Document:

Exhibit 4.9 

 

EXECUTION VERSION

  

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated as of June 4, 2015

 

by and between

 

BANK OF AMERICA, N.A.

(Initial Note A-1 Holder)

 

and

 

BANK OF AMERICA, N.A.

(Initial Note A-2 Holder)

 

Aviare Place Apartments Loan 

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	Section 1.	Definitions	 	2
	Section 2.	Servicing of the Mortgage Loan	 	14
	Section 3.	Priority of Payments	 	21
	Section 4.	Workout	 	22
	Section 5.	Administration of the Mortgage Loan	 	22
	Section 6.	Rights of the Controlling Note Holder	 	26
	Section 7.	Appointment of Special Servicer	 	28
	Section 8.	Payment Procedure	 	29
	Section 9.	Limitation on Liability of the Note Holders	 	30
	Section 10.	Bankruptcy	 	30
	Section 11.	Representations of the Note Holders	 	31
	Section 12.	No Creation of a Partnership or Exclusive Purchase Right	 	32
	Section 13.	Other Business Activities of the Note Holders	 	32
	Section 14.	Sale of the Notes	 	32
	Section 15.	Registration of the Notes and Each Note Holder	 	35
	Section 16.	Governing Law; Waiver of Jury Trial	 	36
	Section 17.	Submission To Jurisdiction; Waivers	 	36
	Section 18.	Modifications	 	37
	Section 19.	Statement of Intent	 	37
	Section 20.	Successors and Assigns; Third Party Beneficiaries	 	37
	Section 21.	Counterparts	 	37
	Section 22.	Captions	 	37
	Section 23.	Severability	 	37
	Section 24.	Entire Agreement	 	38
	Section 25.	Withholding Taxes	 	38
	Section 26.	Custody of Mortgage Loan Documents	 	39
	Section 27.	Cooperation in Securitization	 	39
	Section 28.	Notices	 	40
	Section 29.	Broker	 	40
	Section 30.	Certain Matters Affecting the Agent	 	41
	Section 31.	Reserved	 	41
	Section 32.	Resignation or Termination of Agent	 	41
	Section 33.	Resizing	 	42

 

    	-i-

    	 

    

 

This AGREEMENT BETWEEN
NOTE HOLDERS (this “Agreement”), dated as of June 4, 2015 by and between BANK OF AMERICA, N.A. (“BANA”
and together with its successors and assigns in interest, in its capacity as initial owner of Note A-1 described below, the “Initial
Note A-1 Holder” and in its capacity as the initial agent, the “Initial Agent”) and BANA (together
with its successors and assigns in interest, in its capacity as initial owner of Note A-2 described below, the “Initial
Note A-2 Holder”; the Initial Note A-1 Holder and the Initial Note A-2 Holder are referred to collectively herein as
the “Initial Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), BANA originated a certain loan (the “Mortgage Loan”) described
on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower
described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced, inter alia,
by one original promissory note, dated as of October 31, 2014 in the original principal amount of $26,322,000 and made by the Mortgage
Loan Borrower in favor of BANA, as lender, (i) a replacement, amended and restated promissory note designated Promissory Note
A-1 in the original principal amount of $20,850,000 and (ii) a replacement, amended and restated promissory note designated Promissory
Note A-2 in the original principal amount of $5,472,000. The note referenced in clause (i) of the preceding sentence,
as amended, modified or supplemented, is referred to herein as “Note A-1”; the note referenced in clause (ii)
of the preceding sentence, as amended, modified or supplemented, is referred to herein as “Note A-2”. Note A-1
and Note A-2 are collectively referred to herein as the “Notes”. The Notes are secured by the same first mortgage
(as amended, modified or supplemented, the “Mortgage”) on certain real properties located as described on the
Mortgage Loan Schedule (the “Mortgaged Property”);

 

WHEREAS, the Initial
Note A-1 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Morgan Stanley Capital
I Inc. (“MSCII”) pursuant to a Mortgage Loan Purchase Agreement expected to be dated as of June 5, 2015, between
MSCII, as purchaser, and the Initial Note A-1 Holder, as seller, and MSCII intends to transfer its right, title and interest in
and to Note A-1 to Wilmington Trust, National Association, as trustee for Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23
under a pooling and servicing agreement, expected to be dated as of June 1, 2015 (the “Note A-1 PSA”), between
MSCII, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as general special servicer,
Wells Fargo Bank, National Association, as excluded mortgage loan special servicer, Pentalpha Surveillance LLC, as trust advisor,
Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, certificate
registrar, authenticating agent and custodian;

 

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

 

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

 

    	-1-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Agent Office”
shall mean the designated office of the Agent, which office, as of the date of this Agreement, is the office of the Initial Note
A-1 Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence with the Agent should
be directed. The Agent may change the address of its designated office by notice to the Note Holders.

 

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

 

“Applicable
Interest Rate” shall mean have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

 

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

 

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

 

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

 

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

 

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

 

    	-2-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Controlling
Note” shall mean the Note A-1.

 

“Controlling
Note Holder” shall mean the holder of the Controlling Note; provided that at any time Note A-1 is included in
a Securitization, references to the “Controlling Note Holder” herein shall mean the holders of the majority of the
class of securities issued in such Securitization designated as the “controlling class” or such other class(es) otherwise
assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided
in the related Securitization Servicing Agreement; provided that for so long as 50% or more of the Controlling Note is held
by (or the party assigned the rights to exercise the rights of the “Controlling Note Holder” (as described above) is)
the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, the Controlling Note (and such party assigned the rights
to exercise the rights of the “Controlling Note Holder” as described above) shall not be entitled to exercise any rights
of the Controlling Note Holder, and there shall be deemed to be no Controlling Note Holder hereunder.

 

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

 

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

 

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

 

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

 

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

 

    	-3-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-4-

    	 

    

 

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

 

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

 

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

 

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

 

“Major Decisions”
shall mean each “Major Decision” as defined in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of October 31, 2014, between BANA, as lender, and the Mortgage Loan
Borrower, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms
hereof.

 

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

 

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

 

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

 

    	-5-

    	 

    

 

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

 

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

 

“MSCII”
shall mean Morgan Stanley Capital I Inc.

 

“New Notes”
shall have the meaning assigned to such term in Section 33.

 

“Non-Controlling
Note” means Note A-2, and any New Note designated as a “Non-Controlling Note” hereunder pursuant to Section
33.

 

“Non-Controlling
Note Holder” means any holder of a Non-Controlling Note; provided that at any time such holder’s respective
Note is included in a Securitization, references to such “Non-Controlling Note Holder” herein shall mean the “Controlling
Class Representative” or any other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder”
hereunder, as and to the extent provided in the related Securitization Servicing Agreement and as to the identity of which the
Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written notice; provided
that for so long as 50% or more of any Non-Controlling Note is held by (or the majority “controlling class” holder
or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder” (as described above)
is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, such Non-Controlling Note (and the majority “controlling
class” holder or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder”
as described above) shall not be entitled to exercise any rights of such Non-Controlling Note Holder, and there shall be deemed
to be no Non-Controlling Note Holder hereunder with respect to such Non-Controlling Note. The Lead Securitization Note Holder (or
the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one
party in respect of any Note that is exercising the rights of a “Non-Controlling Note Holder” herein or under the Lead
Securitization Servicing Agreement and (x) to the extent that the related Securitization Servicing Agreement assigns such rights
to more than one party or (y) to the extent any Note is split into two or more New Notes pursuant to Section 33, for purposes
of this Agreement, the applicable Securitization Servicing Agreement or the holders of such New Notes shall designate one party
to deal with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) and provide
written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer acting
on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received
written notice as having been designated as a Non-Controlling Note Holder, as a Non-Controlling Note Holder under this Agreement.

 

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

 

    	-6-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-7-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-8-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)          an
entity Controlled by, under common Control with or that Controls any of the Initial Note Holders, or

 

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

 

    	-9-

    	 

    

 

(c)   
      one or more of the following:

 

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

 

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

 

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

 

(iv)         an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender
under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred
to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or
the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided that at
least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or

 

    	-10-

    	 

    

 

more entities that are
otherwise Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth
below in the definition), or

 

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

 

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

 

(d)          any
entity Controlled by any of the entities described in clause (b) above or that is the subject of a Rating Agency Confirmation
as a Qualified Institutional Lender for purposes of this Agreement from each of the Rating Agencies engaged by the Depositor for
the Lead Securitization Trust to rate the securities issued by the related Securitization Trust.

