, 2020 (the “Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization
transaction, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

1.       The
undersigned is a [beneficial certificateholder of the Class [_] Certificates in the original principal amount of $[_____], CUSIP
number [_]].

 

2.       The
undersigned is duly authorized to deliver this certification to the Certificate Administrator, such power has not been granted
or assigned to any other Person and the Certificate Administrator may conclusively rely on this certification.

 

3.       The
undersigned intends to exercise Voting Rights under the Agreement, and certifies that the undersigned is not the Depositor, the
Certificate Administrator, the Trustee, the Operating Advisor, a Borrower, a Manager, a Restricted Holder, an Affiliate of any
of the foregoing or an agent of any of the foregoing.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees,
agents or representatives, and shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Operating Advisor,
the Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

    L-2-1

     

    

 

	 	[Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Company:
	 	 	Phone:
	 	 	 
	 	[DTC Participant Name_________________
	 	 	 
	 	DTC
        Participant No. _________________] 

         

 

    L-2-2

     

    

 

EXHIBIT
L-3

 

FORM
OF ONLINE VENDOR CERTIFICATION

 

This
Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant
to the direction of the Depositor.

 

In
connection with the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”)
issued pursuant to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction, the undersigned hereby certifies and agrees
as follows:

 

		1.	The
                                         undersigned is an employee or agent of BlackRock Financial Management, Bloomberg, L.P.,
                                         Trepp, LLC, Intex Solutions, Inc., Moody’s Analytics, Interactive Data Corporation,
                                         Markit LLC, KBRA Analytics, Inc. and Thomson Reuters Corporation, a market data provider
                                         that has been given access to the Distribution Date Statements, CREFC reports and supplemental
                                         notices delivered or made available pursuant to Section 4.02 of the Trust and Servicing
                                         Agreement to Privileged Persons on https://www.ctslink.com (the “Website”)
                                         by request of the Depositor.

 

		2.	The
                                         undersigned agrees that each time it accesses the Website, the undersigned is deemed
                                         to have recertified that the representation above remains true and correct.

 

		3.	Capitalized
                                         terms used but not defined herein shall have the respective meanings assigned thereto
                                         in the agreement pursuant to which the Certificates were issued.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

 

	 	[______________________]
	 	 	 	 
	 	By: 	 	                       
	 	 	Name:	 
	 	 	Title:	 
	 	 	Phone: 	 
	 	 	Email:	 

 

Dated:

 

    L-3-1

     

    

 

EXHIBIT
L-4

 

FORM
OF CREFC® Certification

 

This
Certification has been prepared for provision of information to the CRE Finance Council®.

 

In
connection with the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

		1.	The
                                         undersigned is an employee or agent of the CRE Finance Council® that has
                                         been given access to the Distribution Date Statements and CREFC® reports
                                         on https://www.ctslink.com.

 

		2.	The
                                         undersigned agrees that each time it accesses https:// www.ctslink.com, the undersigned
                                         is deemed to have recertified that the representation above remains true and correct.

 

		3.	Capitalized
                                         terms used but not defined herein shall have the respective meanings assigned thereto
                                         in the agreement pursuant to which the Certificates were issued.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and has caused, or shall be deemed to have caused,
its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[______________________]
	 	 	 	 
	 	By: 	 	                     
	 	 	Name:	 
	 	 	Title:	 
	 	 	Phone: 	 
	 	 	Email:	 

 

Dated:

 

    L-4-1

     

    

 

EXHIBIT
M

 

FORM
OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To
the Persons Listed on the attached Schedule A

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

To
the parties listed on the attached Schedule A:

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing
Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction, the undersigned, as
Custodian, hereby notifies you that, based upon the review required under the Trust and Servicing Agreement, the Mortgage File
for the Whole Loan set forth on the attached defect schedule contains a document or documents which (i) has not been executed
or received, (ii) has not been recorded or filed (if required), (iii) is unrelated to the Whole Loan, (iv) appears not to be what
they purport to be or has been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as
more fully described on the attached defect schedule.

 

The
Custodian has no responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is
legal, valid, binding or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except,
if applicable, to determine if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance
with the requirements of any applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction,
or whether any Person executing any document or rendering any opinion is authorized to do so or whether any signature thereon
is genuine.

 

Capitalized
words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Trust and Servicing Agreement.

 

	 	wells
fargo bank, national association, as Custodian

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    M-1

     

    

 

SCHEDULE
A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

To
the Depositor:

 

Banc
of America Merrill Lynch Large Loan, Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

With
a copy to:

cmbsnotices@bofa.com

 

To
the Certificate Administrator:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services – Grace 2020-GRCE

Email:
trustadministrationgroup@wellsfargo.com;

cts.cmbs.bond.admin@wellsfargo.com

 

To
the Trustee:

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Grace 2020-GRCE

 

with
a copy to:

 

Email:
cmbstrustee@wilmingtontrust.com

 

To
the Servicer:

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202 

Attention:
Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com

 

To the Special Servicer:

 

    M-2

     

    

 

Situs
Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

Email: stacey.ciarlanti@situsamc.com

 

with
a copy to:

 

Situs
Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

Email: legal@situsamc.com

 

To
the Operating Advisor:

 

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Grace 2020-GRCE-Surveillance Manager (with a copy sent contemporaneously via email to: cmbsnotices@parkbridgefinancial.com)

 

To
the Loan Sellers:

 

Bank
of America, National Association

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Fax Number: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

JPMorgan
Chase Bank, National Association

383
Madison Avenue, 8th Floor

New
York, New York 10179

Attention:
Kunal K. Singh

Email:
US_CMBS_Notice@jpmorgan.com

 

Column
Financial, Inc.