 

“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the
laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose
long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable Rating
Agencies (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s
and S&P).

 

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

 

“Rating Agency
Communication” shall mean, with respect to any action and any Securitization, any written communication intended for
a Rating Agency, which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document
format suitable for website posting to the 17g-5 information provider under the applicable Securitization Servicing Agreement.

 

    	-11-

    	 

    

 

“Rating Agency
Confirmation” shall mean, with respect to any Securitization, a confirmation in writing by each of the applicable Rating
Agencies for such Securitization that the occurrence of the event with respect to which such Rating Agency Confirmation is sought
shall not result in a downgrade, qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency
to any of the securities issued pursuant to such Securitization that are then outstanding. If no such securities are outstanding
with respect to any Securitization, any action that would otherwise require a Rating Agency Confirmation shall instead require
the consent of the Lead Securitization Note Holder, which consent shall not be unreasonably withheld or delayed. For the purposes
of this Agreement, if any Rating Agency shall waive, decline or refuse to review or otherwise engage any request for Rating Agency
Confirmation hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition
that a Rating Agency Confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity,
any such waiver, declination or refusal to review or otherwise engage in any request for a Rating Agency Confirmation hereunder
shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for a Rating Agency
Confirmation hereunder and the condition for Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall
apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

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

 

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such 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.

 

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

 

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

 

“REO Property”
shall have the meaning assigned to the term “REO Property” or such other analogous term used in the Lead Securitization
Servicing Agreement.

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12)

 

    	-12-

    	 

    

 

month period prior to the date
of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar
equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a ranking with
respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan securitization
that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not
downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities,
(v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by such special servicer prior to the time of determination and (vi) in the case of DBRS,
such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS within
the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn the then-current rating
on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation
of such special servicer as special servicer of such commercial mortgage securities as a material reason for such downgrade or
withdrawal.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which one or more of the Notes are held.

 

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

 

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

 

    	-13-

    	 

    

 

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

 

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

 

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

 

“Special Servicer”
shall mean the special servicer or excluded mortgage loan special servicer, as applicable, appointed as provided in the Lead Securitization
Servicing Agreement.

 

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

 

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

 

“Trust Advisor”
shall mean the “trust advisor”, “operating advisor” or other analogous term appointed as provided in the
Lead Securitization Servicing Agreement.

 

“Trustee”
shall mean the trustee appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

Section 2.          Servicing
of the Mortgage Loan.

 

(a)          Each Note Holder
acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Note
A-1 Securitization Date by the Note A-1 Master Servicer and the Note A-1 Special Servicer pursuant to the terms of

 

    	-14-

    	 

    

 

this Agreement
and the Note A-1 PSA; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of any Note other than the Lead Securitization Note if such principal or interest is not paid by the Mortgage
Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to
the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms
of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges that any other Note Holder may elect, in its sole
discretion, to include its Note in a Securitization and agrees that it will, subject to Section 27, reasonably cooperate
with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and
conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master
Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special
Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with
respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder
hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth
herein and in the Lead Securitization Servicing Agreement). The Lead Securitization Servicing Agreement shall not limit the Servicer
in enforcing the rights of one Note Holder against any other Note Holder as may be required in order to service the Mortgage Loan
as contemplated by this Agreement and the Lead Securitization Servicing Agreement; provided, that it is also understood
and agreed that nothing in this sentence shall be construed to otherwise limit the rights of one Note Holder with respect to any
other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement (i) to service the Mortgage
Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement
and applicable law, and shall(ii) to provide information to each servicer under each Non-Lead Securitization Servicing Agreement
necessary to enable each such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement,
and (iii) to not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

 

At any time that the
Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to
cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant
to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement, and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, however, that if a Non-Lead Securitization Note is in a Non-Lead Securitization and the servicer(s) to
be appointed under such replacement servicing agreement would not otherwise meet the conditions to be a servicer under such Non-Lead
Lead Securitization Servicing Agreement that is being replaced, then a Rating Agency Confirmation shall have been obtained from
each Rating Agency with respect to the securities issued in connection with such Non-Lead Securitization; provided, further,
however, that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause
the Mortgage Loan to be serviced pursuant to the provisions of the Lead Securitization Servicing Agreement, as if such agreement
were still in full

 

    	-15-

    	 

    

 

force and effect with respect to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person
appointed by the Lead Securitization Note Holder that is a qualified servicer meeting the requirements of the Lead Securitization
Servicing Agreement.

 

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

 

In addition, any Non-Lead
Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization Note
is deposited) shall be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse
the Lead Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Trust Advisor, the Depositor or CREFC®, as applicable,
is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the “Serviced
Pari Passu Companion Loan Custodial Account” are insufficient for reimbursement of such amounts. Each Non-Lead Securitization
Note Holder agrees to indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following
parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing
Agreement) each of the Depositor under the Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee and the Trust Advisor (and any director, officer, member, manager, employee or agent
of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing
Agreement in

 

    	-16-

    	 

    

 

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

 

Any Non-Lead Master Servicer
(or Non-Lead Trustee (if not made by such Non-Lead Master Servicer)) may be required to make P&I Advances on the respective
Non-Lead Securitization Note, from time to time, subject to the terms of the related Non-Lead Securitization Servicing Agreement,
the Lead Securitization Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable,
shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization
Note based on the information that they have on hand and in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead
Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee under any Non-Lead Securitization Servicing Agreement, as applicable,
shall each be entitled to make its own recoverability determination with respect to a P&I Advance to be made on the related
Non-Lead Securitization Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization
Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer or Non-Lead Trustee,
as applicable, shall each be required to notify the other of the amount of its P&I Advance within two (2) Business Days of
making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization
Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization
Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would
be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that
a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then
the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination
of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead
Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the case of the a determination of non-recoverability
by a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee,
or the related Non-Lead Master Servicer and the related Non-Lead Trustee, as the case may be, of such other Securitization within
one (1) Business Day of making such determination. Each of the Master Servicer and the Trustee, any Non-Lead Master Servicer and
any Non-Lead Trustee, as applicable, shall only be

 

    	-17-

    	 

    

 

entitled to reimbursement for a P&I Advance and Advance Interest thereon
that becomes non-recoverable first, from the Serviced Companion Loan Custodial Account from amounts allocable to the Note
for which such P&I Advance was made, and then, if funds are insufficient, (i) in the case of the Lead Securitization
Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement
and (ii) in the case of each Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and
to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

(ii)           each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead
Securitization Servicing Agreement) by the Securitization Trust holding such Non-Lead Securitization Note, against any of the Indemnified
Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the related
“Serviced Pari Passu Companion Loan Custodial Account” are insufficient for reimbursement of such amounts, the related
Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share
of the

 

    	-18-

    	 

    

 

insufficiency out of general collections in the collection account (or equivalent account) established under such Non-Lead
Securitization Servicing Agreement; provided, however, that the Non-Lead Securitization Servicing Agreement may include
limitations and conditions on the payment or reimbursement of Indemnified Items to the Trust Advisor (including limitations and
conditions with respect to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements).

 

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

 

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

 

(d)           Prior to the Securitization
of any Note (including any New Note), all notices, reports, information or other deliverables required to be delivered to a Note
Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the related Note Holder (or its Note
Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative, as applicable), the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery
obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement. Following the Securitization
of any Note (including any New Note), as applicable, all notices, reports, information or other deliverables required to be delivered
to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the master servicer and the special
servicer with respect to such Securitization (who then may forward such items to the party entitled to receive such items as and
to the extent provided in the related Securitization Servicing Agreement) and, when so delivered to such master servicer and the
special servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing
Agreement.

 

(e)           In addition to
the foregoing, the Note A-2 PSA shall contain terms and conditions that are customary for securitization transactions involving
assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax elections of the

 

    	-19-

    	 

    

 

Note A-2
Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested by the Rating Agencies rating the
Note A-2 Securitization. The Note A-2 Holder shall have the right to designate the Note A-2 Master Servicer and Note A-2 Special
Servicer as long as each such party satisfies the conditions for such Servicer set forth in the Note A-1 PSA. Without limiting
the generality of any provision set forth above, for purposes of the Mortgage Loan, the Note A-2 PSA shall contain (a) provisions
requiring the Note A-2 Master Servicer and the Note A-2 Special Servicer to maintain, or subjecting them to possible termination
for not maintaining, compliance with customary servicer rating criteria (but the rating agencies need not be the same) and (b)
provisions substantially similar in all material respects to or materially consistent with those set forth in Note A-1 PSA with
respect to (i) periodic reporting and periodic delivery of service provider compliance documents under Regulation AB (and, in any
event, the Note A-2 PSA shall require such reporting and delivery so long as the Note A-1 Securitization is required to file periodic
reports under the Securities Exchange Act of 1934, as amended), (ii) servicing transfer events that would result in the transfer
of the Mortgage Loan to special servicing status, (iii) the authority of the servicers in the Note A-2 Securitization to grant
or agree or consent to material modifications, waivers and amendments to the Mortgage Loan, or to approve material assignments
and assumptions or material additional indebtedness in connection with the Mortgage Loan, (iv) the potential termination of the
master servicer and special servicer following a Servicer Termination Event, (v) requirements to obtain an appraisal or appraisal
update following a transfer of the Mortgage Loan to special servicing status and periodic updates thereof, (vi) duties of the special
servicer in respect of foreclosure and the management of REO property, (vii) special servicing, workout and liquidation fees (and,
in any event, the fees at which such compensation accrue or are determined shall not exceed 0.25%, 1.00% and 1.00%, respectively)
and (viii) indemnification of the Depositor under the Note A-1 PSA, the Note A-1 Master Servicer, the Note A-1 Special Servicer,
the certificate administrator under the Note A-1 PSA, the Note A-1 Trustee and the trust advisor under the Note A-1 PSA (and any
director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties
in the Note A-1 PSA in respect of other mortgage loans) against any claims, losses, penalties, fines, forfeitures, legal fees and
related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration
of the Mortgage Loan (or, with respect to the trust advisor under the Note A-1 PSA, incurred in connection with the provision of
services for the Mortgage Loan) to the same extent that the Note A-1 PSA indemnifies the Indemnified Parties against the Indemnified
Items; provided that (A) this statement shall not be construed to prohibit differences in timing, control or consultation
triggers or threshholds, terminology, allocation of ministerial duties between multiple servicers or other service providers or
certificateholder or investor voting or consent threshholds, or to prohibit or restrict additional approval, consent, consultation,
notice or rating agency communication and confirmation requirements; and (B) if there is any conflict between this sentence and
any other provision of this Agreement, such other provision of this Agreement shall control.

 

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

 

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

 

For clarification purposes,
“Default Charges” (or analogous term as defined in the Lead Securitization Servicing Agreement) paid on each Note shall,
first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the
Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any
Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce
the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer
or any Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such Note by such
party (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement,
as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary
to pay Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with
respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, (i) in the case
of the

 

    	-21-

    	 

    

 

remaining amount of Default Charges allocable to the Lead Securitization Note, be paid to the Master Servicer and/or the
Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement and (ii) in the
case of the remaining amount of Default Charges allocable to a Non-Lead Securitization Note, be paid, (x) prior to the securitization
of such Note, to the related Note Holder and (y) following the securitization of such Note, to the Master Servicer and/or the Special
Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement.

 

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

 

Section 5.          Administration
of the Mortgage Loan.

 

(a)          Subject to this
Agreement (including, without limitation, Section 5(c)) and the Lead Securitization Servicing Agreement and subject to the
rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder (or the
Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder), shall have the sole
and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage
Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or to
consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or
waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and any Non-Lead
Securitization Note Holder shall have no voting, consent or other rights whatsoever except as explicitly set forth herein or in
the Lead Securitization Servicing Agreement with respect to the Lead Securitization Note Holder’s administration of, or exercise
of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing
Agreement, any Non-Lead Securitization Note Holder shall have no right (and the Note A-2 Holder hereby presently and irrevocably
assigns and conveys to the Note A-1 Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the
Lead Securitization Note Holder) the rights, if any, that such Note Holder has to (i) call or cause the Lead Securitization Note
Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or
the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note Holder to file any bankruptcy
petition against the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer
or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to any Non-Lead Securitization
Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization
Note Holder from the obligation to make any disbursement of

 

    	-22-

    	 

    

 

funds as set forth herein or its obligation to follow the Servicing
Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure to do so).

 

Each Note Holder hereby
acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead
Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together as notes evidencing one
whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale, the Special
Servicer shall be required to sell the Notes together as notes evidencing one whole loan and shall require that all offers be submitted
to the Trustee in writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the offer amount (subject
to a cap of $2,500,000). Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined by the Special
Servicer (unless the offeror is an Interested Person, in which case the Trustee shall make such determination); provided
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least
two bona fide other offers are received from independent third parties. In determining whether any offer received represents
a fair price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable, shall be supplied with and shall rely on
the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within
the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the
appraiser conducting any such new Appraisal. In determining whether any such offer constitutes a fair price for the Mortgage Loan,
the Trustee or the Special Servicer, as applicable, shall instruct the appraiser to take into account (in addition to the results
of any Appraisal or updated Appraisal that it may have obtained pursuant to the Lead Securitization Servicing Agreement), as applicable,
among other factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy level and physical condition
of the related Mortgaged Property and the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent
appraiser or other Independent expert in real estate matters retained by the Trustee at the expense of the Holders in connection
with making such determination. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting
on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage Loan without the written consent
of each Non-Lead Securitization Note Holder unless the Special Servicer has delivered to such Non-Lead Securitization Note Holder:
(a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least
ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received
by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date,
a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicer Mortgage File requested by such Non-Lead
Securitization Note Holder and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded
to other offerors and the related “Controlling Class Representative” (or other similar term)) prior to the proposed
sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved
by the Master Servicer or the Special Servicer in connection with the proposed sale. Subject to the foregoing, each of the Controlling
Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note Holder and any Non-Controlling Note Holder Representative
shall be permitted to bid at any sale of the Mortgage Loan.

 

    	-23-

    	 

    

 

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

 

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

 

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

 

    	-24-

    	 

    

 

Note Holder (unless it is the same Person as, or is an
Affiliate of, the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead Securitization Servicing Agreement with
respect to its rights as specifically provided for therein

 

(c)          Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Controlling Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or
the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Lead
Securitization Note Holder (or its related Note Holder Representative), within the same time frame it is required to provide to
the Lead Securitization Controlling Class Representative (for this purpose, without regard to whether such items are actually required
to be provided to the Lead Securitization Controlling Class Representative under the Lead Securitization Servicing Agreement due
to the expiration of the related “Subordinate Control Period” (as defined under the Note A-1 PSA) or the “Collective
Consultation Period” (as defined under the Note A-1 PSA)) and (ii) to consult with the Non-Controlling Note Holder (or
its Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having received such notices, information
and reports, such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) requests consultation with respect
to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the
Mortgage Loan, and consider alternative actions recommended by such Non-Controlling Note Holder (or its Non-Controlling Note Holder
Representative); provided that after the expiration of a period of ten (10) Business Days from the delivery to such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) by the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf) of written notice of a proposed action, together with copies of the notice, information
and report required to be provided to the Lead Securitization Controlling Class Representative, the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) has responded within such ten (10) Business Day period (unless, the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of each Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may take any Major Decision or any action set forth
in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate action with respect thereto is necessary
to protect the interests of the Note Holders. In no event shall the Lead Securitization Note Holder (or Master Servicer or Special
Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by the Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative).

 

    	-25-

    	 

    
 

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

 

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

 

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

 

Section 6.          Rights
of the Controlling Note Holder.

 

(a)          The Controlling
Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations
with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling Note Holder

 

    	-26-

    	 

    
 

shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder
Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling
Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder
Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower),
including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder, any affiliate
of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder Representative shall owe any
fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted to be
taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting on
behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization Note Holder shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified the Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Trust Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they receive
such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer or Trustee of
the then-current Controlling Note Holder Representative.

 

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

 

    	-27-

    	 

    
 

having given any consent or having failed
to give any consent, solely in the interests of any Note Holder.