11
Madison Avenue

New
York, New York 10010

Attention:
David Tlusty

Fax
number: (646) 935-8520

Email:
david.tlusty@credit-suisse.com

 

German
American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

Email: cmbs.requests@db.com

 

    M-3

     

    

 

DEFECT
SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-4

     

    

 

EXHIBIT
N-1

 

FORM
OF CLOSING DATE CUSTODIAN CERTIFICATION

 

[Date]

 

	Banc
of America Merrill Lynch Large Loan, Inc.

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Facsimile
number: (646) 855-5044

        Email:
        leland.f.bunch@bofa.com

         

        With
        a copy to:

        cmbsnotices@bofa.com

         

        Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Grace 2020-GRCE

         

        Wells
        Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Grace 2020-GRCE Asset Manager

        Email: commercial.servicing@wellsfargo.com

         
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Facsimile
Number: (302) 630-4140

        Attention:
CMBS Trustee – Grace 2020-GRCE 

        Email:
        cmbstrustee@wilmingtontrust.com

         

        Bank
of America, National Association

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III 

        Fax
Number: (646) 855-5044 

        Email:
        leland.f.bunch@bofa.com

         

        JPMorgan
Chase Bank, National Association

        383
Madison Avenue, 8th Floor

        New
York, New York 10179

        Attention:
Kunal K. Singh

        Email:
        US_CMBS_Notice@jpmorgan.com

         

        Column
Financial, Inc.

        11
Madison Avenue

        New
York, New York 10010 

        Attention:
David Tlusty 

        Fax
number: (646) 935-8520 

        Email:
        david.tlusty@credit-suisse.com

         

        German
American Capital Corporation 

        60
Wall Street 

        New
York, New York 10005 

        Attention:
Lainie Kaye 

        Email:
cmbs.request@db.com 

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction, the Custodian hereby certifies that, with
respect to the Trust Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession
the Notes, and (b) the foregoing documents delivered or caused to be delivered by the Loan Sellers as described in clause (a)
above have been reviewed by it and appear regular on their face, appear to be executed and purport to relate to the Whole Loan,
except as identified on Schedule B attached hereto, and each of the documents specified in Section 2.01(a)(ii), Section
2.01(a)(vii) and, to the extent delivered, Section 2.01(a)(xix) of the Agreement have been received, have been executed,
appear to be what they purport to

 

    N-1-1

     

    

 

be, purport to be recorded or filed (as applicable) and have not been torn or mutilated or otherwise
defaced, and that such documents relate to the Whole Loan identified in the Mortgage Loan Schedule.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	Wells
    fargo bank, national association,

    not in its individual capacity

    but solely as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-1-2

     

    

 

SCHEDULE
A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-1-3

     

    

 

SCHEDULE
B

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

Exceptions
to the Mortgage File Delivery and Review

 

    N-1-4

     

    

 

EXHIBIT
N-2

 

FORM
OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

	Banc
of America Merrill Lynch Large Loan, Inc.

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Facsimile
number: (646) 855-5044 

        Email:
        leland.f.bunch@bofa.com

         

        With
        a copy to:

        cmbsnotices@bofa.com

         

        Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Grace 2020-GRCE

         

        Wells
        Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Grace 2020-GRCE Asset Manager

        Email: commercial.servicing@wellsfargo.com

         

        Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Facsimile
Number: (302) 630-4140

        Attention:
CMBS Trustee – Grace 2020-GRCE

Email: cmbstrustee@wilmingtontrust.com
	Bank
of America, National Association

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Fax
Number: (646) 855-5044

        Email:
        leland.f.bunch@bofa.com

         

        JPMorgan
Chase Bank, National Association

        383
Madison Avenue, 8th Floor

        New
York, New York 10179

        Attention:
Kunal K. Singh

        Email:
        US_CMBS_Notice@jpmorgan.com

         

        Column
Financial, Inc.

        11
Madison Avenue

        New
York, New York 10010

        Attention:
David Tlusty

        Fax
number: (646) 935-8520

        Email:
        david.tlusty@credit-suisse.com

         

        German
American Capital Corporation

        60
Wall Street

        New
York, New York 10005

        Attention:
Lainie Kaye

        Email:
cmbs.request@db.com

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction, the Custodian hereby certifies, subject
to the terms of the Agreement, that, with respect to the Trust Loan listed on the Mortgage Loan Schedule attached hereto as Schedule
A, all documents (other than documents referred to in clauses (xix) of Section 2.01(a) of the Agreement, the documents
referred to in clauses (iii), (v)(B) and (viii) of Section 2.01(a) of the Agreement and the assignments
of financing statements referred to in clause (xiv) of Section 2.01(a) of the Agreement) referred to in Section
2.01(a) of the Agreement (in the case of the documents referred to in Section 2.01(a)(iv), (v), (vi),
(vii) (in the case of any endorsement thereto), (viii) and (ix) through (xx) of the Agreement, as
identified to it in writing as a document required to be delivered by the Loan Sellers) and any original recorded documents included
in the delivery of the Mortgage File have been received, have been executed, appear to be what they purport to be, purport to
be recorded or filed (as applicable) and have not been torn

 

    N-2-1

     

    

 

in any materially adverse manner or mutilated or otherwise defaced,
and that such documents relate to the Whole Loan identified in the Mortgage Loan Schedule, in each case, except as set forth on
the attached schedule hereto.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	wells
    fargo bank, national association,

    not in its individual capacity

    but solely as Custodian	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    N-2-2

     

    

 

SCHEDULE
A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-2-3

     

    

 

EXHIBIT
O

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

		Attention:	Banc
                                         of America Merrill Lynch Large Loan, Inc., Grace Trust 2020-GRCE Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GRCE 

 

In
accordance with the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of
November 18, 2020 (the “Trust and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE
securitization transaction, with respect to the above-referenced certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

		1.	The
                                         undersigned is either:

 

 (a)      a Rating Agency under the Trust and Servicing Agreement, or

 

 (b)      a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access pursuant to the Trust and Servicing Agreement to certain information (the “Information”) on such 17g-5 website pursuant to the provisions of the Trust and Servicing Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from the section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date.

 

		2.	[The
                                         undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3)
                                         ten (10) or more times during the most recently ended calendar year, or (b) has determined
                                         and maintained credit ratings for at least 10% of the issued securities and money market
                                         instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii)
                                         in the calendar year prior to the year covered by the SEC Certification, if it accessed
                                         such information for 10 or more issued securities or money market instruments.]

 

		3.	The
                                         undersigned agrees that each time it accesses the 17g-5 Information Provider’s
                                         Website, it shall be deemed to have recertified that the representations above remain
                                         true and correct.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

    O-1

     

    

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

 

	 	[Nationally Recognized Statistical Rating Organization]
	 	 	 
		Name:	  

 

		Title:	  

 

		Company:	  

 

		Phone:	  

 

		Email:	       

 

    O-2

     

    

 

Annex
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with the [Depositor] together
with its affiliates, the “Furnishing Entities” and each a “Furnishing Entity”) furnishing
certain financial, operational, structural and other information relating to the issuance of the Grace Trust 2020-GRCE Commercial
Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”) pursuant to the Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), by and among Banc of America
Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator,
and Park Bridge Lender Services LLC, as Operating Advisor, and the assets underlying or referenced by the Certificates, including
the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with respect
to such assets (together, the “Collateral”) to you (the “NRSRO”) through the website of
Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Trust and Servicing Agreement, including the [section
of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after the Closing Date (as defined
in the Trust and Servicing Agreement)]. Information provided by each Furnishing Entity is labeled as provided by the specific
Furnishing Entity.

 

Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y) any of the terms,
conditions or other facts with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status
thereof; provided, however, that the term Confidential Information shall not include information which:

 

was
or becomes generally available to the public (including through filing with the Securities and Exchange Commission or disclosure
in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
below) in violation of this Confidentiality Agreement;

 

was
or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed
by you to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation
to maintain the information as confidential; or is independently developed by the NRSRO without reference to any Confidential
Information.

 

Information
to Be Held in Confidence.

 

You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates
and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking,
modeling or research purposes (the “Intended Purpose”).

 

You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the 

    O-3

     

    

 

NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:

 

disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information
to the NRSRO’s password protected website; and

 

use
information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does
not reveal any Confidential Information.

 

Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory,
subpoena, civil investigatory demand, request for information or documents, deposition or similar process relating to any legal
proceeding, investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing
Entity with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity.
If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions
of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.

 

Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity,
all material or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion,
returned to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any
document or other material containing 

    O-4

     

    

 

Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance
with the NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may
retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other
documents prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation
Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the
terms of this Confidentiality Agreement.

 

Violations
of this Confidentiality Agreement. The NRSRO will be responsible for any breach of this Confidentiality Agreement
by you, the NRSRO or any NRSRO Representative.

 

You
agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use
by any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such
Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You
acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in
the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and
injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof,
in addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and
agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise
of any right, power or privilege.

 

Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has
provided a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement,
the relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities
relating to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes
all other understandings and agreements between us relating to such matters; provided, however, that, if the terms
of this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

 

Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set
forth below:

 

[_____________]

 

    O-5

     

    

 

EXHIBIT
P-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Banc
of America Merrill Lynch Large Loan, Inc.

One
Bryant Park, NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Facsimile
number: (646) 855-5044

Email:
leland.f.bunch@bofa.com

 

With
a copy to: 

cmbsnotices@bofa.com

 

		Re:	Banc
                                         of America Merrill Lynch Large Loan, Inc., Grace Trust 2020-GRCE Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GRCE 

 

To
the above mentioned party:

 

This
letter is delivered to you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction. All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.       The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Whole Loan for which [_____]
is the Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing Fee
Right free from any and all claims and encumbrances whatsoever.

 

2.       Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

    P-1-1

     

    

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-1-2

     

    

EXHIBIT
P-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Banc
of America Merrill Lynch Large Loan, Inc. 