 

Each Non-Controlling
Note Holder shall provide notice of its identity and contact information (including any change thereof) to the Trustee, Certificate
Administrator, the Master Servicer and the Special Servicer under the Lead Securitization; provided, that each Initial Note
Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate Administrator, the Master Servicer
and the Special Servicer under the Lead Securitization shall be entitled to conclusively rely on such identity and contact information
received by it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon.

 

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

 

For so long as Note A-1
is included in the Note A-1 Securitization, the “Controlling Class Representative” under the Note A-1 PSA shall be
the Controlling Note Holder Representative.

 

(b)          Reserved.

 

Section
7.          Appointment of Special Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative)
shall have the right (subject to the terms, conditions and limitations in the Lead Securitization Servicing Agreement) at any
time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage
Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the Controlling Note Holder (or its
Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to each other
Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead Securitization Servicing
Agreement a written notice stating such designation and satisfying the other conditions to such replacement as set forth in
the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency Communication or a Rating Agency
Confirmation, but only if required by the terms of the Lead Securitization Servicing Agreement), if any. The Controlling Note
Holder shall be solely responsible for any expenses incurred in connection with any such replacement without cause. The
Controlling Note Holder shall notify the other parties hereto of its termination of the then currently serving Special
Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7. If the
Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the
securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the
Lead Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the
Controlling Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for
the

 

    	-28-

    	 

    
 

Mortgage Loan as aforesaid. If a Servicer Termination Event
on the part of the Special Servicer has occurred that affects any Non-Controlling Note Holder, such Non-Controlling Note Holder
shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust,
the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with respect
to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement. Each Note Holder
acknowledges and agrees that any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage
Loan that was terminated for cause at a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate
thereof) that was so terminated without the prior written consent of such Non-Controlling Note Holder. Each Non-Controlling Note
Holder shall be solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs
and expenses, if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would
otherwise be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s “collection account”.

 

Section 8.          Payment
Procedure.

 

(a)          The Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf), in accordance with the priorities
set forth in Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, shall deposit or cause to
be deposited all payments allocable to the Notes to the “Collection Account” and/or “Serviced Pari Passu Companion
Loan Custodial Account” (or the related analogous term and each as defined in the Lead Securitization Servicing Agreement)
pursuant to and in accordance with the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder (or the Master
Servicer, the Special Servicer or the Trustee acting on its behalf) shall deposit such amounts to the applicable account within
one (1) Business Day after receipt of properly identified funds by the Lead Securitization Note Holder (or the Master Servicer
acting on its behalf) from or on behalf of the Mortgage Loan Borrower) provided, that to the extent that any payment is
received after 2:00 p.m. (Eastern time) on any given Business Day, the Master Servicer is required to use commercially reasonable
efforts to deposit such payment into the applicable account within one (1) Business Day of receipt of such payment, but, in any
event , the Master Servicer is required to deposit such payments into the applicable account within two (2) Business Days of receipt
of such payment).

 

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

 

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interest thereon at such rate, if any, as the Lead Securitization Note Holder (or the Servicer acting
on its behalf) shall have been required to pay to any Mortgage Loan Borrower, Master Servicer, Special Servicer or such other Person
with respect thereto.

 

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

 

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

 

Section
9.          Limitation on Liability of the Note Holders. No Note
Holder shall have any liability to any other Note Holder with respect to its Note except with respect to losses actually
suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part of such Note Holder; provided,
that, notwithstanding any of the foregoing to the contrary, each Servicer will nevertheless be subject to the obligations and
standards (including the Servicing Standard) set forth in the related Securitization Servicing Agreement.

 

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

 

Section
10.        Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the
Lead Securitization Note Holder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce,
petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or
cause

 

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

 

Section
11.          Representations of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and
performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and
does not contravene such Note Holder’s charter or any law or contractual restriction binding upon such Note Holder, and
that this Agreement is the legal, valid and binding obligation of such Note Holder enforceable against such Note Holder in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the
enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law. Each
Note Holder represents and warrants that it is duly organized, validly existing, in good standing and in possession of all
licenses and authorizations necessary to carry on its business. Each Note Holder represents and warrants that (a) this
Agreement has been duly executed and delivered by such Note Holder, (b) to such Note Holder’s actual knowledge,
all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any,
required for the execution, delivery and performance of this Agreement by such Note Holder have been obtained or made and
(c) to such Note Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or
governmental investigation against such Note Holder, an adverse outcome of which would materially and adversely affect its
performance under this Agreement.

 

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

 

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

 

Section 14.          Sale
of the Notes.

 

(a)          Each Note Holder
agrees that it will not sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose of all
or any portion of its respective Note (or a participation interest in such Note) (a “Transfer”) except to a
Qualified Institutional Lender in accordance with the terms of this Agreement. Promptly after any such Transfer, any non-transferring
Note Holders shall be provided with (x) a representation from each transferee or the transferring Note Holder certifying that such
transferee is a Qualified Institutional Lender (except in the case of a Transfer in accordance with the immediately following sentence
or a Transfer by a Note Holder to an entity that constitutes a Qualified Institutional Lender pursuant to clause (c)(iii) of the
definition thereof) and (y) a copy of the assignment and assumption agreement referred to in Section 15. If a
Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional
Lender, it must first obtain the consent of each non-transferring Note Holder and, if any such non-transferring Note Holder’s
Note is held in a Securitization Trust, obtain a Rating Agency Confirmation from each of the applicable engaged Rating Agencies
for such Securitization Trust. Notwithstanding the foregoing, without each non-transferring Note Holder’s prior consent (which
will not be unreasonably withheld), and, if any such non-transferring Note Holder’s Note is held in a Securitization Trust,
without a Rating Agency from each of the applicable engaged Rating Agencies for such Securitization, no Note Holder shall Transfer
all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party and any such Transfer shall be

 

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absolutely null and void and shall vest no rights in the purported transferee. The
transferring Note Holder agrees that it shall pay the expenses of any non-transferring Note Holder (including all expenses of the
Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling Note Holder Representative) and
all expenses relating to the confirmation from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing,
unless the related Note is included in a Securitization, each Note Holder shall have the right, without the need to obtain the
consent of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less (in the aggregate) of its beneficial
interest in a Note. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of Note A-1 together with
Note A-2, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special
Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the
Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, to a single member limited liability or limited
partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member limited liability
companies or limited partnerships, by the Lead Securitization Trust.

 

For the purposes of this
Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for a Rating
Agency Confirmation, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition that
such confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity, any such waiver,
declination or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver,
declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder and
the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless
of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

(b)          In the case of
any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’ obligations under this
Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of such obligations,
and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal solely and directly
with such Note Holder in connection with such Note Holder’s rights and obligations under this Agreement and the Lead Securitization
Servicing Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had not sold such participation
interest.

 

(c)          Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage
Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Note Holder and that is either
a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each applicable Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent (or
higher) rating from any two of Fitch, Moody’s and S&P) (a “Note Pledgee”), on terms and conditions
set forth in this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder
or any person which Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify
as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified

 

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Institutional Lender may
not take title to the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to each
other Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee),
each other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written
notice of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default such Note
Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note
Holder in respect of its obligations to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure
any such default; (iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against
such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned
or delayed; (iv) that such other Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement
simultaneously with the giving of same to the pledging Note Holder and accept any cure thereof by such Note Pledgee which such
pledging Note Holder has the right (but not the obligation) to effect hereunder, as if such cure were made by such pledging Note
Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably
request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Note Holder; and
(vi) that, upon written notice (a “Redirection Notice”) to each other Note Holder and any Servicer by such
Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under the pledging Note Holder’s
obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging Note Holder and such Note Pledgee
(which notice need not be joined in or confirmed by the pledging Note Holder), and until such Redirection Notice is withdrawn or
rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Note Holder or Servicer would otherwise
be obligated to pay to the pledging Note Holder from time to time pursuant to this Agreement or the Lead Securitization Servicing
Agreement. Any pledging Note Holder hereby unconditionally and absolutely releases each other Note Holder and any Servicer from
any liability to the pledging Note Holder on account of such other Note Holder’s or Servicer’s compliance with any
Redirection Notice believed by any Servicer or such other Note Holder to have been delivered by a Note Pledgee. Note Pledgee shall
be permitted to exercise fully its rights and remedies against the pledging Note Holder to such Note Pledgee (and accept an assignment
in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement. In such event, the Note Holders
and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage Loan Borrower or any Affiliate thereof
which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in
lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note Holder’s rights, remedies and
obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations
of the pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such
Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 14(c)
shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such
Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

(d)          Notwithstanding
any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional Lender
provides financing to a Note Holder

 

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then such Note Holder shall have the right to grant a security interest in its Note to such
Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:

 

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

 

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

 

(iii)          such
Note Holder pledges (or sells, transfers or assigns as part of a repurchase facility) its interest in its Note to the Conduit as
collateral for the Conduit Inventory Loan;

 

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

 

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

 

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

 

In connection with any
Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment
and assumption agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement
requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable
Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including
the applicable restriction on Transfers set forth in Section 14, from and after the date of such

 

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assignment. No transfer
of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported
transfer of any Note in violation of the provisions of Section 14 and this Section 15. Any such purported
transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder desiring to effect
such transfer shall, and does hereby agree to, indemnify the Agent and each other Note Holder against any liability that may result
if the transfer is not made in accordance with the provisions of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
20.           Successors and Assigns; Third Party
Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and assigns. Except as provided herein, including without limitation, with respect to the Trustee, Certificate
Administrator, Master Servicer and Special Servicer and any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead
Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a
party hereto. Subject to Section 14 and Section 15, each Note Holder may assign or delegate its
rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and
benefits of the applicable Note Holder hereunder. For the avoidance of doubt, the representations in Section 11 shall
not be binding upon any Securitization Trust.

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)          Each Note Holder
(to the extent it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit of the Mortgage Loan
Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower
is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant
to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of
this Agreement, each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall deliver
to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note Holder
substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated under
applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without
limiting the effect of the foregoing, (i) if a Note

 

    	-38-

    	 

    
 

Holder is created or organized under the laws of the United States, any
state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Lead
Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created or organized under
the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by
the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within the
United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or
successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s
exemption from the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated
to make any payment hereunder with respect to the Non-Lead Securitization Note or otherwise until the holder of such Note shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

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

 

Section 27.          Cooperation
in Securitization.

 

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

 

    	-39-

    	 

    
 

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

 

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

 

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

 

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

 

    	-40-

    	 

    

 

Section 30.          Certain
Matters Affecting the Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 31.          Reserved.

 

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

 

    	-41-

    	 

    

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    	-42-

    	 

    

 

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

	 	 	 	 
	 	BANK OF AMERICA, N.A., as
Initial Note A-1 Holder
	 	 	 
	 	By:	/s/ Steven Wasser
	 	 	Name:	Steven Wasser
			Title:	Managing Director

	 	 	 	 
	 	BANK OF AMERICA, N.A., as
Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Steven Wasser
	 	 	Name:	Steven Wasser
			Title:	Managing Director

 

Aviare
Place Apartments Agreement Between Note Holders

 

    	 

    	 

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

    

	Mortgage Loan Borrower(s):	 

                                                                                Midland Aviare Place, L.P.

	Date of Mortgage Loan:	 

                                                                                October 31, 2014

	Date of Original Note:	 

                                                                                October 31, 2014

	Date of the Notes:	 

                                                                                June 4, 2015

	Original Principal Amount of Mortgage Loan:	 

                                                                                $26,322,000

	Replacement, Amended and Restated Promissory Note A-1 Principal Balance:	 

                                                                                $20,850,000

	Replacement, Amended and Restated Promissory Note A-2 Principal Balance:	 

                                                                                $5,472,000

	Location of Mortgaged Property:	 

                                                                                Midland, Texas

	Initial Maturity Date:	 

                                                                                November 1, 2024

 

    	A-1

    	 

    

 

EXHIBIT B

 

1.         Initial Note A-1 Holder:

 

(Prior to Securitization of Note A-1):

 

Bank of America, N.A. 

NC1-027-15-01 

214 North Tryon Street 

Charlotte, North Carolina 28255 

Attention: Steven L. Wasser 

Email: steve.l.wasser@baml.com

 

with a copy to:

 

W. Todd Stillerman, Esq. 

Bank of America Corporation 

NC1-027-20-05 

214 North Tryon Street, 20th
Floor 

Charlotte, North Carolina 28255 

Email: william.stillerman@bankofamerica.com

 

Following Securitization of Note A-1 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.

 

2.         Initial Note A-2 Holder:

 

Bank of America, N.A.

NC1-027-15-01

214 North Tryon Street

Charlotte, North Carolina 28255

Attention: Steven L. Wasser

Email: steve.l.wasser@baml.com

 

with a copy to:

 

Bank of America, N.A.

214 North Tryon Street, 20th Floor

NC1-027-20-05

Charlotte, North Carolina 28255

Attention: W. Todd Stillerman, Esq.

Email: william.stillerman@bankofamerica.com

 

Following Securitization of Note A-2 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.

 

    	B-1

    	 

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

		1.	Alliance Bernstein

		2.	Annaly Capital Management

		3.	Apollo Real Estate Advisors

		4.	Archon Capital, L.P.

		5.	AREA Property Partners

		6.	Artemis Real Estate Partners

		7.	BlackRock, Inc.

		8.	Capital Trust, Inc.

		9.	Clarion Partners

		10.	Colony Capital, LLC / Colony Financial, Inc.

		11.	CreXus Investment Corporation/Annaly Capital Management

		12.	DLJ Real Estate Capital Partners

		13.	Dune Real Estate Partners

		14.	Eightfold Real Estate Capital, L.P.

		15.	Five Mile Capital Partners

		16.	Fortress Investment Group, LLC

		17.	Garrison Investment Group

		18.	Goldman, Sachs & Co.

		19.	H/2 Capital Partners LLC

		20.	Hudson Advisors

		21.	Investcorp International

		22.	iStar Financial Inc.

		23.	J.P. Morgan Investment Management Inc.

		24.	JER Partners

		25.	Lend-Lease Real Estate Investments

		26.	Libermax Capital LLC

		27.	LoanCore Capital

		28.	Lone Star Funds

		29.	Lowe Enterprises

		30.	Normandy Real Estate Partners

		31.	One William Street Capital Management, L.P.

		32.	Och-Ziff Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.

		33.	Praedium Group

		34.	Raith Capital Partners, LLC

		35.	Rialto Capital Management, LLC

		36.	Rialto Capital Partners LLC

		37.	Rimrock Capital Management LLC

		38.	Rockpoint Group

		39.	Rockwood

		40.	RREEF Funds

		41.	Square Mile Capital Management

		42.	Starwood Capital Group/Starwood Financial Trust

		43.	The Blackstone Group

		44.	The Carlyle Group

		45.	Torchlight Investors

		46.	Walton Street Capital, L.L.C.

		47.	Westbrook Partners

		48.	WestRiver Capital

		49.	Wheelock Street Capital

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

 

    	C-1Exhibit 10.1

 

 

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (this “Agreement”), dated September 21, 2015 (the “Effective Date”), is entered
into by and between Shore Bancshares, Inc., a corporation organized under the laws of Maryland (the “Employer”),
and Lloyd L. Beatty, Jr. (the “Employee”).

 

WHEREAS, the
Employee and the Employer have previously entered into an employment agreement dated June 16, 2011 and the Employee and Employer
desire to amend and restate such agreement to reflect, among other things, certain changes in laws and regulations relating to
executive compensation;

 

WHEREAS, the
Employee is employed by the Employer as President and Chief Executive Officer; and

 

WHEREAS, the
parties hereto desire to set forth in writing the continued employment relationship of the Employer and the Employee;

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements of the parties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Employee and the Employer agree as follows:

 

1.Employment
and Duties. The Employee is employed by the Employer as President and Chief Executive Officer. The Employee shall render administrative
and management services to the Employer such as are customarily performed by persons situated in a similar executive capacity.
The Employee shall also promote, by entertainment or otherwise, and to the extent permitted by law, the business of the Employer.
The Employee’s other duties shall be such as the Board of Directors of the Employer (the “Board”) may from time
to time reasonably direct, including normal duties of an officer of the Employer. The Employee shall devote his full time and best
efforts to the performance of his duties under this Agreement.

 

2.Compensation;
Employee Benefits.