One
Bryant Park, NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Facsimile
number: (646) 855-5044

Email:
leland.f.bunch@bofa.com

 

With
a copy to:

cmbsnotices@bofa.com 

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com

 

		Re:	Banc
                                         of America Merrill Lynch Large Loan, Inc., Grace Trust 2020-GRCE Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GRCE

 

To
the above mentioned parties:

 

This
letter is delivered to you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction. All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Servicer, that:

 

1.       The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Whole Loan as to which [_____] is the applicable
Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with a view to or for
sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the Securities
Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.       The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the

 

    P-2-1

     

    

 

prospective transferor substantially in the form attached
as Exhibit P-1 to the Trust and Servicing Agreement, and (B) each of the Servicer and the Depositor have received a certificate
from the prospective transferee substantially in the form attached as Exhibit P-2 to the Trust and Servicing Agreement.

 

3.       The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4.       Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.       The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Whole Loan, and (e) all related matters that it has requested.

 

6.       The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners are “accredited investors” as defined in any of paragraphs (1),
(2), (3) and (7) of Rule 501(a) under the Securities Act. The Transferee has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee
has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.       The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such

 

    P-2-2

     

    

 

holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.

 

8.       The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing
Agreement except as set forth in Section 3.12(a) of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Trust and Servicing Agreement.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-2-3

     

    

 

EXHIBIT
Q

 

FORM
OF POWER OF ATTORNEY BY TRUSTEE FOR SERVICER AND SPECIAL SERVICER

 

RECORDING
REQUESTED BY: 

{insert address}

 

 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890
as Trustee (the “Trustee”) pursuant to that Trust and Servicing Agreement dated as of November 18, 2020 (the
“Agreement”) by and among Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo Bank, National
Association, as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and the Trustee hereby constitutes and appoints the [Special] Servicer, by and through the [Special] Servicer officers, the Trustee’s
true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection
with the mortgage loan (the “Trust Loan”) serviced by the Servicer and the property (“[REO] Property”)
administered by the [Special] Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp
all documents customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items
1 through 12 below with respect to the Trust Loan and the [REO] Property; provided however, that the documents described below
may only be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement.
Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The
                                         endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
                                         made payable to the Trustee and draw upon, replace, substitute, release or amend letters
                                         of credit standing as collateral securing the Whole Loan.

 

		2.	The
                                         modification or re-recording of a Mortgage or deed of trust, where said modification
                                         or re-recording is solely for the purpose of correcting the Mortgage or deed of trust
                                         to conform same to the original intent of the parties thereto or to correct title errors
                                         discovered after such title insurance was issued; provided that (i) said modification
                                         or re-recording, in either instance, does not adversely affect the lien of the Mortgage
                                         or deed of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

		3.	The
                                         subordination of the lien of a Mortgage or deed of trust to an easement in favor of a
                                         public utility company of a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The
                                         conveyance of the property to the mortgage insurer, or the closing of the title to the
                                         property to be acquired as real estate owned, or conveyance of title to real estate owned.

 

    Q-1

     

    

 

		5.	The
                                         completion of loan assumption agreements.

 

		6.	The
                                         full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Trust Note.

 

		7.	The
                                         assignment of any Mortgage or deed of trust and the related Trust Note, in connection
                                         with the repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or deed of trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Trust Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in the Trust Notes,
                                         Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not
                                         limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the completion
                                         of judicial or non-judicial foreclosure or the termination, cancellation or rescission
                                         of any such foreclosure, the initiation, prosecution and completion of eviction actions
                                         or proceedings with respect to, or the termination, cancellation or rescission of any
                                         such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance
                                         and claims in bankruptcy proceedings, including, without limitation, any and all of the
                                         following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and the deed of trust;

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;

 

		c.	the
                                         preparation and filing of notices of default and/or notices of sale;

 

		d.	the
                                         cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the
                                         taking of deed in lieu of foreclosure;

 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Trust Notes, Mortgages or deeds of trust;

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:

 

    Q-2

     

    

 

		a.	listing
                                         agreements;

 

		b.	purchase
                                         and sale agreements;

 

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of the
property to a party contracted to purchase same;

 

		d.	escrow
                                         instructions; and

 

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	The
                                         execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, deed of trust or other security
                                         document in the Mortgage File or the Property and other related collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by the Property, consents to any mezzanine financing to be secured by the ownership
                                         interests in a borrower, consents to and monitoring of the application of any proceeds
                                         of insurance policies or condemnation awards to the restoration of the Property[, REO
                                         Property] or otherwise, documents relating to the management, operation, maintenance,
                                         repair, leasing and marketing of the Property (including agreements and requests by any
                                         borrower with respect to modifications of the standards of operation and management of
                                         the Property or the replacement of asset managers) or REO Properties, documents exercising
                                         any or all of the rights, powers and privileges granted or provided to the holder of
                                         the Trust Loan under the related loan documents, lease subordination agreements, non-disturbance
                                         and attornment agreements or other leasing or rental arrangements, any easements, covenants,
                                         conditions, restrictions, equitable servitudes, or land use or zoning requirements with
                                         respect to the Property [or REO Property], instruments relating to the custody of any
                                         collateral that now secures or hereafter may secure the Trust Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely
to the extent that the [Special] Servicer has the power to delegate its rights or obligations under the Agreement, the [Special]
Servicer also has the power to delegate the authority given to it by Wilmington

 

    Q-3

     

    

 

Trust, National Association, as Trustee, under
this Limited Power of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney
in favor of its attorneys-in-fact as are necessary for such purpose. The [Special] Servicer’s attorneys-in-fact shall have
no greater authority than that held by the [Special] Servicer.