 

(a)Base Salary.
The Employer agrees to pay the Employee during the term of this Agreement a base salary at the rate of Three Hundred Fifty-Five
Thousand, Three Hundred and Fifty Dollars ($355,350) per annum, which shall be paid in cash in accordance with the Employer’s
normal payroll practices for its salaried employees from time to time in effect. Such rate of salary may be periodically increased
by, and at the sole discretion of, the Board or its Compensation Committee.

 

(b)Bonus Plans.
The Employee shall be entitled to participate in such bonus programs and plans as the Employer makes available from time to time
to similarly situated executive officers of the Employer to the extent the provisions, rules, and regulations of such plans make
the Employee eligible for participation therein.

 

    	1 | Page

     

    

 

(c)Employee Benefits.
The Employee shall be entitled to employee benefits comparable to those provided from time to time by the Employer and/or its Affiliates
(collectively, the “Employer Group”) to similarly situated executive officers of the Employer to the extent
the provisions, rules, and regulations of such plans make the Employee eligible for participation therein, including, without limitation,
any plan of the Employer Group relating to pension, profit sharing, or other retirement benefits and medical coverage or reimbursement
plans that the Employer Group may adopt for the benefit of the employees of the Employer. The Employer may also, at its discretion,
enter into other agreements with the Employee to provide supplemental retirement benefits, additional death benefits, or the like.
For purposes of this Agreement, the term “Affiliate” means any “parent corporation” and any “subsidiary
corporation” of the Employer, as such terms are defined in Section 424 of the Internal Revenue Code, as amended (the “Code”).

 

(d)Fringe Benefits.
During the term of this Agreement, the Employee shall be eligible to participate in any fringe benefits which may be or become
applicable to the Employer’s executive officers, including, without limitation, participation in any equity compensation
plans and similar incentive plans adopted by the Board or its Compensation Committee, and any other benefits which are commensurate
with the responsibilities and functions to be performed by the Employee under this Agreement to the extent the provisions, rules,
and regulations of such plans or arrangements make the Employee eligible for participation therein or for receipt of such benefits.

 

(e)Reimbursement
of Expenses. The Employer shall reimburse the Employee for all out of pocket expenses which the Employee shall incur in connection
with his services for the Employer in accordance with the Employer’s reimbursement policies. With respect to any reimbursement
of expenses of, or any provision of in-kind benefits to, the Employee, as specified under this Agreement, such reimbursement of
expenses or provision of in-kind benefits shall be subject to the following conditions: (i) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the
amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made
no later than the end of the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

(f)Vacation and
Leave.

 

(i)At
such reasonable times as the Employer’s Board shall in its discretion permit, the Employee shall be entitled, without loss
of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences
to count as vacation time; provided that:

 

    	2 | Page

     

    

 

A.The
Employee shall be entitled to an annual vacation in accordance with the policies as periodically established by the Board for executive
officers of the Employer, which shall in no event be less than four weeks per year. The Employee shall not be entitled to receive
any additional compensation from the Employer on account of his failure to take a vacation, nor shall he be entitled to accumulate
unused vacation from one year to the next except to the extent authorized by the Board for executive officers of the Employer.

 

B.In
addition to the aforesaid paid vacations, the Employee shall be entitled without loss of pay, to absent himself voluntarily from
the performance of his employment with the Employer for such additional periods of time and for such valid and legitimate reasons
as the Board in its discretion may determine.

 

C.The
Employee shall be entitled to an annual sick leave as established by the Board for executive officers of the Employer. In the event
any sick leave shall not have been used during any year, such leave shall not accrue to subsequent years unless authorized by the
Board. Upon termination of his employment hereunder, the Employee shall not be entitled to receive any additional compensation
from the Employer for unused sick leave.

 

3.Term.
The initial term of employment under this Agreement shall be for 12 months commencing on the Effective Date (the “Initial
Term”). Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of 12
months each (each such renewal term, together with the Initial Term, a “Term”) without further action by the
parties, unless either party shall have served written notice on the other party at least 60 days prior to the commencement of
a new Term of such party’s decision not to renew this Agreement. At least 120 days prior to the commencement of a new Term,
the Board or a committee thereof will conduct a comprehensive performance evaluation and review of Employee to determine whether
to give notice of non-renewal as provided herein. The evaluation and review shall be documented in the minutes of the Board or
the committee thereof.

 

4.Termination.

 

(a)General.
The Employee’s employment under this Agreement may be terminated prior to the expiration of the then-current Term upon the
occurrence of any of the following events:

 

(i)death
of the Employee;

 

(ii)written
notice by the Employer to the Employee of the termination of his employment for “Cause” (as hereinafter defined), specifying
in reasonable detail the reason constituting such cause;

 

    	3 | Page

     

    

 

(iii)written
notice by the Employer to the Employee of its termination of the Employee’s employment without Cause;

 

(iv)30
days after the date the Employee delivers written notice to the Employer of his intention to terminate his employment, provided
that the Employer shall have the option to pay the Employee 30 days’ salary in lieu of his working during the notice period.

 

(b)Cause.
For purposes of Section 4(a)(ii), the term “Cause” means: (i) the Employee’s “Disability”
(as hereinafter defined); (ii) an action or failure to act by the Employee constituting fraud, misappropriation or damage to the
property or business of the Employer; (iii) conduct by Employee that amounts to fraud, personal dishonesty or breach of fiduciary
duty; (iv) Employee’s conviction (from which no appeal may be, or is, timely taken) of a felony or willful violation of any
law, rule or regulation (other than traffic violations or similar offenses); (v) the Employee’s breach of any of his obligations
hereunder; (vi) the unauthorized use, misappropriation or disclosure by the Employee of any Confidential Information of the Employer
or of any confidential information of any other party to whom the Employee owes an obligation of nondisclosure as a result of his
relationship with the Employer; (vii) the willful violation of any final cease and desist or consent order; (viii) a knowing violation
by Employee of federal and state banking laws or regulations which is likely to have a material adverse effect on Employer, as
determined by the Board; (ix) the determination by the Board, in the exercise of its reasonable judgment and in good faith, that
Employee’s job performance is substantially unsatisfactory and that he has failed to cure such performance within a reasonable
period (but in no event more than thirty (30) days) after written notice specifying in reasonable detail the nature of the unsatisfactory
performance; (x) Employee’s material breach of any of Employer’s written policies; or (xi) the issuance of any order
by the Maryland Commissioner of Financial Regulation, the Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, or any other supervisory agency with jurisdiction over the Employer permanently prohibiting the continued
service of the Employee with the Employer. No act or failure to act on the part of the Employee shall be considered “willful”
unless it is done, or omitted to be done, by the Employee in bad faith or without reasonable belief that the Employee’s action
or omission was in the best interests of the Employer. Any act or failure to act that is based upon authority given pursuant to
a resolution duly adopted by the Board, or upon the advice of legal counsel for the Employer, shall be conclusively presumed to
be done, or omitted to be done, by the Employee in good faith and in the best interest of the Employer.

 

(c)Disability.
For purposes of Section 4(b)(i), the term “Disability” shall have the meaning given to such term in the long-term
disability policy available to employees of the Employer, as amended or replaced from time to time. 

 

5.Payments Upon
Termination. 

 

(a)Payment
of Unpaid Salary and Bonus. If the Employee’s employment is terminated hereunder for any reason, the Employee shall be
entitled to receive (i) all base salary that has accrued through, but remains unpaid as of, the date of termination, (ii) all bonus
awards (pro rated through the last day of the calendar month in which termination occurs) that the Employee would have been eligible
to receive had he remained employed when bonuses are next declared or paid on a pro rata basis provided any applicable performance
goals are satisfied, and (iii) reimbursement of all unreimbursed expenses, all as provided in Section 2. All such amounts shall
be paid as soon as reasonably practicable following the date of the Employee’s termination, but in no event later than the
last day of the calendar quarter of the quarter in which the Employee’s employment was terminated. In addition, all unexercised
or unvested equity awards, or portions thereof, held by the Employee as of the date of termination shall vest or terminate and
be exercisable in accordance with their terms. The termination of the Employee’s employment hereunder shall not impair any
rights of the Employee under any employee benefit or fringe benefit plans that have vested as of the date of termination, which
rights shall be administered after the termination of employment in accordance with the terms of such plans.

 

    	4 | Page

     

    

 

(b)Payment
of Severance. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section
5(a), if the Employee’s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue
to make salary payments to the Employee at his then-current base salary level for 24 months following the date of termination (the
“Severance Period”). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer’s
normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60th day
following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory
period during which the Employee is entitled to revoke such release has expired on or before that 60th day. 

 

(c)Payments
Following a Change in Control. If the Employee’s employment is terminated by the Employer without Cause pursuant to Section
4(a)(iii) in connection with or within 12 months after any “Change in Control” (as hereinafter defined) of the Employer,
then, in addition to the to the amounts and benefits to be paid or provided under Section 5(a), the Employee shall be paid an amount
equal to the difference between (i) the product of 2.99 times the Employee’s “base amount” as defined in Section
280G(b)(3) of the Code and regulations promulgated thereunder, and (ii) the sum of any other parachute payments (as defined under
Section 280G(b)(2) of the Code) that the Employee receives on account of the Change in Control. Subject to Section 5(g), said sum
shall be paid to the Employee in one lump sum on the 60th day following the Employee’s termination, provided that
the Employee has executed and submitted a release of claims and the statutory period during which Employee is entitled to revoke
the release of claims has expired on or before that 60th day.

 

(d)Change
in Control. For purposes of Section 5(c), a “Change in Control” shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been satisfied:

 

    	5 | Page

     

    

 

(i)any
one person, or more than one person acting as a group, acquires ownership of securities of the Employer or of its ultimate parent
company (the “Parent”) that, together with securities held by such person or group, constitutes more than 50
percent (50%) of the total fair market value or total voting power of the securities of the Employer or of the Parent, as the case
may be;

 

(ii)either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of securities of the Employer or of the Parent possessing
35 percent (35%) or more of the total voting power of the securities of the Employer or of the Parent, as the case may be; or (B)
a majority of members of the Board of Directors of the Employer or of the Parent is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Board of the Employer or of the Board of Directors
of the Parent, as the case may be, prior to the date of the appointment or election; or

 

(iii)any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Employer or from the Parent that have a total gross fair
market value equal to or more than 40 percent (40%) of the total gross fair market value of all of the assets of the Employer or
of the Parent, as the case may be, immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the Employer or of its parent company, as the case may be, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets.

 

Notwithstanding
the foregoing, the acquisition of ownership or control of voting stock of the Employer or of the Parent, individually or collectively,
by the Employer or one of its Affiliates or any benefit plan sponsored by the Employer or any of its Affiliates shall not constitute
a Change in Control.

 

(e)Full
Compensation. The payments made pursuant to this Section 5 shall be considered full compensation in payment for all claims
under this Agreement, and the Employee shall not be entitled to any other compensation. 

 

(f)Deduction
for Amounts Due Employer. Upon termination of the Employee’s employment with the Employer, subject to any restrictions
imposed by applicable law, the Employer shall have the right to deduct from the amount due the Employee any amounts which the Employee
owes the Employer. Such right shall apply only to debts that were incurred in the ordinary course of the employment relationship
and in no event shall the Employer have the right to deduct an amount in excess of $5,000 in any year from any payment that would
be considered deferred compensation under Section 409A of the Code. In no event shall the Employer have the discretion to deduct
any amount pursuant to this Section to the extent such deduction would be considered a prohibited acceleration under Section 409A
of the Code. Any offset under this Section 5(f) shall comply with Section 1.409A – 3(j)(4)(xiii) of the Treasury Regulations.

 

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(g)Compliance
with Section 409A of the Code. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations,
or an exemption, and payments may only be made in a manner permitted by Section 409A of the Code, to the extent applicable. Severance
benefits under the Agreement are intended to be exempt from Section 409A to the maximum extent possible under the "separation
pay exception, the “short-term deferral exception,” or another exception under Section 409A of the Code. For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments. In no event may the Employee, directly or indirectly, designate the calendar year of a payment.
If a payment obligation under this Agreement arises on account of the termination of Employee’s employment hereunder while
the Employee is a “specified employee” (as defined under Section 409A of the Code, and determined in good faith by
the Employer), any payment of “deferred compensation” (as defined in Treasury Regulation Section 1.409A-1(b)(1), after
giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such termination of employment shall be paid, with interest, in a lump sum, within 15 days after the end of
the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Employee’s estate following his death. 

 

6.Non-Competition
and Non-Solicitation.

 

(a)Restrictive
Covenants. During the Employee’s employment with the Employer and thereafter for the longer of but in no case to exceed
24 months, (i) the Severance Period (if severance is payable pursuant to Section 5(b)) or (ii) 12 months after the Employee ceases,
for any reason, to be an employee of the Employer, the Employee shall not, directly or indirectly, as owner, partner, director,
officer, employee, agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for
the benefit of any individual, group corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization of any other form of entity not specifically listed herein (a “Person”) other than
for a member of the Employer Group, take any of the following actions: 

 

(i)compete
with or otherwise engage in the sale of any products or the performance of any services which are comparable to, or which are intended
to substitute for, the products or services offered by the Employer and/or any of its Affiliates (the “Non-Compete Group”)
in any county of any jurisdiction in which any member of the Non-Compete Group maintains a branch or other office, or in any county
of any jurisdiction that is contiguous to such county; 

 

(ii)solicit
any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any products
or services which are comparable to, or which are intended to substitute for, products or services offered by any member of the
Non-Compete Group during the Employee’s employment with the Employer; 

 

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(iii)accept
employment with or provide services as an independent contractor to any Business Relation if the employment or services involve
the Employee rendering services which are the same as or substantially similar to, or which are intended to substitute for, services
provided by any member of the Non-Compete Group during the Employee’s employment with the Employer; 

 

(iv)employ,
engage or solicit for employment or for engagement as an independent contractor or consultant, any person who was employed by or
any Person who was engaged as an independent contractor by any member of the Non-Compete Group during the preceding 24 months;

 

(v)employ,
engage or solicit for employment any employee of the Employer, whether or not such employee is a full time employee or a temporary
employee of the Employer and whether or not such employment is pursuant to written agreement and whether or not such employment
is for a determined period or is at will; or

 

(vi)encourage
any Person to reduce its business with any member of the Non-Compete Group or to reduce its employment with or provision of services
to any member of the Non-Compete Group.

 

Provided, however,
that nothing in this Section 6(a) shall be deemed to prevent or limit the right of the Employee to own up to a five percent (5%)
interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

 

(b)Business
Relation Defined. For purposes of this Agreement, the term “Business Relation” means any Person who, at
any time during the Employee’s employment with the Employer, was a Person (i) that is or was a customer of any member of
the Non-Compete Group, (ii) that had entered into any contract or other arrangement with any member of the Non-Compete Group for
the provision of services or the sale of products, (iii) to whom any member of the Non-Compete Group furnished or planned to furnish
a proposal for the performance of services or the sale of products, or (iv) with whom any member of the Non-Compete Group entered
or agreed to enter into any other business relationship such as a joint venture, collaborative agreement, joint development agreement,
teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. 

 

(c)Acknowledgement.
The Employee hereby acknowledges and agrees that the restrictions contained in this Section 6 regarding geographical scope, length
of term and types of activities restricted, are reasonable and will not create a hardship to or burden for him and that the Employee
has no intention of competing with the Non-Compete Group within such limitations.

 

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7.Confidential
Information.

 

(a)Covenant.
The Employee acknowledges that his relationship with the Employer shall of necessity provide him with specialized knowledge concerning
the Employer Group, which, if used for the benefit of others or disclosed to others, could cause serious harm to the Employer Group.
Accordingly, the Employee covenants that he shall not at any time, directly or indirectly, use, appropriate or disclose to others,
or permit the use of or appropriation by or disclosure to others of, any Confidential Information (as hereinafter defined) except
as expressly provided herein.

 

(b)Permitted Use.
While employed with the Employer, the Employee may use Confidential Information only for the purpose that is necessary to the carrying
out of the Employee’s duties as set forth herein or assigned to him by the Employer, and the Employee may not make use of
any Confidential Information after he is no longer an employee of the Employer.