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in
any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the [Special] Servicer
the power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except
as specifically provided for herein. If the [Special] Servicer receives any notice of suit, litigation or proceeding in the name
of Wilmington Trust, National Association, then the [Special] Servicer shall promptly forward a copy of same to the Trustee.

 

This
limited power of attorney is not intended to extend the powers granted to the [Special] Servicer under the Agreement or to allow
the [Special] Servicer to take any action with respect to Mortgages, deeds of trust or Trust Notes not authorized by the Agreement.

 

The
[Special] Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse,
of this Limited Power of Attorney by the [Special] Servicer. The foregoing indemnity shall survive the termination of this Limited
Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned.

 

IN
WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee for Grace Trust 2020-GRCE has caused its corporate seal to
be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory
this ___________ day of ____________.

  

	 	Wilmington Trust, National Association, as Trustee for Grace Trust 2020-GRCE	 
	 	 	 	 
	 	By:	 	 
	 	 	          Name:	 
	 	 	          Title:	 
	 	 	 	 
	 	Prepared by:	 
	 	 	 	 
	 	 	          Name:	 

 

    Q-4

     

    

 

State
of Delaware}

County
of ____}

 

On
________________________, before me, _________________________________Notary Public, personally appeared ___________________________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness
my hand and official seal.

 

 

Notary
signature

 

    Q-5

     

    

 

EXHIBIT
R

 

[RESERVED]

 

    R-1

     

    

 

EXHIBIT
S

 

Form
of operating advisor annual report1

 

Report
Date: This report will be delivered annually no later than 120 days after the end of calendar year, pursuant to the terms
and conditions of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”),
among Wells Fargo Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Custodian, Wilmington Trust, National Association, as Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor.

 

Transaction:
Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE

 

Operating
Advisor: Park Bridge Lender Services LLC

 

Special
Servicer: Situs Holdings, LLC

 

I.             Executive
Summary

 

Based
on the requirements and qualifications set forth in the Trust and Servicing Agreement, as well as the items listed below, the
Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Trust and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s actions under the Trust and Servicing Agreement. Based
solely on such limited review of the items listed below, and subject to the assumptions, limitations and qualifications set forth
herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is not]
operating in compliance with the Servicing Standard with respect to its performance of its duties under the Trust and Servicing
Agreement during the prior calendar year. [The Operating Advisor believes, in its sole discretion exercised in good faith, that
the Special Servicer has failed to comply with the Servicing Standard, as a result of the following material deviations.]

 

[LIST
OF ANY MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

II.            List
of Items that Were Considered in Compiling this Report 

 

  In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:

 

1.       Major
Decision Reporting Packages.

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Trust and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    S-1

     

    

 

2.       Reports
by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s website
and each Asset Status Report and Final Asset Status Report.

 

3.       The
Special Servicer’s assessment of compliance report, attestation report by a third party regarding the Special Servicer’s
compliance with its obligations and net present value calculations.

 

4.       [LIST
OTHER REVIEWED INFORMATION]

 

5.       [INSERT
WHEN AN OPERATING ADVISOR CONSULTATION PERIOD IS IN EFFECT: Consulted with the Special Servicer as provided under the Trust and
Servicing Agreement in respect to the Asset Status Reports for the Trust Loan when a Servicing Transfer Event has occurred and
with respect to Major Decisions.]

 

NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit. For instance, we did not review each page of the Special Servicer’s policy and procedures manual (including
amendments and appendices thereof), review underlying lease agreements, re-engineer the quantitative aspects of their net present
value calculator, visit any related property, visit the Special Servicer, visit the Directing Holder or interact with the Borrower.
In addition, our review of the net present value calculations and Appraisal Reduction Calculations is limited to the mathematical
accuracy of the calculations and the corresponding application of the non-discretionary portions of the applicable formulas, and
as such, does not take into account the reasonableness of the discretionary portions of such formulas.

 

		III.	Qualifications
                                         and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report
                                         

 

1.       In
rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents that we
have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.

 

2.       Except
as may have been reflected in any Major Decision Reporting Package or Asset Status Report, the Operating Advisor did not participate
in, or have access to, the Special Servicer’s and Directing Holder’s discussion(s) regarding the Whole Loan when a
Servicing Transfer Event has occurred. The Operating Advisor does not have authority to speak with the Directing Holder or borrower
directly. As such, the Operating Advisor relied solely upon the information delivered to it by the Special Servicer as well as
its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report. The services
that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

3.       The
Special Servicer has the legal authority and responsibility to service the Whole Loan when a Servicing Transfer Event has occurred
pursuant to the Trust and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards
set forth therein or direct the actions of the Special Servicer.

 

4.       Confidentiality
and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of any communications
held between it and the Special Servicer regarding the Whole Loan when a Servicing Transfer Event has occurred and certain information
it reviewed in connection with its duties under the Trust and Servicing Agreement. As a result, this report may not reflect all
the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

    S-2

     

    

 

5.       The
Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this report,
they should address such questions to the Certificate Administrator through the Certificate Administrator’s website.

 

6.       This
report does not constitute recommendations to buy, sell or hold any security, nor does the Operating Advisor take into account
market prices of securities or financial markets generally when performing its limited review of the Special Servicer as described
above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or any other party or individual.
Nothing is intended to or should be construed as creating a fiduciary relationship between the Operating Advisor and any Certificateholder,
party or individual.

 

Terms
used but not defined herein have the meaning set forth in the Trust and Servicing Agreement.

 

	 	PARK BRIDGE LENDER SERVICES LLC,
    
	 	as Operating Advisor
	 	 	 	 
	 	By: 	Park Bridge Advisors LLC, a New York
	 	 	limited liability company, its sole member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York
	 	 	 	 limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    S-3

     

    

 

EXHIBIT
T

 

Form
of Notice from operating advisor recommending replacement of special servicer

 

Wilmington
Trust, National Association, as Trustee

1100
North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Grace 2020-GRCE

with
a copy to: Email: cmbstrustee@wilmingtontrust.com

 

Wells
Fargo Bank, National Association

as Certificate Administrator

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

Situs
Holdings, LLC, as Special Servicer

101
Montgomery Street, Suite 2250

San
Francisco, California 94104

Attention:
Stacey Ciarlanti

Email:
stacey.ciarlanti@situsamc.com

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Recommendation
                                         of Replacement of Special Servicer 

 

To
the above mentioned parties:

 

This
letter is delivered pursuant to Section 7.01(e) of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”), and executed in connection with the above-referenced transaction, on behalf of the holders
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”)
regarding the replacement of the Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Trust and Servicing Agreement.

 

Based
upon our review of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section 6.11
of the Trust and Servicing Agreement, it is our assessment that Situs Holdings, LLC, in its current capacity as Special Servicer,
is not [performing its duties under the Trust and Servicing Agreement][acting in accordance with the Servicing Standard]. The
following factors support our assessment: [________].

 

Based
upon such assessment, we further hereby recommend that Situs Holdings, LLC be removed as Special Servicer and that [________]
be appointed its successor in such capacity.

 

	 	Very truly yours,	 
	 	 	 	 
	 	[The
    Operating Advisor]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

Dated:

 

    T-1

     

    

 

EXHIBIT
U

 

Form
of Notice OF MEZZANINE COLLATERAL FORECLOSURE

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services—Grace 2020-GRCE

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager 

 

Situs
Holdings, LLC

101
Montgomery Street, Suite 2250

San
Francisco, California 94104

Attention:
Stacey Ciarlanti

Email:
stacey.ciarlanti@situsamc.com 

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Grace 2020-GRCE

 

In
accordance with Section 3.23(h) of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”),
by and among Banc of America Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, Paying Agent and Custodian and Park Bridge Lender Services LLC, as Operating Advisor, with respect
to the above-referenced certificates, the undersigned hereby notifies you that the following mezzanine lenders have accelerated
the Mezzanine Loan and/or have commenced foreclosure proceedings against the related mezzanine collateral:

 

[INSERT
NAME]

 

As
set forth in the Agreement, you are required to cause such mezzanine lender to re-submit any Investor Certification previously
delivered by such mezzanine lender, prior to allowing it access to the information on the Certificate Administrator’s website,
to the extent such information is accessible only to Privileged Persons.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed thereto in the Agreement.

 

	 	[Servicer]
    [Special Servicer] [Certificate Administrator][Banc of America Merrill Lynch Large Loan, Inc.]
	 	 	 
	 	Name:	 
	 	Title:	 

 

    U-1

     

    

 

EXHIBIT
V

 

Form
of cERTIFICATE ADMINISTRATOR RECEIPT OF CLASS HRR CERTIFICATES 

 

	Bank
of America, National Association

        as
Retaining Sponsor

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Fax
Number: (646) 855-5044

        Email:
leland.f.bunch@bofa.com
	Core
Credit Partners A LLC

        c/o
Square Mile Capital Management LLC 350 Park Avenue

        New
York, New York 10022,

        Attention:
Daniel M. Kasell

        Email:
dkasell@squaremilecapital.com

         

         

	 

        Banc
of America Merrill Lynch Large Loan, Inc.

        One
Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Email: leland.f.bunch@bofa.com

         

        with
a copy to:

cmbsnotices@bofa.com
	 

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with Section 5.02(a) of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[_] of the Class HRR Certificates (CUSIP No. [_]) in the form of
a Definitive Certificate, for the benefit of [Core Credit Partners A LLC], the initial Third Party Purchaser.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Agreement.

 

	 	Wells
    Fargo Bank, National Association,
	 	not in its individual capacity
	 	but solely as Certificate Administrator
	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    V-1

     

    

 

EXHIBIT
W

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.04 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor
any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent
such party has actual knowledge (and in the case of financial statements required to be provided in connection with Item 6 below,
possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other
Depositor shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect to any related
Other Securitization Trust (other than information with respect to itself that is set forth in or omitted from such offering materials
or the Offering Circular), in the absence of specific written notice to the contrary from the Depositor, Other Depositor or Loan
Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Servicer, the Special Servicer (in its capacity
as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to conclusively assume that there
is no “significant obligor” other than a party identified as such in the prospectus supplement relating to the Other
Securitization. For this Grace Trust 2020-GRCE Trust and Servicing Agreement and any Other Securitization Trust, each of the Certificate
Administrator, the Paying Agent, the Trustee, the Servicer, the Special Servicer (in its capacity as such), each Other Exchange
Act Reporting Party and the Other Depositor shall be entitled to assume that there is no provider of credit enhancement, liquidity
or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the
Offering Circular and the offering materials with respect to any related Other Securitization Trust.