 

(c)Confidential
Information Defined. For purposes of this Agreement, the term “Confidential Information” means all information
of any member of the Employer Group, whether oral, written, computerized, digitized or otherwise, regarding the business of the
Employer Group, including, without limitation, information regarding the Employer Group’s customers, referral sources, insurance
carriers, sales and marketing information, costs, prices, earnings, business plans, financial information and forecasts, contracts,
business arrangements, methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter defined),
whether or not such information is deemed “trade secrets” under applicable law. Confidential Information does not include
information that (i) becomes generally available to the public other than as a result of disclosure by the Employee in violation
of this Agreement, (ii) was available to the public on a non-confidential basis from a source other than the Employer Group, (iii)
is made available to a third party on a non-confidential basis by the Employer Group, (iv) was already known to the Employee at
the time of disclosure by the Employer Group, or (v) is required to be disclosed by legal process or applicable law.

 

8.Intellectual
Property. The Employee agrees that any and all information, reports, other documents and other works (whether in an electronic
format or otherwise) created by the Employee for or on behalf of the Employer during the Employee’s service with the Employer,
whether or not developed on the Employer’s premises or equipment or during the Employer’s normal business hours (the
“Intellectual Property”), are and shall remain works made for hire and the sole and exclusive property of the
Employer. To the extent that such Intellectual Property is not considered work made for hire, the Employee hereby assigns to the
Employer (or its nominee) any and all interest that the Employee may now or in the future have in the Intellectual Property. Upon
request by the Employer, the Employee shall execute and deliver to the Employer any document or instrument that may be necessary
to secure or perfect the Employer’s title to or interest in any Intellectual Property so assigned.

 

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9.Return of
Property. The Employee agrees that upon termination of his employment with the Employer, he will:

 

(a)promptly return
to the Employer all Confidential Information, all Intellectual Property, and all other property of the Employer, including but
not limited to all correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and any documents,
materials or property, whether written or stored on computerized medium, and all copies in his possession or control;

 

(b)not take any action
to preserve or regain access to such information through any means, including but not limited to access to the Employer’s
facilities or through a computer or other digital or electronic means; and

 

(c)promptly pay all
amounts due, owing or otherwise payable by him to the Employer.

 

The Employee expressly
authorizes the Employer to withhold any amounts payable to him, including for compensation, reimbursement and otherwise, until
he has complied with this Section 9, subject to the terms of Section 5(f).

 

10.No Disparaging
Statements. During the Employee’s employment with the Employer and for 12 months after the Employee ceases to be an employee
of the Employer, the Employee will not make any statements or comments of a disparaging nature to third parties regarding any member
of the Employer Group or its officers, directors, personnel or products.

 

11.Employee’s
Representations and Warranties.

 

(a)No Prior Agreements.
The Employee represents and warrants that he is not a party to or otherwise subject to or bound by the terms of any contract, agreement
or understanding which in any manner would limit or otherwise affect his ability to perform her obligations hereunder, including
without limitation any contract, agreement or understanding containing terms and provisions similar in any manner to those contained
in Sections 6, 7, 8 or 10 of this Agreement.

 

(b)Confidential
Information of Others. The Employee represents, warrants and covenants that he will not disclose to the Employer, or otherwise
use in the course of his service with the Employer, any confidential information which he is restricted from disclosing or using
pursuant to any other agreement or duty to any other person.

 

12.Remedies.

 

(a)Arbitration
of Disputes. If a dispute arises with respect to the enforcement or interpretation of any provision of this Agreement (other
than a dispute to be resolved under Section 12(b)), then the parties hereto agree to submit the dispute to non-appealable binding
arbitration. Such arbitration shall be conducted before a board of three arbitrators, with one member selected by the Employee,
one member selected by the Employer, and the third member selected by the first two arbitrators. The party responsible for the
payment of the costs of such arbitration (including any legal fees and expenses incurred by the Employee) shall be determined by
the board of arbitrators. The board of arbitrators shall be bound by the rules of the American Arbitration Association in making
its determination. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns shall
be bound by the decision of such board of arbitrators with respect to any controversy properly submitted to it for determination.

 

    	10 | Page

     

    

 

(b)Disputes
Arising Under Sections 6 Through 10. The Employee recognizes that a violation by him of any provision of Sections 6 through
10, inclusive, of this Agreement may cause irreparable injury to the Employer, and that there may be no adequate remedy at law
for such violation. Therefore, the Employee agrees that, in addition to any other remedies for its violation hereof available to
the Employer, which shall include the recovery of all damages incurred, as well as reasonable attorney’s fees and other costs,
the Employer shall have the right, in the event of the breach or threatened breach of any provision hereof by the Employee to obtain
an injunction and/or temporary restraining order against such breach or threatened breach or specifically enforce this Agreement.
The Employer’s rights and remedies specified in this Section 12(b) are in addition to and not in lieu of any rights available
under applicable law and regulations, including, without limitation, those laws and regulations governing trade secrets and other
proprietary information.

 

13.Miscellaneous.

 

(a)Withholding
of Taxes. All compensation and benefits payable pursuant to this Agreement shall be subject to all applicable tax withholding
requirements.

 

(b)Compliance
with Banking Laws. Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to, and conditioned
upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

 

(c)Suspension
of Employment by Regulators. In the event the Employee is temporarily prohibited from participating in the conduct of the affairs
of the Employer pursuant to notice served by a regulatory agency having jurisdiction over the Employer, unless stayed by appropriate
proceedings, then Employer’s obligations under this Agreement shall be suspended and the Employee shall have no right to
any payment of compensation, as of the date such notice is served on Employer. If the charges specified in any such notice shall
be dismissed, then the Employer shall (i) pay the Employee any compensation withheld from the Employee pursuant to the suspension
of the Employer’ obligations as required by this Section 13(c) as soon as practicable following the completion of continued
employment for 30 days following such dismissal and (ii) reinstate the obligations so suspended.

 

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(d)Entire
Agreement; Amendment. This Agreement supersedes all prior agreements, written and oral, between the parties with respect to
its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect
thereto, and may be amended only by a writing signed by both parties hereto. The Employer and the Employee agree to execute any
and all amendments to this Agreement permitted under applicable law that the Employer’s legal counsel determines to be necessary
to ensure compliance with the distribution provisions of Section 409A of the Code or to otherwise ensure that this Agreement complies
with Section 409A of the Code.

 

(e)Nonwaiver.
The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion will not operate as a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
Any waiver must be in a writing signed by the party to be charged therewith.

 

(f)Assignment.
The Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns and their
representatives. This Agreement may not be assigned by either party without the consent of the other party, except that the Employer
may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Change in Control.

 

(g)Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be an original, but all of which together will constitute
the same instrument.

 

(h)Headings.
The headings in this Agreement are for convenience of reference only and should not be given any effect in the interpretation of
this Agreement.

 

(i)Governing
Law. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance or otherwise,
by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other
state or jurisdiction, except to the extent that Federal law shall be deemed to apply. 

 

(j)Interpretation.
This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury
guidance promulgated thereunder. If the Company determines in good faith that any provision of this Agreement would cause the Employee
to incur an additional tax, penalty, or interest under Section 409A of the Code, then the Company and the Executive shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition
of such additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms “termination
of employment”, “resignation” and words of similar import mean, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, the Employee’s “separation from service”
as defined in Section 409A of the Code.

 

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(k)Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity and enforceability of the other provisions hereof.

 

(l)Employer
Policies, Plans and Programs. Except as expressly provided otherwise in this Agreement, whenever any rights under this Agreement
depend on the terms of a policy, plan, or program established or maintained by the Employer Group, any determination of such rights
will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference
in this Agreement to any policy, plan, or program established or maintained by the Employer Group precludes any member of the Employer
Group from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy,
plan, or program in lieu of the then existing policy, plan, or program.

 

(m)Survival
of Terms. The provisions of Sections 5 through 10, inclusive, and Sections 12 and 13 of this Agreement shall survive the termination
of the Employee’s employment hereunder.

 

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

 

 

	ATTEST:	 	EMPLOYER:
	 	 	 
	 	 	Shore Bancshares, Inc.
	 	 	 
	 	 	 
	/s/ W. David Morse	 	By: /s/ Christopher F. Spurry
	W. David Morse, Secretary	 	Name: 	Christopher F. Spurry
	 	 	Title:   	Chairman
	 	 	 
	WITNESS:	 	EMPLOYEE:
	 	 	 
	 	 	 
	/s/ W. David Morse	 	/s/ Lloyd L. Beatty, Jr.
	W. David Morse, Secretary	 	Lloyd L. Beatty, Jr.
	 	 	 

 

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