 

	Item
    on Form 10-D	Party
    Responsible
	Item
    1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included
    on the Distribution Date Statement	●     Each
        Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans)

         

        ●     Special
        Servicer 

(only with respect to 1121(a)(12) as to Specially Serviced Loans)

         

        ●     Depositor

         

        ●     Certificate
        Administrator

         

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     Servicer
        (as to itself)

         

        ●     Special
        Servicer (as to itself)

         

        ●     Trustee
        (as to itself)

         

        ●     Certificate
        Administrator (as to itself)

         

        ●     Depositor
        (as to itself)

         

        ●     Any
        other Reporting Servicer (as to itself)

         

        ●     Trustee/Certificate
        Administrator/Servicer/ Depositor/Special Servicer as to the Trust

         

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

         

        ●     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

 

    W-1

     

    

 

	Item
    3: Sale of Securities and Use of Proceeds	Depositor
	Item
    4: Defaults Upon Senior Securities	Certificate
Administrator 

        Trustee 

	Item
    5: Submission of Matters to a Vote of Security Holders	Certificate
    Administrator
	Item
    6: Significant Obligors of Pool Assets	Servicer
	Item
    7: Significant Enhancement Provider Information	N/A
	Item
    8: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    9: Exhibits	Depositor
(exhibits required by Item 601 of Regulation S-K, such as material agreements)

                                                                                                                          Certificate Administrator (Monthly Statement to
Certificateholders)

 

    W-2

     

    

 

EXHIBIT
X

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.05 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor
any information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent
such party has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below,
possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other
Depositor shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect to any related
Other Securitization Trust (other than information with respect to itself that is set forth in or omitted from such offering materials
or the Offering Circular), in the absence of specific written notice to the contrary from the Depositor, the Other Depositor or
Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Servicer, the Special Servicer (in its
capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to conclusively assume that
there is no “significant obligor” other than a party identified as such in the prospectus supplement relating to the
Other Securitization. For this Grace Trust 2020-GRCE Trust and Servicing Agreement and any Other Securitization, each of the Certificate
Administrator, the Paying Agent, the Trustee, the Servicer, the Special Servicer (in its capacity as such), each Other Exchange
Act Reporting Party and the Other Depositor shall be entitled to assume that there is no provider of credit enhancement, liquidity
or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the
Offering Circular and the offering materials with respect to any related Other Securitization Trust.

 

	Item
    on Form 10-K	Party
    Responsible
	Item
    1B: Unresolved Staff Comments	 ●    Depositor
	Item
    9B: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	 ●    Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    15: Exhibits, Financial Statement Schedules	●    Certificate
Administrator

        ●    Depositor

	Additional
    Item:

    Disclosure per Item 1112(b)(1) of Regulation AB	Servicer
	Additional
    Item:

    Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	N/A

 

    X-1

     

    

 

	Additional
    Item:

    Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	●    Servicer
(as to itself)

                                                                                                                                                                   

        ●    Special
        Servicer (as to itself)

         

        ●    Certificate
Administrator (as to itself)

         

        ●    Trustee
(as to itself)

         

        ●    Depositor
(as to itself)

         

        ●    Any
other Reporting Servicer (as to itself)

         

        ●    Trustee/Certificate
Administrator/Servicer/Depositor/Special Servicer as to the Trust 

         

        ●    Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

         

        ●    Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

	Additional
    Item:

    Disclosure per Item 1119 of Regulation AB	●    Servicer
(as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee, Certificate
Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

                                                                                                                          

        ●    Special
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

         

        ●    Certificate
Administrator (as to itself) (to the extent material to Certificateholders)

         

        ●    Trustee
(as to itself) (to the extent material to Certificateholders)

         

        ●    Depositor
(as to itself)

         

        ●    Depositor
(as to the Trust)

         

        ●    Originators
under Item 1110 of Regulation AB (to be provided by the Depositor)

         

        ●    Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

 

    X-2

     

    

 

EXHIBIT
Y

 

FORM
8-K DISCLOSURE INFORMATION

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
11.06 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor
the occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column
to the extent such party has actual knowledge of such information (other than information as to itself). Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Servicer, the Special Servicer (in its capacity as such), each Other Exchange
Act Reporting Party and the Other Depositor shall be entitled to rely on the accuracy of the Offering Circular and the offering
materials with respect to any related Other Securitization Trust (other than information with respect to itself that is set forth
in or omitted from such offering materials or the Offering Circular), in the absence of specific written notice to the contrary
from the Depositor, the Other Depositor or Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor
shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified as such
in the prospectus supplement relating to the Other Securitization. For this Grace Trust 2020-GRCE Trust and Servicing Agreement
and any Other Securitization, each of the Certificate Administrator, the Paying Agent, the Trustee, the Servicer, the Special
Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to assume
that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB other than a party identified as such in the Offering Circular and the offering materials with respect to any
related Other Securitization Trust.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement

    

    Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization,
    even if depositor is not a party. 

    

    Examples: servicing agreement, custodial agreement.	●     Trustee/Certificate
    Administrator/Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or
    entered into on behalf of the Trust)
	Item
    1.02- Termination of a Material Definitive Agreement

    

    Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than
    expiration in accordance with its terms), even if depositor is not a party. 

    

    Examples: servicing agreement, custodial agreement.	●     Trustee/Certificate
    Administrator/Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or
    entered into on behalf of the Trust)
	Item
    1.03- Bankruptcy or Receivership	●     Depositor

 

    Y-1

     

    

 

	Item
    on Form 8-K	Party
    Responsible 

	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event, including event of default, that would materially alter
    the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	●     Depositor

        ●     Certificate
        Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the
    Trust and Servicing Agreement.	●     Certificate
    Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●     Depositor
	Item
    5.06 – Change in Shell Company Status	●     Depositor
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     Depositor
	Item
    5.08 – Shareholder Director Nomination	●     Depositor
	Item
    6.01- ABS Informational and Computational Material	●     Depositor
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	●     Servicer
(as to itself or a servicer retained by it)

        ●     Special
Servicer (as to itself or a servicer retained by it)

        ●     Certificate
Administrator (as to itself or an entity retained by it)

        ●     Trustee

        ●     Depositor

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     Servicer
    or Special Servicer, as applicable
	Reg
    AB disclosure about any new Trustee is also required.	●     Trustee
	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     Certificate
    Administrator
	Item
    6.03- Change in Credit Enhancement or Other External Support	N/A
	Item
    6.04- Failure to Make a Required Distribution	●     Certificate
    Administrator

 

    Y-2

     

    

 

	Item
    on Form 8-K	Party
    Responsible 

	Item
    6.05- Securities Act Updating Disclosure	●     Depositor
	Item
    7.01- Regulation FD Disclosure	●     Depositor
	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor
	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit

    Y-3

     

    

 

EXHIBIT
Z

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO (410)715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY
BELOW**

 

[Other
Depositor Address]

 

[Each
Other Exchange Act Reporting Party Address]

 

**Additional
Form [10-D][10-K][8-K] Disclosure Required **

 

To
the above mentioned parties:

 

In
accordance with Section [11.04][11.05][11.06] of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”), entered into among Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo
Bank, National Association, as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National
Association, as certificate administrator (in such capacity, the “Certificate Administrator”), paying agent
and custodian, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), the undersigned,
as __________, hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to  __________, phone number:  __________; email address:  __________.

 

	 	[NAME
    OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Z-4

     

    

 

EXHIBIT
AA

 

INITIAL
SUB-SERVICERS

 

None.

 

    AA-1

     

    

 

EXHIBIT
BB

 

FORM
OF BACKUP CERTIFICATION

 

Grace
Trust 2020-GRCE (the “Trust”)

 

I,
[identify the certifying individual], a [identify position] of [identify party],
as [identify role] under that certain Trust and Servicing Agreement dated as of November 18, 2020 (the “Trust and Servicing
Agreement”), entered into among Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo Bank, National
Association, as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
on behalf of the [identify role], certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and
its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all required reports required to be
                                         submitted by the [identify role] to the applicable Other Exchange Act Reporting Party
                                         pursuant to the Trust and Servicing Agreement for inclusion in the annual report on Form
                                         10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
                                         “Reports”) have been submitted by the [identify role] to the Servicer,
                                         the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion
                                         in these reports;

 

		2.	Based
                                         on my knowledge, the [identify role] information contained in the Reports, taken as a
                                         whole, does not contain any untrue statement of a material fact or omit to state a material
                                         fact necessary to make the statements made therein, in light of the circumstances under
                                         which such statements were made, not misleading with respect to the period covered by
                                         these reports;

 

		3.	I
                                         am, or an officer under my supervision is, responsible for reviewing the activities performed
                                         by the [identify role] under the Trust and Servicing Agreement and based upon my knowledge
                                         and the annual compliance reviews conducted in preparing the servicer compliance statements
                                         required in this report under Item 1123 of Regulation AB with respect to the [identify
                                         role], and except as disclosed in the compliance certificate delivered by the [identify
                                         role] under Section 11.07 of the Trust and Servicing Agreement, the [identify
                                         role] has fulfilled its obligations under the Trust and Servicing Agreement in all material
                                         respects in the year to which such report applies;

 

		4.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the [identify role] with respect to
                                         the Trust’s fiscal year _____ have been provided all information relating to the
                                         [identify role] assessment of compliance with the Relevant Servicing Criteria, in order
                                         to enable them to conduct a review in compliance with the standards for attestation engagements
                                         issued or adopted by the PCAOB; and

 

		5.	The
                                         report on assessment of compliance with servicing criteria applicable to the [identify
                                         role] for asset-backed securities with respect to the [identify role] or any Servicing
                                         Function Participant retained by the [identify role] and related attestation report on
                                         assessment of compliance with servicing criteria applicable to it required to be included
                                         in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
                                         of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
                                         and to the Certificate Administrator for inclusion 

 

    BB-1

     

    

 

as
an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Trust and Servicing Agreement.

 

Date: _______________________

 

	 	[IDENTIFY PARTY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    BB-2

     

    

 

EXHIBIT
CC

 

FORM
OF COMPANION LOAN HOLDER CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

with
copies to:

 

cts.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

		Re:	Grace
                                         Trust 2020-GRCE – Companion Loan

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement (the “Agreement”),
dated as of November 18, 2020, among Banc of America Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as trustee, Wells
Fargo Bank, National Association, as Certificate Administrator and Park Bridge Lender Services LLC, as Operating Advisor, with
respect to any Companion Loan (as defined in the Agreement), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is a Companion Loan Holder (as defined in the Agreement).

 

2.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the

 

    CC-1

     

    

 

Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the Initial
Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year
written above.

 

	 	[Companion Loan Holder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    CC-2

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